How to Buy a Safemoon on a Trust Wallet

How to Buy a Safemoon on a Trust Wallet

Safemoon is a DeFi token. DeFi tokens are a cryptocurrency that drops authoritative institutions via blockchain technology.

It is the talk of the town, and most investors are interested in investing in Safemoon.

If you are interested in learning what Safemoon is, how it works, and where I can buy it. Keep reading this blog to learn more.

What is Safemoon?

Here is one short video about what is safemoon:

Safemoon is already famous in terms of cryptocurrency. It gained attention from investors because of its uniqueness from other DeFi tokens.

It differs from others because it takes 10% from the seller to mobilize holding and buying. This DeFi token seeks to correct the two issues of cryptocurrency, which are investors’ bad habits and extreme excitement in selling, which cause investors to panic.

Safemoon prevents investors from panic selling.

How Does Safemoon Work?

Safemoon is a digital currency that works alone online and works to be used as an acceptable exchange for currencies. It works via blockchain technology.

It was designed to motivate investors to invest and discourage them from selling. But there are still some risks that you need to consider in buying safemoon.

What are the Risks that you need to Consider?

Safemoon is a risky asset with no settled value. You can lose all your investment in just one snap. You should always be prepared for this kind of possibility.

Here are the risks you need to consider before investing in Safemoon:

1. Volatility

When Safemoon was introduced, it was very explosive, rising to 20,000 % before dropping to nearly 99% of its price.

2. Regulation

Because cryptocurrencies are new to the industry, the government is just beginning to understand how it works and their impact.

Other countries like China forcefully banned cryptocurrencies because of their financial risks.

Some may come in higher tax rates on cryptocurrency gains.

3. Speculative bubble

One of the red flags that investors must consider is that it has no underlying purpose. It has no fixed currency and is part of a speculative frenzy.

4. Liquidity

As you now know, Safemoon crypto charges 10% from the seller, and it is because half of it goes to the holder, which goes to the liquidity pool.

But the risk here is that when fewer investors invest in this currency, the liquidity pool will go down, and this crypto project will fail.

Those who will buy this investment must always be sure and ready to lose their entire investment.

Investing in Safemoon is a very big decision one person will make. It is important to stay knowledgeable, do your research, and after doing that, then you can decide.

What is the Current Price of Safemoon?

Safemoon’s current price today is US$0.000000005313, with 24-hour trading of $25,659. It increases about 2.42% within 24 hours.

You can see the price statistics in the image below:

You can see the price statistics in the image below

Although it increases about 2.42%, it falls off its highest price to -97.38% from its 7-days-all-time-high of $0.0000001997.

How to Buy Safemoon?

Trust wallet is one of the places where you can buy a safemoon. Trust wallet not only commits to one but is connected to thousands of cryptocurrencies.

It also supports a large number of tokens. Buying safemoon through a crypto wallet is the easiest way to have this DeFi token.

Here are the steps on how to first add safemoon on your preferred wallet:

Adding The Safemoon

1. Download the Trust Wallet

Download the Trust Wallet

You can download trust wallet apps through the Google Play store for android users and the App Store for iPhone users.

2. Register for an account

After you download the app, you need to register for an account. Be careful in setting up your account. Always pay attention to every detail.

The app will give you a 12-word recovery phase. Keep it and take note of it because you can use it as recovery when you forget your account.

3. Deposit funds into your trust wallet account

BNB is needed to make purchases. BNB is a local token of the Binance Smart coin.

Use Smart Chain or BNB for all transactions in your trust wallet. BNB will use it for your fees or trades.

4. Add safemoon to your trust wallet

Since the trust wallet supports thousands of cryptocurrencies, you must add them manually.

First, go to the app’s home screen and search for “Safemoon” in the search bar. If there’s no result, click “Add custom token.”

Secondly, you need to change the network. Click “Ethereum” and change it to “Smart chain.” Lastly, add the name “Safemoon,” and its symbols as “SFM,” you also need the Contract address, which the trust wallet can find on the CoinMarketCap page.

After registering and depositing funds into your account, you will be learning the next step, which is how to buy Safemoon.

Buying Safemoon

After setting up your trust wallet and adding Safemoon, you can buy safemoon using PancakeSwap DEX.

Go to the DApps tab, search for PancakeSwap and then click Connect, and you will see the Trust wallet; click on that. Once in the PancakeSwap, you can exchange the BNB for Safemoon.

There is also a slippage fee that you need to know, and you need to switch it at least 12% for the buffer to facilitate your trade. You can change the slippage fee in the settings.

After all, you just need to confirm, and the transaction will be complete. You are now the owner of SFM.

After that, you can see your balance in the trust wallet. Safemoon also has an app that you can download to restore your tokens.

Is Safemoon a Great Investment?

Any cryptocurrency or bitcoin is subject to risk. You still need to research it on your own and don’t invest more than you can afford. Safemoon, as a “memecoin,” is still prone to volatility and has a history of being volatile.

However, if you still want to buy Safemoon, you should use a trusted wallet as a non-custodial wallet. It has many benefits.

Safemoon does not do anything. It depends on how many people will buy it to continue its profit.

It may not be a consistent thing to invest in. Investing in this currency is risky, so you must consult the experts before investing.

However, according to bitcoinist, investing in Safemoon is a good choice because a Strong community backs it up.

Even though Safemoon has great potential, you must remember that it is still a cryptocurrency. It is a very risky investment. It has many unexpected rises and falls in its price.

Since Safemoon was first launched, it is only designed for one purpose: appreciation.

Investors can have passive income from transactions because Safemoon encourages them to hold digital currencies.

So it is a good choice to invest in Safemoon. It gives great potential, and it has many investors.

But you always need to remember the loss you can get from investing in cryptocurrency. Once you are settled with your decision, go and enjoy the benefits of investing in Safemoon.

10 Frequently Asked Questions About Safemoon

What is Safemoon?

Safemoon is one of the newest yet fastest growing cryptocurrencies that is taking over the world of crypto.

What is PancakeSwap?

PancakeSwap was built for users to exchange cryptocurrency assets through liquidity pools, allowing you to buy Safemoon.

Who is the CEO of Safemoon?

John Karony

Is there a Penalty For Not Holding Safemoon?

Yes. It has a 10 % tax for selling, and 5% will be redistributed to the holders.

What Exchanges Is Safemoon on?

PancakeSwap, BitMart, Whitebit, and PancakeSwap, however, is the most popular for buying Safemoon.

What is Trust Wallet?

Trust wallet is not connected to only one but thousands of cryptocurrencies, including Safemoon. It is also a safe place to store your cryptocurrencies because it is safe from hackers.

What Website Is Reliable To Get Safemoon Information?

Safemoon has its website, which is very reliable and recommended to use when getting information about it.

When Was The Safemoon Launched?

Safemoon was launched in March 2021

What is Slippage in PancakeSwap?

The Slippage is between 11-13%. Set it to 12%. You can buy Safemoon via PancakeSwap using Trust Wallet.

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