In this article, we are going to talk about buying Shiba coin (SHIB) at CoinDCX. Shiba has recently listed on multiple Indian exchanges, and CoinDCX is among the first exchanges to provide its trading services.
Table of contents
- CoinDCX offers more than 200 crypto assets to trade and is functioning since 2018.
- Shiba Inu is a meme token based on a Japanese dog and is an experiment in the decentralized spontaneous building.
- CoinDCX is among the first platforms to list SHIB in India. Even though you cannot trade SHIB/ INR, you can trade SHIB/ USDT.
- It is clearly mentioned on the website of Shiba Inu token that it is an experimental project; hence you must research the token before investing.
What is CoinDCX?
CoinDCX is a Singapore-based cryptocurrency trading platform which is providing its services in India since 2018. It offers over 200 crypto assets for trading and even offers leverage trading, staking, and crypto lending.
You can learn more about the platform from our CoinDCX review article. If you’re a beginner, you can begin by learning about the basics of investing in crypto from our guide to invest in cryptocurrency.
What is Shiba Inu?
According to the founder of SHIB, the token is an experiment in the decentralized spontaneous building. This led to the creation of Shiba Inu, a cryptocurrency named after another Japanese dog. We have seen a similar coin based on a meme dog. Is Shiba similar to DOGE? Let’s try and find out.
What does the Shiba Inu token do?
You can buy and store as many Shiba Inu tokens as you want, and maybe that’s the only purpose of this coin. However, the Shiba ecosystem aimed at developing Shiba tokens for the community and by the community. With scam projects popping up every other day, it is hard to believe why a coin should have value?
How to buy SHIB on CoinDCX?
CoinDCX allows you to buy and sell, i.e., trade Shiba tokens, but you cannot withdraw the token. Now move to the next section for detailed steps to buy Shiba Inu.
Steps to create an account and deposit funds
- Visit the official CoinDCX website and click on the signup button or log into your existing account.
- Now, enter your email, password, and hit the submit button.
- Confirm your email, log into your account, and complete the two-factor authentication process.
- Then move to the profile section and complete your KYC verification.
- Once you finish uploading documents, wait for your account to be verified.
- Now visit the funds section to deposit funds in your account.
- Click on the INR tab and hit the deposit button.
- Then on the next screen, choose your preferred deposit option and deposit the amount you wish to invest. (In case of deposit through UPI, you can select the MobiKwik option and then move forward with UPI.)
Steps to buy SHIB at CoinDCX
Once you’ve verified your account and completed the process of depositing funds, you can follow the below steps to buy SHIB:
- First of all, log into your CoinDCX account.
- Then if you’re on a pc, hover over the trade tab and click on Spot.
- If you’re on the phone, click on the market tab at the bottom of the screen.
- Thirdly, search for USDT and buy as many as you want to invest in Shiba tokens.
- Then search for SHIB and click on the SHIB/ USDT option.
- Now, select the market/ limit order mode, and enter the amount of SHIB you wish to buy.
- Finally, hit the buy button, and on successful completion of your order, the tokens will be available in your wallet section.
What are the risks of investing in SHIB?
There are many risks of investing in SHIB, and the primary reason can it being a scam. So let’s look at a few of them:
- Shiba is meme currency and serves no purpose rather than collecting the tokens.
- We have seen DOGE grow from nothing and run to a dollar and then come back with the help of some influences. This is also possible for SHIB.
- The only thing that SHIB is based on is the decentralization of currency, and even this feature comes with almost every other digital asset.
- We can see on the website that the SHIB token is an experiment. Hence it can also be a scam, and you might be investing your hard-earned money into a scam.
Buying Shiba from CoinDCX: Pros and Cons
|You can deposit funds through MobiKwik and UPI.||You cannot withdraw your SHIB tokens from the exchange, as it is only available for trading.|
|The exchange provides an option of leverage trading.||The platform also charges a significant fee on withdrawing bitcoins.|
|CoinDCX also offers a learning platform called DCX learn.||There have been cases when the users have suffered deposit problems.|
|The platform charges a fee between 0.1% and 0.06% depending on your tier.|
Shiba Inu is a meme currency and currently doesn’t have any specific use case. However, if you wish to invest in the SHIB token, then we advise you do your market research. CoinDCX provides you a platform to trade the SHIB tokens; however, you might not be able to withdraw the tokens from the platform.
Frequently Asked Questions
Where can I buy Shiba tokens?
You can buy the coins at any platform that has listed SHIB. However, to withdraw the SHIB you buy, you need to connect the wallet to UniSwap, and the connected wallet must have funds in ETH.
Which is best WazirX or CoinDCX?
Both WazirX and CoinDCX have their benefits, and no platform can be perfect in every aspect. On the one hand, WazirX has been acquired by Binance, and on the other CoinDCX supports the features of all the international trading platforms. To learn more, you can read our article on WazirX review and CoinDCX review and compare the features yourself.
How do you buy bitcoins on CoinDCX?
The process of buying any asset at any particular exchange is similar, and hence you can follow the above steps to buy bitcoins. You can also read our article on How to buy bitcoin in India for a detailed insight.