SafeMoon is a cryptocurrency deployed on the BNB chain that a powers decentralized finance (DeFi) network that enables peer-to-peer cross-chain trading without hindrances from banks, governments, or other centralized systems.
The key difference between SafeMoon and other crypto assets is that it encourages investors to hold on to their tokens rather than sell them. This unique tokenomics model aims to reward holders while discouraging short-term selling.
Its deflationary mechanism redistributes portions of each transaction made on the network to existing token holders, thereby stabilizing the token’s price.
However, SafeMoon has been at the center of many controversies, ranging from being accused of a pump-and-dump scheme to investors suing its developers for securities fraud. Despite the accusations, SafeMoon continues to be available in the market and also functions as usual.
It has been claimed that the SafeMoon network has more active users than Bitcoin (BTC). That is a pretty bold claim to make.
Today we will look at how and where to purchase SafeMoon from. But before that, there is one thing for you to note. Cryptocurrencies are highly volatile assets and it is always advised to do your research before buying them. Most importantly, only invest money that you can afford to lose.
So let’s get started.
How To Buy SafeMoon Crypto?
Not all cryptocurrencies can be purchased using fiat currencies, and SafeMoon is one such token. SafeMoon is not listed on any crypto exchange that accepts fiat currency, therefore, you shouldn’t be surprised that it isn’t available on Coinbase or Binance.
However, you can still purchase SafeMoon on centralized exchanges by following the steps outlined below:
1. Download a Crypto Wallet and Sign Up
You can either install a crypto wallet on your computer or add it as a browser extension. or else, directly download one onto your Android or iPhone. Once the wallet has been installed, create an account and keep your details safe.
2. Secure Your Recovery Phrase
When setting up a crypto wallet, you will be given a 12 or 24-word recovery phrase, which the platform will ask you to safeguard. These phrases are the literal key to your crypto stored in the wallet and would help you retain your assets if your device were to get damaged or lost.
Remember that the seed phrase should not be shared with anyone. It is recommended to write it down on a piece of paper and store it in a safe place.
3. Buy or Transfer Ethereum to the Wallet
Buy Ether (ETH) tokens from any exchange and transfer them to your crypto wallet. Make sure that you have enough ETH to cover the gas fee of the transaction.
4. Transfer the ETH to an Exchange Selling SafeMoon
The next step is to look for a cryptocurrency exchange where SafeMoon is available. The ones where the token is listed are SafeMoon or BitMart. You can either connect your wallet to Pancakeswap or create an account on BitMart and transfer the Ethereum.
5. Buy SafeMoon by Swapping the ETH
The last step is to use the ETH you just transferred to the respective exchange to buy SafeMoon. For this, first, select the SAFEMOON/ETH token pair and then enter the number of tokens you want to buy or how many ETH you want to spend on the transaction. Then confirm the transaction and you should be able to see the SafeMoon deposited in your wallet.
Exchanges On Which SafeMoon Is Listed
Below is a list of crypto exchanges where you can buy SAFEMOON from:
Conclusion
SafeMoon is an innovative cryptocurrency token that rewards long-term holders with reflection from transaction fees. It can be purchased on exchanges like BitMart and ZBG after setting up a crypto wallet to store the tokens. The process involves buying BNB or another crypto first that can then be traded for SafeMoon.
Crypto investments are risky and appropriate cautions should be taken. Thorough research into the project and safe practices for storing and trading crypto should be followed before buying into new assets like SafeMoon. For the latest availability and access options as the project continues growing, be sure to follow SafeMoon’s official channels.
Latest Stories: What is the HMT response to crypto?
