How to Buy Shiba Inu (SHIB) in Canada

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How to Buy Shiba Inu Coin in Canada

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Shiba Inu (SHIB) is a meme token inspired by Dogecoin. What began as a joke cryptocurrency has grown into a decentralized ecosystem with its own exchange (ShibaSwap) and layer-2 blockchain (Shibarium). Convert SHIB to CAD.

How to Buy Shiba Inu in Canada

  1. Set up a Canadian crypto exchange account
  2. Set up a SHIB-compatible wallet
  3. Buy & send SHIB from exchange to your wallet
Platform SHIB Spread/Fee CAD Deposit Fee SHIB Withdrawal
Newton ~1.5% - 1.6% Free (Interac) Free Lane (nightly)
NDAX 0.20% Free (Interac) Flat network fee
Netcoins ~1.25% - 1.5% Free (Interac) Network fee
Wealthsimple ~1.5% - 2.0% Free (Bank / Interac) Network fee

1. Where to Buy SHIB: A Crypto Exchange

A cryptocurrency exchange is where you buy and sell Shiba Inu in Canada.

Funding and deposit options: INTERAC e-Transfer, wire transfer or bank draft are the easiest ways to transfer funds between your bank account and the crypto exchange.

Payment options like credit cards and Paypal don't work for most exchanges and banks. E-transfer is the easiest and cheapest way for most Canadians to transfer funds.

There is a fee (spread) for this exchange, rates will vary.

Exchanges and banks in Canada comply with KYC (Know Your Customer) Laws. This means you will need to upload a photo ID and other documentation to verify your identity before you buy SHIB.

  1. Newton – Recommended for beginners. Low fees, easy to use, and 75+ altcoins including SHIB. Some users report signing up and the verification process can take time.

  2. NDAX – Recommended for buying and selling larger amounts. 0.20% flat trading fee with SHIB/CAD order book.

  3. Netcoins – Netcoins is the first publicly owned crypto trading platform in Canada. Supports SHIB with Interac e-Transfer funding.

  4. Wealthsimple – Trade stocks and crypto in one app. Convenient if you already use Wealthsimple for investing.

Can I buy SHIB on Shakepay? No. Shakepay only supports Bitcoin, Ethereum, and USDC.

Compare Crypto Exchange Fees ➞

2. Set up Your Wallet

A cryptocurrency wallet is software that allows you to securely store, send and receive digital assets.

You can start with a Software Wallet (hot) to hold your SHIB. Some popular and trusted wallets are Exodus, Trust Wallet, and MetaMask. SHIB is an ERC-20 token on Ethereum, so any wallet that supports Ethereum tokens will work.

Hardware Wallets offer offline storage for more security. Trezor or Ledger are current market leaders. Security Tip: Buy your hardware wallet direct from the manufacturer.

IMPORTANT! Backup Your Wallet with a Seed Phrase

A seed phrase is 12 or 24 simple words the computer randomly generates for you. This is used to backup your crypto funds and allows you to regain access to your funds if something happens to your wallet.

Write your seed phrase on a piece of paper to back up your wallet. Put it somewhere very safe.

3. Send SHIB from Exchange to Your Wallet

SEND your SHIB from the exchange to your wallet RECEIVE address.

Important: SHIB runs on the Ethereum network (ERC-20), so withdrawal fees are Ethereum gas fees. These can vary depending on network congestion. If you're moving a small amount, the gas fee might cost more than the SHIB itself.

Tip Confirm the first and last 4 digits of wallet addresses to make sure you copied and pasted the wallet address correctly.

What is Shiba Inu?

Shiba Inu (SHIB) is a meme cryptocurrency created in August 2020 by an anonymous developer known as "Ryoshi." It was inspired by Dogecoin and named after the Shiba Inu dog breed.

SHIB is an ERC-20 token on the Ethereum blockchain. The total supply is 1 quadrillion tokens — an intentionally large number designed to keep the price per token very low. To put that in perspective, that's 1,000,000,000,000,000 tokens.

The Shiba Inu ecosystem has expanded to include ShibaSwap (a decentralized exchange) and Shibarium (a layer-2 network designed to lower transaction costs). Ryoshi deleted all their social media accounts and blog posts in 2022, leaving the project entirely community-driven.

I'll be honest — meme coins are speculative. They can go up 500% or down 90%. If you're buying SHIB, only use money you're OK with losing.

Is it legal to buy SHIB in Canada?

Yes.

Frequently Asked Questions

Is SHIB a good investment? I don't know. It's a meme coin. Do your own research. If you're looking for something more established, look at Bitcoin or Ethereum.

Will SHIB ever hit $1? No one knows. Given the total supply of 1 quadrillion tokens, hitting $1 would require a market cap larger than the entire global economy. So... probably not. Even hitting $0.01 would make it bigger than Bitcoin.

What is the difference between SHIB and DOGE? Both are meme coins, but they're built on different blockchains. DOGE has its own blockchain (a Litecoin fork). SHIB runs on Ethereum as an ERC-20 token, which means higher gas fees for withdrawals but access to the Ethereum ecosystem (DeFi, ShibaSwap, etc.).

Can I buy SHIB through my bank? Not directly. You will need to send an Interac e-transfer or wire transfer to Newton or NDAX from your bank.

Why are SHIB withdrawal fees so high? SHIB is an ERC-20 token, so withdrawals use the Ethereum network. Ethereum gas fees can be expensive depending on network congestion. If you're moving a small amount, consider leaving it on the exchange rather than paying a gas fee that's larger than your balance.

Conclusion - Where to Buy Shiba Inu in Canada

Newton is the easiest exchange for beginners to buy SHIB in Canada.

Why I recommend Newton:

  • 75+ altcoins including SHIB
  • Low spread fees
  • Interac e-transfers for fast deposits and withdrawals
  • Send SHIB to your own wallet
  • Get a $20 Sign Up Bonus →

If you're buying larger amounts, NDAX has a 0.20% flat trading fee — much lower than spread-based exchanges.

You may also be interested in: How to buy Dogecoin in Canada