As more people look to alternative cryptocurrencies, SafeMoon has become an interesting proposition for many crypto enthusiasts. The coin is coming towards the end of its first year in existence, with its value looking like it’ll finish in the green.
Before you buy SafeMoon, it’s essential to consider several factors and look at the complete picture. In this guide, we’ll discuss where you can buy the coin from — along with how to keep them safe.
Best Brokers to Buy SafeMoon in 2022
When you’re ready to buy SafeMoon, there are several options. To help you make a better decision, we’ve put together a list of the best providers below.
1
Minimum Deposit
$50
Exclusive Promotion
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.
What Is the Difference Between Buying and Trading SafeMoon?
When you begin researching different cryptocurrencies and investment strategies, you’ll frequently bump into two terms: buying and trading. Although they might seem identical if you have no prior experience, they differ slightly. Below is a brief explanation of them both.
Buying SafeMoon: When you buy SafeMoon, you own the coins outright.
Trading SafeMoon: When you trade SafeMoon, you do not own the coins outright. Instead, you purchase the underlying assets.
How to Buy SafeMoon Online?
When you buy SafeMoon online, you’ll typically purchase them from a cryptocurrency exchange. The process is relatively straightforward, and we’ve listed the steps below.
Step 2: Sign up for an account and verify it
How to Trade SafeMoon?
At the moment, you cannot trade SafeMoon on a broker platform. However, if that changes, the steps will be a little different from the above. Instead, you’ll need to follow the instructions we’ve listed below.
Step 2: Sign up for an account and verify it
Step 4: Know your strategy
What Are the Different Ways to Pay for SafeMoon?
It’s worth noting that to purchase SafeMoon, you’ll first need to buy Binance Coins.
When you’re ready to buy SafeMoon, there are different ways to deposit money into your account and buy those Binance Coins first. We’ve listed these below.
Debit/Credit Cards
Debit and credit cards are some of the easiest ways to fund your account and will be the go-to if you don’t already have other cryptocurrencies. You’ll need to buy BNB with either of these before then using those coins to purchase SafeMoon.
Cons
Other cryptocurrencies
If you’re already got another cryptocurrency, you can use these to buy your BNB and then purchase SafeMoon.
Cons
What to Consider When Buying SafeMoon?
SafeMoon differs a little from other cryptocurrencies, and you’ll need to keep several things in mind before making a purchase. We’ve listed the most crucial factors to remember below.
Selling Fees: SafeMoon was designed for long-term holding, and the company behind it makes an active effort to stop people from making short-term gains. Selling SafeMoon involves a 10% fee.
Availability: SafeMoon is not as widely available as some of the other cryptocurrencies out there, so you’ll need to dig a little deeper to find a place to buy them.
Volatility: One of SafeMoon’s aims is to be a stable cryptocurrency in terms of value. However, at the moment, it’s still pretty volatile — and prices fluctuate regularly. Remember that you are responsible for all losses and that you should never buy more than you can afford.
Short-term Holding: Short-term holding is a strategy that you’ll use when you expect that you can make gains on a cryptocurrency within 12 months. But as we’ve already mentioned, SafeMoon actively discourages this — so you’re better off avoiding it in this case.
Long-term Holding: Long-term holding, also known as hold on for dear life (HODL), involves keeping hold of a coin for 12 months or more. You’ll use this strategy when you believe that a currency will grow in value over the long term.
Is It Safe to Buy SafeMoon Online?
SafeMoon is, for the most part, safe to buy online. However, it’s worth remembering that cryptocurrency exchanges and wallets are a target for cybercriminals.
As a result, you should take steps to ensure that you do not fall victim to anything malicious.
Below, you’ll find tips you can do to maximise your chances of staying safe and avoiding problems while purchasing SafeMoon.
Add extra layers of security to your accounts: One of the first lines of defense should be two-factor authentication (2FA). Simply put, 2FA involves verifying your account beyond your password; for example, you might want to receive a code via SMS or email. Doing this will help stop hackers from getting into your account, even if they guess your password correctly.
Store your coins in a wallet: After purchasing SafeMoon, it’s crucial that you store them in a wallet. Doing so will protect you from several threats, and we’ll discuss this in a little more detail in the next section.
Stick to reputable websites for help: When you’re ready to learn more about SafeMoon, you’ll likely look for help on other websites. However, it’s vital that you stick to official sites and forums. It’s also a good idea to never click on any links unless you know and trust the source.
Keep your details private: Never share your login details or passwords with anyone.
Pass only the necessary KYC documents: When you sign up for cryptocurrency exchanges, you’ll need to pass a KYC check. This will involve submitting a copy of your passport or driving license, as well as proof of address. Other than that, avoid sending anything else.
Research the coins you want to purchase: Even if you’re set on a particular cryptocurrency, it’s worth researching the background and its founders. Red flags to look out for include sketchy information.
How to Store SafeMoon?
After buying SafeMoon, it’s advisable that you store your money in a wallet. If you leave them in your exchange account, hackers can steal them, and you’ll probably never get them back.
Different types of wallets exist, and we’ve outlined the most common ones below.
Software wallets: Software wallets require that you access them from an app or website. Your coins are stored in a blockchain.
Hardware wallets: Hardware wallets require physical transaction verification, which adds an additional layer of security. It’s worth noting that your coins will still be stored in a blockchain when you don’t use them.
How to Sell SafeMoon?
Taking note of the 10% selling fee, you can sell SafeMoon using Trust Wallet.
The Trust Wallet App
If you go to PancakeSwap from your app, you can revert your money back into another cryptocurrency. Afterwards, you can sell or exchange that into the fiat currency you want to use.
Cons
Is It Worth Buying SafeMoon Right Now?
When you buy any cryptocurrency, it’s important to remember that the market is volatile, and the purchase will always carry risks. It’s crucial that you only purchase as many as you can afford.
SafeMoon has adopted a unique approach and sought to deter short-term traders as much as possible. If you’re looking to make a quick profit, we’d recommend looking elsewhere and avoiding the huge selling fee.
On the flip side, SafeMoon might be a worthwhile investment if you plan on holding it for the long term.
Final Thoughts
SafeMoon offers an intriguing proposition for those who are looking for a cryptocurrency to invest in for the long term. Seeing as you don’t have many options for purchasing it, we recommend converting other cryptocurrencies into BNB before you buy the money from the Trust Wallet app.