How to buy SafeMoon: A step-by-step guide to buying the popular altcoin

The SafeMoon cryptocurrency is a popular memecoin in the style of Shiba Inu or Dogecoin. It was initially only available on Trust Wallet using the PancakeSwap decentralized exchange. The token remains available on PancakeSwap, as well as Bitrue, Bitmart, or MEXC. Even though the crypto industry is at its early stage in terms of regulation, centralized exchanges are striving to comply with financial regulations. Decentralized platforms eliminate the need bitcoin does consume a lot of energy for third parties, making transactions cheaper than centralized exchanges.

SafeMoon is a cryptocurrency that promises to reward investors who purchase the token and hold it. Simultaneously, it disincentives people to sell it by charging a 10% penalty and gives 5% of this penalty to users who keep holding SafeMoon. Currently, SAFEMOON has dropped out of the top 3000 on CoinMarketCap, with a daily trading volume of less than $500,000. Once you have purchased Safemoon, it is essential to store it securely.

SafeMoon is among the 1st cryptocurrencies on Binance Smart Chain to gain mainstream attention. Most of this attention has been gained from social media platforms, namely Twitter and TikTok. It’s also 1 of the 1st cryptos to implement redistribution tokenomics, something which has yet to be proven as a viable framework for cryptocurrencies. It supports over 160,000 tokens and has solid security features. Trust Wallet offers connectivity to various blockchain networks through its nodes.

How To Buy Safemoon (SAFEMOON) In 5 Easy Steps – Quick Tutorial

Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor’s degree in English literature from McGill University, and can usually be found in Costa Rica. SafeMoon’s old executive team was charged by the Department of Justice with perpetrating fraud on its investors in 2023. They were notably accused of withdrawing more than $200 million from supposedly locked funds to buy luxury cars and homes. “We are going to allow the community to swap their tokens so people can get out of their positions,” VGX said.

• Similar to debit cards, you can also purchase Safemoon coins using a credit card.
• Crypto asset investing is highly volatile and unregulated in some EU countries.
• The Safemoon protocol is a combination of RFI token economics and automatic liquidity generation protocol.
• Sometimes, your bank may deny you access if they do not allow international transactions.
• To do this, you can check the transaction status on the blockchain explorer for the cryptocurrency you used to make the purchase.
• Safemoon is a cross-chain decentralized finance project launched in March 2021.

Can SafeMoon be a worthwhile investment?

To fund this, SafeMoon charges investors a 5% fee to simply sell their tokens. This keeps investors from selling their investment, even if SafeMoon doesn’t provide any real value. This 5% fee is burned, redistributed and added to the SafeMoon liquidity pool on PancakeSwap. Unfortunately for SafeMoon holders, this effect is usually negligible, especially after the 5% fee is incurred when selling the tokens. 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.

To elaborate, when you place a buy order – it only indicates that you want to purchase Safemoon coins. As we have mentioned throughout the guide, Safemoon is a highly volatile digital token. Meaning – the price of the coin fluctuates with almost every second.

Market News and Updates

• Search for “PancakeSwap,” click “Connect,” and then “TrustWallet”.
• Once your exchange account has been set up, you will need to fund it with a fiat currency such as USD or EUR.
• The daily active users of the Reddit community plummeted by 92% year-on-year, the interaction volume on Twitter/X accounts dropped to zero, reflecting a complete breakdown of consensus.
• Reputable exchanges often require you to undergo KYC verification.
• “I would suggest that anyone considering SafeMoon should run away screaming, or do some due diligence and then run away screaming,” he says.

You can change the slippage by heading to “Settings” in the upper-right corner. 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).

Step 6: Setting Up MetaMask Wallet

You can opt for different types of wallets, including hardware wallets, Web3 wallets, or paper wallets. Keep in mind that this option may be less convenient if you frequently trade SafeMoon V2 (SFM) or utilize your assets. Safeguard your private keys in a safe place to prevent the irreversible loss of your SafeMoon V2 (SFM). If your wallet doesn’t allow direct SFM purchases, buy a popular cryptocurrency like USDT first, bitcoin marks a significant step forward in trust for all of us then swap it for SafeMoon V2 (SFM) within your wallet or on a decentralized exchange.

In our extensive How to Buy Safemoon Guide, we walk you through the process of getting your hands on this popular digital coin. In short, the first step is to use the Metamask extension and create an account. If you’re willing to pay a higher price than this threshold (which means it may take longer for your order to be filled), then select a smaller number like 1%.

DIY Crypto Plans

The price volatility can be a concern for some, while the straightforward process will appeal to others. You should note that the slippage tolerance may require some adjusting if you want to process a trade. Slippage tolerance refers to the price elasticity of a cryptocurrency in relation to the time the trade was initiated or best cryptocurrency wallets of 2021 submitted and the time it was executed. Out of all the cryptocurrencies and altcoins on the market, what makes SafeMoon unique?

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.

There are several types of trading orders that you can use while buying Safemoon. We will cover the most important and useful ones in the following sections. For those who are unaware, trading orders will help you communicate to your broker what position you want to take on Safemoon. Once your identity is confirmed, you can proceed to fund your account to buy Safemoon. Given the volatile nature of Safemoon, this method can help you mitigate the risks. Not only that, you will have to pay the commission once again when you are cashing out your Safemoon coins.

This ensures the transaction doesn’t fail due to a sudden change in the Safemoon price. On March 29, 2023, it was revealed that hackers had taken advantage of a weakness in SafeMoon’s smart contracts to drain the liquidity pool of almost $9 million USD worth of tokens. After reaching an agreement with the team to keep $2 million of the stolen tokens, the hacker agreed to return only 80% ($7 million) of the stolen liquidity. It’s critical to understand that the token’s potential price will vary greatly on its ability to deliver on its promises.

Follow the exchange’s instructions to add a credit/debit card, bank account, or any other supported payment method. Keep in mind that the information required may differ based on your bank’s security protocols. MetaMask is a widely used cryptocurrency wallet that allows you to interact with decentralized applications (dApps) directly from your web browser.