Firstly you’ll need to transfer fiat money to your new crypto wallet. Once your funds are safely deposited in your wallet you can now trade fiat currency for BTC tokens by heading to our cryptocurrency exchange. Choose the amount of BTC tokens to purchase and confirm the price that you are willing to pay. After following the three steps highlighted above, you can then make your swap on PancakeSwap.

What You Need to Open a Cryptocurrency Exchange Account

To buy SafeMoon, use SafeMoon’s proprietary SafeMoon Swap to trade other crypto, like Binance Coin (BNB) for SafeMoon tokens. With SafeMoon Protocol, token holders will earn more SAFEMOON depending on how many tokens they have. SafeMoon protocol will gain value over time thanks to its coin-burning strategy, making it a deflationary digital currency. It’s important to remember that crypto assets are high-risk investments.

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. It’s important to use a secure wallet that prevents anyone else from gaining access to it.

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. If you would like to know where to buy SafeMoon V2 at the current rate, the top cryptocurrency exchanges for trading in SafeMoon V2 stock are currently Bitrue, BitMart, Gate.io, MEXC, and Bitbns. 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.

Best Cryptocurrency Exchanges

That’s because it’s not currently listed on any exchanges that accept fiat currency, like dollars. Like the original version, 50% of the fee is distributed to current token holders. The other 50% is divided among the SafeMoon liquidity pool and the managers of the overall SafeMoon ecosystem. Note that people who hold their original SafeMoon tokens in crypto wallets will not have their coins migrated automatically to V2.

SafeMoon (SAFEMOON) recently upgraded to SafeMoon V2 (SFM) by migrating to a new smart contract. There is now a 100% reflection fee on SAFEMOON (V1), making the token effectively worthless. This will incentivize holders to upgrade to 2.0, however, it is concerning that the team was able change the original contract. What would stop them from making V2 effectively worthless as well?

Step 3: Transfer BTC to an Altcoin Exchange

SafeMoon is a relatively new cryptocurrency with unique tokenomics featuring a 10% transaction fee that redistributes 5% to existing holders and adds 5% to the liquidity pool. However, it has seen its fair share of allegations of fraud, and investors are encouraged to do independent research before deciding whether to invest in SafeMoon. 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. The transaction fee that is distributed to existing token holders can incentivize people to hold their tokens. Long-term holders can benefit from increased token balances without having to actively participate in yield farming or staking.

This doesn’t mean it is never a good idea to buy it, it just is unlikely to survive in the long-term. SAFEMOON can only be traded for other cryptocurrencies on crypto-only exchanges. Many crypto exchanges have dealt with this by having all funds backed up or assured for safety. Use “Select a currency” to choose the cryptocurrency you want to receive.

However we would always recommend you do your own research thoroughly before attempting to buy tokens online. Many of these platforms are unreliable or even scams designed to steal your funds or credit card information. Safemoon tokens can also be traded on many of the Decentralized Exchanges (DEXs) on the Binance Smart Chain. These are exchanges that do not use an intermediary to trade crypto tokens. Pancake Swap and BiSwap are examples of DEXs where you can trade BEP-20 tokens including SAFEMOON.

Wallet holders need to manually transfer their SafeMoon tokens to the V2 platform. 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. Investors who sell their SafeMoon token reserves have to pay a hefty exit fee of 10%.

There are certainly a lot of risks for a token with “safe” in the name. Cryptocurrency has the same number of users expenses and benefits: loans offered to workers as the internet did in the late 90s. Just like the dot-com bubble, it’s likely that many smaller cryptocurrency projects won’t last in the long term – especially projects with unverified teams that have yet to deliver on their promises. Likely, one of these small projects is SafeMoon, a token on Binance Smart Chain (BSC).

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. Pancake Swap is an exchange that lets you trade many different cryptocurrencies, including Binance Coin and Safemoon. Safemoon’s developer recommends buying it using Trust Wallet, which is a crypto wallet application. You can download it on your smartphone, either from the App Store or Google Play. 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. Copy the address of your MetaMask wallet (the address will start with “0x”) and return to Binance.us.

1. Slippage tolerance refers to the price elasticity of a cryptocurrency in relation to the time the trade was initiated or submitted and the time it was executed.
2. Sometimes, your bank may deny you access if they do not allow international transactions.
3. Conversely, smaller holders make pennies each day, and they’re incentivized to hold these rewards in hopes of growing their base number of tokens.
4. While SafeMoon isn’t available on the Coinbase or Binance centralized exchanges, you can still buy the tokens on these exchanges using the steps outlined below.
5. Thomas “Papa” Smith, former SafeMoon CTO, responded to Findeisen’s claims, stating that funds were taken from the “locked liquidity pool” before Karony’s appointment.

Centralized exchanges have sustainable liquidity as they can partner with platforms that provide them with liquidity. While SafeMoon isn’t available on the Coinbase or Binance centralized exchanges, you can still buy the tokens on these exchanges using the steps outlined below. With a hardware wallet, all of your cryptocurrency assets can be safely stored offline. It should be noted that assets of the cryptographic nature are better stored in an exchange that is centralized. The cryptocurrency markets have started out 2022 in a downtrend, yet many investors are bullish on the asset class over the long-term.

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. If you are a crypto investor looking for altcoins to invest in, it is important to get some financial advice before going ahead to invest. The price volatility can be a concern for some, while the straightforward process will appeal to others. You will have to create a Binance account to enable you to make use of the decentralized exchange platform, i.e., PancakeSwap. Go ahead to purchase BNBs equivalent to the amount of SafeMoon tokens you want.