How to Buy SafeMoon (Ultimate Guide for 2022)
The cryptocurrency industry is growing at a rate that makes it challenging to stay on top of all the new developments.
One aspect of this industry that has seen a lot of change is how to buy cryptocurrencies.
While some currencies are easy to buy since they are listed on major exchanges, others can be more difficult to acquire.
The desire to buy a decentralized finance-focused currency like SafeMoon (SFM) can make it difficult to know where to start.
This is where this guide comes in, as in it, I will teach you how to buy SafeMoon.
I’ll also discuss the pros and cons of buying SafeMoon and some of the most crucial considerations to consider before buying this cryptocurrency.
Let’s get right into it.
The SafeMoon coin is a token created in early 2021, using Binance smart chain (BSC) technology.
With popularity increasing due to various endorsements received (including those by David Portnoy, Lil Yachty, and YouTuber Jake Paul), the token’s value has risen since its inception – even if there have been dips in its value.
Image credit: https://medium.com/
One key differentiator when buying SafeMoon compared to other coins is the fact that you need to pay a 10% fee if you decide to sell the currency.
This encourages people to HODL the currency rather than looking to trade it frequently.
This also means that if you’re looking for a coin to hold long-term, SafeMoon may be a good option for you.
Another factor that works well in terms of the functionality this coin offers is that half the proceeds that arise from those that sell their currencies are distributed back to current holders in a process called Reflection.
This effectively means that as more people buy SafeMoon, the value of each individual’s currency will increase.
The other 50% of sales proceeds are used to ensure that the SafeMoon token is held at a stable price.
These might be one of the reasons those that purchase SafeMoon choose to do so.
It’s also good to mention that you can check the latest SafeMoon price on Coinbase.
As I mentioned earlier, buying the SafeMoon crypto token is not the most straightforward feat since it is not listed on any major crypto exchange.
You’ll need to use a different method to acquire this currency, which I’ll outline below.
Here are the steps to follow
- Step 1: Go to your mobile app store (both iOS and Android) and download the Trust Wallet App.
- Step 2: Install the app and create a new wallet on the app
- Step 4: To ensure your account safety, note down the recovery words you’ll be given.
- Step 5: Use this list of words to log in to your account successfully.
- Step 6: Click on “Buy BNB” in the appropriate tab – this is where you choose the amount of money you want to put into this investment.
- Step 7: Purchase BNB using a credit or debit card.
- Step 8: Now that you have BNB purchased, you will need to swap them to Smart Chain. Go to the main page, choose “BNB,” and select “Swap to Smart Chain.”
- Step 9: Your transaction will be completed, and you’ll now have Smart Chain in your account.
The next step is to convert your Smart Chain to SafeMoon.
Doing this is called “swapping,” and the app you’ll be doing it in is called “PancakeSwap.”
PancakeSwap is a decentralized marketplace that makes it possible for SafeMoon investors to trade one cryptocurrency for another.
Being one of the cryptocurrency exchanges for those tokens that are not listed on major exchanges, it is one of the more popular ones in the industry.
Here are the steps you need to follow if you’re on an iOS device, such as an iPhone.
- Step 1: Open your browser Safari and visit PancakeSwap. Click on “Connect Wallet.”, choose your “Trust Wallet” and choose “Trust.”
- Step 2: Log in to your Trust Wallet account.
- Step 3: Click “Connect” on the window that comes up.
- Step 4: Open the TrustWallet app and choose “dApps”
- Step 5: Click on “PancakeSwap.”
- Step 6: Choose the “Connect” button on the top-right corner
- Step 7: Select your “TrustWallet.”
- Step 8: You’ll now see that your Smart Chain tokens are connected to PancakeSwap.
You can start off from this point onwards if you’re on an Android device.
If you’re on iOS, keep going.
- Step 1: Choose “Select a currency” in PancakeSwap.
- Step 2: Input SafeMoon’s contract address in the relevant search bar. You can check the latest contract address in CoinMarketCap by selecting Contracts.
- Step 3: Before exchanging, you’ll get a message about the 10% fee on transactions. You’ll also be asked to consider a buffer if there is slippage. This is the amount of the currency that might differ from when a trade is executed compared to the original listed SafeMoon price.
- Step 4: Set your slippage tolerance – this is recommended to be set at 12%
- Step 5: Confirm the trade by choosing “Confirm Swap.”
- Step 6: You should get a “Transaction submitted” message showing.
- Step 7: Finally, you’ll see a success message that shows the amount of SafeMoon you’ve bought.
There’s one last step to follow to get visual confirmation that the transaction has been completed, and that is to check it out on your TrustWallet.
- Step 1: Copy the contract address belonging to SafeMoon.
- Step 2: Go to your TrustWallet homepage.
- Step 3: Click on the search bar and choose “Add Custom Token.”
- Step 4: Under network, choose Smart Chain (this would be Ethereum by default).
- Step 5: Paste SafeMoon’s Contract Address Under “Contract Address
- Step 6: Choose “Save.”
- Step 7: You should now be able to see your SafeMoon coins in your TrustWallet.
In December 2021, SafeMoon announced the launch of a new version of its token called SafeMoon V2.
The new currency version is designed to combine the original version at a rate of 1 to 1000, as well as minimize transaction costs.
Coin migration for those that bought before this period doesn’t happen automatically, so SafeMoon coin holders need to cater for this upgrade manually.
This is easy to do as by updating to the most current version of the app, you will have the option to “Migrate” your old coins.
When it comes to the fees on this new version of the coin, SafeMoon holders will be pleased to note that this is now 2%.
The original concept of distributing half the selling fees remains, so those who buy SafeMoon crypto coins and hold on to them will still benefit from this system.
The concept of a coin that goes ‘to the moon’ is nothing new.
However, what sets SafeMoon apart from other options in the market is its buy-and-hold strategy.
The thinking behind this is that as more people buy and hold onto the currency, the price will increase.
This is different from traditional day trading, where investors will buy a currency to sell it as soon as the price goes up, regardless of how long that might take.
This financial incentive, along with the updates fees that are significantly lower than most other options, is driving the popularity of SafeMoon tokens in many crypto wallet communities.
In addition, having a SafeMoon wallet on the blockchain also gives users access to other Dapps and services that one might build on top of it in the future.
All in all, the SafeMoon protocol could be a project with potential.
Despite its advantages, volatility is still an issue with SafeMoon, as it is with all cryptocurrencies.
As with similar coins that included Dogecoin and other meme coins, crypto investors and token holders should remember that prices can go down and up.
The possibility of a significant dump happening is always there, and there’s no guarantee that the coin’s value will continue to increase in the long term.
This is something that all potential investors need to be aware of before deciding to put their money into any form of cryptocurrency.
Some might say that another disadvantage lies in the fact that there isn’t much information available since this is still a relatively new currency.
Moreover, if you decide to sell for whatever reason, the high percentage fees might not make it worth your while.
If you’re thinking about buying SafeMoon, it’s important to remember that there are risks involved, as with any cryptocurrency.
Before making any decisions, do your research and speak to a financial advisor to get the most accurate information possible.
While there’s no guarantee that the price of SafeMoon will continue to increase, the buy-and-hold strategy does offer the potential for long-term growth.
For those looking for a more hands-off approach to their investments, this might be a good option to consider compared to other altcoins that form part of one’s digital asset portfolio,
Remember that SafeMoon can’t be bought in exchange for a Fiat currency, which means that a SafeMoon swap can’t happen in exchange for USD, EUR, or any other type of currency.
It can only happen in exchange for another cryptocurrency, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), etc., and by following a conversion process such as the one described above.
The SafeMoon ecosystem is exciting and worth keeping an eye on, especially as the project continues to evolve.
Consider that the above is not financial advice, and dealing with any crypto investment always comes with high-risk.
Do your research, and never invest more than you can afford to lose.
Further reading on AdamEnfroy.com: The best crypto exchanges and trading platforms can help you take your first steps in the world of digital assets.
In addition, knowing what crypto portfolio trackers are and how they work is also essential to ensure you’re on the right track.
Finally, if you want to keep up with NFTs and find the best ones to buy and sell, check out my list of the top NFT marketplaces.