nov 2 2023
How To Buy Safemoon Complete Guide CryptoBlog
You can even go further and earn through staking, lending, or yielding farming with your SafeMoon V2 (SFM) to generate passive earnings. SafeMoon can serve as a means of investment, especially if you plan to leverage the reward and incentivization program. To achieve this, use the SafeMoon Swap decentralized application on the Build and Build chain and swap BNB coins for SafeMoon tokens. Then simply hold the tokens to qualify for rewards from transaction fees generated by the platform.
On the swapping page, make sure that “Smart Chain (BNB)” and “SafeMoon V2 (SFM)” are selected. Now, you’ll be able to buy SafeMoon V2 by swapping BNB for it. Secondly, select the “Binance Smart Chain (BEP20)” network if it’s not automatically selected. After you’ve selected “BNB”, you’ll land on the “Withdraw BNB” page.
Once you’ve chosen your preferred way to transfer fiat to your account, you’ll simply follow the on-screen instructions and move to the next step. Out of all the cryptocurrencies and altcoins on the market, what makes SafeMoon unique? All of which offer unique attributes that appeal to different categories of investors.
Step 9: Buy SafeMoon on Pancake Swap
- With your BNB in the wallet, use a decentralized exchange platform like PancakeSwap to swap your BNB for SafeMoon.
- In 2022, the project upgraded from V1 version to SFM 2.0 version.
- This step-by-step guide was created to help you learn how to buy SafeMoon with the easiest method.
- After downloading a wallet and setting up the username, a 12-word recovery phrase will be presented to you for safekeeping.
- While centralized and decentralized exchanges exist to trade crypto assets, the difference is based on how they do it and their mode of operation.
Storing your funds on an exchange offers easy access to various bitcoin surges past $60000 for first time investment options like spot and futures trading, staking, lending, and more. The exchange will securely manage your funds, eliminating the need for you to handle and secure your private keys. Ensure you choose an exchange with robust security measures to safeguard your crypto assets effectively. Part of SafeMoon’s transaction fee is added to the liquidity pool, which is essentially a smart contract holding a reserve of the token. This liquidity pool can provide stability to the token’s price by ensuring that there are funds available for trading even during periods of high volatility.
For security, Crypto Wallets like KuCoin Wallet or MetaMask provide control over assets, allowing easy buying and swapping of thousands of cryptocurrencies. Centralized Exchanges (CEXs) offer fast and easy trading for beginners, ensuring to check for support, security, liquidity, and fees. SafeMoon (SAFEMOON) can be traded on various exchange platforms such as Gate.io, BitMart, Jubi, MEXC, Bitbns, and Bitrue. You’ll likely need to complete Know Your Customer (KYC) verification on these exchanges, which involves submitting ID documents. Buy the amount of BNB you intend to use for purchasing SafeMoon, plus a little extra to cover network transaction fees (gas fees). Download your chosen wallet from the official app store or website.
Step #3: Purchase the Binance Smart Chain (BSC)
So far, over four hundred trillion SafeMoon tokens have been burned by the developers in a bid to increase their value. In the initial version, SafeMoon liquidity providers charge a 10% transaction fee on token sales, which is then divided into two parts. 5% goes into SafeMoon’s liquidity pool, and the remaining 5% is distributed to token holders based on the proportion of tokens they hold.
Step 5: Converting ETH to Binance Coin (BNB)
During setup, you will be given a seed phrase (usually 12 or 24 words). Write this down physically and store it somewhere incredibly secure and private. Authorities or businesses that control centralized exchanges have the sole right to make decisions regarding the platform.
Important Considerations Before Buying Safemoon Cryptocurrency
Buying BNB from a cryptocurrency exchange like Binance is highly recommended. To buy SafeMoon V2, you need to install a cryptocurrency wallet like SafeMoon Wallet (you can also use Trust Wallet or MetaMask). After this, there is a need to set the BNB amount that you will be swapping for SafeMoon.
After downloading a wallet and setting up 6 ways to get free bitcoin in 2021 guide 2021 the username, a 12-word recovery phrase will be presented to you for safekeeping. This recovery phrase is a key to your crypto that helps you retain your wallet should your device get damaged or lost. Remember that you aren’t supposed to share this phrase with anyone. Last and perhaps most importantly, SafeMoon remains a speculative investment with an unproven business model that has yet to experience wide adoption. In certain contexts, SafeMoon may be seen as a « rug pull », as many investors likely lost lots of money due to the legal ramifications of 2022.
Step 3: Go to Pancakeswap and connect your Metamask wallet.
Now, when you go to your wallet, you’ll see that your SafeMoon V2 balance has increased and your BNB balance has decreased. Now that you’ve bought some BNB on Binance, you need to transfer it to SafeMoon Wallet. If you’re using the lite version of Binance, tap on the reverse icon. Binance is highly recommended because it has one of the lowest fees (0.1%). It is recommended that slippage tolerance with SafeMoon should be about 12%. The first thing to do is to go to the Buy Crypto With Fiat section.
Download the Binance app
You can use the search index to locate a token of your choosing. You can buy Safemoon with the BNB sent to your Metamask wallet from your Binance Account. To buy SafeMoon V2 (SFM), you can choose from various options. Now that you have BNB (BEP-20) in your personal wallet, you can swap it for SafeMoon (SFM). Now go to Settings (click the slider bar) and change the “Slippage tolerance” to 12 percent then close the box. In « from » make sure BNB is selected (you should see your BNB balance) and click « MAX. » In « to » search for and then select « SAFEMOON. »
- Half of this is then redistributed evenly among the remaining holders of SafeMoon.
- In February 2022, a class-action lawsuit against SafeMoon was filed, alleging the company is a pump and dump scheme.
- Finally, click on done to complete the addition of SafeMoon to your Wallet.
- Firstly, paste your BNB wallet address from SafeMoon Wallet into the “Address” field.
- A lot of cryptocurrency investors ask this question often.
- His article will explain the methods of how to buy SafeMoon (SAFEMOON).
How to Buy SafeMoon V2 (SFM)
Safeguard your private keys in a safe place to prevent the irreversible loss of your SafeMoon V2 (SFM). To start the process of acquiring SafeMoon, you’ll need a cryptocurrency wallet that contains Ethereum. With Coinbase, you can create an account and, after verifying your identity, connect a debit card/bank account to buy the coins effortlessly. These exchanges combine the features of centralized and decentralized exchanges, allowing users to trade crypto seamlessly.
Soon afterward, its popularity spread, with its what is an ico registration and what is a data protection fee value steadily gaining in value following endorsements from celebrities such as the aforementioned David Portnoy. Other celebrities like Lil’ Yachty and Logan Paul subsequently influenced its popularity. Once you have set up Binance Smart Chain, the company says you can send your BNB tokens to it. Consider different ways to store SafeMoon V2 (SFM) based on what suits you best. Evaluate the advantages and disadvantages to determine the most suitable storage method for SafeMoon V2 (SFM). Next, go to the PancakeSwap website/app, and in the top right corner, click « Connect » and select your MetaMask wallet.
