Safemoon took the crypto world by storm earlier this year. It launched on March 10 and rewarded early investors with returns above 20,000%. After hitting an all-time high in April, it has fallen by over 70%, but it still has the attention of crypto investors looking for the next big thing.
If you are interested in Safemoon, the tricky part is learning how to buy it. As a new cryptocurrency, it is not available on major cryptocurrency exchanges. But once you know where to buy Safemoon, the process is pretty straightforward.
Before getting to the heart of the matter, a word of warning: Safemoon is a very high risk cryptocurrency. Many have called it a pump and a dump, and the only thing that makes it unique is a 10% fee for its sale. If you want to try it, look at it like buying a lottery ticket. Don’t invest too much money and keep in mind that there is only a small chance that it will pay off.
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1. Download Trust Wallet
The developer of Safemoon recommends purchasing it using Trust Wallet, which is a crypto wallet app. You can download it to your smartphone, from the App Store or Google Play.
After installing Trust Wallet, open it and select “Create New Wallet” (unless you have used it before and already have a wallet).
Trust Wallet will provide your recovery phrase. This phrase is extremely important because it is a readable form of the private keys of your crypto wallet. If you lose access to your wallet, you can still get your crypto back with the recovery phrase. However, if someone else gets your recovery phrase, they could use it to steal all of your crypto.
Write down your recovery phrase, keep it in a safe place, and never share it with anyone.
2. Buy Binance coins
Safemoon cannot be purchased directly with cash. Instead, you’ll need another cryptocurrency that you can exchange for Safemoon. Binance Coin (BNB) is the recommended option.
Here’s how to buy Binance Coin with Trust Wallet:
- From the home screen, tap “Smart channel”. If it’s not available, use the icon in the top right corner of the app to find it. This takes you to the Binance Coin page in Trust Wallet.
- Press “Buy”.
- Enter the amount you wish to purchase in US dollars and select “Next” to go to the payment page.
- Enter your payment information and confirm the transaction.
You may need to verify your identity to complete the purchase.
If you have an account with Binance, you can buy Binance Coin there instead. After that, you can use the Binance Smart Chain wallet to trade for Safemoon.
3. Go to the Pancake Swap
Pancake Swap is an exchange that allows you to trade many different cryptocurrencies, including Binance Coin and Safemoon. Select “DApps” from the bottom menu of Trust Wallet. Note that if you have an iPhone, this option is titled “Browserâ€. Scroll down until you find Pancake Swap and select it. This brings you to the Pancake Swap exchange page, where you can exchange one crypto for another.
The process is different if you are using the Binance Smart Chain wallet. Go to Pancake Swap, click on “Swap”, then on “Swap” to reach this same swap page. You will also need to connect your wallet, which you can do by using the “Connect” button in the corner of the page.
4. Exchange Binance Coins for Safemoon
On Pancake Swap, enter the amount of Binance Coin you wish to trade. Choose “Max” if you want to trade all Binance Coins in your wallet.
Use “Select Currency” to choose the cryptocurrency you wish to receive. Enter “Safemoon” in the search bar and select it when it appears.
Pancake Swap will show you the estimated amount of Safemoon you will receive. When you are ready, select “Swap” to complete the swap.
Note that you may need to adjust the slip tolerance for the transaction to be processed. Slippage occurs when the price of a crypto moves between when you submit the trade and when it is executed. If the slip tolerance is not high enough, the transaction may not be successful. The developers of Safemoon recommend a slip tolerance of 12%. You can adjust this by tapping the settings icon on Pancake Swap.
To recap, here’s how to buy Safemoon:
- Download a crypto wallet. Trust Wallet is the one that the developers of Safemoon recommend.
- Buy Binance coins. If you buy it through an exchange, transfer it to your crypto wallet.
- Visit Pancake Swap and go to its swap page.
- Enter the amount of Binance Coin you wish to trade and select Safemoon as the cryptocurrency you will receive.
Safemoon is a big bet, so take that into account when deciding how much to buy. It’s fine to buy a bit if you like the concept or just want some really high risk crypto in your wallet. Make sure you only put in the money you can afford to lose. And if you want to integrate crypto into your portfolio, look for other cryptocurrency investment strategies with better long-term potential.
