I’m going to be teaching you how to buy some Shiba Inu tokens. I’m going to be using the BitMart exchange, which, in my personal opinion, is the most direct exchange to use to buy these tokens.
To get started, you’re going to need a BitMart account. If you don’t already have a BitMart account, you’ll need to make one.
Now to buy Shiba Inu tokens, we will be using USDT. That is the only trading pair for these tokens, at least when I wrote this post.
Now you can see here I already have $40 in USDT.
However, if you don’t have USDT, you’ve got two options:
You can either deposit USDT from another wallet or exchange it. You do this by clicking on this button and copying in your wallet address, your exchange address for USDT here in BitMart.
Alternatively, you can click on this button up here, saying Buy Coins and buy USDT directly using one of these different channels. The channels available may vary depending on the region. For example, I’m based in the UK, so I’ve access to MoonPay, Simplex and Paxful.
Now the ones you want to look out for are MoonPay or Simplex, as they translate straight into USDT, whereas Paxful only does into Bitcoin, and then you’d have to translate or transfer from Bitcoin over to USDT.
So if you click on one of these Buy buttons, let’s say MoonPay, for example, you can select USDT.
Now, if you scroll down, you’d see you can’t buy any Shiba Inu tokens using this. So you have to get the USDT and then transfer it using Spot, and that’s exactly what I’m going to show you now.
Buying Shiba Inu Tokens via Spot
To get started, we’re going to click on this little button up here that says Spot, and then we’re going to go to Standard.
It will load up this page, which is super confusing if you’ve never used an exchange like this before. However, don’t worry, I’ll walk you through it.
To get started, we’re going to come up to this top right-hand corner here, and we’re going to type in SHIB, which is the token symbol. As you can see here, the trading pair is SHIB to USDT.
I’m happy with that, so I click on that, which will load up this page. You know it’s worked if this changes to SHIB/USDT.
We can now see the current trading price, which is 0.0000279005.
You can see all the recent buys and all the recent sells down the left-hand side here. Again, the buys are in green; the sells are in red.
Then we come down to our green box on the left-hand side here, and it’s time for us to decide if we want to place a limit order or a market order.
Now, to make things quick and straightforward, I’m going to be going with a market order, which means my trade will execute at the market price at the time of me clicking that button.
If you want to go for a limit order, you will select the price you want the trade to execute at, and if the price hits that, if the token price hits that price that you’ve pre-selected, then the trade will execute.
So I’m going to click on Market, and we can see it says the best market price, and then it’s up to me to decide how much USDT I want to spend on SHIB tokens.
Now we can see at the top here I’ve got a balance of 40.20 USDT. So rather than type in that whole number, I’m just going to click on the button that says 100%, and that will fill in my total USDT balance.
I will now be transferred to SHIB tokens once I click on this green button here that says Buy SHIB.
Now, if you place a limit order, that order will go into the Open Order section, at least until that order is filled.
However, because I placed a market order and the trade has been executed immediately, I will go down to this area right here, which says Orders History; click on this, and you can see that my order has been processed.
If you want to see SHIB tokens over in your asset balance, what you do is you come up here you click on Assets.
That reloads this page right here, and usually, it won’t show that balance straightaway. Instead, you need to click on this Total button here, sort by highest to lowest, and in my case, the highest number of tokens I have is in SHIB.
So that comes straight to the top there, and you can see how I’ve got 1,442,789 tokens.
That’s how many SHIB tokens I have, and that is the process I’ve been using to buy SHIB tokens.