How to buy safemoon binance: How To Buy SafeMoon Crypto




He specializes in making investing, insurance and retirement planning understandable. Before writing full-time, David worked as a financial advisor and passed the CFP exam. To buy SafeMoon, use SafeMoon’s proprietary SafeMoon Swap to trade other crypto, like Binance Coin , for SafeMoon tokens.


To reach this price target, SafeMoon would need a market capitalization about 600 times the size of Bitcoin’s. However, for well-versed cryptocurrency enthusiasts, it’s hard to consider anything on Binance Smart Chain as a DeFi token. Even though BSC is essentially Ethereum but with a few tweaks, it suffers from a huge lack of decentralization.

For users with any other type of crypto wallet, visit theSafeMoon Swap siteto consolidate. When covering investment and personal finance stories, we aim to inform our readers rather than recommend specific financial product or asset classes. There are plenty of reasons you got an error on PancakeSwap, but the most common error when investing in SafeMoon is that your slippage tolerance is too low. Since the token taxes investors when they buy, sell or transact SafeMoon tokens, you’ll need to increase your slippage tolerance to 10% or more to successfully swap your tokens on PancakeSwap. The reason some investors think they’re early investors in SafeMoon is its low token price.

How To Secure Your Privacy While Trading SafeMoon

This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. 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. There are some hurdles involved in buying SafeMoon, the biggest for beginners being that the only way to pay for purchases of SafeMoon in Australia is with other cryptocurrencies. That’s because it’s not currently listed on most exchanges that accept fiat currency, like dollars.

There are certainly a lot of risks for a token with “safe” in the name. SafeMoon is among the 1st cryptocurrencies on Binance Smart Chain to gain mainstream attention. Most of this attention has been gained from social media platforms, namely Twitter and TikTok.

SafeMoon wallet users can update the app to the latest version and follow the instructions while those with other kinds of wallets can visit SafeMoon Swap to convert their tokens. While they operate in similar ways, Uniswap is the leading decentralized exchange on Ethereum, while Pancakeswap is the leading DEX on Binance Smart Chain. Once you have met the user verification requirement, you can transfer cash to your wallet and proceed to buy some Ethereum coins with it.

How To Buy SafeMoon

It’s also 1 of the 1st cryptos to implement redistribution tokenomics, something which has yet to be proven as a viable framework for cryptocurrencies. Binance is a cryptocurreny exchange that offers additional blockchain-specific services. Investopedia requires writers to use primary sources to support their work.

Above all, decisions can only be made after token holders have voted in favor of them. Note that people who hold their original SafeMoon tokens incrypto walletswill not have their coins migrated automatically to V2. Wallet holders need to manually transfer their SafeMoon tokens to the V2 platform. Although SafeMoon has a relatively small market capitalization, the token price is a bit misleading. There’s a current max supply of over 585 trillion tokens, so there are far more coins in supply than other cryptocurrencies like Bitcoin and Ethereum . With so many tokens in circulation, it’s essentially impossible for SafeMoon to ever reach $1, like some investors suggest.

One of the major tweaks it made from the Ethereum code was it only has 21 nodes validating transaction compared to the 10s of thousands of validators on Ethereum. To be a Binance Smart Chain validator, investors must stake millions of dollars of BNB. With such a high cost to be part of the network, the network is controlled by a few well off Binance Coin holders, including people involved with Binance directly.


Centralized exchanges are custodial platforms that enable users to exchange their crypto assets safely. Though secure, these exchanges take custody of a user’s private key which is needed to authorize transactions. Binance is constantly reviewing and adding cryptocurrencies that can be used on the Binance platform.

You’ll need to make a Binance account to use the platform’s decentralized exchange, PancakeSwap. Creating an account with Binance is easy; you just need to provide an email address and create a password. Depending on where you live, you may have to provide additional information before you’re approved to begin trading. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of theSecurities Investor Protection Corp. . Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds asunsecured creditors. Crypto exchanges are platforms where cryptocurrencies can be bought or sold.

More and more useless coins are being made on Binance Smart Chain, as these tokens are easy to produce, and Binance’s blockchain attracts many retail investors due to its low transaction fees. For these reasons, TikTok influencers have been showing off SafeMoon to their followers, pumping the price of the crypto asset. Since you’ll need to use a software wallet to connect to PancakeSwap, your crypto assets are much more secure than if you were to store your cryptocurrency on a centralized exchange. However, software wallets can still be hacked, so you may want to consider other storage solutions. In comparing various financial products and services, we are unable to compare every provider in the market so our rankings do not constitute a comprehensive review of a particular sector.

However, investors must understand that not all coins can be bought with fiat but with other coins. One such coin is SafeMoon as it isn’t listed on any centralized exchange that accepts fiat currency. SafeMoon also has a self-sustaining liquidity pool that can siphon tokens in the form of fees, which are then added to the token’s liquidity pool on Pancakeswap. If you plan on holding SafeMoon over the long term, you’ll also benefit from the reflections as you receive a portion of the fee incurred whenever other people sell their tokens. This is a financial incentive you won’t get from holding most other popular cryptocurrencies, where you only make money if the price goes up.

This keeps investors from selling their investment, even if SafeMoon doesn’t provide any real value. This 5% fee is burned, redistributed and added to the SafeMoon liquidity pool on PancakeSwap. Unfortunately for SafeMoon holders, this effect is usually negligible, especially after the 5% fee is incurred when selling the tokens. 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.

What Are the Disadvantages of SafeMoon?

These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Every exchange has a range of deposits that users must fund their accounts with. For example, Coinbase and Binance require users to deposit a minimum of $50 and $10, respectively, to complete their trades. Additionally, SafeMoon holders are rewarded with 50% of transaction fees.

As SafeMoon charges a 10% fee whenever you sell the token, it is not the most liquid of cryptocurrencies, and it’s impossible to find an Australian exchange where you can buy it with fiat dollars . Still many SafeMoon enthusiasts point to the company’s plans to expand to more exchanges as proof of its potential, while others are moved by the founders’ Venture Philanthropy model. Others, including crypto experts, think you should run in the opposite direction of SafeMoon. As with any crypto, if you do decide to take the plunge, treat it as a high-stakes gamble and be prepared to lose all of your money. The cryptocurrency markets have started out 2022 in a downtrend, yet many investors are bullish on the asset class over the long-term.

Alternative Ways To Buy SafeMoon

With talks of an increased capital gains tax, collateralizing your cryptocurrency to receive a loan is a great way to take profits from your investment without needing to pay capital gains. Calling these highly speculative, pyramid-scheme-esque cryptocurrencies “shitcoins” doesn’t explain the complete nature of these investments. With Tik Tok influencers promoting cryptocurrencies like SafeMoon, much of this newfound traction can be attributed to SafeMoon’s social media promotions.