How to buy Shiba Inu on Binance US

What is Binance US?

Binance US, as implied by the name, is an exchange specifically built for cryptocurrency traders based in the United States. Binance, which is its partner firm, is among the leading cryptocurrency exchanges out there.

Compared to that, Binance US does not come with as many cryptocurrencies to purchase, exchange, or sell, and in addition to that, it is not even accessible to every state within America. However, if you are based in the United States and happen to live in a state that does support this exchange and want to buy some Shiba Inu tokens, then this guide is for you.

Since 2021, Coin Labs have been assigned a fee discount code from Binance. Thus, if you sign up for Binance through Coin Labs, you can benefit from the fee discount and participate in the bonus event earning up to $500.

How to Purchase Assets on Binance US?

Here, we will be covering all the steps that a newcomer will have to take when using this exchange, from registration and KYC to making deposits and buying tokens, which, in this case, would be Shiba Inu. However, if you have already gone through some of the steps outlined here, you can skip to those you haven’t.

Step 1. Register

Being able to trade on any exchange starts with the registration process, so head over to button below to register for an account on this exchange.

Like any registration process, you will have to enter your email address, referral code if you have one, add a secure password, go through or read the Terms of Service, Biometric Data Policy, and Privacy Policy, and finally, confirm that your age is 18+. Click on Create Account when you’re done.

Binance US will then share an email with you, requesting that you copy and add the authentication code to verify the email address you entered earlier.

To incorporate an additional security measure into the account you are creating, you will be requested to allow for SMS Authentication and add your mobile number. Once you have done so, click on Send Code. Although your 2FA authentication can be altered later on, this process is a must for registration.

Open your phone to look for the code that was sent. Click on Enable Authentication after you have accurately entered that six-digit code. And that’s it; you’re now done with registration.

Step 2. Complete KYC

Here, we will be discussing how you can complete the basic verification level on this exchange, which is apparently one of the quickest and simplest to complete, at least according to Binance US. If you are going through this straight from the registration phase, you can skip briefly ahead. If not, go to your account’s Dashboard.

From your dashboard, select Verify Identity, which you will find towards the top. Following that, add your SSN’s (Social Security Number) last four digits. Here, your SSN is a requirement of federal law. Also, your private data will be stored securely, so you don’t need to worry about any data leaks. Review what has been entered here carefully and click on Continue once you’re done.

After that, add your entire legal name along with other information within the relevant fields, and click Next once completed. Now, all that needs to be done is for you to add your residential address, and after you have verified its accuracy, select Confirm. And that’s it; you’re done with basic KYC.

Once your information has been successfully reviewed by the Binance US team, you can move on to depositing some funds here, or you can buy the SHIB token directly through your debit or credit cards or through bank transfers, provided you have successfully linked your bank account.

Step 3. Add Fund

Note that you will be subject to a deposit limit here unless you complete advanced verification. However, if you want to deposit below the limit, then you’re good to go.

So, once you have logged into your account, click on the Wallet option within the navigation bar at the top. Navigate to the deposit page by clicking the relevant option for it. Following that, choose the token you want to deposit and any of the networks that support it. For instance, if you are selecting USDT as your token, then the network you might want to select would be TRC-20, even though ERC-20 might be supported as well. This is because your fees may be lower if you select TRC-20.

Once you have chosen what you want here, a deposit address and, depending on the token you have selected, a memo tag will be generated. Copy this deposit address and the memo tag (if it’s required) and then paste it on the exchange or wallet you are withdrawing from. However, you will have to select exactly the same token and network you chose earlier on that external platform; otherwise, your assets will be lost. Now, just confirm your transfer to Binance US.

Other than the deposit address, if you are using a mobile application, you can also use the QR code option instead. Regardless, if you wish to check on the status of your transaction, click on that Wallet option once more and head over to the Deposits and Withdrawals section. Select the transaction you wish to verify the status of. Copy the Transaction ID and then look for it within the corresponding explorer.

Step 4. Buy Shiba Inu on Binance US

Now that you have funded your account, you can swap some tokens for Shiba Inu. So, on the Binance US homepage, click on Buy Crypto, and on the following page, select Convert. Choose any token you currently own on the exchange, and then select the Shiba Inu token. Following that, enter the amount you want to swap, and then confirm the transaction. And that’s it; you have now acquired the Shiba Inu token.

As stated earlier, you could have bought it directly with your credit or debit card as well by clicking on the Buy option instead of Convert, but you might have incurred more fees that way since you would be using fiat, and it may have taken significantly longer to process.

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