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. Hence, it’s still quite early to say if the token is safe or not. Beyond speculative trading and holding for potential price appreciation, SafeMoon has limited practical use cases.

Alternatively, you can also download SafeMoon’s own mobile app wallet and store your tokens there. Trust Wallet is a non-custodial crypto wallet that supports a large number of tokens. SafeMoon is one of the most talked-about “memecoins,” having seen a lot of growth since its launch in 2021. It looks to capitalize on the success of tokens like Dogecoin or Shiba Inu. To some degree, it has seen some success, with many traders seeking to buy the token in the hopes of a similar price rise as those memecoins. Last and perhaps most importantly, SafeMoon remains a speculative investment with an unproven business model that has yet to experience wide adoption.

How much should you invest?

If you choose 5%, for example, then your order will only be filled if Safemoon is trading within $0.05 below or above your target price. SafeMoon is a fairly high-risk, long-term investment, so before buying SafeMoon, make sure you have the nerves to accept short-term losses. In the step-by-step guide below, we will show you how to buy this digital asset. However, if you default on your loan, your cryptocurrency will be used to pay it back. If that happens, you’ll also be required to pay capital gains tax on the collateralized crypto.

Token Sales

To be a Binance Smart Chain validator, investors must stake millions of dollars of BNB. With such a high cost to be part of the network, the network is controlled by a few well off Binance Coin holders, including people involved with Binance directly. With this information, you’ll be armed with the knowledge and confidence required to start investing in SafeMoon.

The reason some investors think they’re early investors in SafeMoon is its low token price. SafeMoon can be bought for far under a penny, leading some to think there’s lots of room for the cryptocurrency to grow. However, it’s almost impossible for SafeMoon to reach a penny, much less a dollar. This is because of the immense amount of tokens minted; the initial supply was 1 quadrillion tokens. Don’t fall for price bias – if you’re new to crypto, you may want to stick to Bitcoin or Ethereum. SafeMoon is among the 1st cryptocurrencies on Binance Smart Chain to gain mainstream attention.

How to buy Safemoon on Trust Wallet

Some popular platforms for buying SafeMoon include gate.io and MEXC. It’s important to do research and compare fees, security features, and supported currencies before choosing an exchange, as there are considerable differences between each one. In addition, you should be mindful of your investment approach, crypto storage, and other aspects of buying and trading SafeMoon.

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  • Also, other than Pancakeswap and Safemoon itself,  MetaMasK is another popular wallet which could be used.
  • One of the places to buy SafeMoon is Trust Wallet, a non-custodial wallet that connects users to hundreds of thousands of cryptocurrencies.
  • On the other hand, the burn will ensure that the total amount of SafeMoon tokens in existence gradually decreases.
  • Investors with large amounts of SafeMoon reap huge daily rewards which they can sell on the market to lock in their profits.
  • Determining whether now is a good time to buy, sell, or hold SafeMoon depends mostly on your individual investment strategy.

To make things smoother, I suggest you download the MetaMask browser extension for Google Chrome and sync it with the app. Acquire some Ethereum (as noted above) or convert another coin to Ethereum. I had some Bitcoin holdings in my blockchain.com wallet and converted some BTC to ETH in minutes. Search for “PancakeSwap,” click “Connect,” and then “TrustWallet”. You will need to either input the token’s contract address or search for it from the dropdown. The same steps are needed to add any other token to Trust Wallet (Note that SafeMoon V2 can be searched for in Trust Wallet, while the older version must be input manually).

These exchanges are built on-chain and all information regarding them is available to the public. Above all, decisions can only be made after token holders have voted in favor of them. These exchanges combine the features of centralized and decentralized exchanges, allowing users to trade crypto seamlessly. Centralized exchanges are custodial platforms that enable users to exchange their crypto assets safely. Though secure, these exchanges take custody of a user’s private key which is needed to authorize transactions.

Although SafeMoon has a relatively small market capitalization, the token price is a bit misleading. With so many tokens in circulation, it’s essentially impossible for SafeMoon to ever reach 9 places you can spend bitcoin in the uk $1, like some investors suggest. To reach this price target, SafeMoon would need a market capitalization about 600 times the size of Bitcoin’s. Being a centralized exchange, key decisions were taken without the knowledge of the community. To prevent issues such as this, decentralized exchanges may just be a great fit.

The Safemoon card was promoted as a debit card that can be used to pay for goods using SafeMoon (and other cryptocurrencies) for a 2.5% fee. The easiest method to buy Safemoon is through a regulated online broker. 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. SafeMoon can serve as a means of investment, especially if you plan to leverage the reward and incentivization program. To achieve this, use the SafeMoon Swap decentralized application on the Build and Build chain and swap BNB coins for SafeMoon tokens.

The price volatility can be a concern for some, while the straightforward process will appeal to others. With a hardware wallet, all of your cryptocurrency assets can be safely stored offline. Out of all the cryptocurrencies and altcoins on the market, what makes SafeMoon unique? All of which offer unique attributes that appeal to different categories of investors. Determining whether cryptocurrency news crypto markets crypto exchanges and token price now is a good time to buy, sell, or hold SafeMoon depends mostly on your individual investment strategy.

Significant Risks and Criticisms:

This liquidity pool can provide stability to the token’s price by ensuring that there are funds available for trading even during periods of high volatility. The transaction fee that is distributed to existing token holders can incentivize people to hold their tokens. Long-term holders can benefit from increased token balances without having to actively participate in yield farming or staking. There you have it, a step-by-step guide to buying SafeMoon V2 (SFM).

  • This can be helpful if you are looking to capitalize on a sudden price swing in the market.
  • The most distinctive feature of SafeMoon is that it charges a 10% fee whenever you sell the token.
  • On the other hand, if you want to purchase Safemoon coins at a specific price – you will have to use a limit order.
  • Compared to the original version, SafeMoon V2 processes transactions at a much lower cost.
  • Put otherwise, all these trading fees can ultimately reduce the profit you get to keep for yourself.

For example, Coinbase and Binance require users to deposit a minimum of $50 and $10, respectively, to complete their trades. After downloading a wallet and setting up the username, a 12-word recovery phrase will be presented to you for safekeeping. This recovery phrase is a key to your crypto that helps you retain your wallet should your device get damaged or lost. Remember that you aren’t supposed to share this phrase with anyone.

At the time of cashing out, the platform will send the money back to the same card. That said, some online brokers also allow you to profit from the falling prices of Safemoon. If you are following this strategy, then you will be issuing a sell order first to open your position. After analyzing the above-mentioned factors, you should be in a better position to choose the best online broker that fits humans forced to hide from sex addicted monkeys who set up hq in disused cinema your needs.

For centralized exchanges, you are expected to meet the know-your-customer (KYC) verification requirement before being able to fund your account and trade. With your ETH in the wallet, you can swap ETH coins for SafeMoon directly. All you need to do is click the “swap” icon in the assets tab, choose SafeMoon, and swap ETH for the value of SafeMoon you desire. In February 2022, a class-action lawsuit against SafeMoon was filed, alleging the company is a pump and dump scheme. Jake Paul, Nick Carter, Soulja Boy, Lil Yachty, and Ben Phillips were accused of promoting the SafeMoon token with misleading information. In May 2022, multiple SafeMoon investors filed another class action lawsuit for security fraud.

The other 50% is divided among the SafeMoon liquidity pool and the managers of the overall SafeMoon ecosystem. Note that people who hold their original SafeMoon tokens in crypto wallets will not have their coins migrated automatically to V2. Wallet holders need to manually transfer their SafeMoon tokens to the V2 platform. If your wallet doesn’t allow direct SFM purchases, buy a popular cryptocurrency like USDT first, then swap it for SafeMoon V2 (SFM) within your wallet or on a decentralized exchange. SafeMoon is a technology and innovation company focused on blockchain technologies, supported by their dedicated community, The SafeMoon Army.

Once your identity is confirmed, you can proceed to fund your account to buy Safemoon. You will have to register yourself by providing information such as your full name, email address, phone number, residential address, etc. Given the volatile nature of Safemoon, this method can help you mitigate the risks. To learn how to buy Safemoon safely, you will first need to know where to buy this digital token from. Even then, Britton is not convinced of SafeMoon as an investment.