How To Buy Shiba Inu (SHIB) In Australia
Shiba Inu (SHIB) is a decentralized ERC-20 meme token that skyrocketed to popularity in late 2021. In March 2022, SHIB remains as one of the world's most traded coins with its market capitalization exceeding $13.6 billion.
If you want to add SHIB to your investment portfolio, then you can follow this step-by-step guide to buy the meme coin from a top crypto exchange in Australia.
What Is Shiba Inu (SHIB)?
Shiba Inu (SHIB) is a decentralized ERC-20 token that is hosted on the Ethereum blockchain network. The token is regarded as a meme token because it was launched to serve as a parody rather than a digital currency that provides utility.
In October 2021, the price of SHIB soared ten-fold from USD$0.0000084 to USD$0.000087. By the end of October, its market capitalization was an estimated $51.4 billion. At the time of writing, Shiba Inu is the 13th largest cryptocurrency in terms of market capitalization, with a value of approximately $24 billion.
Best Australian Places To Buy Shiba Inu In 2022
In Australia, there are several ways of obtaining cryptocurrencies. The first step to buying Shiba Inu is to find a local crypto exchange that is secure and reputable. Commonly sought-after traits of these exchanges include low trading fees, easy-to-use interfaces, and simple account management methods.
The comparison table below shows the best platforms in Australia where you can buy altcoins from a top Aussie crypto exchange including SHIB. These platforms have been selected based on a comprehensive review of each of their crypto features, fees, ease of use, customer support, and other aspects.
|Exchange||Assets||Trading Fees||Our Rating||Learn more||Promotion|
|Swyftx||312||0.6%||Visit SwyftxSwyftx Review||None available at this time|
|Digital Surge||300+||0.5%||Visit Digital SurgeDigital Surge Review||None available at this time|
|CoinSpot||330+||1%||Visit CoinSpotCoinSpot Review||None available at this time|
|Independent Reserve||30||0.5%||Visit Independen...Independent Reserve Review||None available at this time|
|Binance Australia||600+||0.1% (maker) and 0.1% (taker)||Visit Binance Au...Binance Australia Review||None available at this time|
Based on our Swyftx review, Swyftx is the best overall crypto exchange in Australia to buy, trade, and sell SHIB. To aid with the explanatory process, we have used Swyftx as the example cryptocurrency exchange.
Any affiliate links with our partners may result in MoreCrypto earning a small commission or compensation at no extra cost to you whatsoever.
How To Buy Shiba Inu In Australia
An overview of the five steps to buy Shiba Inu in Australia is as follows:
- Open an account with Swyftx.
- Verify your identity and activate 2 Factor Authentication (2FA).
- Deposit Australian Dollar (AUD) funds into your account.
- Enter in the amount of SHIB to buy.
- Review the transaction details and confirm.
Guide To Buying Shiba Inu In Australia
Step 1 - Opening An Account With A Crypto Exchange
Go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided.
Once the details are entered, accept the terms and conditions and click on “Create Account”.
Step 2 - Verify Your Identity
Using the new login details, login into your new Swyftx account to commence the ID verification process. Since Swyftx is an Australian-based crypto exchange, it is legally required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to obtain customer details and verify identities. This important security process must be completed before any AUD can be deposited into your account wallet.
The following will be required to complete ID verification:
- Email – login into your nominated email account and click on the email verification email sent by Swyftx.
- Phone number – Swyftx will send an SMS message to your nominated phone number.
- Identity – Swyftx will require a copy of either your Australian passport or driver's license.
The ID verification process with Swyftx takes less than 5 minutes to complete.
After the ID verification process is complete, we strongly recommend you set up 2 Factor Authentication (2FA). 2FA provides a basic level of security for the account where two methods of verification are needed to verify the account and also when funds are withdrawn. The 2FA setup page can be found under the “About” tab on the user account dashboard.
We suggest downloading Google Authenticator on your mobile device. The process will involve the use of the authenticator to scan a QR code or alternatively input a provided code to enable authentication of the device.
Tip: If the six-digit code provided by Google Authenticator does not work, then go into the settings and sync the time correction for codes. This should rectify the issue.
Step 3 - Deposit AUD Into Your Account
Before SHIB can be purchased, Australian Dollars (AUD) will need to be deposited into your account wallet.
Swyftx offers you the greatest flexibility by supporting several ways to deposit AUD, including direct bank transfer, POLi, PayID, and credit card. Most of these methods will instantly deposit AUD into the account with the exception of bank transfers (unless via OSKO which is instant) and deposits made from credit cards.
Swyftx charges zero fees to deposit (or withdraw) AUD funds into the wallet.
Note, that Swyftx will send an automated email notifying you of the successful deposit of AUD funds into the wallet.
Step 4 - Enter In the Purchase
The buying window can be found under “Trade”. Next, click on “Buy” to view the screen below. The page will present the following:
- Amount of AUD in the wallet and available to spend.
- The current market price of Shiba Inu.
- Several order types (market, limit, stop, and recurring)
The default order type is “Market” which allows you to easily and quickly purchase SHIB in a single transaction. The other order types are for intermediate to advanced investors and a discussion of each type is detailed in our Swyftx review.
You can either enter in the amount of SHIB you want to purchase or the amount of AUD you want to spend.
Step 5 - Review & Confirm The Purchase
After an amount of AUD is entered in, click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. The coins will be near-instantly transferred into your account wallet. Note, that once the purchase is confirmed, it cannot be reversed and AUD funds are recovered.
Buying Shiba Inu In Australia: Things You Should Know
The Origins of Shiba Inu
Shiba Inu was created in August 2020 by an individual or group of individuals referred to as “Ryoshi”. The guiding principles and framework of the Shiba Inu ecosystem are outlined in a “Woofpaper” which can be read on the Shiba Token website. The initial supply of SHIB tokens started at quadrillion with 50% of those locked in Uniswap to ensure ongoing liquidity. The other half was provided to Ethereum co-founder Vitalik Buterin for safe-keeping.
SHIB coins are hosted on the Ethereum blockchain network due to its high level of security and robustness. The Ethereum network consistently receives upgrades including EIP-1559 and is currently moving to a Proof-of-Stake consensus model.
Can Shiba Inu Be Staked?
Yes, Shiba Inu (SHIB) can be staked using a supported wallet or staking pool on a cryptocurrency exchange. In return for staking SHIB and contributing to validating and verifying SHIB transactions on the blockchain, you will be rewarded with new coins.
Where Can I Stake SHIB?
SHIB can be staked on the official ShibaSwap platform. You can delegate your SHIB tokens on the platform (referred to as ‘Bury’) to earn staking rewards. Alternatively, you can stake your SHIB coins on a safe and reputable cryptocurrency exchange such as Crypto.com or Binance. With these exchanges, you can earn rewards of between 1% and 5% Annual Percentage Yield (APY) depending on factors such as term duration.
Is Buying Shiba Inu Legal in Australia?
The purchasing, trading, and selling of Shiba Inu and other digital assets is legal in Australia. Cryptocurrencies are recognized by the Australian Tax Office (ATO) as property and are therefore subject to taxation. Since 2017, laws and regulations have been progressively introduced to control the crypto market. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 mandates that all Australian-based crypto exchanges are registered with AUSTRAC and adhere to specific security requirements.
What Is The Best Platform to Buy SHIB In Australia?
In our opinion, the best cryptocurrency to buy SHIB is Swyftx. The Australian-based exchange offers tighter spreads, a feature-rich and carefully designed interface, and excellent customer support. A close second is Digital Surge.