In the first quarter of 2021, a new cryptocurrency called Safemoon became the talk of crypto town. As we already know, Bitcoin, Ethereum, and recently Dogecoin have gained much popularity, but what about this new cryptocurrency that everyone, including investors, crypto enthusiasts, and industry experts are talking about? How safe and how good an investment is it?
If you’re interested in Safemoon, this article is your go-to guide to get started with Safemoon. We will provide answers to all of your questions including how to buy safemoon crypto to why you should invest in it.
Let’s get started!
What Is Safemoon?
Safemoon is a recent cryptocurrency that was just released in March 2021. Safemoon was created on the Binance Smart Chain blockchain (BSC blockchain).
The coin defines itself as a DeFi token or a decentralized finance token that enables P2P trading without the interference of any centralized authority like government or banks.
Here is a quick look at the numbers:
- Current price: $0.00000159
- Market cap: $867,163,959
- Market Cap Rank: #114
- Circulating supply: 575,811,504,750,968
Where To Buy Safemoon Crypto
First things first, you cannot buy Safemoon directly with cash. Then how? You need to install and create your own Trust wallet that is used to store BEP2, ERC721, as well as, ERC20. You can download the Trust wallet on your mobile devices:
- iOS (App Store)
- Android (Play Store)
How To Buy Safemoon Crypto With Trust Wallet
Coming to the main theme of the article: how to buy Safemoon crypto on Trust wallet? As already established, Safemoon cannot be bought directly with cash.
Here are the 4 simple steps that you need to follow to buy Safemoon:
1. Trust Wallet Creation
The developers’ team at Safemoon recommends buying Safemoon using a Trust wallet. You can download Trust wallet on your Android or iOS smartphone from the PlayStore or App Store, respectively.
After you’ve downloaded and installed the wallet, you have to ‘Create A New Wallet’. In the process of wallet creation, you’ll also be provided with a backup recovery phrase or a seed recovery passphrase which you have to keep very safely.
The recovery phase is the only key to get back your crypto in case of loss or theft of your wallet. This also means if anyone comes to know your seed phrase they too can access your wallet.
2. Add Safemoon To Trust Wallet
The next step is to add Safemoon to your wallet.
- Search for “Safemoon” by tapping in the top-right icon. If you don’t find it there, tap on “Add Custom Token”
- Next, click on “Ethereum” at the top of the page and change it to “Smart Chain.” You’ll notice a contract address on the same page, copy it, and paste it in the Contract Address section
- Now, add “Safemoon” as the name and SFM as the Safemoon symbol
- Add decimal as “9”
- Finally, click on “Done”
You can now see that Safemoon has been added to your Trust wallet.
3. Purchase Binance Smart Chain (BSC)
- On the main screen of the Trust wallet, click on “Smart Chain”
- On the top-right corner, click “Buy”
- Prove your identity for KYC verification. Keep your documents handy.
Note, if an international transaction is not enabled on your account, you might have to contact your bank.
4. Trade BSC For Safemoon
Now that you have made the transaction, your Trust wallet has BSC. All you have to do now is swap this BSC for Safemoon.
- Click on “Swap by Safemoon”
- On the top-right corner, you can connect your wallet
- On the adjust control symbol, set the slippage to about 12%
- Enter the BSC amount for swapping and tap “Swap”
- After the successful transaction, you’ll have Safemoon on your Trust wallet
Should You Invest In Safemoon?
Similar to other virtual currencies and digital assets, Safemoon too is a high-risk investment. Before investing in Safemoon, or any cryptocurrency, one must have a good understanding of how the assets work and their background. Apart from that, it is also important to thoroughly research the crypto market and understand its dramatic fluctuations.
It is important to note that because of the volatility of the crypto market, you can easily lose all of your investment. For this reason, investing in Safemoon, or any cryptocurrency is not considered a retirement funding investment, but rather a high-risk money-making investment.
How Safe Is Safemoon?
As Safemoon is a recent crypto, there has been a lot of talk about its safety among investors and crypto experts. Safemoon does not work on any background project, which does not build up confidence in investors. All it does is let people buy coins and push the prices up.
The Bottom Line
Safemoon, the latest addition to the crypto market has often been tagged as the ‘pump-and-dump’ coin. Many crypto industry experts believe that crypto enthusiasts will buy the coins, and ‘pump’ up the price then later ‘dump’ or sell them, resulting in a fluctuating price of the coin in the market.
Nevertheless, Safemoon can be considered a money-making lottery ticket, where your stakes can easily be lost if you don’t have some luck. It is recommended to not invest a lot of money just yet, as there’s a slim chance of it actually paying off.