Trading and Investing

A Complete Guide To Safemoon: How To Buy Safemoon with Trust Wallet

Published
March 4, 2022
Written By
Share

Topics

    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 with Trust Wallet 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: $0.000001308
    • Market cap: $766,511,931.43
    • Market Cap Rank: #212
    • Circulating supply: 585,536,366,402,812

    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 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. 

    But, why?

    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.  Go to the Pancake Swap exchange

    PancakeSwap lets you exchange several cryptocurrencies including Safemoon and Binance Coin. Here’s how you exchange

    • From the bottom menu of Trust Wallet, choose dApps
    • If you have an iOS device, it is labelled “Browser”
    • Scroll down until you see PancakeSwap and tap on it to select. It will redirect you to PancakSwap’s exchange page
    • On the page, click “Trade” and then click “Exchange”
    • Enter the amount of Binance Coin you want to swap
    • “Select a currency” to select which token you want to receive Binance Coin in
    • Enter “Safemoon” in the search bar and choose it when it appears
    • The exchange will you the estimated number of Safemoon you are going to receive and when you are ready click on “Swap.”

    How to View SafeMoon in your TrustWallet

    That was all about how to buy Safemoon crypto with TrustWallet. Now, it is very normal to ask what where your tokens are. Follow these simple instructions to see your Safemoon tokens in your TrustWallet.

    1. Copy the address from your contract for SafeMoon
    2. Return to the home page of TrustWallet. Go to the end by selecting the bottom-left blue symbol.
    3. Enter [Safe] on the search field. Click [Add Custom Token].
    4. Switch to the Smart Chain network from Ethereum. Paste the Contract Address for SafeMoon under [Contract Address] and select [Save].
    5. TrustWallet will now display your SafeMoon tokens.

    Best Crypto Wallets for Safemoon

    Other than Trust Wallet, these are the best crypto wallets for Safemoon:

    Ellipal Titan

    This multi currency wallet supports thousands of cryptocurrencies and users report that it is very user friendly and the best hardware wallet for Safemoon. The Ellipal Titan has a sleek user interface that allows users to straight away view their portfolio.

    MetaMask

    Almost every crypto investor/trader might have heard about the software wallet, MetaMask. Investors/traders favor MetaMask over other wallets because of the simplicity if offers. Installing it is super quick because it is a Google Chrome extension.

    To ensure that the wallet supports BSC, choose “Custom RFP” from the drop-down menu on the screen’s upper right-hand corner. Once the wallet is set up, you can send BNB tokens to your wallet and then go to PancakeSwap enable your tokens to run with BSC by enabling the bridge feature.

    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. And we hope with out guide on how to buy Safemoon on Trust Wallet, you can easily buy some Safemoon. It is recommended to not invest a lot of money just yet, as there’s a slim chance of it actually paying off.

    How To Buy Safemoon Crypto with Trust Wallet FAQs

    1. How to buy Safemoon on Trust wallet?

    Safemoon cannot be bought directly with cash, so you need to create a Trust wallet and add Binance Smart Chain to it, and then swap them for Safemoon.

    2. Is investing in Safemoon safe?

    Similar to other virtual currencies and digital assets, Safemoon too is a high-risk investment. Considering the volatility of the crypto market, you can lose all of your investment. For this reason, investing in Safemoon is not considered a retirement funding investment, but rather a high-risk money-making investment.

    3. What is Safemoon?

    Safemoon is a recent cryptocurrency that was just released in March 2021. 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.

    4. Is Safemoon a good investment option?

    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.

    5. What is Safemoon termed as pump and dump?

    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.


    ZenLedger easily calculates your crypto taxes and also finds opportunities for you to save money and trade smarter. Get started for free now or learn more about our tax professional prepared plans!

    Get Started Now
    ZL new logo

    Simplifying DeFi, NFT, and Crypto Taxes for Investors and Tax Professionals

    FB logolinkedin logotwitter logoyoutubrmedium


    Copyright © 2022 ZenLedger
    10400 NE 4th St, Floor #5,
    Bellevue, WA 98004, USA