Shina Inu is a Dogecoin-inspired meme coin that has become popular in the crypto community since its creation in 2020.
Like Dogecoin, Shiba Inu’s name and logo were derived from a Japanese dog breed that gives it a funny outlook.
Whether you’re a new or existing member of the crypto community, you’ve probably heard about the coin and wondered how and where to buy Shiba Inu in Canada.
But as a Canadian crypto trader, it’s essential to know the cost-effective way of buying a Shiba Inu coin in Canada to make the most of your investment.
This article provides a step-by-step guide on how to buy a Shiba Inu coin in Canada across the best domestic and foreign crypto exchanges.
What is a Shiba Inu Coin?
Shiba Inu (SHIB) is a Dogecoin-inspired meme coin that was created by Ryoshi in 2020. Since then, Ryoshi’s identity remains unknown and people continue to describe him as a mysterious and anonymous developer.
However, Ryoshi’s aim of creating Shiba Inu coin (SHIB) is clear. That is, to provide a Dogecoin (DOGE) Ethereum-based alternative. As a result, some people refer to Shiba Inu as a “Dogecoin Killer”
Unlike Dogecoin, Shiba Inu is based on the Ethereum blockchain’s ERC-20 token. As a result, you can transfer SHIB across different Ethereum addresses.
With the ongoing ecosystem development around SHIB, you can also trade or swap the coin for other assets through a “decentralized exchange” known as ShibaSwap.
Due to its humorous design depicting the picture of a Japanese dog breed, Shiba Inu has attracted the attention of people globally. This is notable with the emergence of its self-proclaimed advocates called “ShibArmy”.
How to Buy Shiba Inu Coin in Canada
Like other crypto coins, there are many ways to buy Shiba Inu coins in Canada. You can buy the coin with fiat currency or your existing crypto coins.
While different crypto exchanges and platforms may have slightly different steps, the following are the general steps on how to buy Shiba Inu coin in Canada.
- Open an account with a crypto exchange: There are different crypto exchanges out there, compare and choose the best exchange that supports Shiba Inu trading.
- Verify and login to your account: Upon signing up on the crypto exchange, you will be required to verify your account before initiating a trade. Kindly check your email address to verify your registration and login to your account.
- Fund your account: Different crypto exchanges have different funding methods. You can fund your account with any of the available funding options of your chosen exchange.
- Search for Shiba Inu coin: Enter Shiba Inu or SHIB under the search box of your exchange and select the coin to initiate your trade.
- Enter the value of SHIB you want to buy: Identify the amount of Shiba Inu coin you want to buy to proceed to the next stage.
- Place an order: You can now buy your Shiba Inu coin in Canada based on your budget.
- Transfer the Shiba Inu coin to your wallet: Finally, you should transfer the coin to your private wallet. If you don’t have one, choose from the best ones here.
The steps above for buying a Shiba Inu coin in Canada assumes you don’t have an account with a crypto exchange that supports the coin.
If you already have an account with a crypto exchange that supports Shiba Inu in Canada, all you need to do is:
- Login to your exchange account
- Fund your account (no need if you already have sufficient fund in your account)
- Search for SHIB under the search box
- Place an order for Shiba Inu
- Transfer Shiba Inu coin to your wallet
Where to Buy a Shiba Inu Coin in Canada?
If you’re a beginner or existing crypto trader whose exchange doesn’t support SHIB, you may be wondering about the best places to buy the coin in Canada.
Like other crypto coins, there are many crypto exchanges that support Shina Inu in Canada.
However, the funding options, investment limit, trading fees, deposit and withdrawal fees vary. As a result, you want to choose the best crypto exchange with the right features for you.
The following are some of the top domestic and foreign crypto exchanges in Canada to consider:
1. Wealthsimple Crypto
- Number of coins: 50+
- Minimum investment: $1
- Trading fees: Free
- Deposits & withdrawal fees: None
As the first government-regulated crypto exchange in Canada, Wealthsimple Crypto is one of the best places to buy Shiba Inu in Canada.
Founded in 2020, Wealthsimple Crypto allows free trading, free deposits and free withdrawals in Canada. However, it charges a 1.5-2% operations fee on every trading transaction.
Wealthsimple Crypto is managed in cold storage by Gemini Trust, a regulated third-party custodian that receives a proportion of the operational costs.
In addition to Shiba Inu coins, you can also trade several digital coins on Wealthsimple Crypto (through the Wealthsimple Trade app). This includes Bitcoin, Dogecoin, Ethereum, Cardano, Stellar, Litecoin and more.
Overall, you may find Wealthsimple Crypto ideal if you’re looking to hold your coin in a secure exchange with cold storage.
How to Buy Shiba Inu Coin on Wealthsimple Crypto
The following are the processes of buying Shiba Inu coin on Wealthsimple Crypto:
- Open a Wealthsimple Crypto account if you don’t have one
- Verify your account and login
- Enter Shiba Inu or SHIB under the search box
- Select the coin
- Type the value you want to buy
- Press the icon “Buy”
- Review and place your order
Bonus: You will get a $25 bonus when you open a Wealthsimple Crypto account with this link and deposit a $150 minimum.
2. Newton
- Number of coins: 60+
- Minimum investment: $0
- Trading fees: Free
- Deposits & withdrawal fees: CAD: $0; Crypto: Varies but covers the first $5
Newton is one of the best domestic crypto exchanges in Canada established in 2018. The exchange became so popular due to its large number of supported coins and competitive spreads on crypto prices.
As if that’s not enough, Newton also covers the costs of crypto withdrawals up to $5, while CAD withdrawals are completely free.
In addition to Shiba Inu, Newton also supports 60+ other crypto coins in Canada including Bitcoin, Cardano, Ethereum and Dogecoin.
The interesting part is that you can fund your Newton account using multiple options, such as
- Pre-authorized bank transfers
- Wire transfers
- Interac e-Transfers
- External crypto wallets
Besides being a member of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Newton also adheres to the Personal Information Protection and Electronic Documents Act (PIPEDA).
How to Buy Shiba Inu Coin on Newton
The following are the steps for buying Shina Inu coin on Newton:
- Create a Newton account you if don’t have one
- Verify your account and login
- Fund your Newton account
- Search for SHIB under the search box
- Place an order for Shiba Inu coin on Newton
- Transfer SHIB to your crypto wallet
Bonus: You will receive a $25 bonus when you open a Newton account using this link and trade a minimum of $100.
3. NDAX
- Number of coins: 31
- Minimum investment: $0
- Trading fees: 0.20%
- Deposits & withdrawal fees: Free deposits and CAD $4.99 for withdrawals
The National Digital Asset Exchange (abbreviated as NDAX) is a Canadian-based crypto exchange established in 2017 with headquarters in Calgary.
NDAX also supports Shiba Inu coin in addition to other coins including Bitcoin, Ether, Dogecoin Cardano, Hedera, and USDC.
With $0 minimum investment and free deposits, NDAX makes it simple and affordable to start investing and trading in cryptocurrencies in Canada.
In addition to being a member of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), NDAX also provides USD insurance on Hardware Security Module (HSM)z malfunction and internal theft.
How to Buy Shiba Inu Coin on NDAX
The following are the processes of buying Shiba Inu coin on NDAX:
- Create an NDAX if you don’t have one
- Verify your account and login
- Fund your NDAX (with a fiat currency or crypto coin)
- Search for SHIB under the search box
- Order to buy Shiba Inu on the “Trade” section
- Buy Shiba Inu and transfer it to your wallet
Bonus: You will get a $10 bonus when you open a new NDAX account using this link and deposit an average of $100.
4. CoinSmart
- Number of coins: 16
- Minimum investment: $100
- Trading fees: 0.20%
- Deposits & withdrawal fees: Free deposits for bank accounts and wire transfers. 0-1.50% for e-transfers depends. 1% withdrawal fee for bank transfers and wire transfers. Crypto withdrawal fees vary.
CoinSmart is a Canadian-based crypto exchange that traded on the NEO Exchange with ticker “SMRT.”
Founded in 2018 with headquarters in Toronto, CoinSmart supports a limited number of 16 coins including Shiba Inu, Bitcoin Cash, Litecoin, Cardano among others.
Unlike other Canadian crypto exchanges, CoinSmart has minimum investment about, deposit and withdrawal fees.
However, it has multiple funding options such as e-Transfers, bank transfers, wire transfers, and crypto wallets.
How to Buy Shiba Inu Coin on CoinSmart
- Open a CoinSmart account if you don’t have one.
- Verify your identity and login to your account
- Fund your CoinSmart account
- Place an order for SHIB
- Transfer SHIB to your crypto wallet
Bonus: Get a $20 bonus for your first $100 deposit when you open a CoinSmart account using this link.
5. Coinberry
- Number of coins: 29
- Minimum investment: $50
- Trading fees: $0
- Deposits & withdrawal fees: Free deposits and free withdrawals through e-Transfers and wire transfers. Crypto withdrawal fees vary.
If you’re looking for a low-cost and highly regulated crypto exchange in Canada, Coinberry may be your perfect option.
Coinberry is an insured Canadian crypto exchange with institutional-grade protection that complies with PIPEDA, FINTRAC, and OSC.
Founded in 2017, Coinberry supports 29 crypto coins including Shiba Inu, Bitcoin, Ethereum, Cardano, Litecoin among others.
The crypto exchange sets itself apart from the competition by supporting free crypto trading, free deposits and free withdrawals through e-Transfers and wire transfers.
How to Buy Shiba Inu Coin on Coinberry
- Create a Coinberry account if you don’t have one
- Verify your identity and login to your account
- Fund your Coinberry account (through e-Transfers, wire transfers or crypto)
- Place an order for SHIB
- Transfer SHIB to your crypto wallet
Bonus: You will get a $50 bonus when you sign-up with this link and trade a minimum of $50.
6. Crypto.com
- Number of coins: 250+
- Minimum investment: $1
- Trading fees: Variable
- Deposits & withdrawal fees: Free deposits and variable withdrawal fees
Formerly known as Monaco, Crypto.com (CRO) is a multinational crypto exchange founded in 2016 with headquarters in Singapore.
It’s available in over 90 countries and supports over 250 cryptocurrencies with 20+ fiat currencies.
Trading fees on Crypto.com vary depending on your trading volume in the previous 30 days. However, Crypto.com charges 0.04% to 0.4% for maker fees while taker fees range between 0.1%-0.4%.
That said, you can make free deposits and withdrawals on the exchange through a bank transfer, credit or debit card.
Whether you’re a beginner, intermediate or seasoned trader, you may find Crypto.com ideal due to its intuitive interface on its web portal and mobile app.
In addition, Crypto.com offers several other products and services that includes staking and a cash back Visa card that offers up to 8% on eligible purchases.
How to Buy Shiba Inu Coin on Crypto.com
The following are the processes of buying Shiba Inu coin on Crypto.com:
- Sign-up for a Crypto.com account if you don’t have one
- Verify your account and login
- Fund your account (credit/debit card, crypto deposit etc)
- Order Shiba Inu coin Crypto!
- Transfer it to your crypto wallet
Bonus: Get a $25 bonus when you open a new Crypto.com app account with this link.
7. Binance
- Number of coins: 500+
- Minimum investment: $10
- Trading fees: 0.1% (25% discount by trading with a Binance Coin)
- Deposits & withdrawal fees: Free deposits. $1 and $15 for fiat currency withdrawal.
Binance is the last but not the best crypto exchange for buying SHIB in Canada. Like Crypto.com, Binance is a multinational crypto exchange that supports over 500 coins.
With this massive number of coins, Binance has the highest daily crypto trading volume out there, making it the world’s largest crypto exchange.
Headquartered in Seychelles, the exchange was founded in 2017 by a Chinese-Canadian executive, Changpeng Zhao.
Binance charges a 0.1% trading fee but cuts the fee off by 25% when you trade using Binance Coin. On the other hand, instant crypto trading attracts a 0.5% fee on the exchange.
That said, deposits are free on Binance but fiat currency withdrawal fees range between $1 and $15.
Unlike other crypto exchanges, Binance offers interest-earning savings account for crypto coins. This may be ideal if you’re looking to diversify your crypto investment so as to maximize your returns.
Finally, due to provincial restrictions, you can’t use Binance if you’re an Ontario resident at the moment.
How to Buy Shiba Inu Coin on Binance
The following are the processes of buying Shiba Inu coin on Binance:
- Create a Binance account if you don’t have one
- Verify your identity and login to your account
- Fund your Binance account (through p2p exchange, crypto deposit, credit or debit card)
- Place an order for SHIB
- Transfer SHIB to your crypto wallet
Bonus: You will get up to a $100 bonus when you open a Binance account using this link.
Highlight of the Best Crypto Exchanges in Canada for Buying SHIB
The following is a highlight of the key features of the above crypto exchanges to help you narrow your selection with ease.
| Exchange/Broker | # of Supported Coins | Trading Fees | Sign-Up Bonus |
|---|---|---|---|
| Wealthsimple Crypto | 50+ | Free | $25 |
| Newton | 60+ | Free | $25 |
| NDAX | 31 | 0.20% | $10 |
| CoinSmart | 16 | 0.20% | $20 |
| Coinberry | 29 | $0 | $50 |
| Crypto.com | 250+ | Variable | $25 |
| Binance | 500+ | 0.1% (25% discount by trading with a Binance Coin) | $100 |
Cheapest Place to Buy SHIB in Canada
The cheapest place to buy SHIB in Canada is on Binance due to its lower fees and higher liquidity which makes it one of the crypto exchanges with the best prices around.
Unfortunately, the easiest and safest way to fund your Binance account from Canada is by depositing crypto and exchanging it for your desired cryptocurrency.
A smart way of doing this is by depositing CAD to a Canadian crypto platform to buy a stable-coin. You can then deposit the stable-coin to Binance and start trading with it.
If you’re in Ontario, you can also consider crypto.com.
For anyone just looking to trade smaller amounts, the extra hoops you’ll need to jump through to invest with any of the foreign platforms are simply not worth it.
You’re better off just buying SHIB or any other cryptocurrencies on a Canadian platform like Wealthsimple Crypto, Newton or NDAX.
What to Look for in the Best Crypto Exchange For Buying SHIB?
It’s clear that the above crypto exchanges in Canada differ considerably and making a choice may be challenging.
To make an informed decision, consider the following factors when choosing the perfect crypto exchange for buying SHIB in Canada.
1. Supported coins
While all the above crypto exchanges allow you to buy and sell a Shiba Inu coin, they support a varied number of other coins.
So if you’re looking to expand your crypto holdings in the future, it’s important to consider an exchange with a broad range of coins.
2. Trading fees
Different exchanges have different trading fees. While some charge trading fees, others don’t charge any.
Going with an exchange that doesn’t charge trading fees will save you more in the long run. However, also consider the spreads on the quoted prices.
In general, crypto platforms that don’t charge a trading fee make their profit through the spreads on the buy and sell prices on their app.
That means you should not discount a crypto platform with trading fees. It may as well have a lower overall fee.
3. Deposits & withdrawal fees
Like trading fees, some crypto exchanges charge deposits and withdrawal fees while others don’t have fees.
As you can see from above, virtually all the Canadian-based crypto exchanges don’t have deposits and withdrawal fees. The opposite is true with foreign exchanges.
Thus, you need to consider deposits and withdrawals fees when looking to make the most of your crypto investment especially if you’ll be making frequent withdrawals.
4. Funding options
Different crypto exchanges have different funding options. However, the common funding options include:
- Interac e-Transfers
- Direct bank transfers
- Wire transfer
- Credit card/debit cards
- ATM deposits
- PayPal transfers
- External crypto wallet deposits
With this in mind, all you need is to go with an exchange that supports your convenient and preferred funding options.
5. Minimum investment
Finally, you want to consider the minimum investment requirement of a crypto exchange before signing up with it.
Most crypto platforms make their platform accessible with low to no minimum balance requirements. But there are some that require a deposit of at least $100 to start trading on their platform.
All the SHIB buying crypto platforms covered in this post have low balance requirements for new users. So getting started with any of them with little capital should not be an issue.
FAQs on How to Buy Shiba Inu Coin in Canada
To get a Shiba Inu crypto coin in Canada, all you need is to open an account with a crypto exchange that supports it. After that, you can then fund your account with CAD and buy the Shiba Inu coin.
But if you are already a user of another crypto exchange that doesn’t support Shina Inu, you can still get the coin by swapping it with one of your existing coins on a crypto exchange that supports it.
There are different ways to buy a Shiba Inu coin including Newton, NDAX, Binance and Crypto.com.
There are currently more than 548 trillion Shiba Inu coins in circulation in the crypto market. This number is expected to increase to reach its maximum supply limit of 589.7 trillion.
Verdict on How to Buy Shiba Inu Coin in Canada
There you have the steps on how to buy a Shiba Inu (SHIB) in Canada on both domestic and foreign exchanges.
If you think the coin meets your criteria, hopefully, you now have everything you need to start buying it and adding it to your crypto portfolio.
If you need more help in applying the above information, please leave a comment below.
As with other crypto coins, you should only invest what you can afford to lose on SHIB because the crypto market remains highly volatile.
Finally, check out the following articles for more related information about the Canadian crypto market.
