As the crypto space continues to evolve, several projects are being rolled out, and investors are constantly looking for the best means to put their money to work. It is no news that BTC, ETH, and some other assets have gained popularity over time, and investors have made money from them.
Meme coins have now entered the mix, and they quickly became one of the most discussed investment opportunities in 2021, with Dogecoin, Shiba Inu, SafeMoon, and others leading interaction in various crypto communities. SafeMoon has been making the rounds for a while, and newbie investors ask how to profit from the meme coin.
Although it is entirely feasible to profit by speculating meme coins, doing so involves a high level of risk and is more analogous to gambling than it is to traditional financial planning. If SafeMoon has piqued your curiosity, this guide will assist you in how to buy SafeMoon, along with what you need to know about the coin before making a purchase.
What is SafeMoon?
SafeMoon is a crypto asset first issued in March 2021 and is based on the Binance Smart Chain (BSC) blockchain (BEP-20 token). The token’s value rose significantly in 2021 due to massive campaigns and celebrity endorsements, although the outlook is different now.
The key defining characteristic of the SafeMoon protocol is that it imposes a 10 percent charge on sell orders. For instance, if you sold USD 5,000 worth of SafeMoon, you would be required to pay a $500 charge on the transaction, aside from the costs due to a cryptocurrency exchange for enabling the sale.
According to the SafeMoon team, it was created for long-term investment purposes. The 10 percent transaction charge was set purposefully high to promote long-term holders (HODLers) and deter users from dumping the token. The fee is divided equally among long-term investors and a crowdsourced liquidity pool meant to keep the value of SafeMoon stable.
SafeMoon is regarded as one of the riskiest investments available in the crypto space. Like SHIB and some other meme coins, SFM serves no purpose and receives its valuation purely from people’s investments – the more buyers, the higher the price, and vice versa.
SafeMoon V2 Upgrade
Toward the end of 2021, SafeMoon founders announced SafeMoon 2.0 – an upgrade designed to improve contract execution, lower transaction fees, and consolidate the original SafeMoon tokens in a 1 to 1000 ratio. For instance, if you are holding 5,000,000 SafeMoon tokens at a unit price of $0.0000005675, you will now have 5,000 SFM tokens at a unit price of $0.0005675.
The V2 upgrade also introduced a remodeled fee structure for SafeMoon. Transfers from one wallet to another now cost 2% in charges, while swaps between paired cryptos feature a restructured 10% buy/sell fee mechanism.
In addition, the token distribution now differs from what it was on SafeMoon Old (V1). For the 2% fee structure, half of it is redistributed to holders; a quarter goes to the SafeMoon ecosystem, while the last quarter is allocated to the liquidity pool. In the case of the 10% Buy/Sell tax, 4% goes to holders, 3% is sent to SafeMoon liquidity pool, 2% to static burn, and 1% to the ecosystem.
The SafeMoon development team has put up several products, including a SafeMoon card, Hardware wallet, and SafeMoon exchange. It remains to be seen how these developments, if and when rolled out, will impact the value of SFM in the future.
Where Can You Buy SafeMoon Crypto?
There are a few hurdles to scale for beginners looking to purchase SafeMoon tokens. First, SafeMoon is not listed on popular exchanges like Coinbase, Binance, Kraken, Gemini, or CEX.io.
Second, SFM can mostly be purchased using other crypto pairs like USDT, WBNB, ETH, and BTC. You will not be able to buy SafeMoon crypto tokens directly with fiat currency like USD, EUR, or GBP. However, SafeMoon investors in India can purchase the token with the Indian Rupee (INR).
How to Buy SafeMoon on Gate.io?
Step 1: Setup a Gate.io account
You first want to create a Gate.io account via web or mobile app and complete customer identity verification as instructed. You can choose to register with your mobile number or email address.
Step 2: Deposit Fiat or Crypto
After creating an account, the next thing is to fund the account. There are several options to deposit money into your Gate.io account. You can fund it directly with fiat currency using debit or credit cards or transfer assets from an exchange or crypto wallet.
Since you are buying SafeMoon tokens, there are two options.
- You can Buy Crypto with a card or Bank Transfer. Basically, you can purchase USDT with USD using your debit or credit card and trade USDT for SFM tokens.
- Transfer USDT from any cryptocurrency exchange Binance, Coinbase, Huobi Global, etc., to Gate.io and trade the USDT for SFM token on the platform.
Step 3: Buy SafeMoon
Let’s assume you already have USDT in your Gate.io account.
- Click on the markets tab, type SFM into the search bar, and press enter.
- Ensure that you are on the spot trading interface. Put in the volume of SafeMoon you want to buy. If you prefer to type in the USDT equivalent, use the “Total USDT” box.
- Click on Buy SafeMoon and Confirm. Your purchase order will be executed at the limit order.
Voila! You have just purchased your first SafeMoon tokens.
How to Buy SafeMoon on PancakeSwap (V2)?
PancakeSwap (V2) is accessible in many countries worldwide and offers an easy way for residents in the United States, UK, India, and other parts of the world to buy SafeMoon.
Step 1: Get the Trust wallet (TW) mobile app
To access PancakeSwap (V2) and successfully complete the SafeMoon crypto purchase, you will require Trust Wallet. The crypto wallet is available for Android and iOS devices.
Step 2: Fund your Trust Wallet with BNB tokens
There are two options to fund your Trust Wallet with BNB.
- Purchase BNB with a credit/debit card
Choose BNB smart chain, select Buy, choose the preferred payment processor, and follow the prompts to complete the purchase. Do note that the minimum acceptable purchase will vary, and card purchases on Trust Wallet can be costly in terms of payment processor fees.
- Transfer from exchange
First, you will have to purchase binance coin BNB on Binance, FTX, Gate.io, KuCoin, Binance.US, or Huobi Global. Next, transfer BNB from your preferred exchange to TrustWallet, and swap it to BNB Smart Chain.
Step 3: Go to PancakeSwap (V2) DEX
- You can access PancakeSwap under the DeFi section of the DApps tab on TrustWallet.
- Connect Binance Smart Chain to PancakeSwap (V2).
- Connect TrustWallet to PancakeSwap (V2).
- Import SafeMoon V2 contract address from CoinMarketCap, and accept the prompts.
Step 4: Swap BNB for SafeMoon V2
- Type in the volume of Binance coins you want to swap, and you will see the equivalent SFM tokens.
- Change the slippage tolerance to 12%, and click Swap to complete the purchase of the SafeMoon coin.
Note: You will pay minimal fees to swap BNB to SFM.
Step 5: Add SafeMoon Contract Address to TrustWallet
So, you’ve purchased some SafeMoon V2 tokens and are wondering where they are! Not to worry, all you need to do is enable SafeMoon on TrustWallet.
- Click on the top right corner.
- Type “SafeMoon” into the search bar and switch on SafeMoon V2.
- You can also paste the contract address “0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5” into the search bar and switch on SafeMoon V2.
Should You Buy SafeMoon?
SafeMoon quickly became a frenzy of interest within a month of its launch. In a matter of days, the SafeMoon price shot up 7000%. According to predictions, Safemoon’s price will bounce back for a massive move towards the upside as it nears a critical resistance level. If the memecoin manages a 55% upswing to US$0.00000321, Safemoon has the chance to make its comeback in 2022.
Here’s the thing, Safemoon’s price is still tied to the price of Bitcoin and the crypto space overall. Sure if Safemoon launches a bunch of products in 2022, the price of SFM will increase. But the overall potential of where we can go depends on what happens to Bitcoin.
Closing Thoughts
SafeMoon is a relatively new cryptocurrency but has already made a name for itself. Even though you have just learnt how to buy SafeMoon, it's a bit more challenging to buy than other cryptocurrencies, especially for beginners, since you need to download a wallet and purchase another coin to swap.
SafeMoon has the potential to be a profitable investment, but it also has plenty of risks. If you’re considering adding it to your portfolio, be sure to understand the risks and only invest money you can afford to lose.
