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The way in which crypto is bought, sold, and traded is almost as diverse as the currencies themselves. Now, not only are there a host of coins out there (and more being launched every year), but plenty of platforms and payment methods support the wider industry. Many of these continue to make products and services to facilitate the needs of digital currency users, and with coins like Shiba Inu (or SHIB) catching the attention of enthusiasts everywhere, there’s little excuse not to get involved.

One of the most popular payment methods in the crypto market is PayPal. It’s a trusted payment provider, it also allows users to buy a select number of crypto assets, including the Shiba Inu coin. Now let’s dive into our guide on where and how to safely buy Shiba Inu using PayPal.

Best Platforms to buy Shiba Inu with PayPal

If you are hoping to buy SHIB with PayPal, you will first need to choose a platform that supports this crypto. We’re taking a look at the top four to get you started.

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69.17% of retail investor accounts lose money when trading CFDs from this provider

Capital.com

Buying SHIB online

As one of the leading names in the industry, there are over 500,000 registered traders and investors making use of 3,000 global markets for their trading needs. This award-winning site supports SHIB, other major cryptos, PayPal payments and much more, so there are plenty of ways to get up and running; no matter your skills or experience level. 

Pros

  • Three account types to suit a host of needs
  • Available in 18 countries worldwide
  • Highly regulated for security
  • Fast deposits and withdrawals
  • No trading fees
  • A wide range of tradeable assets, including 70 cryptocurrencies
  • Available on desktop and mobile
  • Demo account feature
  • Customer support in over 24 languages

Cons

  • Available accounts have different services and minimum deposit requirements, so some traders may be limited by their budget

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Crypto assets are unregulated investment products. Your capital may be at risk

eToro

You can’t take two steps into the crypto community without hearing the name eToro – and there’s good reason for this. As the pioneer for copy trading, its main feature is that users everywhere have the opportunity to take a look at what their peers are doing. This allows for deeper insights into trading and everyone has the ability to follow along with the highest-ranking traders to increase their chances of making successful market moves. But why buy Shiba Inu with PayPal via eToro?

Pros

  • Expert advice and market insights
  • Easy-to-use platform
  • Low account minimum
  • Low trading fees
  • Copy Trader and Smart Portfolio features
  • Easy access to virtual trading
  • Free non-custodial wallet
  • Accessible in a host of locations, including the US (which not many crypto exchanges can boast)
  • Over 25 supported cryptocurrencies in the US and 50+ in other countries

Cons

  • Limited crypto withdrawals and no crypto deposits
  • While US users have access to the site, Hawaii, Minnesota, New York, Nevada and Tennessee cannot trade using eToro

Binance

Best known for the facilitation of its own digital currency, the Binance coin, Binance doesn’t limit users when it comes to trading cryptos. In fact, it has one of the largest supported sets in the world (there are currently 600 listed, with more on the way) and of course, the Shiba Inu token is one of them. Users of this site get their very own crypto wallet to store multiple coins simultaneously and as it has two-step authentication, security is of little concern.

Pros

  • Free deposits
  • Fast transactions (1.4 million orders are processed every second)
  • Large trading volume and client base for peace of mind
  • A beginner-friendly platform with a host of educational materials
  • Quick, friendly customer service team

Cons

  • Varying withdrawal fees depending on the assets and payment methods used 
  • Withdrawal limits
  • Less regulated than some of the other platforms
  • Not available in the US

Coinbase

For those who want to maximize their potential by trading with one of the world’s largest platforms (whether this is with making fast SHIB transactions using PayPal, or keeping on top of their endeavors wherever they are in the world), Coinbase may be a worthwhile solution. Not only does it have one of the best-performing mobile apps on the market, but it’s also highly regulated and offers insurance in case of cyber attacks.

Pros

  • 108 supported cryptocurrencies
  • Low minimum start-up
  • Offers a unique Coinbase debit card, so users can spend their coins anywhere that Visa is accepted
  • Beginner-friendly
  • Active in over 100 countries, including the US

Cons

  • Complicated fee structure
  • Higher fees when compared to other crypto exchanges
  • Account storage means no control over private keys

How to buy Shiba Inu with PayPal

As PayPal is one of the most recognizable online payment systems in the world, it’s no wonder that they have added cryptocurrencies like SHIB to its repertoire. Right now, buying these digital assets is only possible in the UK and US (excluding Hawaii), but this is only for the time being. 

The good news is that a decent range of platforms accepts PayPal, so your options aren’t limited. As it is a third-party app, there may be charges associated with using PayPal to buy Shiba Inu – and these won’t be included in the fees of the brokerage you use.

Here are the steps you will need to perform to get started:

Step 1 – Join a trading platform that supports PayPal

If a trading platform supports SHIB, go to the sign-up page and create an account. You’ll generally need to create a username and password and provide your email address. 

Step 2 – Verify your identity

You will get a prompt to verify your email and then your identity (this is to protect your account). Many will ask for a copy of your passport or driver’s license and a copy of a bank statement or utility bill.

Step 3 – Make a deposit and start trading

Once this is done, you will be able to make a deposit via PayPal. As long as you meet the minimum requirements, you’ll be able to buy and trade Shiba Inu.

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Crypto assets are unregulated investment products. Your capital may be at risk

How to choose a platform to buy SHIB

Firstly, it’s always a worthwhile idea to consider your personal preferences when it comes to trading. For example, if you are new to crypto, you may want to opt for a platform that has a host of educational materials to help you with your research and get familiar with the processes involved. Once you have defined your needs, look out for:

  1. Variety of trading options. While the platform you choose needs to allow you to make payments via PayPal, it also needs to offer a range of assets, so you know you’ll be able to buy Shiba Inu with little fuss. As it is relatively new and is still gaining traction in the market, only a few brokerages have added SHIB, but there is likely to be more in the future. Check to see if there are any restrictions to the trading volume capabilities when using Paypal for your transactions also.
  2. Quick and easy buying process. When it comes to crypto trading, transaction speeds can be a deal-breaker for some investors. You want to ensure that when buying the Shiba Inu coin, the process is as straightforward as possible to allow you to get on with the things you want to do. After all, nobody likes to be kept waiting around.
  3. Fees. As mentioned above, there may be fees associated with using PayPal to buy SHIB, and these can be worthwhile considerations as you’ll want to maximize your profit potential and not lose cash unnecessarily. Be sure to narrow down your options for trading platforms with your needs in mind, but don’t overlook how much you may be charged.
  4. Trust and Security. The right platform will be one that has your safety and security in mind. Just because a site looks good, it may be subject to cyber-attacks and your personal data is just as at risk as your money. This means that brokers should not only be trustworthy, but they should have a range of security measures and protocols in place (such as encryption software). Look out for 2-step verification for accounts, loss insurance, SSL certificates, KYC regulations and more.
  5. Compatibility. The way you can interact with your chosen broker can enhance your overall experience when buying and selling Shiba Inu. If a platform doesn’t offer web, desktop and even mobile services, this may be an indicator of their commitment to user experience; ones that do are likely to prioritize their services and may continue to offer more to users in the future to remain competitive.

Is Using PayPal to buy Shiba Inu worthwhile?

Shiba Inu crypto

Using PayPal as a payment method is fast, convenient and user-friendly, but that doesn’t mean that it’s the right choice for buying and selling the Shiba Inu token. There are both pros and cons to doing so, so let’s take a quick look at those.

Pros of buying SHIB via PayPal

  • This platform is widely used, highly reputable and extremely user friendly
  • It plays host to over 426 million active users
  • Four in every five people shopping online use PayPal
  •  It still holds its position as the top online payment method after 25 years, despite the competition

Cons of buying SHIB via PayPal

  • High fees can be associated when using PayPal through other platforms
  • As an online payment system and not a crypto platform, there will be limits to the number of trades that can be made
  • It is not yet a widely accepted payment method on brokerages and trading platforms, so you may need to change some of your preferences for the latter to support your decision to use PayPal to buy SHIB

Are there other ways to buy Shiba Inu?

While PayPal is reputable, secure and a solid choice for buying Shiba Inu coins, other payment methods are available. These are:

  • Credit/debit cards
  • Bank transfers
  • Crypto transfers

Just like PayPal, these will have their own protocols, restrictions, fees and more to keep in mind, so research will be a worthwhile idea if you decide not to opt for PayPal as your preferred method.

Final Thoughts

With all of the above in mind, it may be simpler to buy your Shiba Inu coins using a different payment method, but PayPal still has some worthwhile potential. Sometimes, getting in early can be a good way to grow with the provider you choose and PayPal isn’t going to go anywhere any time soon. In fact, it has proven its staying power and is likely to continue to broaden its horizons as technology advances.

If you do decide to use PayPal, choosing the right trading platform will be the best way to support your crypto endeavors. It won’t hurt to do some in-depth research, make comparisons and start out small when putting your money on the line. Remember that at its core, cryptocurrency is volatile in nature, so the risks and rewards of trading should factor into your overall decision, too.

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Crypto assets are unregulated investment products. Your capital may be at risk

FAQ

How fast can I expect my transactions to go through?

Transaction speeds will be dependent on the platform you select to buy SHIB. Having said this, they are typically fast on all major brokerages to offer top-tier services to customers.

Is there a way to buy SHIB instantly?

Again, this will be dependent on the platform you chose. In many cases, there will be buying requirements for you to buy a fiat or digital currency first and then trade for SHIB, as it isn’t yet widely supported in its own right.

Will my buying activities be secure?

Your activities will be secure, but not anonymous as the most secure platforms will offer KYC regulations. You may find anonymous services via a Decentralized Exchange (DEX), but personal information is necessary to install and use Paypal as a payment method.

Are the fees associated with buying SHIB using PayPal high?

At the moment, due to the nature of PayPal and the fact that it is a third-party payment system, there will be fees to take into consideration. On some platforms, you may incur fees twice (once when buying SHIB via PayPal and once for using the coins on a crypto exchange).

Can I make a profit when trading cryptocurrency?

There are plenty of investors and traders out there who enjoy profits when getting involved with crypto, but there is also the potential for significant losses, especially if you don’t have a good grasp of the industry, risk management strategies and more.