Detailed buying, selling and trading tutorial of SHIB coin (illustration and text)

To buy SHIB through decentralized exchanges (DEXs), users can connect their crypto wallets to the chosen DEX, find the SHIB trading pair, and execute the trade by entering the desired purchase amount.

Oct 21, 2024 at 03:42 pm

SHIB Coin Buying, Selling, and Trading Tutorial

1. Understanding SHIB

Shiba Inu (SHIB) is a cryptocurrency created in August 2020 as a parody of Dogecoin. It quickly gained popularity due to its low price and meme-inspired nature.

2. Choosing a Platform

To buy, sell, or trade SHIB, you need to choose a suitable platform. Some popular options include:

• Decentralized exchanges (DEXs): These platforms allow you to trade directly with other users, without the need for an intermediary.
• Centralized exchanges (CEXs): These platforms act as brokers, connecting buyers and sellers. They typically offer more features and support than DEXs, but may charge fees.

3. Buying SHIB

Through DEXs:

1. Install a crypto wallet that supports SHIB (e.g., MetaMask).
2. Connect your wallet to the DEX you choose.
3. Find the SHIB trading pair (e.g., SHIB/ETH) and enter the amount you want to buy.
4. Execute the trade.

Through CEXs:

1. Create an account on a CEX (Binance, Coinbase, etc.).
2. Deposit funds into your account (in USD, cryptocurrency, or both).
3. Navigate to the SHIB market and enter the amount you want to buy.
4. Select the order type (e.g., market order, limit order) and execute the trade.

4. Selling SHIB

Through DEXs:

1. Connect your wallet to the DEX.
2. Find the SHIB trading pair and enter the amount you want to sell.
3. Execute the trade.

Through CEXs:

1. Log in to your CEX account.
2. Navigate to your SHIB holdings and select "Sell."
3. Enter the amount you want to sell.
4. Select the order type and execute the trade.

5. Trading SHIB

Spot Trading: This involves buying and selling SHIB directly at the current market price.

Margin Trading: This allows you to borrow funds to increase your trading capital, potentially amplifying both profits and losses.

Futures Trading: Futures contracts allow you to speculate on the future price of SHIB.

6. Storing SHIB

SHIB can be stored in both software and hardware wallets. Software wallets are more convenient but can be less secure, while hardware wallets are more secure but less convenient.

Important Considerations

• SHIB is a volatile cryptocurrency, so it is important to invest only what you are willing to lose.
• Conduct thorough research and understand the risks involved before trading or investing in SHIB.
• Use a reputable platform and secure your funds with strong passwords and 2FA.