Shiba Inu Brokers & Exchanges
Shiba Inu trading is relatively new in the cryptocurrency world, with the coin only being created in mid-2020. However, the Ethereum-based crypto has surged rapidly in recent months, spurred on by Dogecoin’s popularity. Sharing the same lofty ambitions, Shiba Inu has recently been added to Coinbase Pro’s trading platforms. This article will explain what Shiba Inu trading is and discuss its pros and cons alongside outlining where you can buy and trade the token.
Shiba Inu Brokers & Exchanges
#1 - Eightcap
Why We Chose Eightcap
Eightcap’s crypto offering is best-in-class with 250+ crypto derivatives, surpassing that of almost every alternative. Testing also reveals Bitcoin spreads of 12 pips, coming in lower than most competitors, while it offers real-time trading ideas through the Crypto Crusher market scanner. Add in convenient deposits and withdrawals in digital currencies, and Eightcap offers the complete package for serious crypto traders.
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, BCH, XRP, XMR, DSH, EOS, XLM, ADA, TRX, DOGE, BNB, DOT, MATIC, VET, AXS, NEO, SOL, UNI, AAVE, KSM, THETA, CAKE, SUSHI, ATOM, XTZ, SNX, COMP, FLOW, EGLD, PUNDIX, RAY, ZIL, QTUM, BAND, OMG, FIDA, BADGER, NEAR and many more
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: $12 (BTC)
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: $100
- Regulator: ASIC, FCA, xCySEC, SCB
Pros
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
#2 - Skilling
Why We Chose Skilling
You can trade 50+ crypto pairs via leveraged CFDs. The list of tokens is longer than many rivals, including Vantage with only 30+, and you can get started easily with just $100.
"Skilling maintains its position as a top pick for beginners looking for a competitive zero commission account with direct access to a copy trading feature. It will also serve experienced strategy providers looking to earn commissions, or anyone looking to trade forex during extended hours."
- DayTrading Review Team
- Coins: ACM, APE, AVE, ATM, AVA, AXS, BTC, BAR, BNB, BTC, BSV, XBN, ADA, CHZ, ATOM, CRO, DASH, MANA, DOGE, EOS, ETH, ENJ, XET, ETC, FTM, ONE, HT, IOTA, JUVE, LTC, LNK, XLC, XMR, NEO, OMG, PSG, CAKE, DOT, MATIC, QTUM and many more
- Crypto Mining: No
- Auto Market Maker: Yes
- Crypto Spread: BTC 0.5
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Skilling Trader, MT4, cTrader, TradingView
- Regulator: CySEC
About Skilling
Skilling is a multi-asset broker founded in 2016 and based in Cyprus. The brand offers hundreds of day trading instruments with competitive spreads from 0.1 pips and beginner-friendly platforms. Skilling are also regulated in Europe and beyond with a transparent pricing structure. You can sign up and start trading in three easy steps.
Pros
- The Skilling Copy solution is accessible directly from the cTrader web terminal, making it easy for strategy providers to manage their portfolios
- The broker offers smooth account funding with a good range of payment methods with zero deposit fees
- Skilling continues to strengthen its investment offering recently introducing weekend forex trading on 7 currency pairs
Cons
- Skilling trails alternatives like IG when it comes to research tools that can help day traders make informed decisions
- You can only access shares in the Skilling Trader platform and fewer instruments are available overall in the MT4 accounts
#3 - CMTrading
Why We Chose CMTrading
Trade 23 of the most popular cryptocurrency assets, including BTC, ETH and SOL, in CFD pairs with USD and spreads from 0.02. Traders will not own the underlying tokens with these derivatives.
"CMTrading is a great choice for traders based in South Africa looking to access highly leveraged forex and CFDs, plus copy trading tools and short-term signals."
- DayTrading Review Team
- Coins: BTC, LTC, ETH, XRP, LINK, XLM, XMR, XDG, SOL, BCH, ADA, DOT, UNI, SHIB, VET, TRX, XEM, THT, BNB, MATIC, MANA
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: From 0.02
- Crypto Lending: No
- Crypto Staking: No
- Platforms: CMTrading Webtrader, MT4
- Minimum Deposit: $100
- Regulator: FSCA, FSA
About CMTrading
CMTrading is one of South Africa's leading online day trading brokers, offering trades with leverage up to 1:1000 on the MetaTrader 4 and browser-based Sirix platforms as well as a bespoke copy trading service. The brokerage launched in 2012 and holds a license with South Africa’s Financial Sector Conduct Authority (FSCA).
Pros
- The broker supports the powerful MetaTrader 4 platform plus a proprietary Webtrader and a bespoke social trading feature
- There's a decent array of educational resources for beginners on the online academy
- Clients can access free short-term forex signals from the broker's platform
Cons
- Spreads are uncompetitive across accounts compared to competitors
- There are no additional third-party analysis tools such as AutoChartist
- The broker's market coverage is limited, including only 100+ stocks
#4 - BitMEX
Why We Chose BitMEX
BitMEX continues to offer a highly competitive crypto trading environment, with cheap $1 contracts and leverage up to 1:100. The broker’s proprietary platform offers cutting-edge trading features, including a customizable order book, a depth chart and dozens of technical indicators.
"Active traders who want access to a good range of crypto derivatives will be intrigued by BitMEX's offering, with Perpetual Contracts available. The 100x leverage on Bitcoin is also higher than many alternatives."
- DayTrading Review Team
- Coins: BCH, BTC, ETH, LTC, XRP, TRON, EOS, XMR, ADA, DOGE, BNB, DOT, SOL, SHIB, AVAX, GAL, NEAR, SUSHI, AXS
- Crypto Mining: No
- Auto Market Maker: Yes
- Crypto Spread: -0.01% maker, 0.075% taker
- Crypto Lending: No
- Crypto Staking: Yes
- Platforms: BitMEX Web Platform, AlgoTrader, TradingView
- Minimum Deposit: $0.01
- Regulator: Republic of Seychelles
About BitMEX
BitMEX is a crypto exchange and derivatives trading platform, launched in 2014. The firm offers a fiat–crypto onramp, spot trading, and crypto derivatives including perpetual contracts, traditional futures and quanto futures. BitMEX offers amongst the largest market liquidity of any cryptocurrency exchange.
Pros
- The broker offers high levels of security, using a combination of hot and cold wallets and cryptography key management
- Comprehensive customizability is available within the platform, with movable widgets and order book filters
- Traders can earn interest if they HODL Tether and Bitcoin
Cons
- BitMEX is an offshore firm and is not regulated by any reputable authority, though this is common among crypto brokers
- The broker was involved in a legal dispute with US regulators which resulted in fines
- BitMEX is geared towards more active traders, with fewer tools and features aimed at newbies
#5 - OKX
Why We Chose OKX
OKX continues to offer a superb selection of 400+ tokens including Bitcoin and Ripple. You can buy and sell tokens or trade cryptos on margin via derivatives, including perpetual swaps, options and futures. OKX stands out for its low fees, extensive range of tokens and speedy crypto transactions.
"OKX is a top pick for crypto traders looking for emerging coins and crypto projects to invest in. Traders can also make use of the broker's copy trading service and automated bots."
- DayTrading Review Team
- Coins: BTC, XCH, ETH, OKB, OKT, LTC, DOT, ADA, DOGE, XRP, USDT, ICP, BCH, LINK, XLM, ETC, MATIC, THETA, UNI, TRX, EOS, FIL, XMR, NEO, USDC, AAVE, SHIB, LUNA, KSM, BSC, ATOM, IOTA, ALGO, XTZ, CRO, MKR, BTT, CEL, LEO, WBTC and many more
- Crypto Mining: Yes
- Auto Market Maker: No
- Crypto Spread: Variable
- Crypto Lending: Yes
- Crypto Staking: No
- Platforms: AlgoTrader
- Minimum Deposit: 10 USDT
- Regulator: VARA
About OKX
OKX is a respected cryptocurrency firm, established in 2017, that offers a large suite of products, from mining pools to NFTs. Traders can access over 400 crypto tokens via OTC trading and derivatives. With an excellent web platform, developer tools and dynamic charts, OKX is a popular choice for technical traders.
Pros
- OKX maintains an excellent reputation with 20 million global clients and a license from the Dubai Virtual Assets Regulatory Authority
- You can access a wide range of trading products, including futures, options and perpetual swaps via a mobile app or desktop platform
- Traders can access historical market data for spot and futures combining OHLC data, aggregate trades and trading history
Cons
- The quality of customer support was inconsistent based on testing
- The broker's platform and features may be complex for novices
- The firm offers limited regulatory oversight, though this is common among crypto brokers
What Is Shiba Inu?
Shiba Inu (SHIB) is an ERC-20 token, which means that it runs on the Ethereum blockchain and uses the network’s smart-contract technology. The advantage of running on Ethereum is that it is a secure, well-established blockchain that allows SHIB to remain decentralized and independent of moderating forces.
The Shiba Inu token plans to become a new DeFi ecosystem with its platform, ‘ShibaSwap’. This decentralized exchange will feature three native tokens, Shiba Inu (SHIB), Leash (LEASH) and Bone (BONE). There are also plans for the exchange to integrate non-fungible tokens (NFTs) into the platform, with the website encouraging artists to begin a Shiba Inu dog-inspired artistic movement.
The History Of Shiba Inu
Shiba Inu has a brief but interesting trading history. Created by an anonymous person/group going by the name Ryoshi, Shiba Inu was launched in August 2020. Ryoshi started with a supply of 1 quadrillion crypto-tokens, of which they gave 50% to Ethereum founder Vitalik Buterin. The other 50% were put onto the decentralized exchange UniSwap, at a starting price of around $0.000000000056.
Buterin intriguingly then donated 50 trillion Shiba Inu tokens, worth an estimated $1 billion, to the India Covid Crypto Relief Fund. He then proceeded to burn the rest of the coins, bringing delight to traders who had bought the token on various trading platforms and apps as the value soared.
Since then, Shiba Inu has stabilised somewhat, though it still demonstrates solid growth. The creators also released two more tokens on the ‘ShibaSwap’ platform, Bone and Leash. Holders can stake Shiba Inu tokens to ‘dig’ for either of these new tokens.
Shiba Inu Chart
Benefits Of Trading Shiba Inu
Various price forecasts from crypto news sites and prediction portals, such as Trading Beasts, point in a positive direction for Shiba Inu (SHIB). As a result, trading Shiba Inu is arguably an attractive option for both new and experienced traders, so let us investigate the benefits of trading the emerging crypto.
- Low price – Shiba Inu has been trading at a price of just $0.000006478. Such a low price means that it is very easy to purchase a large amount of the coin, without spending too much, meaning that you could potentially make serious profits if the price does soar.
- High trading volume – On its opening day, SHIB recorded a volume of $1,604,789. It fell slightly after that but has since risen to new heights. High trading volumes makes it much easier to trade tokens due to the level of activity surrounding the coin.
- Multiple exchange listings – The last thing you want is to struggle to find a place to buy a token. With Shiba Inu, you will not have that problem as the coin is listed for trade on many popular exchanges, including Binance, Coinbase, OKEx, Huobi Global, FTX and Wazirx. There are also rumours of a Robinhood partnership for traders in the US.
- Ethereum DeFi projects interaction – Ethereum is one of the biggest names in the DeFi world and controls around 75% of the DeFi space. Ethereum is the first choice for lots of crypto developers and many trading platforms run on the network as ERC-20 tokens.
- High volatility – If you are looking at intraday Shiba Inu trading, the coin’s volatility is attractive. SHIB can gain 30% within an hour and drop by 40% in the next. By looking at trading graphs and charts and studying the trends, day traders could potentially turn large profits by speculating on SHIB.
Drawbacks Of Trading Shiba Inu
As with any cryptocurrency, solely looking at the benefits of Shiba Inu trading is a dangerous path to go down. The risks and drawbacks must also be analysed to present the whole picture and ensure you can make informed investment decisions.
- Not the first meme crypto – Even though it has made a big name for itself in the meme-inspired market, it will never be the first on people’s minds. When meme-currencies are mentioned, the first name that comes to mind is Dogecoin. Therefore, it faces an uphill battle to keep itself in the limelight and regularly increase its popularity.
- Competition with transactional cryptocurrencies – Shiba Inu is a basic coin and does not add anything novel to the cryptocurrency market. As a result, it can only function as a transactional currency, of which there are many already established, like Bitcoin, Litecoin, Ether and Zcash. SHIB must work hard to break into this already saturated market and ensure its liquidity and trading volume do not drop.
- Still young – Only created in August 2020, SHIB is a risky asset with high volatility. While this can play to some traders’ advantages, it also opens the possibility of big losses. This was seen after the spike in May 2021 when the currency, along with many other crypto tokens, crashed heavily, resulting in millions of losses.
- Meme token craze may not last – Shiba Inu and Dogecoin are currently benefitting from a wave of social media buzz and posts relating to trading the meme-coins. However, this may not last forever, and SHIB needs to work hard to become an accepted means of payment for the sale of goods and services.
Where Can I Trade Shiba Inu?
You may be wondering what exchanges or brokers you can use for Shiba Inu trading, if any. After all, it is such a young token that you might not expect many exchanges to support it.
In reality, many of the most popular crypto exchanges already support Shiba Inu trading. Centralized exchanges such as Binance, Coinbase, OKEx and Gate.io, all allow users to buy and sell Shiba Inu coins. SHIB is also available on the decentralized exchange UniSwap, which is powered by Ethereum’s blockchain, making it a great place for trading Shiba Inu coins.
If you are interested in trading Shiba Inu tokens, but cannot decide which exchange to use, compare the various trading fees associated with each exchange.
How To Buy Shiba Inu Tokens
Choose An Exchange
Decide whether you want to buy through a centralized exchange (CEX) or decentralised exchange (DEX).
DEXs, like UniSwap, requires users to obtain a software wallet like MetaMask or CoinBase Wallet to begin reading on the platform. These wallets are free to use and let you truly own your crypto. You will also have to purchase Ethereum tokens, which can then be used to buy SHIB.
Open An Account
The first step towards buying SHIB is to open an account with an exchange that supports its purchase, like one of those mentioned above. Setting up an account is simple, just provide an email address and create a password. After that, you may be required to verify your identity with information like your birthday and driver’s license.
Obtain A Wallet
Whether you chose a DEX or CEX, you will want a safe place to store any tokens you obtain while Shiba Inu trading. There are several types of wallets available:
- Hardware wallets – These are physical devices that store your cryptocurrency offline, usually in the form of a USB stick. These devices are generally safe and secure as they make it impossible for your funds to be hacked when they are not plugged in.
- Software wallets – These are wallets that are downloaded to your desktop, such as those needed to trade on UniSwap. They offer more protection than online wallets, as funds can only be accessed from the specific device the wallet is installed on.
- Mobile wallets – Simply download an app to your phone and store your crypto on that device. This type of wallet is ideal for someone who wants to get involved with Shiba Inu trading while on the move.
- Paper wallets – This is an offline storage method whereby you print your public and private keys onto paper, which you can store wherever you like. The keys are usually QR codes, which you would scan for future transactions.
Purchase Shiba Inu Coin
Now that you are set up with an exchange and have a wallet to store your tokens, you are ready to start Shiba Inu trading. Log in, check the current prices and trends and then place your order when you are ready.
Tips For Shiba Inu Trading
As with most forms of short-term trading, you should check market data and the latest trends. The coin is still young and volatile, so you should regularly check charts and graphs for ideas. Websites similar to TradingView are ideal for understanding what coins like SHIB are trading for right now.
Another tip is to not just follow the price in US dollars (USD). Keep track of trading pairs such as Shiba Inu against Bitcoin, Litecoin or Ether. Tracking and trading SHIB against other coins could increase the potential profit you make due to a further increase in volatility.
If you want to make Shiba Inu trading even easier, look at investing in trading signals or even a live bot. Signals analyse the data for you and tell you what to buy and when, while bots take this a step further and make the purchases for you too. However, it is important to note that these systems can still make mistakes and caution should always be taken.
You should also stay up-to-date on the latest Shiba Inu trading news. Big announcements can cause the value of coins like SHIB to vary greatly. Even something as simple as a mention on Twitter from Elon Musk can send the price soaring, so try to stay in the loop when you are trading.
Final Word On Shiba Inu Trading
Trading Shiba Inu has the potential to be lucrative as its youth brings with it lots of volatility. The range of supported exchanges and connection to other Ethereum DeFi projects make it particularly popular, though prospective investors looking at Shiba Inu trading should be wary of the potential for the popularity of meme tokens to drop. Head to our list of brokers and exchanges that support Shiba Inu trading to get started.
FAQs
Will Shiba Inu Be Traded On Coinbase?
Yes, Shiba Inu trading is supported on Coinbase. Since June 17th, 2021, it has also been available on Coinbase Pro. Remember it’s worth taking the time to understand what the data around volume and volatility means before buying or selling the coin .The Coinbase platforms also show what the crypto token is trading at today.
Will Shiba Inu Trade On Robinhood?
While there are no concrete plans in place, it has been rumoured that the Shiba Inu trading will be supported on Robinhood soon. However, no dates have been released by either party.
Will SHIB Reach $1?
There is no way of knowing for sure. Some prediction portals say it will, while others think it will not even get close to $0.1. As with any crypto, the future value is very hard to predict, and you just must wait to see how far it goes.
Is Shiba Inu Coin A Safe Investment?
Shiba Inu trading, as with any form of cryptocurrency speculation, is inherently unsafe and unpredictable. While you can try to limit your risk by carrying out proper research and implementing robust risk management strategies, it will never be fully ‘safe’.
Can Shiba Inu Make Me A Millionaire?
SHIB has already made some early investors into millionaires, so the potential is definitely there. If you want to join their ranks, you would have to trade smart, understand price forecasts and take care when weighing up the risks. With that said, there is the possibility that you could do all these things and still lose all your money as nothing is certain when Shiba Inu trading.