The first step in trading Safemoon is finding it on the best cryptocurrency exchanges.. Since it’s a new cryptocurrency, you can’t find it on the Best cryptocurrency exchanges. But the moment you identify where to purchase Safemoon, the process is straightforward.
As we are getting on steps to buying Safemoon, here is a caution: High-risk crypto. The unique thing about it is the 10% fee on the sale. If you are venturing into it, consider it a gamble. Invest a small amount of money, knowing it has a slim chance to pay off.
- Download Trust Wallet
Trust wallet is a crypto wallet app that one can download from Google Play or App Store to your smartphone.
Install this App on your phone, open it and create a new wallet.
Remember to keep your recovery phrase safe. It is a private key to your crypto wallet, and suppose you can’t access it. The recovery phrase can help you get your crypto back. Note, someone can steal your crypto if they gain access to your recovery phrase.
- Purchase Binance Coin
Since you can’t purchase Safemoon using cash, you need another crypto (Binance Coin is recommended) to trade for Safemoon.
Here is how to use Trust Wallet to buy Binance Coin;
- Go to the home screen and select “Smart Chain.” This will redirect you to Binance Coin Page with Trust Wallet.
- Select “Buy”
- Enter the value you want to buy in U.S. dollars and tap next to head to the payment page.
- Dial your remittance information and authenticate the transaction.
- Use the Pancake Swap Exchange.
Pancake Swap lets you trade several cryptocurrencies, including Safemoon and Binance Coin. Choose “DApps” from the menu of Trust Wallet. If you are using an iPhone, this option pops out as “browser.” Scroll up to “Pancake Swap” and pick it. This will land you on a Pancake Swap page. There you can trade different cryptos.
- Trade Binance Coin for Safemoon
From the Pancake Swap, dial the value of the Binance coin you are trading. If you are selling all the Binance Coins in your wallet, pick “Max.”
Select a currency option to pick a cryptocurrency you intend to receive, search for Safemoon in the bar, and choose if it appears. Pancake Swap will indicate the amount of Safemoon you’ll receive. If you are okay with it, select “swap” to make the trade.
Remember to adjust the slippage tolerance for the trade to process.
Should you Invest in Safemoon?
When it comes to Safemoon, there are two golden rules. One is that you need a high tolerance for risk and the other one is not investing more than what you can afford to lose completely if everything goes south. What’s interesting about this investment opportunity in crypto currencies? The 10% fee on every sale means even though investors are putting up money upfront they’re still getting paid out monthly without having to have any direct involvement with day-to-day management of their portfolio as long as CryptoCurrency prices continue increasing at current rates or higher