How and Where to Buy Safemoon SAFEMOON An Easy Step by Step Guide

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how to buy safemoon

SafeMoon was created to address several problems plaguing cryptocurrencies today, including price volatility and crypto investors’ bad habit of premature selling; hence the 10% selling fee. SAFEMOON is not currently supported on any of the main cryptocurrency exchanges like Coinbase, Binance or CryptoWallet.com. To buy SAFEMOON you’ll have to use a cryptocurrency exchange platform where users can trade cryptocurrencies. SafeMoon can serve as a means of investment, especially if you plan to leverage the reward and incentivization program.

how to buy safemoon

SafeMoon wallet users can update the app to the latest version and follow the instructions while those with other kinds of wallets can visit SafeMoon Swap to convert their tokens. Safemoon tokens can also be traded on many of the Decentralized https://www.cryptonews.wiki/ Exchanges (DEXs) on the Binance Smart Chain. These are exchanges that do not use an intermediary to trade crypto tokens. Pancake Swap and BiSwap are examples of DEXs where you can trade BEP-20 tokens including SAFEMOON.

Now you have BTC tokens that you can trade for SAFEMOON tokens online. You’ll have to head to an altcoin exchange like Gate.io, MEXC or BitMart that supports both SAFEMOON and BTC tokens. Altcoin exchanges will often have different prices for SAFEMOON tokens so it’s important to shop around for the best price for a BTC-SAFEMOON trade.

Factors to Consider When Opening a Cryptocurrency Exchange Account

If you lose access to your wallet, you can still get your crypto back with the recovery phrase. However, if anyone else gets your recovery phrase, they could use it to steal all your crypto. If you’re interested in Safemoon, the tricky part is learning how to buy it. As a new cryptocurrency, it’s not available on the top cryptocurrency exchanges. But once you know where you can purchase Safemoon, the process is straightforward enough.

This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. Though some may claim SafeMoon is resistant to manipulation, others note the dramatic volatility and fall of SafeMoon’s price https://www.cryptominer.services/ in 2022 as potentially unusual trading behavior. Investors should conduct thorough research before making all investment decisions, including and especially those involve cryptocurrencies. A cold wallet stores your keys offline in a physical device and is the most secure option available.

Firstly you’ll need to transfer fiat money to your new crypto wallet. Once your funds are safely deposited in your wallet you can now trade fiat currency for BTC tokens by heading to our cryptocurrency exchange. Choose the amount of BTC tokens to purchase and confirm the price that you are willing to pay. Before you buy the trending token, you must know that SafeMoon penalizes sellers with a 10% fee, and redistributes half to other token holders to incentivize buying and holding.

Can I buy SAFEMOON with cash?

Things needed to open an exchange account are explained below. Beyond speculative trading and holding for potential price appreciation, SafeMoon has limited practical use cases. Also, even though it has existed for several years, SafeMoon is a relatively new project compared to more established cryptocurrencies with undefined https://www.coinbreakingnews.info/ schedules and unproven roadmap execution. Despite several advantages, there remain a vast number of downsides to SafeMoon. The obvious downside of SafeMoon is the future public perception of the cryptocurrency. The success of SafeMoon, like many other cryptocurrencies, is heavily reliant on community sentiment.

Firstly you’ll need to get set-up on a Fiat-to-Crypto exchange like CryptoWallet.com. With CryptoWallet.com you can use our desktop site or mobile app to purchase any of the 5 largest cryptocurrencies by market capitalization (BTC, ETH, XRP, LTC, USDT) using your credit or debit card. You’ll then have to withdraw the coins from the exchange, place them in a wallet and then transfer those coins onto an exchange with SafeMoon. But that doesn’t mean you have to stay out of crypto entirely.

Using CryptoWallet.com you can quickly buy BTC tokens on our mobile app. Then you can trade BTC tokens for SAFEMOON on a crypto-only exchange. SafeMoon also has a self-sustaining liquidity pool that can siphon tokens in the form of fees, which are then added to the token’s liquidity pool on Pancakeswap. Decentralized platforms eliminate the need for third parties, making transactions cheaper than centralized exchanges.

  1. Hot wallets are much more convenient as your information is stored online and can be accessed easily at any moment.
  2. With so many options available, we’ve looked at some of the most secure options for storing your crypto tokens.
  3. These are exchanges that do not use an intermediary to trade crypto tokens.
  4. Launched in 2021, SafeMoon is still relatively new, quite volatile with low trading volumes, and not listed on exchanges that accept fiat.
  5. While SafeMoon isn’t available on the Coinbase or Binance centralized exchanges, you can still buy the tokens on these exchanges using the steps outlined below.

Factors that differentiate both include regulation, supported coins, liquidity, security, user experience, and custody. SafeMoon is a relatively new cryptocurrency with unique tokenomics featuring a 10% transaction fee that redistributes 5% to existing holders and adds 5% to the liquidity pool. It aims to incentivize long-term holding and price stability. However, it has seen its fair share of allegations of fraud, and investors are encouraged to do independent research before deciding whether to invest in SafeMoon. With this information in hand, should you still decide SafeMoon is the type of investment best suited for your portfolio, there are crypto exchanges where you can buy SafeMoon. Crypto exchanges are platforms where a diverse ecosystem of cryptocurrencies can be bought or sold.

And if you want to make crypto a part of your portfolio, look for other cryptocurrency investing strategies with better long-term potential. Transfer some ETH (as noted, I used about ~$275 worth) from your ETH wallet to your newly created Binance.us wallet. To do this, you’ll copy your Binance.us wallet address (“to”) and paste it into the wallet that contains your Ethereum (“from”). Binance.us offers more detailed instructions on how to deposit cryptocurrency into their platform here. Purchasing SafeMoon isn’t the most straightforward process, but with these easy-to-follow, step-by-step instructions, you’ll have your tokens in no time.

What You Need to Open a Cryptocurrency Exchange Account

The safest option is to buy BTC tokens using an assured exchange like CryptoWallet.com. Lyle Daly is a freelance writer who has been covering personal finance since 2016. Pancake Swap will show you the estimated amount of Safemoon you’ll receive. On Pancake Swap, enter the amount of Binance Coin that you want to trade.

Choose “Max” if you want to trade all the Binance Coin in your wallet. After installing Trust Wallet, open it and select “Create a new wallet” (unless you’ve used it before and you already have a wallet). If you were unable to successfully migrate your SafeMoon V1 tokens to SFM V2, you may be eligible to participate in the Migration Completion Program. Click “Add token.” On the MetaMask main screen, you should now see 0 SafeMoon next to your 0 BNB. Tap the “Connect” button on the top-right corner and hit “TrustWallet.” You should see that your Smart Chain tokens are now in PancakeSwap. Even then, Britton is not convinced of SafeMoon as an investment.

Additionally, users risk losing access to their accounts should they lose their recovery phase. To start the process of acquiring SafeMoon, you’ll need a cryptocurrency wallet that contains Ethereum. With Coinbase, you can create an account and, after verifying your identity, connect a debit card/bank account to buy the coins effortlessly.

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