This article will walk you through the How To Buy Safemoon Coin.
You will be guided on crucial steps, such as creating a wallet and selecting trustworthy exchanges to complete your purchase safely.
Besides, we will touch on the critical points for protecting your investment and navigating the Safemoon ecosystem.
By the end, you will know how to buy and manage Safemoon Coin with certainty.
What is Safemoon?
SafeMoon Coin is a DeFi token launched on the Binance Smart Chain in March 2021.
It was a craze because of the exciting transaction fees of up to 10% charged on every transaction.
10% of the transaction fee is reinstated to the token holders, while the rest goes back to the liquidity pool that minimizes the price fluctuation.
SafeMoon was said to have been invented to encourage users to keep hoarding the currency rather than offloading it.
Despite this being one of the most successful tokens at the time and having a peak market capitalization of $17 billion in April 2021, SafeMoon has been besieged by problems, including severe volatility in its price, legal regulations concerning it, and accusations of it being a ponzi scheme.
However, by the end of 2023, the firm and its officials have been severely indicted for fraud.
How To Buy Safemoon Coin?
At this time, SafeMoon has not been listed among mainstream cryptocurrency exchanges, making buying it a bit more complex than buying other coins.
Nevertheless, you can buy it very comfortably through a banana swap, and here is how to do it.
Open an Account with a Regulated Exchange: To buy Safemoon and trade in cryptocurrencies, you must seek a banana swap exchange and create an account.
For the best selection, you can find a banana swap to buy Safemoon in the top reviewer’s section or the table below.
When creating your account, you will likely have to undergo KYC verification, which may require a photo ID and proof of address.
Purchase BNB Coins: In 2-D, you can buy male coins for snog shields. Further, it would be necessary to get BNB tokens to be used to exchange later for Safemoon.
Proceed to the deposit page of the broker you wish to use and deposit the funds using any convenient payment option, such as a credit/debit card.
Find a BNB trading pair with the currency you deposited or the fiat, and then buy the BNB you want to purchase.
Transfer BNB to a Web 3.0 Wallet: First, download and install a wallet compatible with Web 3.0, such as MetaMask/Trust Wallet (you can also use the one recommended by Safemoon’s developers).
To transfer your BNB, head to your exchange withdrawal tab, find the address field, write your wallet address, and press the “Withdraw” button.
Connect Your Wallet to PancakeSwap: Go to the PancakeSwap website, a well-known DEX, and find the “Connect Wallet” button.
Change your wallet’s network to the Binance Smart Chain network. Click the connect button and follow the instructions to allow PancakeSwap to connect to your wallet.
Swap BNB for Safemoon: Click on “Trade”, select BNB from the “From” currency dropdown, select Safemoon from the “To” currency dropdown and trade Safemoon.
Type the amount you wish to buy in the trade box in either BNB or Safemoon. Before proceeding with the exchange, make sure you have enough BNB to cover the order and the medium fee.
The Pros and Cons of SafeMoon
Pros of SafeMoon
Community-centric: SafeMoon focuses more on the community and its development and, as a result, cultivates a large user base, which enhances the growth and programs therein.
Tokenomics: SafeMoon also reveals the special tokenomics unfamiliar with most currencies, where a transaction fee is affixed and later shared amongst the owners.
Liquidity Pool: The project includes a liquidity pool. This brings steadiness and helps maintain price levels, favouring the investors in the long term.
Cons of SafeMoon
Volatility: The price of SafeMoon can vary significantly; hence, it is not a good investment for individuals who are not ready to deal with risks.
The absence of Major Exchange Listings: Because the currency has not been listed on big exchanges, it prohibits usage and trading of a large amount and may affect liquidity.
Regulatory issues: Since SafeMoon is still a new crypto in the market, it will likely attract regulations, which may affect the currency’s functioning and the investors’ trust.
What to Consider Before Buying SafeMoon
Check the following important information when you are about to buy SafeMoon:
Risk
This cryptocurrency shares the same characteristics as most others: it is risky.
The coins rarely sit at a given price for long, therefore its trading ranges allow for massive rewards or losses12.
Transaction Fees: SafeMoon charges a 10% transaction fee on all activity. Of this fee, 50% goes to the active or existing token holders as part of the transaction, and the other 50% goes to a liquidity pool.
This structure is more amenable to those who want to play it safe and do more holding than trading, but it can be expensive for active traders.
Regulatory Risks: There is regulation on most virtual cu,rrencies including SafeMoon.
The value or legality of holding or trading SafeMoon may change in light of regulatory changes.
Security: Remember that having a safe wallet and exchange for SafeMoon trading and storage is essential.
Bear in mind that there are scams related to the crypto industry and attempts at phishing.
Project Viability: Thoroughly look for information about the SafeMoon project, its team, and its plans for the future.
Assess whether the project is sound and has prospects for further development.
Market Sentiment: SafeMoon is susceptible to market trends, social media influence, and celebrity endorsement.
Make sure that you are updated with the latest information and installed developments.
Investment Strategy: You must establish precisely how and in what you will be investing and the level of risk you are ready to bear.
You should determine the amount you are willing to spend and possibly even lose for the investment, and do not go beyond that sum.
Conclusion
Purchasing SafeMoon Coin involves simple steps that help investors join a flourishing community.
After opening and funding an appropriate wallet with BNB tokens, you can trade it for Safemoon at a decentralized exchange like PancakeSwap.
However unique and promising this coin’s attributes may be, prospective investors must still do their due diligence and carefully weigh the risks.
It is a manageable process if you are well-equipped with facts to make strategic decisions about joining the SafeMoon community.
