How to buy SafeMoon online
During the recent altcoin boom, plenty of cryptocurrencies have risen to prominence, and one of the most notable examples is SafeMoon. This guide explains everything you need to know about the project including its history and future investment prospects.
Compare where to buy SafeMoon, and open an account
If you are wondering where to buy SAFEMOON crypto now, then be aware that it is currently not available through many brokers. As it becomes more popular, it is likely to be featured on more platforms.
So, if you are looking for the best place to invest when SAFEMOON becomes available, the below options have been tested extensively by our team of financial experts. If you want to know more about SafeMoon before investing, scroll down.
What is SafeMoon?
First things first, let’s clear up any misconceptions. SafeMoon is not a stock, it is a cryptocurrency project. It aims to use the SAFEMOON token to address issues associated with popular cryptocurrencies like Bitcoin, Ethereum and Dogecoin. SAFEMOON is a decentralised cryptocurrency that runs on the Binance Smart Chain, and unlike other cryptos, it rewards those who hold onto tokens and taxes those who sell them.
Founded in the US on March 8th, 2021, SafeMoon has quickly gathered momentum, surpassing many of its crypto project peers. The cryptocurrency is reliant on being purchase by an increasing number of investors because this is what will boost its price in the long term.
However, it is only currently listed on one crypto exchange, PancakeSwap, and its trading volume is only around the $50 million mark. This will need to change soon if SafeMoon’s aims to ‘go to the moon’ (rapidly increase in price) are to be realised, and plans to launch its own exchange could prove integral to this.
How does SafeMoon work?
Much like any other cryptocurrency. SafeMoon uses blockchain technology – which is essentially an online database – to register, record and track financial transactions. However, unlike similar cryptos, it rewards buyers and holders, and it charges sellers.
Specifically, SafeMoon charges a 10% penalty fee on all sales of tokens. It then redistributes 5% of this to SafeMoon holders, meaning the incentive to hold coins is clear. This also helps reduce volatility, as traders looking to profit from short-term price fluctuations are disincentivised by the sales tax.
How to buy SafeMoon online – a step-by-step guide
In order to get SafeMoon coins right now, you need to open an account with PancakeSwap and fund your account with BNB or BUSD tokens. This is because SafeMoon runs on the Binance Smart Chain, so you can only currently use BNB or BUSD in exchange for it. If you need to learn about BNB (Binance coin) before getting started, check out our guide.
Step 1. Find an exchange to buy SafeMoon
Since the company is so new, this scarcity of purchasing options will likely change soon. When it does, this happens, the best place to buy SAFEMOON in the UK and elsewhere will be a reliable crypto exchange. You can read our in-depth reviews to get an idea of what is available or select a service from the top of this page.
Otherwise, you can opt for one of the top options below:
- Paybis: As a UK-based crypto exchange that has grown rapidly in recent years, Paybis has utilised its slick interface and helpful analytical tools to create a strong option for crypto investors. Open a Paybis account now >
- Capital: Offering a more user-friendly interface than some of the larger crypto exchanges, Capital.com allows you to exchange a range of cryptos quickly and anonymously. Sign up to Capital.com today >
Step 2. Sign up and fund your account
When signing up for an account, you usually need to pass some form of identity verification check. If this is necessary with your platform of choice, simply upload a scan of your photo ID and fill out a few details.
Then, you need to fund the account. You can either deposit a cryptocurrency into the account or with some brokers, you can use fiat money. If you want to fund your account with a cryptocurrency like Bitcoin, get some from a major exchange like Binance or Coinbase first, then exchange this into your account.
Step 3. Purchase
Once your account is set up, verified and funded, you can exchange the cryptocurrency or fiat money in your account for SAFEMOON coins. If your account is loaded with Bitcoin, look for the SAFEMOON/BTC pair, whereas if you are using a fiat currency like GBP, find the SAFEMOON/BTC pair.
Step 4. (Optional) Get a suitable wallet
For enhanced security, you can store your SAFEMOON tokens in a wallet for safekeeping. This step isn’t essential, because most exchanges allow users to hold coins in their account. However, given that the main reward with SAFEMOON is obtained by holding it for the long term, opening a wallet should be a serious consideration.
They can come in both online and offline hardware form, and we have listed two of the top wallets below to point you in the right direction:
- Trezor: As the first-ever hardware wallet, Trezor is a good option for storing cryptocurrencies. By storing your coins offline, you protect them from online attacks. Get a Trezor wallet today >
- Freewallet: Freewallet has built up a good reputation as one of the leading online crypto wallets. It is easy to use and is also affordable. Open a Freewallet now >
How to trade SafeMoon – a step-by-step guide
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.
Step 1. Find a broker
Most importantly, you need to choose a broker that supports SAFEMOON, else you will be unable to trade. You may also want to choose a broker that supports multiple asset classes such as stocks, forex, and commodities, for a more comprehensive trading experience.
It is hard to find brokers that support SAFEMOON right now, though when this changes, it is likely to be the major brokers that get access first. So, be sure to keep an eye on Plus500 and eToro, because they are two of the largest brokers in the world.
Step 2. Deposit money
The majority of brokers allow you to fund your account with either crypto or fiat money (such as GBP, EUR or USD). Just make sure you watch out for trading fees because these can quickly stack up, especially when combined with SafeMoon’s sales tax.
Step 3. Decide how you’d like to trade
The two most common methods of trading when using an online broker are contracts for difference (CFDs) and spread betting. Make sure you learn all about these methods before deploying them because it will contribute to your success in the long run.
Step 4. Start trading
Once you have set up and funded your trading account, you are ready to start trading crypto. We highly recommend you start out with a demo account to learn the ropes before putting real capital on the line, and most brokers offer this feature.
When trading SAFEMOON, you can choose to take a long position, and believe it will go up in value, or a short position (shorting), in the belief it will fall in value. Both options can prove to be profitable, so make sure you familiarise yourself with them before getting started.
One other popular trading method is trading with leverage, meaning you effectively borrow capital from a broker to increase the size of your trades. However, brokers charge fees for this service, and it also increases your exposure to risk. Because of this, it should only ever been used by experienced traders.
Make sure you take your time to ponder any potential investment, and this is especially true for a new project like SafeMoon. You help you decide if you want to invest, we have outlined the pros and cons of SafeMoon below.
- Rewards for token holders
- A brand that has captured the imagination of many within the crypto community
- Less volatility due to disincentivised selling
- Incentives to hold could drive price up
- Fees for token sellers and traders
- New and untested project could lead to much short-term volatilty
- Plenty of competitors
- Unclear fundamental value as regards technology
If you’re still undecided after these pros and cons, here are three additional considerations for you to make before investing in SafeMoon.
Is now a good time to buy SAFEMOON coin?
This largely depends on what exactly you want to hold SAFEMOON for. If you simply want to get involved in the blossoming community and hold onto your SAFEMOON for long-term rewards, it is rarely a bad time to invest. The coin is still in the early stages of its life, so now could be a good time to make an entry ahead of future growth.
If you are a short-term trader with an eye on immediate value, SafeMoon is a more complicated investment due to its associated fees. While volatilty is still likely given the infancy of the project, these 10% fee should definitely be factored in before taking the plunge.
Regardless of why you want to invest in SAFEMOON crypto, Check out some of the most recent SafeMoon analysis below to get an idea of the themes that could affect your investment decision:
What problem does SafeMoon solve, and what are the coin’s investment prospects?
SafeMoon makes holding onto cryptocurrencies profitable. You don’t need to stake them, as is the case on plenty of other platforms; you simply profit from ownership, which is a unique approach. It has captured the imagination of many investors, as evidenced by the meteoric rise in its price.
The overarching theme certainly plays into meme culture and humour, which is exemplified by the companies regular Facebook posts about ‘going to the moon.’ Whether or not there is a serious, meaningful project at play here remains to be seen, and only time will tell.
If you are planning to invest in SafeMoon, it is of paramount importance that you are informed about the latest crypto market news. So, we have provided links to some of the latest top news stories concerning the project below. Click one to check it out:
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, sign up to a reliable crypto exchange 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.