How To Buy Shiba Inu In Canada (May 2022)

February 11, 2022
Blog

In order to buy Shiba Inu (SHIB) in Canada, you’ll need to choose between two options: you can either use a cryptocurrency exchange to buy SHIB tokens with fiat currencies (or trade other cryptocurrencies for SHIB tokens), or you can use a cryptocurrency broker to trade between cryptocurrencies in as little as a single click.

CoinSmart is our #1-rated crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend CoinSmart highly enough.

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How To Buy Shiba Inu (SHIB) In Canada

In order to buy Shiba Inu in Canada, you’ll need to create an account in one of two types of crypto platforms.

The first type of crypto platform would be a cryptocurrency exchange, which allows you to buy Shiba Inu tokens with fiat currencies (such as CAD or USD). With a crypto exchange, you’re also capable of buying other cryptocurrencies (such as Bitcoin (BTC), Cardano (ADA), and Bitcoin Cash (BCH)) and then trading them for Shiba Inu tokens.

The second type of crypto platform is known as a cryptocurrency broker. This platform is easier to use compared to a crypto exchange, allowing you to trade between cryptocurrencies in as little as a single click. However, this ease of use comes at the cost of higher trading fees when compared to crypto exchanges.

Top 3 Crypto Exchanges To Buy Shiba Inu In Canada

1. CoinSmart

CoinSmart

CoinSmart is, without a doubt, the best crypto exchange in Canada in 2021. If you haven’t heard of them, that’s because they’ve been pouring money into improving their trading experience, not marketing. Still, if you ask any experienced Canadian crypto trader, they’ll tell you the same thing: CoinSmart is the best in the business.

Trading with CoinSmart costs just 0.20%, the lowest trading fees of any exchange in Canada. They offer excellent customer support via phone, live chat and email, and user accounts are verified instantly.

Most exchanges require users to trade every altcoin first with a stablecoin (eg. Chainklink with Bitcoin, and then Bitcoin with Shiba Inu), but CoinSmart allows users to trade altcoins directly (eg. Chainlink with Shiba Inu), minimizing fees and boosting your profits. And you’re buying real crypto with CoinSmart, which means you can move it on and off the exchange whenever you want.

I’ve personally used CoinSmart for more than a year now and have had nothing but excellent experiences with them. I’ve tried out many of the other exchanges on this list, so I’m confident in recommending CoinSmart as the best place to buy crypto in Canada.

Features

  • Supports 13 cryptocurrencies (including Shiba Inu)
  • Lowest trading fees in the industry (just 0.20% per trade)
  • Instant account verification
  • Trade all altcoins directly
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure
  • 24/7 customer support available via phone, live chat or email

Cost

  • Trading Fees: 0.20%

Best For

Investors looking to trade stablecoins and altcoins with the industry’s lowest fees.

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2. Crypto.com

Crypto.com Exchange

Crypto.com is a major global player as far as exchanges go, and it’s recently been having a major impact on the Canadian crypto market. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com also offers some unique features that no other Canadian exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is also lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Features

  • Supports 100+ cryptocurrencies (including Shiba Inu)
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Reasonable trading fees (0.4% per trade)
  • Free deposits from all cryptocurrencies

Cost

  • Trading Fees: 0.4%

Signup Bonus

$10 of CRO when you stake $1,000 of CRO using this link

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

3. NDAX

NDAX

The National Digital Asset Exchange (NDAXsupports 20+ cryptocurrencies, including altcoins like Cardano, Shiba Inu, Fantom, The Graph, and Compound. It has competitive trading fees and a simple registration process, making it a decent choice for new crypto traders.

NDAX’s advanced charting tools also allow more seasoned traders to place advanced order types.

Features

  • Supports 20+ cryptocurrencies
  • Easy registration process
  • Wide range of resources to help beginner traders
  • Offers easy-to-use tools to aid you during trading
  • Offers advanced charting tools for more experienced traders

Cost

  • Trading Fees: 0.20%.

Signup Bonus

$10 when you deposit at least $100 using this link

Best For

Experienced traders seeking strong charting capabilities.

How To Buy Shiba Inu In Canada FAQs

What Is Shiba Inu?

Shiba Inu is a cryptocurrency token that was first created in 2020 by a person nicknamed Ryoshi using the Ethereum blockchain.

Shiba Inu is part of the “memecoin” category of cryptocurrencies, alongside tokens like Dogecoin (DOGE), Kishu Inu (KISHU), Akita Inu (AKITA), and LEASH.

Can I Buy Shiba Inu In Canada?

Yes. All you need to do is create an account with either a crypto exchange or a crypto broker that supports this token: after that, you’d be set to start trading there.

I recommend using either CoinSmart or Crypto.com for this task. Both are part of our top-rated crypto exchanges in Canada, and each of them allows you to buy and sell Shiba Inu with relatively low fees.

What Do I Use To Store My Shiba Inu Tokens?

You have plenty of options when it comes to storing your Shiba Inu tokens.

One way to do it would be to leave your tokens inside your crypto exchange account. This would be safer than using a software (or hot) wallet because crypto platforms tend to keep 95% of the coins they hold in cold storage. However, your account might still be subject to hacking and theft, so it’s not guaranteed safety.

You could also store your Shiba Inu tokens in a personal crypto wallet that secures your private keys and digital assets. Once again, it’s not guaranteed safety, but a cold wallet is much safer than leaving your funds in the exchange you originally purchased your coins in.

As someone who’s tried out more than a dozen different wallets over the years, here are my top 3 picks for the best crypto wallet for Canadians:

#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

★★★★★

Rated 4.9/5

Top Hardware Wallet

Supports: 1,800+ crypto assets
Type: Hardware wallet
Cost: $199 CAD

Rated 4.6/5 on Amazon.

★★★★

Rated 4.3/5

Best For Altcoins

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $75 CAD

Trusted by 1 million+ investors.

★★★★

Rated 4.1/5

  1. ZenGo: ZenGo is a free software wallet that leverages the blockchain to make it significantly more secure than traditional wallets while also being extremely easy to use. Sending and receiving crypto to/from ZenGo is also free, and it takes less than 30 seconds to open your free ZenGo wallet.
  2. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model One: The Trezor Model One is a hardware wallet and password manager that supports 1,000+ cryptocurrencies. Its Trusted Display ensures extremely secure transactions, and its compact design makes it easy to keep your crypto safe.

Is Shiba Inu A Good Investment?

Shiba Inu is still relatively new to the cryptocurrency world, so its potential as a good investment prospect is still uncertain.

It’s also worth mentioning that Shiba Inu is a meme coin, which means that it’s subject to even wilder fluctuations in price than other cryptocurrencies out there. If these are not ideal investment conditions for you, then investing in Shiba Inu might not be a great idea.

In Summary

Crypto exchanges and crypto brokers that support the buying, selling and trading of Shiba Inu tokens are widespread across Canada, which means that it is now easier than ever to get your hands on this digital asset today.

CoinSmart is our #1-rated crypto trading platform due to its high level of security, ease of use, and low trading fees. If you’re serious about buying and selling crypto in Canada, I can’t recommend CoinSmart highly enough.

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The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5