Things change rapidly in the cryptocurrency world. A couple of weeks ago, Dogecoin was the hottest and trending altcoin globally because of Elon Musk and Mark Cubin’s enthusiastic comments, and now again, it has fallen back after its tremendous run.
People are looking for different alternatives, and they have also found one, i.e., SafeMoon. Although there is a fear and uncertainty about crypto, thus people are looking for more tried and trusted coins like Bitcoin, Ethereum. But, what about people who want to invest in small numbers?
SafeMoon is said to be the world’s fastest-growing cryptocurrency. Thus, many investors have a question in mind, how to buy a SafeMoon coin safely? There are many ways of acquiring this crypto and storing it. In fact, a lot of SafeMoon supporters believe that it would follow a similar upward trajectory as Dogecoin.
How to buy SafeMoon (Step-by-Step Tutorial)
What is SafeMoon?
It was started on March 8, 2021, on the Binance Smart Chain. SafeMoon is a decentralized finance (DeFi) token and has become the latest cryptocurrency to make a headline. As a DeFi system, it strives to give an alternative financial system that evades centralization. In just a couple of months, it already has more than two million users investing in it.
You would be amazed to know that Binance Smart Chain, has become one of the top cryptos to gain mainstream attention. In fact, On April 20, crypto exchange Binance had to suspend withdrawals because of the sudden influx of investors temporarily.
Internet celebrity and founder of Barstool Sports, David Portnoy, has recommended SafeMoon and said that it is his favorite meme token, which is why this cryptocurrency mounted to new heights. Thus, if you wish to broaden your cryptocurrency portfolio with a new popular altcoin, SafeMoon can be the best choice for you.
Must-know information about SafeMoon
Before you get to know about the guide on how to buy SafeMoon, it is essential to understand everything about SafeMoon, so that you are informed before investing. Here are the quick insights-
- As per the reports, in May, SafeMoon was on more users’ watch lists than Bitcoin.
- It’s one of the first cryptos to perform redistribution tokenomics, something that has yet to be confirmed as a viable structure for cryptocurrencies.
- SafeMoon is a component of an alternative financial system that facilitates trade on peer-to-peer chain networks without the intrusion of centralized systems like banks or governments.
- It operates on a blockchain network just like Bitcoin and other digital currencies.
- The major variation between a SafeMoon token and other cryptocurrencies is that here investors are encouraged to hold, not sell, their tokens.
Also Read: How to Mine Cryptocurrency?
Dave Portnoy’s SafeMoon Endorsement
The complete crypto world is highly speculative, but people are still loving the way it’s moving as a lot of people have made huge profits from it. People also refer to crypto as Tik Tok tokens because it describes the nature of these assets better.
Numerous Tik Tok influencers support crypto-like SafeMoon, and much of this newfound adhesion can be credited to SafeMoon’s social media promotions. In May 2021, the founder of Barstool Sports, Dave Portnoy, voiced his support towards SafeMoon.
He encouraged his followers on Twitter to buy SafeMoon but also said that he is not much sure what SafeMoon is. His exact Twitter statement was, “If it is a Ponzi [scheme], get in on the ground floor.” But, the truth is that SafeMoon is distant from being on the ground floor; it is currently exchanging for a 1,000% premium more than its price in April.
Many people are investing in SafeMoon because of its low price, as it can be bought for far under a penny. Also, its low pricing is one of the significant reasons why investors think there is a lot of room for the cryptocurrency to grow.
History of SafeMoon
SafeMoon has been in the market for just a couple of months, but it has increased more than the S&P 500 over the last decade. It started in March 2021 with a price of $0.000000001, and it increased to $0.000013. So, for example, if you calculate the profit of people who invested just $10 on SafeMoon at $0.000000001, would have made a profit of $130000.
But, it also dropped around 60%, and the price fell to $0.0000045. But, overall, it is a nice investment as it has just fluctuated to 10%, which is not much when you compare it with other similar cryptocurrencies.
As it is new crypto, its market capitalization is also small. The current maximum supply is 585 trillion tokens. Thus, there are a lot of coins in supply, such as Bitcoin, Ethereum that have more supply than SafeMoon.
There is a lot of crypto in the market; therefore, it is nearly impossible for the price of SafeMoon to reach $1 as per the investors. For reaching this price, they would need to reach the market capitalization 600 times the size of Bitcoin.
Also Read: 17 Best Cryptocurrency to Mine
How to Buy SafeMoon?
Buying SafeMoon is not that straightforward process, but if you follow these easy steps, it will become easy for you-
Step 1: Open an account
The first thing you need to do is open an account in any well-known exchange and create a wallet. Assure that you keep your password secret, do not share it with anyone, and save it properly.
As Safemoon is new and controversial crypto, it does not work on a lot of exchanges; hence check before opening an account if it supports SafeMoon or not. This is one reason why the method of investing in SafeMoon is relatively more involving.
Also, before investing, you need to check depending on where you live; you may have to give extra information before you’re permitted to begin trading. Once you get the approval for trading, you would first need to buy Binance Coin, i.e., BNB, as later on, you will be swapping these tokens for SafeMoon.
There is no limitation or lower limit for investing in SafeMoon, so you can buy as many BNB coins as you want.
Step 2: Download Trust Wallet
For using the platform’s decentralized exchange, pancakeSwap, you will have to use Trust Wallet. You can download this wallet from the app store, and it runs for both android and iOS. Once the app is downloaded, open it and snap on “Create a new wallet.”
You will see numerous recovered words, not them sequentially for safekeeping. After that, you will see 12 recovery non-sequential words. Again, it would help if you tapped the words in the right order, and you’ll land on TrustWallet’s main page.
Step 3: Make your purchase
There are different ways of buying SafeMoon:
Method 1: Through Trust Wallet
1. On the Trust App, click on the top-right and search for “Safemoon,” and if you are unable to find then, tap on “Add Custom Token.”
2. After that, at the top, click on “Ethereum,” which would be after Network, and change it to “Smart Chain.” Then you are required to copy the contract address on this page and place it in the Contract Address box.
3. Put “Safemoon” as the name and the symbol as SFM. Decimals will be 9.
4. Click “Done” at the top, and you should now have Safemoon added to your wallet!
5. Now, you need to click on “Smart Chain” on the Trust wallet’s main screen, then hit “Buy” in the top right. For this step, you may need KYC verification, hence have documents handy to verify your identity.
6. If the transaction does not go through, then, in that case, you might need to communicate with your bank to enable international transactions. Also, after purchasing the coins, it might take a while for your transaction to process.
7. Once your purchase clears and you view BSC on your Trust Wallet, that head to DApps (or “Browser” for iPhones) at the bottom of the main screen. If you cannot see the Browser button at the bottom for iPhone, you need to open Safari, and in the URL, you need to type trust://browser_enable and go back to the trust wallet.
8. Now, open the DApps, or Browser section and locate PancakeSwap and open it. Next, combine your Trust Wallet in the top-right. Then, scroll down slightly and go to the “Exchange” box.
9. Touch the icon and fix the slippage to 12%. If you desire to give it the best possible prospect to clear, extend the deadline. It is suggested to be fixed to 20 minutes.
10. Tick on Swap once the slippage is fixed, and you have the BNB amount inserted that you want to trade for SafeMoon. Wait for the transaction to clear as this method might take some time, depending on traffic.
Once the purchase has been cleared, Safemoon will be credited to your Trust Wallet!
Also Read: 12 Best Penny Cryptocurrency to Invest
Method 2: Convert BNB to Smart Chain via Trust Wallet
Navigate to “BNB” and tap “Buy BNB.” Next, enter the value that you’d like to spend in USD and enter “Next.” You’ll be able to acquire BNB with a credit or debit card. Once the value is inserted, and the payment is done, head back to TrustWallet’s main page.
There you will see BNB added to your wallet. Tap on “BNB,” enter “More” and tap on “Swap to Smart Chain.
Below the “Swap” icon, hit enter anywhere within the BNB “You Pay” space. You would see four options: 100%, 75%, 50%, and 25%. Hit on “100%” if you want to transfer 100% of your BNB to Smart Chain. Then, hit enter on “Swap,” click on “Submit,” and wait for the exchange to finish.
Once the process is ended, go back to TrustWallet’s main page, and you will notice that your Smart Chain order is met.
Now, you need to change Smart Chain to SafeMoon using PancakeSwap-
If you have android, then you can jump the first step, but if you have iOS, you’ll require to type in a URL to place “dApps,” a browser in TrustWallet that gives you the path to PancakeSwap.
- Open Safari and type “trust://browser_enable.” A notification will come with the information stating: “Open this page in ‘trust’?” snap-on “Open.”
- In the Trust Wallet app, tap on “Browser” on the bottom taskbar (dApps for Android). Next, hit enter on “PancakeSwap.”
- Click on the “Connect” button on the top-right corner and enter “TrustWallet.” You would see that your Smart Chain tokens are now in PancakeSwap.
- Click on “Select a currency” and type “SafeMoon” into the search bar. A piece of information will pop up stating that SafeMoon taxes a 10% fee on every transaction.
- Tap on the icon after the time symbol on the top-right corner, and as asked by PancakeSwap, fix your slippage tolerance to 12%. Finally, click “X” to save and exit the window.
- Click on “Swap” and “Confirm Swap.” You will get a prompt “Transaction submitted.”
- Tap on “View on BscScan.” It would be confirmed when you see a prompt “Success,” this means you successfully converted Smart Chain into SafeMoon. Now, you need to exit the PancakeSwap.
Step 4: Buy a hardware wallet
You require a software wallet for connecting to PancakeSwap as they are more secure for storing your cryptocurrencies than in a centralized platform. However, remember that software wallets can be hacked; thus, you might want to consider other storage solutions.
You can also use hardware wallets as they are physical devices to store your crypto offline. It is almost impossible for your currency to be hacked if you store them in a hardware wallet.
Also Read: 33 Best Cryptocurrency Exchanges
How to see SafeMoon in your TrustWallet?
Now, you are well versed with the process of how to buy SafeMoon coins safely, now; let us see how you can check if the amount has been credited in the TrustWallet or not?
Here are the few steps that you need to follow to check the amount credited in your account-
- Copy SafeMoon’s Contract Address i.e 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3 and after that go back to the main page of TrustWallet
- Tap on the blue icon placed on the top right corner and then scroll down
- Type “Safe” in the search bar and click on “Add Custom Token”
- Now, you need to change the Network from Ethereum to Smart Chain.
- Go to “Contract Address,” and paste SafeMoon’s Contract Address. Then, click on “Save.”
Now, you will be able to see the amount of SafeMoon tokens in your TrustWallet.
Platforms to buy Safemoon from
Not only it is essential to gain information on how to buy SafeMoon, but it is also substantial for you to know about the various platforms from where you can purchase them:
- You can purchase it from one of two available profound cryptocurrencies: Binance or bowscoin.
- Another way is by downloading the Trust wallet App- it is available on iOS, Android, and Google Play.
- With the help of PancakeSwap, you can exchange Binance or bowscoin for safe moon tokens, and once exchanged; you will be instantly able to see them in your Trust wallet.
Also Read: How to Make Money with Bitcoin
Best Crypto Wallets
Let us know about the best crypto wallets to keep your crypto safe and secure. Below mentioned are both hardware and software wallets to keep your SafeMoon safe:
1. Best Hardware Wallet for SafeMoon: Ellipal Titan
It is a multicurrency wallet that supports more than 7000 different cryptocurrencies. As per the investors, it is very user-friendly and the only hardware wallet you would ever need for SafeMoon. The hardware wallet renders a sleek and touch screen interface that enables you to view your portfolio straight away on the hardware wallet easier.
It also has a wallet that you can easily download on your app store. The software wallet works simultaneously with the hardware wallet, and it enables you to buy and sell crypto directly from the app. Thus, if you frequently trade in crypto, then a hardware wallet is a must.
Elliptical Titan is running with a great scheme for its new and existing users that is available on their website. So you can visit and check the offers and avail of great discounts.
2. Best Software Wallet for SafeMoon: MetaMask
Almost all the cryptocurrency users who deal with decentralized exchanges use the MetaMask wallet. People prefer MetaMask over other platforms because its Google Chrome extension makes it pretty simple to use it with other programs on your desktop.
For installing your wallet to make it congenial with BSC, you’ll have to select “Custom RFP” from the drop-down tab in the upper right-hand corner of the screen.
Setting up your wallet is pretty easy; all you need is to give the following information:
- Network name: Mention the name of your Network
- New RPC URL: https://bsc-dataseed1.binance.org:443
- Symbol: BNB
- Block Explorer: https://explorer.binance.org/smart
As you set up the wallet now, you can send your BNB tokens o your wallet. Once the tokens get credited to your wallet, go to the PancakeSwap and use the bridge feature to enable your tokens to run with BSC.
Also Read: How to Cash Out Bitcoin Easily
The SafeMoon charges a very nominal fee. For example, if you sell a SafeMoon coin, you will be charged a 10% fee, and half of it would be paid to current investors in the form of dividends.
The founders of SafeMoon say that the reason behind implementing the sale penalty is to dissuade day trading and eradicate the price volatility experienced by other cryptos.
Should I invest in SafeMoon?
There has been substantial volatility in the prices of SafeMoon despite the founders wanting to achieve some stability by charging a high fee on selling the tokens. This means that the investors must have earned a huge amount, so they sold their tokens even at higher prices or vice versa.
The major point is that investing in crypto is just like gambling, so never put all your savings in this asset.
Is SafeMoon a good investment?
If you want to get rich quickly through crypto, then the best way is to enter early. But, it would be best if you kept in mind that not all the crypto gets a hike like Doge or SafeMoon; therefore, invest safely.
It is a high-risk currency and should be bought by investors who have in-depth knowledge about the crypto network and can afford to lose their stake.
It is good to invest in SafeMoon as their prices are constantly increasing, and investors say that it will increase even more. But, it is not one of the mainstream investments in cryptocurrencies to be trusted for creating a nest egg or funding retirement.
Is SafeMoon Safe?
SafeMoon is like investing in other stocks, shares, or cryptos that can be risky and fall or rise anytime. However, a lot of investors also argue that this scheme to keep invested makes safe moon not so different from an old-fashioned pyramid or Ponzi scheme, where the existing investors are dependent on new entrants to increase their profit.
As per the SafeMoon incentive plan, if investors wish to sell on the back of a fall, they would have to bear capital losses and pay a 10% penalty.
You need to know that investments in SafeMoon are not regulated in the U.K. The founders of SafeMoon kept an “Ask me anything” session where investors could ask them any query they have, although it is not an alternative for proper consumer protection.
In January 2020, the Financial Conduct Authority informed investors about the perils of investing in crypto-assets that post and pay high returns. This alert came after the prices of Bitcoin skyrocketed around Christmas when it doubled its value in a period of one month.
Also Read: Top 15 Cryptocurrencies to Invest other than Bitcoin
Could SafeMoon rival Dogecoin?
This is a hot discussion among investors about Dogecoin and SafeMoon’s rivalry. Almost everyone is aware of Dogecoin and how it gained popularity because of a major price rise, thanks to Elon Musk. The prices abruptly started to decline when he said that Tesla would no longer accept bitcoin as payment for vehicles.
He explained that damage is caused to the environment by the “mining” of the world’s biggest cryptocurrency. After this statement, the prices started to fall for almost all the cryptos, which again shows how volatile this Network is and investing in it.
Thus, the comparison in terms of market capitalization is tough because Dogecoin was launched in 2013, and SafeMoon has recently launched in 2021. But yes, in terms of popularity, both of them are high as people are stalking them and waiting for them to come back again in a rising position.
As per the investors, Dogecoin is a relatively old and reliable crypto; thus, its growth potential seems greater.
Future of SafeMoon
Analysts of digital currencies seem to be pretty optimistic about the prices of SafeMoon. For example, there is a prediction that the prices of SafeMoon might increase to $0.000051 in a year, and within five years, it might reach $0.000237. But, all these are just predictions, so you cannot completely rely on them; hence invest wisely and do not put all your hard-earned money into it.
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How to buy SafeMoon must have become clear after reading the step-by-step guide. SafeMoon is a good option if you wish to invest in crypto but always remember that diversification is essential in your investment portfolio to earn profits. Thus, invest tentatively as the cryptocurrency industry is still at its outset.