How to Buy Shiba Inu (SHIB) on eToro: Fees, Features & Step-by-Step Guide

Summary

Shiba Inu coin is a meme coin designed to be an Ethereum-friendly alternative to the popular Dogecoin. Unlike most previous projects, it was also to be 100% run by its community as an emergent project. The coin picked up big time and has been one of the most successful ones on the exchanges, with its current market cap at $5,107,559,865. By design, SHIB has an abundant initial supply of 1 quadrillion coins in circulation, though it burns about a quarter of a million coins every day. 

Buying cryptocurrencies like Shiba Inu on eToro is a fairly straightforward process, and it’s easy to learn if you are a beginner. Our aim in this article is to show you how to buy Shiba Inu (SHIB) on eToro using the various funding options. 

Things to Consider when Choosing a Shiba Inu (SHIB) Exchange

Before choosing any exchange to trade or invest in cryptos, it is important to consider some of the following factors. 

Location of Shiba Inu Exchange

Different geographical regions have different rules governing the buying and selling of assets online. And while many nations have not made any strong regulations about cryptocurrencies, many have, and it is important to know what regulations apply to any region from which you are buying the coins. 

List of Available Payment Methods

There are too many digital payment methods to count these days, and each has merits and demerits. By paying attention to what payment methods are available on a platform where you are buying Shiba Inu, you can find those platforms with the fastest, safest and user-friendliest payment channels. For example, you should check for bank transfers, which we will discuss in the later section of the article. 

How to Check the Cost and Fee

Part of the money you spend on buying any asset online will go to processing and network fees, which can sometimes be very high. Typically, trading platforms will make their costs and fees available so you can know beforehand what fees you will pay. However, shady sites may attempt to panhandle you by dubiously changing fees. This is why you must check that there is a price section, and you must go through it regularly.

Volume Listing

It is a common practice for reputable crypto trading platforms to provide a page or section with the volume listings. This makes it easy to know the buying and selling going on in the platform, with higher buying and selling orders indicating that it is favourable to traders. It’s usually best to avoid any trading platforms or brokers that neglect to provide this information.  

What you need to know before Buying Shiba Inu (SHIB) on eToro

eToro is a global trading platform with its head office in the United Kingdom and Australia. Aside from these, it also has branch offices in seven other major locations, namely Tel Aviv, Israel; Hoboken, US; Germasogiea, Cyprus; Victoria, Seychelles, Valeta, Gibraltar, and Malta.. 

The platform is also strongly regulated and licensed across its locations by regulators of various degrees of trust. eToro is regulated by CYSEC, ASIC, FCA, MFSA, FSAS, and FinCEN.  

All of these mean that you can buy Shiba Inu (SHIB) in safety and with your financial interests protected by adequate government regulation. However, how about stuff like costs and other related issues?

You will find that the prices are pretty affordable on eToro, and the fees are also reduced as much as possible. For instance, the spreads generally cost 1% per crypto transaction. The leverage to trade crypto CFDs is up to 1:2 for UK, Australian, and EU clients. Clients outside the EU can use up to 1:5 leverage to trade crypto CFDs. eToro also allows clients to invest in real crypto coins. 

When you buy SHIB on eToro, you can pay using any of the following payment methods: eToro Money, Credit cards, Debit cards, PayPal, Neteller, Skrill, Klarna/Sofort Banking, Online Banking – Trustly (EU region), iDeal, Rapid transfer, PoLi, Bank transfer and Przelewy 24

Deposits and withdrawals in non-USD currencies will be charged a conversion fee that will be specified for each transaction. Also, there is a $5 fee for every withdrawal. 

Types of Platforms Offered on eToro to Buy Shiba Inu (SHIB)

Brokers usually have their own proprietary platform, and to give their clients more options in choosing between digital platforms, they may operate on at least one third-party app. Generally, a trading broker may allow its clients to trade on two types of platforms.

Desktop Platform

A desktop platform usually comes as a downloadable desktop app that you can use if you wish to trade on a desktop interface. These generally have more sprawling designs, with multiple groups of features accessible from any given screen, thus making for more comfortable trading. Unfortunately, eToro does not currently have a downloadable desktop app. However, that does not preclude desktop trading, as it has a Webtrader that you can use on your computer, which comes with all the trading and analysis tools and features that eToro has to offer you.

Mobile App

Mobile apps generally have a compact interface built around swiping or toggling between pages, and they’re great for traders on the go. The eToro trading broker operates a user-friendly mobile app with an intuitive interface and some of the most innovative trading features. These include research and insights, trailing stop loss, technical analysis tools like Procharts, and even offline trading. There is also a social trading feature that allows clients to learn by emulating the trades of other expert traders. The eToro mobile app is available on both Apple and Google Play app stores.

How to Buy Shiba Inu (SHIB) on eToro

So far, we have looked at several things you must consider before deciding where to buy SHIB. Going by all these metrics, it is safe to say that eToro is one of the best platforms to buy Shiba Inu. So, we are going to walk you through the steps to buy the coin.

A Step-by-Step Guide on How to Buy Shiba Inu on eToro

1. Sign up with the broker and verify your ID. 
2. With your account in operation, you can fund it by clicking ‘Deposit funds’ on the platform page.
3. After funding, you can now buy your Shiba Inu by searching it out and entering your buy order.

How to Open a Shiba Inu Trading Account on eToro

1. Click on ‘Start Investing’ on the homepage, and you will be redirected to the signup page, where you can begin your registration.
2. The first bit of information eToro will require is your email; then, you will have to set a username and password, and tick the boxes to accept the terms and conditions.
3. Your account is open, and you can now access the client portal, though you still have to complete your verification before you can buy Shiba Inu at all.
4. Click ‘Verify’ on the client portal homepage, and you will be shown a window to set up your profile.
5. The next bits of information you will need to provide are your gender and date of birth. Once you have input these, click the arrow on the right side of the window to proceed.
6. This next stage is concerned with your nationality, and you will have to provide information about your citizenship and residential address. You will also have to tick a box to confirm you are not a US person.
7. Click “confirm” to proceed after confirming your agreement to the requested account changes.
8. You will need to provide the broker with information regarding your past trading history, source of income, and trading objectives in the following set of windows. This will allow eToro to determine whether or not you have the required experience to be handling these risky investments.
9. Once you finish the previous stage, click ‘verify’ in the window that shows up on the homepage, and you will receive a prompt to verify your number and ID.
10. If you have one, provide your tax ID number, and click the arrow to complete your signup and begin to trade any assets of your choice.

How to Buy Shiba Inu Using Visa or Mastercard Credit Cards on eToro

1. First, you must sign up on the eToro platform or log in to any of your existing accounts.
2. Next, you must deposit funds into your account by tapping ‘deposit funds.’
3. On the payment selection window that appears next, choose Visa or Mastercard credit/debit as your payment method, then provide any necessary details for the transaction and authorise.
4. Type ‘Shiba Inu’ in the search bar and click on it when it appears. Then, tap ‘Buy’ on the asset page, specify the amount you want to buy, and authorise the transaction.   

How to Buy Shiba Inu Using Visa or Mastercard Debit Cards on eToro

1. If you don’t already have an account, you can sign up. If you already have an account, you can sign into that one.
2. Deposit funds in your account by clicking on the ‘Deposit funds’ button, selecting debit card as your payment method, and performing the necessary transfer.
3. Search for eToro on the search bar, click on it, select the amount you want to buy, then authorise the purchase, after which your Shiba Inu will be in your wallet within a day.

How to Buy Shiba Inu Using Paypal on eToro

1. Sign up and fund your account with Paypal as your payment method.  
2. Search for ‘Shiba Inu’ or ‘SHIB’ in millions in the search bar, then tap ‘Buy’ on the asset page, set the amount to purchase, and confirm the transaction.

How to Buy Shiba Inu Using Skrill on eToro

1. Sign up and fund your account through Skrill transaction.
2. Search for ‘Shiba Inu’ in the search box at the page top, tap ‘Buy’ on the asset display page, choose an amount of Shiba Inu to purchase, and confirm the transaction.

How to Buy Shiba Inu Using Neteller on eToro

1. Open an account and fund it using Neteller.
2. Find ‘Shiba Inu’ and open its stats and information page, select an amount to buy, and confirm the transaction.

How to Buy Shiba Inu Using Bank Wire on eToro

1. Open a new account (or log in to your existing one).
2. Navigate to the deposit options page and select ‘Regular Bank Transfer’ as your payment method. When you proceed to the next page, you will be shown the bank details of the account into which you are to deposit your funds. Note that the transfer will not be completed immediately, as it may take between 3 to 5 business days.
3. Search out ‘Shiba Inu’ using the search feature and tap on it; on the page,  select ‘Buy,’ choose your amount, and authorise the purchase.

Buying Shiba Inu vs Trading Shiba Inu CFD at eToro

Buying real Shiba Inu and trading its CFD are both available on eToro, and each has its advantages and drawbacks. For one, choosing to buy real Shiba Inu means you can’t trade with leverage, as the platform only offers leveraged trading for the CFDs of the crypto assets. However, it’s generally the best way to go if you are only interested in upward price speculations, are happy to pay the full value of the asset (because there is no leverage), and are intent on holding on to your assets for a long time. 

Meanwhile, if you want to trade in either direction, do not want to spend your cash on crypto assets, and don’t really want to control any such underlying asset, trading CFDs is the best option. Though, you should note that the leverage for CFDs makes them higher risk as your losses may be magnified. Thankfully, there are usually regional restrictions on leveraged trading meant to reduce the risk. For instance, the FCA has banned the offering of crypto CFDs to retail traders in the UK due to the volatility of the asset and the risks of trading CFDs. This means UK traders get no crypto CFDs or leverage; but for most other places, the leverage for crypto trading on eToro is up to 1:2.  

Bottom Line

So far, we have seen how to buy Shiba Inu (SHIB) on eToro. The broker has an intuitive and user-friendly interface that makes it easy to make your payments. And you can make these payments through any of several available means. The fees for making these payments are quite high, which is particularly uncomfortable if you withdraw small amounts. 

However, the broker’s other fees are generally small and quite affordable. As for digital platforms, the absence of a desktop app, while a bit of a letdown, is made up for by the availability of a Webtrader platform for PC users. But the mobile app is at least functional and performs well with its features.