Buying SafeMoon involves a multi-step process, typically using a cryptocurrency exchange and a compatible wallet. First, acquire Binance Coin (BNB) or Binance Smart Chain (BSC) on a platform like Binance. Then, transfer the BNB/BSC to a compatible wallet, such as Trust Wallet or MetaMask. With your BNB in the wallet, use a decentralized exchange platform like PancakeSwap to swap your BNB for SafeMoon.
Put otherwise, all these trading fees can ultimately reduce the profit you get to keep for yourself. Consequently, you should take time to go through the different charges involved when buying Safemoon. Before you transfer your funds to any online broker, make sure to review its deposit and withdrawal procedures.
How To Buy Safemoon (SAFEMOON) – Beginner’s Guide
- It allows users to store, send, receive, and exchange various cryptocurrencies, including newer tokens like Safemoon.
- The transition to SafeMoon V2 also brings a reduction in transaction fees.
- Prospective buyers must first set up a digital wallet, such as MetaMask or Trust Wallet, buy Ethereum (ETH), and then swap ETH for SafeMoon on decentralized exchanges.
All you need to do is create your account with the platform, add funds and specify how many Safemoon coins you want to buy. The assets you purchase will be available for you to withdraw to your private wallet. The process of buying and selling cryptocurrencies such as Safemoon has become a lot easier these days. Today, online brokers allow you to purchase digital assets directly using the following payment methods. Long-term investors in SafeMoon benefit from “reflections” or redistributions of the transaction fees collected from sellers. This feature provides ongoing passive income to holders, which is not commonly found in other popular cryptocurrencies.
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- Direct purchase of Safemoon with fiat currency is not typically available in Trust Wallet.
- This includes what investment strategies you can use, how you can find an online crypto broker and what fees to look out for when buying Safemoon.
- Remember that you aren’t supposed to share this phrase with anyone.
The broker will execute the orders for you, and the Safemoon coins you just bought will be available for you to withdraw. On the other hand, if you want to purchase Safemoon coins at a specific price – you will have to use a limit order. We discussed how important it is to have a strategy when buying Safemoon.
Once your identity is confirmed, you can proceed to fund your account to buy Safemoon. Not only that, you will have to pay the commission once again when you are cashing out your Safemoon coins. Next, go to the PancakeSwap website/app, and in the top right corner, click “Connect” and select your MetaMask wallet. Click “Add token.” On the MetaMask main screen, you should now see 0 SafeMoon next to your 0 BNB. CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where it’s going next.
But we’re not just going to cover the ‘how’; we’ll dig into the ‘what’ and the ‘should you? Cryptocurrency Haus was created with the goal of delivering informative and educational blockchain information in an easy-to-understand way for people around the world. You will need to connect your bank account or connect a debit/credit card in order to buy Binance Coin (BNB). We highly recommend purchasing through connecting a bank account to avoid high fees! If you want to buy BNB quickly, you can use a credit/debit card but may pay a small fee. Authorities or businesses that control centralized exchanges have the sole right to make decisions regarding the platform.
Factors to Consider When Opening a Cryptocurrency Exchange Account
Store Safemoon in a secure digital wallet that supports the token, such as Trust Wallet or MetaMask. Another property of Safemoon that has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space.
SafeMoon: How To Buy
In this case, you will use a sell order when you are ready to sell your coins. Opening your position with a buy order indicates to your broker that you are expecting the price of Safemoon to go up in the future. In comparison, other payment methods will allow you to fund your account almost instantaneously. As you can clearly see, if you are able to time the markets correctly – you might be able to make significant returns from your Safemoon investment. Many investors also choose to devise a strategy based on the profits they want to achieve. Cryptocurrencies are arguably more unpredictable compared to traditional assets.
This coin has been pushed by celebrities and has garnered a lot of attention, but that doesn’t mean it is safe. We always recommend trading at your own risk and do research before investing in any cryptocurrency. His article will explain the methods of how to buy SafeMoon (SAFEMOON). This coin has exploded in popularity recently, and for good reason. With the price incredibly low and its promise to bring investors “to the moon,” celebrities and investors looking to make a quick buck happily have jumped on board. We have broken it down for you to make your SafeMoon purchase as quick and stress-free as possible.
Research thoroughly and consider your risk tolerance before investing. SafeMoon wallet users can update their app to the latest version and follow the provided instructions, while those using other wallet types can visit SafeMoon Swap to exchange their tokens. Furthermore, SafeMoon’s structure imposes a hefty 10% selling fee, which is intended to dissuade sellers and promote long-term holding.
How can I buy Safemoon easily?
Once verified, Binance.us allows you to buy, sell, swap, and store a variety of coins. SafeMoon isn’t typically bought directly with fiat currency (like USD or EUR). Since SafeMoon V2 is on the BNB Chain, the most common crypto to use is Binance Coin (BNB), specifically the BEP-20 version (Smart Chain BNB). Simply go to your app store, search “Trust Wallet” and download the app.
Launched in 2021, SafeMoon is still relatively new, quite volatile with low trading volumes, and not listed on exchanges that accept fiat. These are signs that the token may be lacking in terms of regulation. Last and perhaps most importantly, SafeMoon remains a speculative investment with an unproven business model that has yet to experience wide adoption. In certain contexts, SafeMoon may be seen as a “rug pull”, as many investors likely lost lots of money due to the legal ramifications of 2022.
This fanbase has kept the price of Safemoon above zero, despite a sudden drop from all-time highs in April and May of 2021. If you don’t currently have a wallet, you can download the MetaMask or Trust Wallet browser extension to get started with buying Safemoon. These browser extensions give you password-protected access and control over all your tokens. Though we go over how to buy Safemoon in detail below, the short version is that you need to create a wallet on MetaMask or Trust Wallet, buy Ethereum (ETH), then swap them for Safemoon.
As with fiat currencies, cryptocurrencies also have to be safely stored. However, unlike traditional banks, you will be choosing a digital wallet for the safekeeping of your crypto assets. As we described earlier, most crypto brokers accept debit and credit card payments these days. Some platforms also allow you to pay using e-wallets such as PayPal or Neteller. Regulation and fees can help you shortlist the best online brokers.