Though secure, these exchanges take custody of a user’s private key which is needed to authorize transactions. SafeMoon was designed to reward long-term holders and charges sellers a 10% fee, with part of that fee going back to existing holders. First launched on the Build and Build (BNB) chain in March 2021, SafeMoon can now be bought on some exchanges such as Pancakeswap. Many platforms will claim to let you buy SAFEMOON or Bitcoin using credit cards. However we would always recommend you do your own research thoroughly before attempting to buy tokens online.
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- Additionally, if you hold your SafeMoon tokens on an exchange, you don’t have to switch to the V2 tokens.
- Also, even though it has existed for several years, SafeMoon is a relatively new project compared to more established cryptocurrencies with undefined schedules and unproven roadmap execution.
- They will use a secondary smaller wallet to keep and trade altcoins like SAFEMOON.
- The process will take a few minutes as it needs to be verified; shortly, the BNB will appear in your MetaMask wallet.
- Altcoin exchanges will often have different prices for SAFEMOON tokens so it’s important to shop around for the best price for a BTC-SAFEMOON trade.
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Digital currencies are virtual assets, secured by cryptographic encryptions and powered by the distributed ledger technology known as the blockchain. Virtual currencies such as Bitcoin, Ethereum, and other stablecoins now serve as media of exchange globally. Investing in cryptocurrencies can be complicated since thousands of them exist but only a handful are real. As an investor, you should research the quality and realness of a coin before leaping. Although some websites may claim to let you buy SAFEMOON using a credit or debit card, these are often scams designed to steal your credit card information. It’s important to always take care purchasing crypto online.
Steps to Safely Buying Safemoon
Many of these platforms are unreliable or even scams designed to steal your funds or credit card information. Once you are set-up on the altcoin exchange you can transfer your BTC tokens to your second wallet and trade them for SAFEMOON tokens on the exchange. Note that you may need to adjust the https://www.crypto-trading.info/ slippage tolerance to get the trade to process. Slippage is when the price of a crypto moves between the time you submitted the trade and when it executes. If the slippage tolerance isn’t high enough, the trade may not go through. You can adjust this by tapping the settings icon on Pancake Swap.
There are two types – a hardware (“cold”) wallet or a software (“hot”) wallet. In addition, SafeMoon’s recent SafeMoon 2.0 update lowered transaction fees, which could make it more appealing to exchanges in the future and for other use cases. In addition, SafeMoon is not a good fit for frequent trading because every time you sell, you’re paying that sizable fee. Further, since it’s not listed on major exchanges, SafeMoon is also less liquid and it takes more work to convert it into cash, as you need to convert it to BNB first. SafeMoon is a risky investment because of high volatility, meaning the price can swing up and down dramatically. While this is true of any cryptocurrency, if you decide to bail on SafeMoon, not only do you take your investment loss, but you will also lose another 10% because of the selling fee.
SafeMoon, which operates on the Binance Smart Chain blockchain, launched on March 8, 2021, but it took off like a rocket on Twitter and TikTok in mid-April, sparking interest among many crypto investors. On April 20, Binance even had to temporarily suspend withdrawals https://www.cryptonews.wiki/ from its platform due to the sudden influx of SafeMoon investors. On top of that, David Portnoy — internet celebrity and founder of Barstool Sports — endorsed SafeMoon as his favorite meme token, causing the cryptocurrency to surge to new heights.
SafeMoon is a cryptocurrency token that launched in early 2021, using blockchain technology developed by Binance. The process is different if you’re using the Binance Smart Chain wallet. Go to Pancake Swap, click “Trade,” and then click “Exchange” to reach that same exchange page. You’ll also need to connect your wallet, which you can do using the “Connect” button in the corner of the page. If you have an account with Binance, you can purchase Binance Coin there instead.
Compared to the original version, SafeMoon V2 processes transactions at a much lower cost. Additionally, if you hold your SafeMoon tokens on an exchange, you don’t have to switch to the V2 tokens. This is because the exchange handles the migration process and gives an update on the status of the process. SAFEMOON can only be traded for other cryptocurrencies on crypto-only exchanges.
Many crypto traders also utilize a VPN service for added anonymity during crypto trades. There are a wide range of VPNs out there and thorough research is important. Hot wallets are much more convenient as your information is stored online and can be accessed easily at any moment. However being constantly online means they are more susceptible to hacks. Ben is the Retirement and Investing Editor for Forbes Advisor. If you do decide to buy SafeMoon, just make sure whatever you invest is money you can afford to lose.
How to Buy SafeMoon
Whether you missed the Dogecoin rally, or you simply want to diversify your cryptocurrency portfolio with a new trendy altcoin, we’ve got the scoop on how to buy SafeMoon. “How to buy SafeMoon” is a question many risk-tolerant investors are asking, especially since some claim the new lunar-inspired token could be the next Dogecoin. Safely aiming for the moon, SafeMoon supporters believe it could follow the same upward trajectory as Dogecoin.
There are some hurdles involved in buying SafeMoon, the biggest for beginners being that the only way to pay for purchases of SafeMoon is with other cryptocurrencies. That’s because it’s not currently listed on any exchanges that accept fiat currency, like dollars. This phrase is extremely important, because it’s a readable form of the private keys to your crypto wallet.
How and Where to Buy Safemoon (SAFEMOON) – An Easy Step by Step Guide
Being a centralized exchange, key decisions were taken without the knowledge of the community. To prevent issues such as this, decentralized exchanges may just be a great fit. These exchanges are built on-chain and all information regarding them is available to the public. Above all, decisions can only be made after token holders have voted https://www.cryptominer.services/ in favor of them. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors.
SafeMoon is a fairly high-risk, long-term investment, so before buying SafeMoon, make sure you have the nerves to accept short-term losses. In December 2021, SafeMoon launched an updated version of the token called SafeMoon V2. The new token aims to consolidate the original version at a ratio of 1 to 1000, and significantly lower transaction costs.
Many crypto exchanges have dealt with this by having all funds backed up or assured for safety. If you hold SafeMoon tokens on an exchange, there’s no need to do anything, the exchanges will handle the migration process and notify you when the process is complete. Use “Select a currency” to choose the cryptocurrency you want to receive. Enter “Safemoon” in the search bar and select it when it appears.
It is important to note several allegations against SafeMoon as part of your research on deciding whether SafeMoon is the right investment for you. Safemoon is facing a class action lawsuit with allegations of a pump-and-dump strategy and misleading investors with false and misleading statements. It alleges that Safemoon used celebrity endorsement to artificially inflate the value of the SAFEMOON token.
But if you have iOS, you’ll need to follow the first step to access PancakeSwap (a decentralized marketplace that lets you buy SafeMoon). Decentralized exchanges are platforms that give users sole custody of their private keys and require the consent of the community to make key decisions regarding the platform. Authorities or businesses that control centralized exchanges have the sole right to make decisions regarding the platform. Centralized exchanges have sustainable liquidity as they can partner with platforms that provide them with liquidity.