How to Buy SafeMoon (SAFEMOON) in 5 Simple Steps
SafeMoon has a focus on decentralised finance (DeFi) and has attracted a fast-growing community with its innovative token economics. In this guide, we will look at how to purchase the SAFEMOON token and why it has proved so popular.
5 Steps to Buy SafeMoon
SAFEMOON hasn’t yet been listed on any major exchanges, but you can easily buy it from a decentralised exchange (DEX) such as PancakeSwap using these simple steps.
1. Sign up with a regulated exchange
First, register with a regulated exchange. You can find our recommendations in the “Where to Buy SafeMoon” section, or sign up with our top choice now. You will likely need to supply a photo ID and/or proof of address to complete the KYC process.
2. Purchase BNB tokens
You will need to buy BNB that you can swap for SAFEMOON later. Go to the deposit page to fund your account, find the trading pair for BNB and the currency you just deposited, and create a buy order for the amount of BNB you want to purchase.
3. Send your BNB to a Web 3.0 wallet
Set up a wallet that is compatible with Web 3.0, such as MetaMask or Trust Wallet. Send your BNB to your new wallet by going to your platform’s withdrawal page, pasting your wallet address into the receiving address box, and clicking “Withdraw”.
4. Connect your wallet to PancakeSwap
Now head over to PancakeSwap and click the “Connect Wallet” button. Make sure the network your wallet is using is Binance Smart Chain and follow the on-screen instructions to give PancakeSwap permission to connect with your wallet.
5. Swap your BNB for SAFEMOON
Go to “Trade” and set the “From” currency as BNB and the “To” currency as SAFEMOON. Enter how much you wish to buy, in either BNB or SAFEMOON, making sure you have enough BNB to cover the purchase and the fee, then make the swap.
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Where to Buy SafeMoon: Compare the Top Platforms
You will need to buy some BNB before you can get your hands on SAFEMOON, and there are plenty of platforms that offer BNB. Make sure to select a secure and regulated platform that has all the features you want. We’ve already compared the best for you below.
What Is SafeMoon?
SafeMoon is a decentralised finance (DeFi) token that has attracted a strong following since its launch in March 2021. The project aims to tackle issues faced by other cryptocurrencies by providing rewards to incentivise long-term holders and ensuring there is always sufficient liquidity on decentralised exchanges (DEXs).
SafeMoon achieves this with its innovative token economics. Every SAFEMOON transaction incurs a 10% fee, half of which is redistributed to all SAFEMOON holders as a form of passive income. The rest is sent to PancakeSwap—half as SAFEMOON and half after being sold for BNB—to ensure there is always sufficient liquidity for the SAFEMOON/BNB trading pair.
Nearly a quarter of the SAFEMOON tokens went to the developers, who burned them (permanently removed them from circulation) before launch. Some of the redistributed tokens also go to a burn wallet, making SAFEMOON deflationary.
Ways to Invest in SafeMoon
You can purchase SAFEMOON for the short term or the long term. Both options have the potential to result in profits, with investors’ aims and experience informing which route they choose.
Buy and hold SafeMoon
The buy and hold strategy is the simplest to execute and is pretty self-explanatory. Skills such as technical analysis aren’t required and investors can make a profit without committing much time or effort.
The good thing about holding SAFEMOON for the long term is that 5% of every transaction is “reflected” to SAFEMOON holders, meaning the longer you hold SAFEMOON, the more passive income you earn.
Best SafeMoon wallets
A private wallet may be the safest place to store tokens that you’re going to be holding for the long term as it gives you total control over your assets and can provide an extra layer of security.
Free software wallets are user-friendly and can be downloaded for computers and mobiles, while hardware wallets such as Trezor, BitBox, and Ledger can be expensive but provide the best security. Make sure to check that your wallet supports SAFEMOON before transferring your tokens.
The price of SAFEMOON has been particularly volatile in the past and this is something traders can benefit from by buying and selling it over shorter timeframes. More skill, effort, and time are required to be a successful trader.
If you are going to be making regular trades, a private wallet may be less convenient as it would mean regularly transferring your tokens. Exchanges provide web wallets for free, which may be more suitable for traders.
Should I Buy SafeMoon Now?
This is something you will have to decide for yourself after considering all the information at hand. SAFEMOON has a capped max supply, with nearly a quarter of tokens being burned before launch. Some of the tokens redistributed with each transaction are also burned. This gradual reduction of the supply is designed to make the token more valuable over time.
The redistribution of tokens to all wallets containing SAFEMOON provides an incentive for people to buy the token and hold it for the long term, meaning a smaller supply of tokens available on the market. This could be beneficial for SAFEMOON’s long-term price.
There are also plans afoot for a SafeMoon exchange, which could increase the utility of the SAFEMOON token. With the innovative token economics and the ongoing project development, SafeMoon could prove to be a popular and enduring project.
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Frequently Asked Questions
You may have to import a new token to your wallet. With MetaMask, you can do this by clicking “Add Token” under the account that you sent your SAFEMOON to. Search for the name of the token, and if you can’t find it, switch to the “Custom Token” tab and paste in the contract address (0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3 for Binance Smart Chain).
No. Redistributed tokens are automatically added to all wallets that currently hold SAFEMOON.
SafeMoon V2 is a new contract developed by the SafeMoon team that brings a range of features. Changes from V1 include a 1:1000 token consolidation and a 2% fee for transferring SAFEMOON between wallets, in contrast to the 10% fee which will still apply to buying and selling SAFEMOON.
You can consolidate your SAFEMOON to V2 at swap.safemoon.net. This won’t incur the normal 10% transaction fee but you will need a small amount of BNB to cover gas fees.
Yes. The SafeMoon Wallet is available from the Google Play Store and the App Store, and will include features such as Swap and biometrics.