How To Buy Shiba Inu Coin in Canada? A 2022 Crypto Guide

Cryptocurrency has taken the world by storm and doesn’t appear to be slowing down. Accordingly, the Shiba Inu crypto coin has recently attracted a lot of attention.

But can you buy Shiba Inu in Canada?

Continue reading to learn how to buy the Shiba Inu coin in Canada and which apps are the best.

What Is Shiba Inu Coin?

Shiba Inu Coin is a decentralized, community-building cryptocurrency developed within the Shiba Inu Ecosystem, whose value fluctuates according to market demand. It is a meme coin that competes with Dogecoin and is sometimes referred to as the “Doge-Killer.”

In August 2020, Ryoshi created the Shiba Inu coin. They stated that Shiba Inu arose from a simple question: “What would happen if a cryptocurrency project was entirely managed by its community?”.

The name was inspired by the Japanese dog breed of the same name.

Shiba Inu coin (SHIB) is an Ethereum blockchain token that uses the ERC-20 token standard. Shiba Inu (and other cryptocurrencies) can be obtained via ShibaSwap, the official decentralized exchange on their network. The Shiba Inu ecosystem also includes BONE and LEASH.

Shiba Inu tokens have a total supply of one quadrillion. As of late August 2022, the Shiba Inu coin price is $0.00001612. It is on an upward monthly trend, having risen 6.3% from $0.000015162044 in the last month. Nonetheless, the token reached its highest price of 0.00010131 on October 28th, 2021.

Shiba Inu, while similar to other cryptocurrencies, has some distinctive features:

  • Shiba Inu cannot be mined directly – it can only be purchased with ETH.
  • The ‘burn’ mechanism allows holders to burn tokens and earn a passive income as RYOSHI tokens. This is accomplished by sending the token to a ‘dead email address’ or a wallet from which it cannot be recovered, effectively removing it from crypto circulation forever.
  • You can earn rewards (other tokens) by selling, staking, or trading Shiba Inu crypto coins on the ShibaSwap exchange.
  • It serves as an NFT art incubator, encouraging and supporting NFT artists to create artwork inspired by the Shiba Inu dog breed.

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How To Buy Shiba Inu Coin in Canada?

The decision of crypto exchanges to launch Shiba Inu on their platforms has contributed to the popularity of this coin, which is currently ranked #12 on the Market Cap Rank of cryptocurrencies.

If you’re wondering what app you should download to buy Shiba Inu in Canada, here’s a list of our top picks.

1. CoinSmart

  • Trading Fee: 0.20% for single trade / 0.30% for double trade
  • Funding Options: Credit/ Debit Cards, Interac eTransfer, Bank Wire, Bank Draft
  • Overall Coin Offer: 16, including Bitcoin, Polkadot, Dogecoin, Ethereum, and Solana

CoinSmart is a Canadian-made and based trading platform that allows you to trade and withdraw at a low cost. Its global market presence has grown to include more than 40 countries. The platform is available on desktop and mobile devices, connecting the world in the digital crypto trading era.

Coinsmart is a beginner-friendly platform where you can get verified instantly and receive deposits on the same day. You can use their SmartTrade option to convert and buy/sell SHIB and other cryptocurrencies in real time.

The CoinSmart Premium version, on the other hand, provides an even higher calibre trading experience. Among the services available through CS Premium are customized Over-The-Counter (OTC) trading services, VIP Access to market insights, and a dedicated Account Manager.

2. Wealthsimple

  • Trading Fee: no commission fee, only 1.5% – 2% operations fee per transaction
  • Funding Options: Chequing/Savings Bank Account, Wire Transfer, Visa/Master Debit Card
  • Overall Coin Offer: 57, including Litecoin, Avalanche, Bitcoin, 1Inch, and Uniswap

Wealthsimple Crypto is part of the massive Wealthsimple exchange and trade platform. It is a self-directed platform that allows you to buy and sell cryptocurrencies in one app. 

Since there are no account minimums, you can start trading cryptocurrency with as little as $1. When purchasing Shiba Inu, you have two order options: a market order for buying and selling cryptocurrency at the market’s current price, and a limit order for buying at a specific price.

You can also earn bonuses by referring new customers through the Wealthsimple ambassador referral program, with bonuses ranging from $5 to $3,000 (Quebec Excluded).

Wealthsimple Crypto trading is also highly secure, with assets kept in cold offline storage and reimbursement options worth up to $200 million.

3. VirgoCX

  • Trading Fee: Tier 1: 0.5% ⎯ 0.95%, Tier 2: 0.8% ⎯ 1.5%, Tier 3: 1% ⎯ 2.5%
  • Funding Options: Interac eTransfer, Wire Transfer, Bill Payment
  • Overall Coin Offer: 65, including Bitcoin Cash, Aave, Stellar Lumens, and Cardano

VirgoCX debuted in 2018 and is one of Canada’s more affordable cryptocurrency exchanges.

After registering on the website or mobile app, you will receive a $30 welcome bonus. It is entirely free to deposit crypto or fiat currencies. They also cover network transaction fees for cryptocurrency withdrawals of up to 6 CAD.

It has an excellent selection of many famous and upcoming DeFi coins, and their competitive buy and sell prices are supported by high liquidity and tight spreads.

VirgoCX has become Canada’s first crypto trading platform to offer Non-Fungible Token (NFT) Brokerage Service. This expands the Blockchain options, proving why it is one of the best apps to buy Shiba Inu in Canada.

4. Newton

  • Trading Fee: None
  • Funding Options: e-Transfer, Wire Transfer, Transfers from external wallets, Bank Transfers through Plaid
  • Overall Coin Offer: 72, including Shiba, Tether, dYdX, and Chromia

You won’t find a more generous coin offer from a Canadian-based crypto trading platform. Newton’s prices are typically three times lower than the prices of a major cryptocurrency exchange competitor.

Aside from the competitive prices, it has no commission fees. The withdrawals are low-cost, with Newton covering the first $5 of the withdrawal amount in network fees. We should also mention that the design of the platform and app is functional for an easy-to-use trading experience.

As an added incentive to start trading, you can refer your friends to Newton, allowing you and your friends to be credited an extra $25 when they buy or sell $100 or more.

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5. NDAX

  • Trading Fee: 0.20% buying fee, 0.20% selling fee
  • Funding Options: Bank Draft, Interac eTransfer, Wire Transfer
  • Overall Coin Offer: 33, including Fantom, EOS, MATIC, and Terra Classic

NDAX has a variety of offers for its crypto trading customers.

To buy SHIB to CAD with purchases as low as $10, you can set up Shiba Inu recurring purchases. You can also execute a buy or sell order at a specific price or divide a large trade into multiple limit orders. Your trading activity, performance, growth, and profits are easily tracked.

In addition, if you use the NDAX Staking option, you can win additional crypto as a reward rate on your assets, with daily or weekly payouts.

Furthermore, no matter how much your referrals trade, you’ll receive a 10% commission on each trade.

For those seeking a more personalized approach, NDAX Wealth provides an Over The Counter (OTC) trading desk, but it is only available to individuals willing to trade $200,000 or more.

6. Binance

  • Trading Fee: 0.10%, with a discount option for BNB
  • Funding Options: Credit /Debit card, Bank Transfer, Third-party Payment, P2P Payments
  • Overall Coin Offer: 600+, including DeXe, Lazio Fan Token, and Ripple

Binance is the world’s largest cryptocurrency trading platform, enabling up to 1,400,000 orders per second. After Shiba Inu was listed on the platform on May 10th, 2021, the currency experienced its largest ever-recorded price surge – 114% in just 24 hours.

Once you purchase any cryptocurrency through your account, you can keep it in a personal crypto wallet or your Binance account, trade it for other cryptocurrencies, or stake it on Binance Earn for passive income.

Binance has the lowest trading fees, and if you use the BNB payment method, you can save 25% on trading commissions. The company has even introduced the Monthly Superstar Program, which rewards the top five link and trade users based on monthly trading and user count.

For those who have a trading team or need to separate their assets for the sake of risk management, sub-accounts enable trading with API via email and virtual email. 

After all, the Binance NFT marketplace, which introduces a diverse range of digital artworks and collectibles, is supported by the Binance blockchain infrastructure and community, demonstrating the platform’s popularity.

7. Crypto.com

  • Trading Fee: 0.075% and 0.034% for spot and derivatives markets (varies from account level), 0.040% and 0.024% for VIP spot and derivatives markets (varies from VIP account level)
  • Funding Options: Wire Transfer, Credit/Debit Card, Crypto Wallet, Bank Transfer, e-Transfer, Apple Pay, Google Pay
  • Overall Coin Offer: 250+, including Cosmos, Tectonic, and VVS Finance

Join 50 million+ users in 90 countries if you want to trade on the market leader in cryptocurrency trading. Trading on Crypto.com Exchange entitles you to a variety of 200+ trading pairs, up to 50% off newly-listed tokens, and up to USD 2,000 for each friend you refer. 

Crypto.com also has its own Visa Card, a prepaid card loadable with fiat and cryptocurrency. Benefits vary by card but may include Crypto.com Private, Bonus rewards, or a Monthly CRO Rewards Cap. As you might expect, Crypto.com Private offers additional services such as OTC CRO block trades, research reports, and priority customer service.

Other beneficial and appealing Crypto.com services include the DeFi wallet, a non-custodial wallet with access to a whole DeFi platform in one place, a carefully selected NFT marketplace to locate premium digital collectibles and their non-fungible tokens, and the DeFi Desktop Wallet, which currently provides the Cronos and Crypto.org Chain networks.

8. Coinbase

  • Trading Fee: up to 0.60% taker fee, up to 0,40% maker fee (depending on the overall sum)  
  • Funding Options: Debit Card, Bank Wire, Bank Account, Apple Pay, Google Pay, Paypal  
  • Overall Coin Offer: 217, including Algorand, Wrapped Bitcoin, and Elrond

If you want to add Shiba Inu to your wallet, why not start with Coinbase, the first platform to include Shiba in its cryptocurrency offering?

To withdraw your cryptocurrency, move it from your Coinbase Wallet to Coinbase.com or send it to an external address. Only funds managed on the Ethereum blockchain can currently be changed using the Coinbase Wallet mobile app, so since SHIB is hosted on Ethereum, this will be no problem.

Shiba Inu is one of the digital assets that Coinbase Pro users can trade. Coinbase Pro offers real-time order books, charting tools, trade history, and a straightforward order process. Coinbase also supports file types in the form of digital illustrations, photos, and videos for NFT, with plans to support more in the future.

Though it’s not a Canadian-native platform, it is the leader in the US market and 100+ other countries worldwide. You can make a great deal by trading directly on the Nasdaq Global Select Market under the symbol COIN.

Is Shiba Inu a Good Investment?

The release of the SHI Stablecoin, which will increase the stability and utility of the Shiba Inu ecosystem, is a hot topic for late 2022. TREAT, an awaited SHIB metaverse reward token is going to be connected to the Shiba Collectible Card Game. The token will support Shiba Inu’s stablecoin to maintain its stability.

Also expected to bolster the final quarter of 2022 is the Shibarium L2 blockchain. It is designed to be faster and more adaptable, encouraging greater innovation and improvement within its Shiba Inu ecosystem.

Shiba Inu has announced a collaboration with The Third Floor, a visualization company known for its work on Marvel films, to create the much-anticipated SHIB.io metaverse

Here are a few examples of how the Shiba Inu market is expanding and becoming more versatile: 

  • For businesses looking to integrate SHIB salaries and other types of mass Shiba payments, NOWPayments includes a Mass Payments tool
  • Shiba Inu (SHIB) and Welly’s, an Italian fast food restaurant, collaborated to develop a brand mascot for Welly’s.
  • 10,000 NFTs of JRxShib apparel will walk the runway alongside the entire collection at the John Richmond x Shiba Fashion Show during Milan Fashion Week in September 2022.

Shiba Inu’s price in CAD is expected to reach an average of $0.00002 in 2023. Track the trading trend in the meantime to see if these rising expectations are realistic, as they are a good indicator for future investment.

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Finishing Words

Now that we’ve covered the best of them, you won’t be wondering what apps support the Shiba Coin or where to buy Shiba Inu in Canada.

Since Shiba Inu is part of the ETH blockchain, it can be used for peer-to-peer transactions worldwide. However, incorporating this cheap and plentiful crypto coin into many NFT marketplaces, which are also deeply rooted in Ethereum and its blockchain, will most likely be one of its significant potentials.

But then again, taking advantage of the Shiba Inu Coin is entirely up to you, your strategy and financial resources, and, of course, keeping up with market news and predictions.

Return for more helpful cryptocurrency advice, and best of luck on the market!

FAQ

How To Sell Shiba Inu Coins on Coinbase?

Simply press “Trade,” then “Sell SHIB,” and enter the amount you want to sell to convert your Shiba Inu coins to fiat currency. This will take you to a preview where you can see the Coinbase fee, Shiba Inu price, and wallet currency, and just click “Sell now.”

Will Shiba Inu Reach 1 Cent?

Shiba Inu can reach one cent only if many people burn their Shiba tokens, increasing the price and decreasing its circulation, which is highly unlikely to occur soon.

Should I Buy Shiba Inu Coin?

Shiba Inu first appeared on the market in late 2020, quickly rising to become one of the most valuable in terms of market capitalization. Despite its low value as a meme coin, it’s profitable to trade and sell when it is high.

Can You Buy Shiba Inu on Binance?

If you’re wondering how to buy the Shiba Inu coin in Canada, Binance is one of the most affordable options. Unfortunately, you can’t find Shiba Inu on Binance if you reside in Ontario.

ABOUT AUTHOR

Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.

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