How & where to buy SafeMoon coin online
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SafeMoon is a ‘meme’ coin that rose to prominence in 2021. This guide explains everything you need to know about the project, including its history, future investment prospects, and how to buy the coins.
What are the best exchanges to buy SFM on?
It’s not possible to buy SafeMoon on a crypto exchange like Binance right now. Instead, you have to perform a ‘swap’, which is when you transfer one cryptocurrency into another. This is quite normal for new coins and is the process most investors use to access smaller altcoins.
A swap is like a currency conversion when you go from GBP to EUR. First, you need to buy Binance Coin and then you can swap that for SafeMoon on a decentralised exchange.
This might sound confusing but is in fact quite simple. Follow this guide to learn how to swap BNB for SFM.
How to buy SafeMoon online – a step-by-step guide
Step 1. Find an exchange to buy BNB
We suggest you create an account with Binance and buy BNB from there. Binance is a beginner-friendly exchange that’s easy to use, and you can make all you deposits in a fiat currency like GBP or USD.
Before you can buy anything, you need to create an account. Follow the registration process to set up your account and make sure to have a form of photo ID to hand so that you can verify your identity. As soon as that’s done, you can go ahead and buy BNB.
Step 2. Transfer BNB to a crypto wallet
The next step is to move your coins into a crypto wallet. A wallet is like a bank account that stores your crypto and which you can use to perform swaps on a decentralised exchange. We recommend you use MetaMask as it’s one of the easiest wallets to start with.
To perform a withdrawal from your exchange account, you need your wallet’s unique blockchain address. This is easy to find – the highlighted area below shows where you need to click – and then you should enter it as the destination address for your withdrawal.
Step 3. Go to PancakeSwap and connect wallet
Head to PancakeSwap and click the ‘connect wallet’ button. Choose MetaMask, or whichever wallet you chose to use, to connect the two platforms together. Now you can use the money in your crypto wallet to swap for other tokens.
Step 4. Swap BNB for SFM
On the trading scree, choose BNB from the first drop-down menu. Choose SFM from the second. Enter how much you want to buy or how much you want to spend, and hit buy to complete the purchase.
*Note: there are two SafeMoon coins. The coin previously traded as SAFEMOON but recently changed to become the SFM token. Make sure you pick the right one!
That’s all there is to it. While this can seem intimidating at first, it’s quite a simple process and it’s standard practice for any cryptocurrency investor that wants to buy smaller altcoins. All you need to do is sign up to Binance to get started.
How to trade SafeMoon
To trade SFM you need to follow the same process as buying it. As SafeMoon is only available on PancakeSwap, you can’t trade it on a crypto broker as you would for most larger coins.
Here’s a step-by-step guide on how to trade it.
Step 1. Find a broker
The only place to buy or sell SafeMoon right now is PancakeSwap. This is quite normal for altcoins and it just means you need to follow the guide on how to perform a swap in order to get your hands on it.
Step 2. Learn how to perform technical analysis
A successful trading strategy is built on technical analysis. This is when you study the SafeMoon price chart to look for patterns in how it fluctuates. You use this information to decide when to buy or sell, based on how you think other traders are likely to react.
You should familiarise yourself with technical analysis and different trading indicators before you start trading. Use a platform like TradingView to help you do so, and start with basic indicators like trends, channels, and support and resistance levels.
Step 4. Start trading
When you see an opportunity, go through the buying process to make your first trade. Then monitor how the market moves afterwards so you can keep track of how your trade performs, and know when to make your next move.
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
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 SFM 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 coins 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 SFM 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:
SafeMoon teases an exchange launch soon, should you buy SFM?
Do you want to hold SafeMoon for the long term?
The primary consideration is what kind of investor you are. Do you want to buy SFM coin and hold 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 SFM 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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