Step-by-Step Guide on How to Buy SafeMoon

Launched in March 2021, SafeMoon is a relatively new cryptocurrency and a decentralized finance (DeFi) token endorsed by the crypto community due to its long-term incentivizing approach to its holders. As a result, when investors sold SafeMoon tokens, a 10% fee was charged, whereby half was distributed to existing holders, piquing the interest of many. […]

The post Step-by-Step Guide on How to Buy SafeMoon appeared first on Coindoo.

As a result, when investors sold SafeMoon tokens, a 10% fee was charged, whereby half was distributed to existing holders, piquing the interest of many.

-----Cryptonews AD----->>>

Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE

<<<-----Cryptonews AD-----

SafeMoon got the attention of the 2021 bull run, promising a bright future towards the moon, as the name says. With an initial price of $0.0000000010 and a supply of 777 trillion SafeMoon tokens, the project took a dramatic turn when it filed for Chapter Seven bankruptcy in late 2023, showcasing insolvency and thus facing different charges in the US.

However, everything began to crumble when the market capitalization reached $5.7 billion. Yet, a large portion of SafeMoon’s liquidity pool was never locked, sinking the token’s price by 50%, thus showing price volatility.

Moreover, as of 2024, experts advise that the price of SafeMoon tokens could increase by 30.26% and potentially reach $0.00003492 on the lower end and $0.000165 on the high end, with a 381.17% gain by 2025 if SFM reaches the upper price target.

So, for those wondering how to buy SafeMoon and the process, we are here for you, especially since SafeMoon tokens aren’t available on major exchanges. Let’s get into the details and find the step-by-step guide to buying SafeMoon crypto.

The SafeMoon Tokens Ecosystem

Before proceeding, we’ll need to talk about the SafeMoon crypto ecosystem, its associated risks, and other details so that you can set realistic expectations.

The SafeMoon ecosystem integrates the decentralized finance (DeFi) token for long-term investment and price stability, offering increased security and transparency.

When discussing the SafeMoon crypto transaction fees, as of 2023, the 10% fee was dropped to a 1% transfer fee or SafeMoon swap on other DEXs and a 2% tokenomics transfer fee.

Also, we must mention that investing in SafeMoon crypto comes with potential risks, just as seen in other cryptocurrencies. Therefore, investors must research and plan before making investment decisions and understand the crypto market and its long-term viability.

What to Consider Prior to Buying SafeMoon

1. Create Your Crypto Wallet

The bottom line is that SafeMoon is a relatively new crypto with potential. To perform SafeMoon swaps and trades, you’ll need a compatible wallet that supports the Binance Smart Chain (BSC) since SafeMoon operates on the Binance Smart Chain blockchain. You can also choose between MetaMask or Trust Wallet.

Usually, there are many types of crypto wallets, such as:

Software wallet;
Hardware wallet;

Please be careful to write down the recovery phase and store it securely.

2. Create an Account on Major Exchanges

One thing is clear: only a few cryptocurrency exchanges allow you to buy SafeMoon, and you can also buy SafeMoon by swapping other cryptocurrencies, such as Ethereum or BNB, as a base currency and sending the coins to your crypto wallet.

3. Purchase BNB Coins

For this article, we have chosen BNB tokens. The following chapters will explore the guide to purchasing BNB for later use. Moreover, many investors use the BNB to SafeMoon swap, as it’s one of the most common pairings on decentralized exchanges.

Step 1: Create an Account or Log in Binance

Step 2: Deposit Funds

For example, on Binance, you can deposit USD, EUR, GBP, or other cryptocurrencies into your exchange wallet, and it may include bank transfers, credit/debit cards, or other additional payment methods.

Step 3: Buy Binance Coin

Once you’ve funded your account, you can purchase Binance coins, which you will later transfer to a crypto wallet.

Step 4: Send BNB to Your Crypto Wallet

You can choose between Trust Wallet or MetaMask for this purpose.

1. How to Buy SafeMoon on a Decentralized Exchange

Choosing a decentralized exchange for buying SafeMoon is the best option, as there are no intermediaries and other mediators, as in a centralized exchange.

Step 1: Select Your Decentralized Exchange & Install the App

At this step, you can select MetaMask DEX, Trust Wallet, or Pancake Swap, which are designed for Binance Smart Chain tokens like SafeMoon cryptos.

Other centralized exchanges, such as PancakeSwap (V2), Decoin, Gate.io, BitMart, ZBG, BiKi, LBank, Hoo, Hotbit, MEXC, Bitbns, Bitrue, WhiteBIT, KickEX, BitForex, BHEX, Jubi, and Biswap, also provide a way to buy SafeMoon.

Step 2: Connect Your Crypto Wallet to a Decentralized Crypto Exchange

When buying SafeMoon, whether it is a non-custodial or a custodial wallet, you must connect your digital wallet to the chosen DEX. Remember that you bought BNB tokens earlier? This is the step where you connect the dots.

You can see your balance once your crypto wallet is connected and enjoy different functions, like token swaps. Check each decentralized exchange instruction, as these are similar, yet small differences exist.

Step 3: Swap Binance Coins for SafeMoon

At this step, regardless of the chosen decentralized exchanges, you should input the amount of BNB you wish to swap for SafeMoon and confirm the transaction, but only after checking out the transaction fees.

Be sure to make the swap during a stable network condition to avoid possible pitfalls, such as price fluctuations and others.

Step 4: Safeguard Your Digital Assets

This step is subjective, as you can keep your SafeMoon in your software wallets, hardware wallets, or paper ones. It’s up to you and depends on your investment strategy.

2. How to Buy SafeMoon via Crypto Wallets

For the purpose of this step-by-step guide, we’ll use Ethereum on your chosen crypto wallets. However, you must check if your wallet supports buying SafeMoon.

Step 1: Ensure You Have Access to Your Crypto Wallet & Log In

Regardless of your crypto wallets, you must connect to them and secure your recovery phase to safeguard your digital assets. And remember, don’t share your recovery phase with anyone.

Step 2: Buy Ethereum & Check Your Balance

Check-in advance the transaction fees or gas fees depending on how busy the Ethereum network is and the transaction’s size. Then, you could transfer fiat currency into your wallet to purchase ETH.

Step 3: Swap Ethereum for SafeMoon

Now that you have Ethereum in your crypto wallet, you can swap them for SafeMoon tokens. Go over the swap tab in your crypto wallet and perform a SafeMoon swap.

The Pros and Cons of SafeMoon

As you’ve learned two ways to purchase SafeMoon, let’s now discover the pros and cons of these crypto assets. Indeed, SafeMoon operates on a decentralized blockchain, meaning that there isn’t one central authority controlling the network. Moreover, decentralization offers security and transparency, yet despite these, SafeMoon still receives criticism for manipulation.

SafeMoon Pros:

Decentralized blockchain;
Small liquidity pool;
Long-term benefits due to the reflection mechanism;
Presents DeFi opportunities;

SafeMoon Cons:

High price volatility;
Experienced fraud;
Negative and bearish market sentiment;

SafeMoon Crypto FAQ

Where can I buy SafeMoon?

You can either buy SafeMoon via your crypto wallet or head over decentralized exchanges to easily purchase SafeMoon.

Is SafeMoon still a good buy?

This is a subjective question, and you should consider your strategy. However, from an objective perspective, SafeMoon is highly volatile and has a low trading volume, which can greatly impact your trading experience. You can either buy SafeMoon and hold the token until it recovers or simply find another token.

Is SafeMoon on Binance?

No, SafeMoon isn’t listed on Binance, yet it is listed on other exchanges, such as Gate.io, MEXC, BitMart, and others.

Final Thoughts

As SafeMoon offers its unique approach to DeFi blockchain and other opportunities, it is essential to remember that it is a relatively new digital asset with a high market risk. Therefore, it is essential to do your due diligence before blindly investing in it and to understand the crypto market to set realistic expectations.