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. Every exchange has a range of deposits that users must fund their accounts with. For example, Coinbase and Binance require users to deposit a minimum of $50 and $10, respectively, to complete their trades.
Safemoon is not available for purchase with cash on the main cryptocurrency exchanges because it is a new coin. Instead, you’ll need to find another coin to exchange for Safemoon, the smart chain BNB is the best choice. Exchanges Listing SafeMoonSafeMoon is currently available on several exchanges besides PancakeSwap and BitMart, including Decoin, Gate.io, ZBG, BiKi, LBank, Hoo, Hotbit, and MEXC. Ensure you check each platform’s credibility and transaction fees before proceeding.
Step 10: Enable Additional Security Measures
The success of SafeMoon, like many other cryptocurrencies, is heavily reliant on community sentiment. Because SafeMoon has faced several lawsuits and allegations of fraud, it remains to be seen whether the cryptocurrency will experience growth or strong user adoption in the future. In April 2022, Stephen “Coffeezilla” Findeisen accused the SafeMoon team of misappropriating millions of dollars. Findeisen found evidence of SafeMoon’s liquidity wallet moving funds to a wallet called the “Gabe (6abe) wallet,” which withdrew funds to a separate company run by John Karony. Thomas “Papa” Smith, former SafeMoon CTO, responded to Findeisen’s claims, stating that funds were taken from the “locked liquidity pool” before Karony’s appointment.
Ethereum Suffers Steepest Daily Drop Since April Amid Crypto Market Volatility
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.
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). If, despite the bad press, you believe the best is yet to come for the Safemoon cryptocurrency token (remember cryptocurrencies are taxable), getting your hands on Safemoon tokens is very easy. Converting Safemoon to other cryptocurrencies can be done using a DEX, provided there are liquidity pools available for the desired trading pair. Directly buying Safemoon with fiat currencies is not typically possible. You usually need to first purchase a cryptocurrency like ETH and then swap it for Safemoon. Like many other meme-based altcoins, Safemoon is a very high-risk investment.
Important Considerations Before Buying Safemoon Cryptocurrency
Exchanges will handle the migration process on behalf of their users and will notify them once the transition to SafeMoon V2 is complete. If you have read this How to Buy Safemoon Guide all of the way through, you now have all the information you need to go and buy this digital coin. We have covered how you can choose the right strategy, as well as how you can safely store your Safemoon tokens. It is not unusual for credit card companies to charge additional fees for transactions on brokerage platforms. Similar to debit cards, you can also purchase Safemoon coins using a credit card.
It aims to incentivize long-term holding by charging a fee on each transaction and redistributing a portion of that fee to existing holders. Additionally, it has forex back office software ensure total control on your brokerage features like manual burn events and liquidity locking to create a deflationary supply model. Before buying Safemoon, consider the token’s utility, project roadmap, transaction fees involved, and the security of the platform you are using to purchase and store Safemoon. Safemoon, a popular cryptocurrency, gained attention due to its innovative tokenomics and community-driven approach. If you’re looking to invest, understanding how to buy Safemoon crypto through various platforms is essential.
- Today, online brokers allow you to purchase digital assets directly using the following payment methods.
- Throughout 2021, SafeMoon received celebrity endorsements from the likes of sports blogger David Portnoy, rapper Lil Yachty and YouTuber Jake Paul.
- This deflationary model aims to reward long-term holders by making the remaining coins more valuable as supply diminishes.
- “I would suggest that anyone considering SafeMoon should run away screaming, or do some due diligence and then run away screaming,” he says.
- Despite this, Safemoon has a small but fiercely loyal base of fans who continue to hold the token for the long term.
Step 7: Buy BNB SmartChain with BNB
Like a lot of things in crypto, especially DeFi (Decentralized Finance), it’s generated both die-hard fans and serious skeptics. I tend to look at these things with a healthy dose of curiosity mixed with caution. The tech is interesting, the market dynamics are fascinating, but let’s be real – the risk is sky-high.
- Directly buying Safemoon with fiat currencies is not typically possible.
- Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’.
- This will incentivize holders to upgrade to 2.0, however, it is concerning that the team was able change the original contract.
- A lawsuit claims that the creators of SafeMoon and the famous people who supported the coin defrauded investors through a “pump and dump” scheme.
A recovery phrase is your identifier to access your cryptocurrencies if you ever forget about your passwords. There is no other way to access your wallet without your recovery phrase. Trust wallet will never message or call you asking for your recovery phrase.
Buying in SafeMoon Wallet
SafeMoon (SAFEMOON) recently upgraded to SafeMoon V2 (SFM) by migrating to a new smart contract. There is now a 100% reflection fee on SAFEMOON (V1), making the token effectively worthless. This will incentivize holders to upgrade to 2.0, however, it is concerning that the team was able change the original contract. What would stop them from making 1946 western union ad funny art print 1940s americana V2 effectively worthless as well? There are certainly a lot of risks for a token with “safe” in the name.
Most brokers will ask you to mention the amount you want to invest, and the platform will tell you how many Safemoon tokens you will receive in return – depending on the price of the coin. If you use a market order, you will be buying Safemoon coins at the current quoted rate. Your broker will carry out the order immediately at the available price. However, due to the fluctuations – you can expect the value to be slightly different. That said, some online brokers also allow you to profit from the falling prices of Safemoon.
While SafeMoon isn’t as easy to buy as Bitcoin or Ethereum on every exchange, the process has become much simpler in recent years. This guide will show you exactly how to get started with SafeMoon, faqs about free stock trading services where to buy it, and what you need to know before you invest. The best place to buy Safemoon is a regulated online brokerage platform. These are licensed crypto providers that are governed by financial authorities such as the FCA, ASIC, and CySEC. This is why it is suggested to use a regulated online broker that offers in-built wallet services. This way, you do not have to worry about withdrawing your assets or remembering your private keys.
Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’. Safemoon became quite popular at the height of crypto in the first half of 2021. If you are interested in day trading, talk of Safemoon’s high volatility and rapidly increasing market cap may have piqued your interest. Maybe you’re looking to buy, hold, and capitalize on the next big crypto price rally. Once that is done, you can purchase Binance smart chain as much as you want.
These browser extensions give you password-protected access and control over all your tokens. Additionally, this website may earn affiliate fees from advertising and links. We may receive a commission if you make a purchase or take action through these links. However, rest assured that our editorial content and opinions remain unbiased and independent. These affiliate earnings support the maintenance and operation of this website. You can now buy and sell Safemoon on your Trust wallet through the Binance smart chain.
