How to Buy SafeMoon on Trust Wallet? A Comprehensive Guide
SafeMoon is one of the newer cryptocurrencies on the market, and it's been generating a lot of interest among crypto traders. If you're looking to buy SafeMoon, you might be wondering how to do it. Trust Wallet is a popular mobile wallet that supports SafeMoon, and in this article, we'll show you how to buy SafeMoon using Trust Wallet.
Apart from buying guide, you will learn more about the SafeMoon cryptocurrency and Trust Wallet. At the end of the article, you would hardly have any questions still in your mind. Let’s get started!
What is SafeMoon?
With the rise in popularity, SafeMoon has quickly become one of the most sought-after cryptocurrencies. It is currently on Binance Smart Chain and stands out for its unique redistribution tokenomics. SafeMoon rewards users with newer investments rather than just giving them away or selling them at a profit as other coins do.
You'll find all sorts of terms here including "Static Rewards." For starters, there are no pre-mined tokens. Everyone who wants in had best be ready to buy their cash at market price while also receiving rewards based on how long you hold your investment. It encourages people not only to invest but retain longer-term too.
It's a clever strategy to keep investors from selling their investments. The 5% fee is burned, redistributed, and added into the liquidity pool on PancakeSwap. You can get more information in SafeMoon’s whitepaper. The distribution of SafeMoon tokens is proportionate to the amount one holds, so those with more than others will earn money.
As a result, larger holders are incentivized and encouraged by this system to make profits from selling their rewards. On the other hand, smaller holders may only hope that holding onto them might increase their chances at growing bases number altogether. Since it can take years before any significant gains happen.
Background of SafeMoon
Following in the digital currency's footsteps, the March 2021 SafeMoon protocol aims to be the next big cryptocurrency. The cryptocurrency is still in its infancy, but more than two million individuals have already invested in it.
CoinMarketCap said at the beginning of May that SafeMoon had significantly more people on its watchlist than bitcoin, with little more than 1.3 million vs 1.2 million. Even though SafeMoon has only been on the market for a few months, it has outperformed the S&P 500 over the last decade in terms of long-term appreciation.
March had a low of $0.000000001, while April saw an all-time high of more than $0.000013 for the currency. It's important to note that at the peak, an investor who bought $100 worth of SafeMoon tokens at $0.000000001 owned $130,000 in SafeMoon.
Four Interesting Facts About SafeMoon
There are many rumors about this coin since its launch. Here are the four key factors that you should know before investing in this digital asset:
- SafeMoon was ahead of Bitcoin in the users’ watch list, and it looks like they may be continuing that trend.
- The SafeMoon blockchain is designed so that holders of its tokens can be confident they will always receive a return on their investment. The smart contract charges 10% as an exit fee. The first half goes towards funding future development and security measures. The other half gets distributed among all holders in proportion to how much each owns. In this way, the more you have, the greater your share.
- With the SafeMoon token, investors are encouraged to hold onto their investment rather than sell it at any cost. This makes for a more stable market and encourages people who might not be able to afford cryptocurrency now or in the future. For instance, those with less fortunate financial profiles want to get involved sooner rather than later.
- Safe Moon is a new and innovative way to trade cryptocurrencies without the need for third-party brokers. It's part of an on-chain network that will revolutionize global financial systems.
What is Trust Wallet?
Trust Wallet is a free, open-source mobile crypto wallet that supports over 160K+ assets and blockchains. The Trust Cryptoeconomic Interests Network (TCR) was created to hold the ERC20 tokens only but now includes other leading cryptocurrencies like Bitcoin as well.
TCR also has an integrated web3 browser for buying goods on decentralized exchanges operated through Kyber Network's DEX system. It gives users to access not just in their funds directly from one another but across all Users' combined resources too.
Trust Wallet is a free app that can be downloaded from the Apple Store or Google Play. It works on both iOS 10.0 and Android 5.0. So, any device with these operating systems will have no problem running this program.
Why Trust Wallet Is Perfect to Purchase SafeMoon?
Trust Wallet is one of the most common and highly secure platforms to purchase safe cryptocurrencies. Since it offers SafeMoon trading, there must be something worth noticing. Because few cryptocurrency exchanges offer SafeMoon on their platforms. Let’s see why should you go for Trust Wallet for owning SafeMoon:
Trust Wallet is one of the most popular cryptocurrency wallets available on iOS and Android devices. The user interface makes it simple to be used, installed with no fuss or muss. With over 5 million active users as well as a partnership deal from Binance, who else would you want handling your money?
Top Tier Security
Though Trust Wallet is not a secure hardware wallet, it still strives to keep your funds safe. The company collaborates with Stateful, a leading auditing firm, for regular inspections that can ensure security measures are up-to-date. You also have options like pin code scanning or fingerprint verification. This will take extra time into making sure no one steals what should belong only to you.
Trust Wallet is a secure wallet that ensures your funds will be returned if you lose access. The 12-word recovery phrase can help get back in right away, no matter where it's hiding.
Trust Wallet is a great app for traders to keep track of the crypto prices without leaving their trusted platform. In addition, it has charts in-built onto this convenient mobile wallet that allow you to make sense of any fluctuating currency rates.
With the Trust Wallet platform, you can stake your Tron (TRX) or Tezos tokens to earn interest on them. You might also be interested in Kava; it's like vodka but with coconuts. And if that isn't enough for some people who want something more exotic, then Algorand is ready-made just waiting all set up so take advantage of this opportunity. Moreover, Cardano and Ethereum have not been listed yet for staking, but the platform announced to offer them soon.
Step by Step Guide to Purchase SafeMoon on Trust Wallet
PancakeSwap, the decentralized exchange maintained by Binance's cryptocurrency exchange, is the only location where SafeMoon may be bought. No matter how well-known it may be, it has been tough to buy Binance Tokens because of the ongoing debates around the exchange.
Binance Smart Chain wallets are needed to do this action, such as MetaMask or Trust Wallet Here, we'll focus just on the Trust Wallet app for the rest of the procedure.
Step 1: Setup Trust Wallet
It is available in both the Google Play Store for Android smartphones and the Apple Store for iOS devices. You may get it by searching for "Trust: Crypto and Bitcoin Wallet App." Make a backup of your private keys and devise a recovery phrase.
You must use the recovery phrase and the additional twelve recovery words you'll get in case you misplace your crypto wallet. You may begin using Trust Wallet as soon as the installation process is complete.
Step 2: Buy BNB Tokens
Fiat money cannot be used to buy SafeMoon. Binance Coin (BNB) is what you'll need to own initiative to subsequently trade for SafeMoon. You can buy Binance Coin's tokens with a credit or debit card on Trust Wallet or directly on Binance's website.
Step 3: Convert Binance Coin to Smart Chain Via Trust Wallet
SafeMoon costs money, so figure out how much you can afford to invest. After making a purchase, go back to Trust Wallet and put a Smart Chain Order on the platform from there. Your Binance Coins must be converted into Smart Chain at this time.
From the main page of Trust Wallet, you may quickly and easily do this. In the bottom-right status bar, you'll get an indication of how much money you've sent from your BNBs to the Smart Chain. SafeMoon may now be purchased in Trust Wallet with the freshly acquired BNB that you've just received.
Step 4: Navigate to PancakeSwap
To utilize SafeMoon’s primary exchange, Pancake Swap, you must connect your Trust Wallet to the DApp browser. When it comes to Android smartphones, the process is a little bit more straightforward than on iOS devices, but it's not impossible. If you want to use PancakeSwap to its full potential, you must activate the DApp browser.
Step 5: Trade Smart Chain with SafeMoon
To find SafeMoon, use the website's search bar once you've connected your Trust Wallet to PancakeSwap. Consider the following before heading to this location. You'll be trading your Smart Chain BNB for SafeMoon tokens after you complete the transaction.
The settings icon in the top right corner of the screen must be tapped to specify a 12 percent slippage tolerance. This tolerance for slippage might affect the final price in many ways. For now, you can only use this token to buy things.
Enter the amount of BNB you'd like to swap for SafeMoon and then hit the "Confirm Swap" button to complete the process. The transaction should be completed as soon as possible at this stage.
Step 6: Add SafeMoon to Your Trust Wallet
SafeMoon’s contract address is available on the exchange where your money was purchased, and you must copy it to complete the transaction. On the Trust Wallet screen, tap "Add Custom Token," which will be next to a blue symbol, and then search for SafeMoon. It's here where you may put SafeMoon’s contract address and press "done."
How to Add SafeMoon in Your Trust Wallet?
To see whether the SafeMoon tokens you bought on Trust Wallet have been credited to your crypto wallet, perform the following steps:
- Get SafeMoon's contact address.
- Click to return to the Trust Wallet's main page.
- You may scroll down by clicking on the blue symbol in the top right corner and then dragging your pointer.
- Enter "safe" in the search bar.
- Using the drop-down option, choose "Add Custom Token."
- At this stage, switch the network over to Smart Chain from Ethereum.
- SafeMoon's contract address should be entered in the "contract Address" box next.
- Click the Save button to save your work.
You can now see how many SafeMoon tokens you have in your Trust Wallet at any one time.
Should You Invest in SafeMoon?
There has been substantial price volatility in the cryptocurrency market despite the efforts to stabilize the market by charging investors who sell tokens. This suggests that investors may have made big gains or suffered terrible losses, depending on their financial situation.
Investing in SafeMoon has a high degree of risk and should only be considered by those who match understand the cryptocurrency market. Because they've done a lot of research, they can afford to lose money.
It cannot be considered a mainstream cryptocurrency investment, and it should not be relied upon to build wealth or fund retirement. Do not put all of your funds into cryptocurrency investments at this moment since they might be equated to gambling. Consult a financial advisor if you have any doubts.
What is the Future of SafeMoon?
The price of SafeMoon is viewed carefully by analysts that specialize in digital currencies. In one year, the value of a SafeMoon coin might rise to $0.000237, based on the market, according to WalletInvestor. Instead of predicting that the SafeMoon would be $0.00000870 in a year, Digital Coin thinks that it will be $0.00001690 in five years.
Keep in mind, however, that these numbers are simply estimates. A look at any cryptocurrency price chart will tell you that this is going to be a difficult road to travel. In addition, likely, SafeMoon's selling tax may not have a significant impact on investor interest in the short term.
Is the SafeMoon Safe?
Investing in stocks and shares or other forms of currency, such SafeMoon coins, might lose value over time. Investors who sell their equities due to a drop in the market pay a 10% penalty on top of their losses. There is a similarity between safety-moon criticisms and old-fashioned pyramid schemes, in which existing investors rely on future investments to enhance their earnings.
Exacerbating the situation, the United Kingdom has no laws governing cryptocurrency investments. As a result of investor inquiries, the owners of SafeMoon have sponsored "Ask Me Anything" sessions.
However, these sessions do not take the place of sufficient protections for consumers. In January of this year, the Financial Conduct Authority (FCA) issued a warning to clients about the dangers of investing in cryptocurrency assets that promise large returns.
Bitcoin's price surged during the Christmas season, doubling in a matter of weeks, prompting the warning. Furthermore, potential investors may find it difficult to convert their SafeMoon into cash since there are no guarantees that the market will supply the liquidity that investors require.
Why do I get an error on PancakeSwap?
While investing in SafeMoon, slippage tolerance is the most common reason for a mistake on PancakeSwap, but there are many other possibilities. SafeMoon tokens may only be exchanged on PancakeSwap if your slippage tolerance is raised to at least 10%. This is because investors that buy, sell, or swap SafeMoon tokens are subject to a tax.
What is SafeMoon termed as pump and dump?
Due to its quick surge in value, SafeMoon, a newcomer to the cryptocurrency market, has been branded the "pump-and-dump" coin. It's widely believed that crypto aficionados would buy the coins and therefore "pump" up the price, only to afterward "dump" or sell them, resulting in the changing price of the currency in the marketplace.
Is Trust Wallet Safe for SafeMoon?
To put it in a nutshell, yes. Trust Wallet has several security techniques to protect its users' cryptocurrency holdings from hacking or theft. However, it’s not a viable option for those just getting started with cryptocurrency. We can conclude that Trust Wallet is secure to use since it provides everything.
SafeMoon crypto is a hot commodity in the world of digital currencies. The fact that it is not available on conventional crypto exchange platforms makes it all the more intriguing to investors and traders. Binance Smart chain is used to swap and buy SafeMoon via wallets like Trust Wallet, which makes the process quite simple and straightforward. If you're looking for an investment opportunity that has significant price ranges in just a few months, then SafeMoon may be the right choice for you.