Unfeeling is the man whose thoughts are unswayed by the torrential floods of the internet. It is the pantheon of invention and bootleg imitations where the latent fascination of the latest fads finds root. To try and deny its existence is to be an ostrich, which seeks refuge in denial. While I may have strayed a bit off track, the gargantuan presence of the cryptocurrency deities forces me to do due homage. A moment of silence, and we shall proceed with our guide to befriending the newest kid on the block, how to buy SafeMoon. This is by no means an exhaustive guide about the in’s and outs of Crypto trading; it is more of a rite of passage to getting your feet wet.
What is SafeMoon coin?
SafeMoon was launched on 10th March 2021 as a cryptocurrency token under the Binance Smart Chain blockchain. It was rightly dubbed the “world’s fasted growing cryptocurrency” when it rewarded early investors with returns of over 20,000%. A later launch of the SafeMoon wallet app was also scheduled for September this year with beta-testing done in mid-June.
Is SafeMoon a long term investment?
SafeMoon did garner plenty of criticism from financial enthusiasts, giving it the designation of a meme coin. Moreover, with DOGE and SHIBA INU already leading away much of the market-frenzy, only time will tell if SafeMoon will land on the moon or fall among the stars (as a meme of the yesteryear).
Investing in Safemoon turned out to be extremely profitable for early investors. But has been seeing a lot of price volatility of late. Its history of frequent rise and fall shows more of a gamble investment. While cryptocurrencies such as the popular ones DOGE and SafeMoon can help you recover quick losses but they aren’t termed as viable investments for a longer duration. Cannot be advised to spend my entire life savings on this asset for the time being.
The future holds good if one is to believe WalletInvestor predicts Safemoon price to rise to $0.000051 in one year and up to $0.000237 in five years. Similar sentiments are reflected by Digital Coin, which puts Safemoon price prediction to $0.00000870 in one year and $0.00001690 over five.
I might sound snarky, but, when people can invest seriously into a meme-fueled cryptocurrency like Dogecoin, having a well-thought-out Safemoon does fall flat.
Recommended Read: How to withdraw money from crypto.com to a bank account?
How to buy SafeMoon coin?
The Safemoon coin is controversial since its launch. Due to this, it is not supported on conventional exchange platforms like Coinbase and Gemini. This is the reason why the process gets more tedious buying Safemoon coins. However, a recent update on the SafeMoon Wallet page has provided the option of a direct swap. For this article, we’ll be looking at both methods of purchasing SafeMoon, the improved version and the conventional one (until now).
The easier route to buying SafeMoon would be to opt for the customized SafeMoon Wallet. On 15th June this year, the Wallet was made open to beta testing with the finished product hitting Play Store shelves in September and the App Store market in October. Constant updates have been the norm so far with many focusing on beefing up security. One of their more recent updates is the direct swap option of trading BNB for SafeMoon.
A BNB buy button has been integrated on the SafeMoon wallet for the purchase of BNB that can be exchanged for Safemoon cryptocurrency any time later. As a result, one could very well buy BNB and then convert it to SafeMoon tokens within the confines of the wallet. The move has instilled faith in the hodlers making the earlier tricky process smooth enough.
Safemoon, a relatively new coin cannot be bought from cash neither it is available on top cryptocurrency exchanges. Few users are finding it difficult to use because of technical difficulties and regional restrictions. While some are raring to go.
Using this direct option would be our recommended strategy, had it not been for some of the complaints making rounds on Twitter. There is also the problem of the wallet not functioning well on the international forum with purchases being denied or automatically canceled. Moreover, some Indian banks do not tender such international transactions.
Many of SafeMoon’s patrons are disappointed with the 10% chunk that would be taken out from each transaction. Some of the original contributors have also put this “slipping price” measure to ridicule. Keeping all this in mind, it’s worth considering an alternative. So here’s the “slightly” long-winded route to securing your lunar currency.
SafeMoon comes under the jurisdiction of the Binance Smart Chain. SafeMoon crypto cannot be acquired through the usual purchase with cash. Instead, one ought to purchase Binance crypto and later exchange it for SafeMoon assets.
Traditional Methods to buy Safemoon Coin
To start with, one needs to have an account created on the Binance platform so that one can use the decentralized exchange, PancakeSwap of the platform. It will be followed by a software Safemoon wallet integration with Binance Smart Chain. Trust Wallet and Metamask are the recommended ones.
Checklist to buy Safemoon token
1 60 hours
Buy Ethereum (ETH)
Create an account on the crypto exchange Binance platform (BSC)
Transfer ETH to Binance exchange account
On Binance account, convert ETH to Binance Coin
Create an account on TrustWallet/ MetaMask soft wallet
Integrate BSC with TrustWallet/ MetaMask
Add SafeMoon to TrustWallet/ MetaMask
Transfer Binance Coin (BNB) from Binance to TrustWallet
Use PancakeSwap to exchange BNB for SafeMoon
SafeMoon transferred to TrustWallet/ MetaMask wallet
How to buy Safemoon on Pancakeswap?
PancakeSwap Exchange is the more conventional mode to exchanging crypto-currencies. The process isn’t all that complicated though. Just follow the directions below and you should be as safe as houses.
How to use PancakeSwap Exchange to buy SafeMoon?
- Choose “DApps” on the bottom menu of Trust Wallet (Labeled “Browser” on the iPhone)
- Select Pancake Swap from the menu
- Select the option to exchange Binance coins for the SafeMoon
- Choose the amount of Binance Coin that you’d want to trade
- Select the preferred crypto-currency by typing SafeMoon in the search bar
- An estimate will be provided regarding the expected amount of SafeMoon you’re likely to receive
- Press “Swap” when ready to exchange
- There will be a notice that highlights the implications of trading in SafeMoon(*slippage tolerance-12%) . Make sure you agree to it
- You could also navigate to the SafeMoon page on PancakeSwap Exchange and select the preferred medium of exchange.
* Slippage Tolerance is a setting for the amount of price slippage you’re willing to accept for a trade. Creates a safety net for the accepted minimum of tokens despite an increase or decrease in price.
Once the approval is received for the SafeMoon coin trade, you’ll be required to buy Binance Coin (BNB). These tokens will have to be exchanged for SafeMoon, it is advisable to buy as many BNB needed to invest in SafeMoon.
Buying SafeMoon via the aforementioned method is likely to be the least hassle-free.
How to use TrustWallet to buy SafeMoon?
After activating Pancakeswap account, create a software wallet account compatible with Binance Smart Chain. One can download the Trust Wallet app from the Play Store. The app works on both mobile and desktop versions without a hitch. After installation, choose “Create New Wallet” if it’s your first time using the app.
Trust Wallet will provide a recovery keyphrase that ought to be kept carefully. The recovery key can help obtain your crypto stash if you lose access to the wallet. Goes without saying that you shouldn’t divulge the key to any third party sources.
- Use Binance Coin (BNB) to make your initial crypto purchase
- Select “Smart Chain” on the home screen. It might be enclosed in the list section
- Go to the Binance Coin page
- Select “Buy”
- Enter the amount in your preferred currency* of choice
- Enter the payment info and verify the purchase by confirming your identity
- * There are restrictions in some Indian Banks when purchasing crypto. I recommend trying a MasterCard or Visa affiliated with an International Bank like HDFC or Kotak.
How to buy Safemoon on Binance Smart Chain?
Other options like Coinbase do not actively support SafeMoon. Even so, other alternatives do exist. Using Binance Smart Chain to procure SafeMoon is a recommended choice.
Steps to buy Safemoon on Binance using Binance Smart Chain Wallet:
- After reaching the Pancake Swap Exchange, select “Trade” and choose “Exchange”
- You’ll have to connect your wallet beforehand. A notification confirming your exchange will appear.
- Connect your wallet by selecting the “Connect” option on the bottom of the webpage
- Exchange your Binance coins for SafeMoon by entering your preferred amount
You can give a try using other options as well, regardless, the transaction may be a little smoother if you went for the Binance route (no unnecessary delay in purchases).
How to buy SafeMoon in India?
Acquiring a bit of cryptocurrency in India is still a bit of a grey area. As a result, having queries regarding the legitimacy of purchase is only expected. Even so, Crypto trading and purchases are definitely seeing a lot more patrons.
However, both the RBI and the Government refuse to recognize crypto as legal tender. Regardless, there are no fixed laws that prohibit crypto trading. They do have the potential value of an asset and since trades can be made online, they fall into the class of assets.
Long story short, you aren’t breaking the law in any way by trading in crypto. Moreover, the government may bring about a proposal sometime soon to regulate their workings. There is, of course, the brand of caveat emptor. Cryptocurrency can be a little volatile due to its decentralized and non-conforming nature; keep an eye out.
Preferred Crypto Wallets in India
It would be wise to opt for a wallet that has seen some degree of success in India. Therefore, utilizing the American Robinhood or CashApp to make your crypto transaction can be a little frustrating. Here’s our compilation of Crypto Wallets in India which might just help scratch the itch.
- Trust Wallet (our go-to as well)
Thus ends our miniature guide to getting yourself acquainted with SafeMoon. However, if you are interested in getting more details on how one can change Cryptocurrency to money through local bitcoins, head straight here.
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