This is a subjective question, and you should consider your strategy. However, from an objective perspective, SafeMoon is highly volatile and has a low trading volume, which can greatly impact your trading experience. You can either buy SafeMoon and hold the token until it recovers or simply find another token. This step is subjective, as you can keep your SafeMoon in your software wallets, hardware wallets, or paper ones.
Are there any alternative platforms to buy SAFEMOON or Bitcoin with credit cards?
This is a financial incentive you won’t get from holding most other popular cryptocurrencies, where you only make money if the price goes up. To buy SafeMoon, use SafeMoon’s proprietary SafeMoon Swap to trade other crypto, like Binance Coin (BNB) for SafeMoon tokens. Safemoon is a big gamble, so take that into account when deciding how much you’ll buy. It’s fine to purchase a bit if you like the concept or just want a very high-risk crypto in your portfolio.
Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. You’ll then have to withdraw the coins from the exchange, place them in a wallet and then transfer those coins onto an exchange with SafeMoon. To start the process of acquiring SafeMoon, you’ll need a cryptocurrency wallet that contains Ethereum. With Coinbase, you can create an account and, after verifying your identity, connect a debit card/bank account to buy the coins effortlessly. PancakeSwap, a decentralized crypto exchange, was the first to list Safemoon.
Download Trust Wallet
- While this is true of any cryptocurrency, if you decide to bail on SafeMoon, not only do you take your investment loss, but you will also lose another 10% because of the selling fee.
- Firstly you’ll need to get set-up on a Fiat-to-Crypto exchange like CryptoWallet.com.
- It alleges that Safemoon used celebrity endorsement to artificially inflate the value of the SAFEMOON token.
- Being a centralized exchange, key decisions were taken without the knowledge of the community.
Although some websites may claim to let you buy SAFEMOON using a credit or debit card, these are often scams designed to steal your credit card information. Hot wallets are much more convenient as your information is stored online and can be accessed easily at any moment. However being constantly online means they are more susceptible to hacks. In November 2022, the world’s second-largest crypto exchange, FTX, collapsed and immediately filed for bankruptcy. Its books showed the exchange lacked tangible reserves and court filings alleged the exchange indiscriminately used customers’ funds for both operational and personal use. The cost of a transaction depends on how busy the Ethereum network is, how quickly you want the transaction to be processed, and the size of the transaction.
SafeMoon price SAFEMOON
The obvious downside of SafeMoon is the future public perception of the cryptocurrency. The success of SafeMoon, like many other cryptocurrencies, is heavily reliant on community sentiment. Because SafeMoon has faced several lawsuits and allegations of fraud, it remains to be seen whether the cryptocurrency will experience growth or strong user adoption in the future.
In April 2022, Stephen “Coffeezilla” Findeisen accused the SafeMoon team of misappropriating millions of dollars. Findeisen found evidence of SafeMoon’s liquidity wallet moving funds to a wallet called the “Gabe (6abe) wallet,” which withdrew funds to a separate company run by John Karony. Thomas “Papa” Smith, former SafeMoon CTO, responded to Findeisen’s claims, stating that funds were taken from the “locked liquidity pool” before Karony’s appointment. An alternative way of buying SafeMoon is to use the SafeMoon Swap decentralized application that is available on the Build and Build chain.
Also, we must mention that investing in SafeMoon crypto comes with potential risks, just as seen in other cryptocurrencies. Therefore, investors must research and plan before making investment decisions and understand the crypto market and its long-term viability. Many platforms will claim to let you buy SAFEMOON or Bitcoin using credit cards.
To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website. Pancake Swap will show you the estimated amount of Safemoon you’ll receive. On Pancake Swap, enter the amount of Binance Coin that you want to trade. Choose “Max” if you want to trade all the Binance Coin in your wallet. After installing Trust Wallet, open it and select “Create a new wallet” (unless you’ve used it before and you already have a wallet).
There are some hurdles involved in buying SafeMoon, the biggest for beginners being that the only way to pay for purchases of SafeMoon is with other cryptocurrencies. That’s because it’s not currently listed on any exchanges that accept fiat currency, like dollars. This phrase is extremely important, because it’s a readable form of the private keys to your crypto wallet.
Binance.us offers more detailed instructions on how to deposit cryptocurrency into their platform here. Note that you may need to adjust the slippage tolerance to get the trade to process. Slippage is when the price of a crypto moves between the time you submitted the trade and when it executes. If the slippage tolerance isn’t high enough, the trade may not go through.
The SafeMoon ecosystem integrates the decentralized finance (DeFi) token for long-term investment and price stability, offering increased security and transparency. However, everything began to crumble when the market capitalization reached $5.7 billion. Yet, a large portion of SafeMoon’s liquidity pool was never locked, sinking the token’s price by 50%, thus showing price volatility. A cold wallet stores your keys offline in a physical device and is the most secure option available.
This is not to say future performance of SafeMoon may play out the same way; still, a downside of SafeMoon is the historical context of several price volatility leading to losses. Beyond speculative trading and holding for potential price appreciation, SafeMoon has limited practical use cases. Also, even though it has existed for several years, SafeMoon is a relatively new project compared to more established cryptocurrencies with undefined schedules and unproven roadmap execution. In February 2022, a class-action lawsuit against SafeMoon was filed, alleging the company is a pump and dump the controls on pentabromodiphenyl ether and octabromodiphenyl ether regulations 2004 scheme.
Safemoon has gotten by on popularity so far, but that’s not a recipe for long-term success. The cryptocurrencies that stick around are the ones that have a specific purpose or have a competitive advantage. Many crypto enthusiasts are skeptical about Safemoon because it doesn’t have any use cases or advantages over other cryptocurrencies. Over 400 trillion Safemoon tokens have been burned so far, counting the first 223 trillion that were burned before launch. No, SafeMoon isn’t listed on Binance, yet it is listed on other exchanges, such as Gate.io, MEXC, BitMart, and others. Discover the web development front-end software engineer salary latest crypto insights, news and trading analysis with CoinMarketCap Alexandria.
Step-by-Step Guide on How to Buy SafeMoon
If you connect your crypto wallet to that site, you can trade Binance Coin for Safemoon and vice versa. There are also several other exchanges that let you trade Tether for Safemoon. You can see your balance once your crypto wallet is connected and enjoy different functions, like token swaps.
This recovery phrase is a key to your crypto that helps you retain your wallet should your device get damaged or lost. Remember that you aren’t supposed to share this phrase what is ethereum a beginners guide with anyone. Despite several advantages, there remain a vast number of downsides to SafeMoon.
Compared to the original version, SafeMoon V2 processes transactions at a much lower cost. Additionally, if you hold your SafeMoon tokens on an exchange, you don’t have to switch to the V2 tokens. This is because the exchange handles the migration process and gives an update on the status of the process. Though some may claim SafeMoon is resistant to manipulation, others note the dramatic volatility and fall of SafeMoon’s price in 2022 as potentially unusual trading behavior. Investors should conduct thorough research before making all investment decisions, including and especially those involve cryptocurrencies.