Investing In Popular Cryptocurrencies
Cryptocurrencies come with a growing list of concerns and vulnerabilities. First and foremost, market volatility is much higher in crypto than traditional stocks.
But it seems that SafeMoon crypto has found a great way to offset this volatility as much as possible. To learn more about the rising interests in crypto, sign up for the Manward Financial Digest e-letter below. The experts at Manward analyze numerous crypto trends and provide daily updates, tips and more.
Cryptocurrencies have real potential and SafeMoon is combating market volatility unlike any other digital currencies. Therefore, it may be the right time to enhance your portfolio now that you have learned how to invest in SafeMoon cryptocurrency.
About Corey Mann
Corey Mann is the Content Manager of Investment U. He has more than 10 years of experience as a journalist and content creator. Since 2012, Coreys work has been featured in major publications such as The Virginian-Pilot, The Washington Post, CNN, MSNBC and more. When Corey isnt focusing on Investment U, he enjoys traveling with his wife, going to Yankees games and spending time with his family.
Why Safemoon Is Not A Safe Investment
The buzzword HODL swings thick and fast within the crypto market. During a bull market, laser eyes come crashing in whereas in a bear market, the cliche HODL fills the digital space. What if we get paid instantly for HODLING instead of waiting for months and years to LAMBO. Is there an ecosystem existent within the cryptoverse to do that? Thats perhaps what you have in your head. Well, indeed theres one and the name is SafeMoon.
Is Trust Wallet The Best Platform To Buy Safemoon
Though you might already know how to buy SafeMoon on Trust Wallet iPhone, is it really the best platform for purchasing this cryptocurrency? Its a fair question considering SafeMoon has its own crypto wallet.
The Trust Wallet not only offers more tokens and multiple chains, but it even has DeFi products as well. Its a popular wallet too for compatibility with many DeFi platforms. The staking, crypto lending, and borrowing services on Trust Wallet also give it additional value.
However, purchasing SafeMoon on Trust Wallet might be slower since decentralized exchanges have slower transaction speeds and require a little more technical knowledge to execute. If you want a fast and easy way of buying SafeMoon, then we recommend the Crypto.com exchange.
Cryptocurrencies are highly volatile assets. Make sure to do your own research and understand the risk involved with trading these types of assets. Your capital is at risk.
The Crypto.com ecosystem is filled with amazing crypto products that let you easily lend, borrow, and earn from your crypto holdings. Aside from this, they have a great crypto exchange interface for those looking to trade. With SafeMoon being a volatile asset, its worth looking into the Crypto.com platform to trade and profit from the tokens day-to-day price movements.
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The Future Of Safemoon
Digital currencies analysts appear to be cautiously optimistic about the safemoon price.
WalletInvestor predicts that the value of a safemoon coin will rise to $0.000051 in one year and up to $0.000237 in five years. Digital Coin, meanwhile, puts its safemoon prediction at $0.00000870 in one year and $0.00001690 over five.
However, these are of course just predictions. And if a glance at any crypto price chart can tell you one thing, its that it is likely to be a very bumpy ride.
It is also arguably too early to tell what impact safemoons sale tax will have on potential investor appetite.
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The Lawsuits Are Already Being Filed
As is often the case when an investment collapses, people are now turning to lawyers. Plaintiffs filed a class action lawsuit against various celebrity and social media promoters of SafeMoon last month.
Plaintiffs allege that SafeMoon is a Ponzi scheme. And that it relied on tweets and other forms of promotion from celebrities such as Jake Paul, Nick Carter, Soulja Boy and Lil Yachty to attract investors into the scheme. The lawsuit cites postings from the likes of Paul, who have touted various cryptocurrencies and non-fungible tokens over the past year. This pattern of activity might give investors the sense that this made SafeMoon a trustworthy and dependable investment.
Instead, however, the lawsuit claims that SafeMoons development team has generally failed to achieve the development goals it laid out in its roadmap, such as building a crypto exchange. This, the plaintiffs contend, essentially turned SafeMoon into a slow-moving rug pull operation. Allegedly, celebrity promoters such as Paul could sell SafeMoon at high prices while giving followers the impression that the project had a bright future.
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Buy Safemoon On Binance
Binance is the worlds largest cryptocurrency exchange. Its Trust Wallet App and PancakeSwap exchange can be used to purchase SafeMoon.
Below is how the process works:
1. Open a Binance Account
account if you dont have one already. This step is required to purchase the Binance Coin you need to swap for SafeMoon.
Binance coin is the native currency of the Binance ecosystem.
When Binance users use BNB to pay trade commissions, they get a 25% discount.
2. Download Trust Wallet App
Trust Wallet is a cryptocurrency wallet owned by Binance. It can be used to buy, keep, and exchange various crypto coins and DeFi tokens.
After installing the app, create a new wallet, and be sure to write down and keep your recovery phrase in a safe place.
To buy SafeMoon, you need to use the Trust Wallet to connect to PancakeSwap.
Send your BNB to Trust Wallet and swap to a BNB Smart Chain token. You can also buy Binance Coin directly in the Trust Wallet.
3. Buy SafeMoon on PancakeSwap
Visit PancakeSwap from Trust Wallet . iPhone users may need to type this link in Safari to activate and connect to PancakeSwap.
Exchange your Binance Coin for SafeMoon. Limit your slippage to 12%. You can hold SafeMoon on the Trust Wallet.
What Is Your Sentiment On
It is currently trading at around $0.00117, and ranking 3,002nd in the list of cryptocurrencies by market capitalisation at $718m, according to CoinMarketCap.
Also Check: How To Receive Crypto On Coinbase
The Founders Of Safemoon
The team behind SafeMoon was not public until recently, and because of that, many people highlighted SafeMoon as a high-risk investment with a high potential of being a scam. However, its founders are now public and can be found on the official SafeMoon website. The current core team members behind SafeMoon are:
Learn How To Invest In Safemoon Crypto
In general, cryptocurrencies have become a hot topic over the past year. Theres also a wide range of sentiment that spans from investor uncertainty to a social media craze.
But first, what is SafeMoon? Its a community driven cryptocurrency that launched on March 8, 2021 for $0.00000007. In addition, it combats market volatility by penalizing sellers and rewarding holders.
You must pay a 10% transaction fee for selling your SafeMoon investment. Half of that 10% is then redistributed to investors who continue to hold onto their SafeMoon crypto.
And it seems to be resonating with investors. SafeMoon is currently up over 2,000% since its initial launch. Its trading around $0.0000073 with a market cap of more than four million.
With these skyrocketing numbers, its easy to understand why so many people are desperate to learn how to invest in SafeMoon. However, its currently available on less than 10 exchanges.
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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 To Trade Safemoon A Step
If you want to trade SafeMoon coin, you need to realise this will involve selling it. Consequently, you will be subjected to the 10% flat fee applied by the company.
In order to trade, you need to open and close positions quickly to take advantage of market volatility. The process of trading SafeMoon is currently difficult due to the limited number of brokers that support it, though, in the future, it is likely to become much the same as trading Bitcoin or any other cryptocurrency.
Read Also: How To Pay Taxes On Cryptocurrency
Is Safemoon Really Safe
Well, the technicals do portray a bad image for SafeMoon where it could end up as a pump and dump token only, in the absence of a battle-tested use-cases. For example, theres very little clarification on the burning events. Generally, it is assumed that the founders and developers do the burning instead of a smart-contract.
These aspects make the token extremely speculative and not a good example of a truly decentralized crypto. For example, one of the influential crypto cronies Lark Davis says that SafeMoon is a sugar-coated Ponzi scheme that most people fail to notice. The only reason for the same is that they are concerned about living in the present moment and encashing all their gains as if theres no tomorrow.
Dave Portnoys Safemoon Endorsement
As of May 17 2021, Dave Portnoy, founder of Barstool Sports, has voiced his allegiance to SafeMoon. He announced his support on Twitter, encouraging his followers to buy the crypto token. Admitting that he doesnt really know what SafeMoon is, Portnoy told his followers: If it is a ponzi , get in on the ground floor. However, SafeMoon is far from being on the ground floor. The token is currently trading for a 1,000% premium over its price in April.
The reason some investors think theyre early investors in SafeMoon is its low price. SafeMoon can be bought for far under a penny, leading some to think theres lots of room for the cryptocurrency to grow. However, its almost impossible for SafeMoon to reach a penny, much less a dollar. This is because of the immense amount of tokens minted the initial supply was 1 quadrillion tokens.
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Connect Your Wallet To The Binance Smart Chain
Next, enter the following information for the Binance Smart Chain:
- Network Name: Smart Chain
- Block Explorer URL: https://bscscan.com
Step 5: Copy your wallet address
Ensure you are connected to the BSC network. Smart Chain should appear at the top of your wallet. If its not, click the drop-down arrow and select Smart Chain.
Once connected, copy your wallet address.
Step 6. Withdraw BNB to Metamask or Trustwallet
Go to your BNB wallet on Binance and select Withdraw. Enter your BNB amount and paste your wallet address.
When withdrawing your BNB tokens, ensure you withdraw them over the BSC network .
Step 7. Connect to PancakeSwap
Once your BNB is in your Metamask or Trustwallet, go to PancakeSwap.
In the top-right corner, click connect wallet and select either Metamask or Trustwallet.
Step 8. Swap BNB for SafeMoon
- Once your wallet is connected to PancakeSwap, go to Trade and Exchange.
- Enter the amount of BNB you wish to swap for SafeMoon but leave a few dollars worth of BNB to pay for fees.
PancakeSwap defaults to CAKE when making swaps, but you can change CAKE to SafeMoon by clicking the little arrow next to CAKE. Paste the SafeMoon version 2 contract address in the search bar: 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5
SafeMoon will appear. Select import.
Step 9. Select slippage
Step 10. Complete the SafeMoon trade
Buying SafeMoon via Metamask or Trustwallet
Step 1. Install wallet
Step 2. Connect to BSC and buy BNB
Step 3. Swap BNB for SafeMoon
What Is Safemoon Coin
SafeMoon is a relatively new cryptocurrency that shares a lot in common with Bitcoin. Its designed to facilitate secure global payments over a decentralized blockchain network.
The difference between SafeMoon and other cryptocurrencies is that it doesnt want to just take investors to the moon a phrase popularized by Elon Musk to describe tokens like Dogeocin. SafeMoons goal is to get there safely.
To that end, SafeMoon has taken several steps to reduce its volatility. The coins founders openly discourage day trading. In addition, SafeMoon crypto automatically charges a 10% fee when selling the token to make it more painful to sell. Half of these fees are distributed to existing coin holders, so they effectively receive a dividend as a reward for continuing to hold onto SafeMoon.
SafeMoon also uses manual burns, meaning that the coins leadership team decides when to remove coins from circulation instead of making this process automatic. That gives them more control over the SafeMoon price as the coin gains popularity.
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How Do You Buy Safemoon
If you want to buy SafeMoon to diversify your cryptocurrency portfolio, you actually have plenty of options.
The method SafeMoon naturally promotes is to purchase SafeMoon through its own wallet.
Heres how the process works:
MoonPay lets you purchase popular cryptocurrencies with your debit or credit card, and overall, this is one of the simplest ways to buy SafeMoon.
Alternatively, you can buy SafeMoon by using different Decentralized Exchanges . PancakeSwap and Gate.io are two popular options, although SafeMoons wallet or PancakeSwap are your two best options to purchase the token.
Do You Want To Hold Safemoon For The Long Term
The primary consideration is what kind of investor you are. Do you want to hold SAFEMOON coin for long-term rewards and to speculate on its future price, or do you want to trade it for accelerated returns. Below are the central considerations you should make with each strategy.
Considerations for a long term investment strategy
If you believe SafeMoon is a project that is going to continue to gather pace, and you want to get in early, and get some coins. If you want to enjoy the rewards from holding tokens for the long term, storing them in a personal wallet could be a good move.
Considerations for a short term trading strategy
If you want to trade SAFEMOON quickly to profit from crypto market fluctuations, the overall strength of the project is much less relevant. Instead, you should focus on technical analysis so you can spot the right time to make an entry and the right time to sell your coins just make sure you take the selling fee into account when formulating your trading strategy.
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How Much Money Do I Need To Buy Safemoon
Depending on the exchange you select and its minimum investment/deposit amount, you may need to invest a specific amount when buying SafeMoon, but if you select a platform without such limitations, you should be able to purchase whichever amount you wish.
About Ali RazaAbout Ali Raza
Ali is an experienced writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profiled investment sites including CCN, Capital.com, BeInCrypto, Bitcoinist, and NewsBTC.
Add Safemoon To Trust Wallet
The next step is to add Safemoon to your wallet.
- Search for âSafemoonâ by tapping in the top-right icon. If you donât find it there, tap on âAdd Custom Tokenâ
- Next, click on âEthereumâ at the top of the page and change it to âSmart Chain.â Youâll notice a contract address on the same page, copy it, and paste it in the Contract Address section
- Now, add âSafemoonâ as the name and SFM as the Safemoon symbol
- Add decimal as â9â
- Finally, click on âDoneâ
You can now see that Safemoon has been added to your Trust wallet.
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Binance Best Way To Buy Safemoon Coin
Binance is one of the largest cryptocurrency exchanges in the world and has a huge selection of more than 500 coins, including SafeMoon. The broker also offers a built-in crypto wallet, making it as easy as possible to buy SafeMoon crypto.
With Binance, you can either buy cryptocurrency instantly using a simple web interface or dive deep into technical analysis using the exchanges advanced trading platform. The trading platform not only includes technical studies and drawing tools, but also gives you access to the SafeMoon order book and depth charts.
Another nice thing about Binance is that its relatively inexpensive. You can buy SafeMoon with a commission of just 0.10% per trade, and the fee is discounted if you hold Binances BNB cryptocurrency in your trading account. Just note that there is a 3% fee if you purchase SafeMoon using a debit or credit card without first funding your account.
Binance also stands out because it offers cryptocurrency derivatives. You can buy leveraged tokens that move $2 for every $1 move in the SafeMoon price. You can also buy crypto futures that allow you to speculate on the timing as well as direction of price movements.
Binance isnt regulated by any financial watchdog, but its generally considered to be safe. The platform allows you to make payments using a credit card, debit card, or bank transfer.
Your capital is at risk.