Are you trying to figure out how to purchase Safemoon? You’ll find all the information you require right here.
Safemoon was a cryptocurrency that took the crypto world by storm earlier this year.
It went live on March 10 and has since generated returns in excess of 20,000 percent for early investors. After reaching an all-time high in April, it has since fallen by more than 70%, but it continues to attract the attention of cryptocurrency investors looking for the next big thing.
If you’re interested in Safemoon, the most difficult part will be figuring out how to acquire it.
Because it is a new cryptocurrency, it is not yet listed on any of the major cryptocurrency exchanges. However, once you’ve determined where you can purchase Safemoon, the process is fairly straightforward.
Before we get started, a word of caution: Safemoon is a cryptocurrency that carries a very high level of risk. Many have referred to it as a pump and dump, and the only thing that distinguishes it from the competition is a 10 percent fee for selling it.
If you want to give it a shot, think of it as if you were purchasing a lottery ticket. Do not invest excessive funds, and remember that there is only a slim chance that the investment will pay off.
Download the Trust Wallet application.
Safemoon’s developer recommends that you purchase it through the Trust Wallet application, which is a cryptocurrency wallet application. You can get it for your smartphone by downloading it from either the App Store or Google Play.
To begin using Trust Wallet after installing it, open it and select “Create a new wallet” (unless you have previously used it and already have a wallet).
Trust that your recovery phrase will be provided by Wallet. This phrase is extremely important because it contains a readable representation of the private keys to your cryptocurrency wallet.
Even if you lose access to your wallet, you can still recover your cryptocurrency by entering the recovery phrase into your wallet. If someone else manages to obtain your recovery phrase, they could use it to steal all of your cryptocurrency.
You should write down your recovery phrase and keep it in a secure location. Never share it with anyone.
Make a purchase of Binance Coin.
Safemoon is not available for purchase with cash at this time. As a substitute, you’ll need another cryptocurrency that you can use to trade for Safemoon. Binance Coin (BNB) is the cryptocurrency that is recommended.
The following is the procedure to purchase Binance Coin using the Trust Wallet:
- “Smart Chain” can be accessed from the home screen. If it isn’t available, you can search for it by tapping the icon in the upper-right corner of the app’s window. This will take you to the Binance Coin page within the Trust Wallet application.
- Click on the “Buy” button.
- Select “Next” to proceed to the payment page after entering the amount you wish to purchase in United States dollars.
- Enter your payment information and click “Confirm Transaction” to complete the transaction.
It is possible that you will be required to provide identification before completing the purchase.
It is possible to purchase Binance Coin using your Binance account if you already have an account with them. After that, you can use the Binance Smart Chain wallet to trade for Safemoon, which is a cryptocurrency.
Also Read: Step by step guide on how to buy Shiba Inu
Go to the Pancake Swap exchange and exchange your pancakes.
Pancake Swap is a cryptocurrency exchange that allows you to trade a wide variety of cryptocurrencies, including Binance Coin and Safemoon. Select “DApps” from the Trust Wallet’s bottom menu drop-down.
This option is labeled “Browser” if you have an iPhone, so keep that in mind. Scroll down until you find Pancake Swap, and then click on it to activate it.
This will take you to the Pancake Swap exchange page, where you can trade one cryptocurrency for another and complete your transaction.
If you’re using the Binance Smart Chain wallet, the procedure is slightly different.
To get to the same exchange page, go to Pancake Swap, click “Trade,” and then click “Exchange.” In addition, you’ll need to connect your wallet, which you can do by clicking on the “Connect” button in the upper right corner of the screen.
Exchange Binance Coin for Safemoon (optional).
To trade Binance Coin on Pancake Swap, enter the amount of Binance Coin that you wish to exchange. Select “Max” if you want to trade all of the Binance Coin that is currently stored in your wallet.
Use the “Select a currency” button to select the cryptocurrency you wish to receive in exchange for your money. Enter the word “Safemoon” in the search bar and click on it when it appears on the screen.
Pancake Swap will show you an estimate of how much Safemoon you will receive in exchange for your pancakes. When you’re ready, click on “Swap” to complete the transaction.
It is important to note that you may need to adjust the slippage tolerance in order for the trade to complete.
It is known as slippage when the price of a cryptocurrency changes between the time you submit your trade and the time it is executed.
If the slippage tolerance is not set to a high enough level, the trade may not be completed. Slippage tolerance of 12 percent is recommended by the Safemoon developers.
The Pancake Swap settings can be changed by selecting the settings icon from the game’s main menu.
To summarize, here’s how to acquire Safemoon:
- Install a cryptocurrency wallet on your computer. One of the wallets that Safemoon’s developers recommend is Trust Wallet.
- Make a purchase of Binance Coin. Purchased through an exchange should be transferred to your cryptocurrency wallet.
- Visit Pancake Swap and navigate to the page where you can exchange your pancakes.
- To trade Binance Coin, enter the amount of Binance Coin you wish to exchange and Safemoon as the cryptocurrency you wish to receive in return.
Safemoon is a high-risk investment, so keep that in mind when determining how much you should spend.
It’s fine to invest a small amount if you like the concept or simply want to include a very high-risk cryptocurrency in your portfolio.
Make certain that you only invest money that you can afford to lose. For those who want to include cryptocurrency in their portfolio, there is a variety of other cryptocurrency investing strategies that have greater potential over the long term.