If you're a holder of SafeMoon (SMN) tokens, then you'll want to know how to sell them on Trust Wallet. But the process is not simple enough and needs to tackle with some confusion.
How to Sell SafeMoon on Trust Wallet? An Easy-to-Follow Guide for Beginners
Investors are always looking for ways to make a quick buck. When the SafeMoon token blows up, it will be time to cash in. If you're a holder of SafeMoon (SMN) tokens, then you'll want to know how to sell them on Trust Wallet. But the process is not simple enough and needs to tackle with some confusion.
But don't worry! We've got everything you need for an easy and worry-free sale. In this easy-to-follow guide, we'll show you how to get started in just a few simple steps. So, what are you waiting for? Start selling SafeMoon today!
What is SafeMoon?
In 2021, one of the newest cryptocurrencies was SafeMoon. It's a community-driven approach to developing decentralized financial systems using cryptocurrency. According to Utah Business, there are now more than 2.9 million users of the currency after the initial launch in the first quarter of 2021. According to CoinMarketCap, there are 585.536 trillion coins in circulation.
The creators sought a currency that would guarantee "safe" growth and the avoidance of bubbles. SafeMoon has gained popularity in recent months. It is based on the Ethereum blockchain and implements some novel features that make it different from other cryptocurrencies.
One of these features is its use of "smart contracts," which allow for complex transactions to be carried out without the need for a third party. This makes SafeMoon very attractive to investors and businesses alike. Another key feature of SafeMoon is its low transaction fees. This makes it an ideal choice for micro-transactions and payments.
Finally, SafeMoon has a unique reward system that encourages users to hold the currency for long periods of time. This "staking" system gives holders a percentage of newly minted SafeMoon as a reward for their loyalty. All of these factors make SafeMoon a very promising new cryptocurrency.
1.5% is allocated to reflection bonuses, while the remaining 5% is put into liquidity pools. To ensure the liquidity of the SafeMoon and Binance Coin pair, 2.5% of the 5% sent to liquidity pools is changed into Binance Coin (BNB).
It says in the SafeMoon whitepaper that the team will carry out manual token burns. The current SafeMoon software does not appear to be equipped with pre-built mechanisms for these burns, yet they will be handled at the discretion of the team.
|Price Change 24h||-$0.0000001618|
|Fully Diluted Market Cap||$1,300,860,083.60|
|Circulating Supply||585,536,366,402,812 SAFEMOON|
|Total Supply||1,000,000,000,000,000 SAFEMOON|
|Max Supply||1,000,000,000,000,000 SAFEMOON|
What is Trust Wallet?
Trust Wallet is a mobile wallet that allows you to store multiple cryptocurrencies, including SafeMoon. It is available for both iOS and Android devices. Trust Wallet offers a variety of features that make it an ideal choice for selling SafeMoon, such as:
- Supports multiple currencies: You can store not only SafeMoon but also other popular cryptocurrencies in Trust Wallet, making it a convenient way to manage your investments.
- Easy to use: The user interface is simple and straightforward, perfect for those who are new to cryptocurrency trading.
- High security: Trust Wallet employs state-of-the-art security measures, such as two-factor authentication and biometric locking to protect your funds.
- ERC20 token compatible: Trust Wallet is compatible with ERC20 tokens, meaning that you can store SafeMoon on the wallet.
If you're looking for a reliable and user-friendly wallet to sell your SafeMoon, Trust Wallet is a great option.
Step By Step Guide to Sell SafeMoon on Trust Wallet
So, in order to withdraw your precious SafeMoon from the exchange, you'll need to go there.
You may Create a Coinbase Account to Purchase Cryptocurrency, but it's much easier to withdraw money from Coinbase via Binance because SafeMoon resides on the Binance Smart Chain.
In short, to sell your SafeMoon coins, you must first convert them into Binance currency.
Step 1: Go to Your SafeMoon Wallet
On the main page of 'Open SafeMoon Wallet,' you will be able to identify the address of the SafeMoon token. You can observe that on there. Before going further, it's important to know how much SafeMoon you have in your wallet.
Step 2: Open Pancake Swap on Trust Wallet DApp Browser
Surely you may utilize any other exchange, but we'll go with Pancake Swap since it's the greatest option to purchase SafeMoon.
Step 3: Swap SafeMoon for BNB Smart Chain Currency
Tap the BNB symbol in PancakeSwap, then search for SafeMoon in the search bar. In this tab, you must pick the quantity of SafeMoon you want to swap.
The Binance network fee will be displayed on a confirmation screen that subsequently appears. To finalize the swap, tap the aquamarine icon next to the clock symbol.
Step 4: Convert Smart Chain to BNB Binance Chain
You've converted SafeMoon into Binance Smart Chain via the Binance swap. Select BNB from the main menu in Trust Wallet, then "Swap to Binance Chain." On the confirm page, finish the process and move on. Now, you'll be able to exchange BNB to an external wallet address.
Step 5: Send BNB to Your Binance Account
You must first send your converted BNB to an exchange that holds Binance Coin, such as Binance, in order to sell SafeMoon. This is a vital step that you can't overlook if you want to withdraw money from Trust Wallet to your bank account.
The Binance Note Number wallet can be found in your account. Send the BNB from Trust Wallet to Binance US once you've obtained the recipient's address.
Step 6: Sell BNB for Fiat currency
It's almost time to sell your Binance Bitcoin! Log in, start the withdrawal process, and you'll be able to withdraw funds from SafeMoon safely. First though - it's important that we Montgomery out on what currency will work best for us: either US dollars or another crypto such as Ethereum could potentially get converted into bitcoin at an exchange rate of 1:1, so this way, both parties walk away happy with their investments
Step 7: Withdraw Money from Binance US to Your Bank Account
The best way to cash out is by selling your Binance Coin for US Dollars. You can do this in the fiat and spot option on the board's website, after which you will need to verify yourself before submitting withdrawals from their exchange platform. It's important because who knows what kind of hacker might get access if they don't.
In short, the whole process to sell your SafeMoon is by exchanging it for Binance coins (BNB). Once you have the replacement, send them over and request an instant bank withdrawal from any exchange that offers this service. This process is simple and can be achieved by following these steps!
What is the Best Time to Sell SafeMoon?
The best way to make money off your SafeMoon coins would be by selling them. However, you need an understanding of what's happening with the crypto market if you want out right away or wait until it becomes more profitable for investment purposes. Because there will always come a time when one wants their investments to buffer against uncertainty in this ever-changing world we live in.
The 10% fee charged by those who sell coins isn't bad at all. You'll get half back as dividends, so long-term investors can generate some serious returns while still having access to plenty lower prices than others.
The crypto market is volatile, and anything could happen in the time between when you invest, so always conduct research before investing. Even if things don't go as planned, the analysis will keep track of your progress towards reaching an objective even while moving away from it at first glance.
Two Factors You Must Ensure Before Selling SafeMoon
Before making your mind to trade-off SafeMoon with fiat currency, there are two things you should ensure:
- Know Your Portfolio Value
When you buy cryptocurrency, like SafeMoon coin, it's not always easy to see how much your investment is worth. This can be a problem if there aren't many exchanges where this coin trades.
So, people have been using different methods for calculating their portfolio values, such as calculators or online converters. They give them an estimate based on other cryptocurrencies' prices. We recommend Coin Gecko & Market Cap because they offer more detailed metrics than others might indicate.
The easiest way to use the Trust wallet is by simply copy-pasting your SafeMoon transaction history from Binance's Smart Chain (BSC). You'll then need only change the network setting and adjust the address paste them into their appropriate places. This should display all of its information in front of you.
- Close All Active Position
It is important to note that if you close your active positions, it refers to selling the asset. However, since cryptocurrency has such a high volatility rate, this could lead one into losing all their money left in SafeMoon coins as well as other currencies like USDT or fiat.
It would make them lose more than what was originally invested. Leaving your SafeMoon without selling it could result in losing all funds invested in this project. You risk losing a great amount of money if you don't sell at your target price after it's been reached or wait too long. You need to act quickly and take advantage while prices are still high.
Whenever you close a position, the exchange rate between Binance Coin (BNB) and US Dollars may differ. This is because there's slippage when an asset settles at prices lower than its planned target price. This means that we collect withdrawal charges from your account while selling SafeMoon coins for $3 USD per coin. You don't need to wait to get pushed up by orders coming in during trading sessions. Then what was originally sold will not match up with how much money gets withdrawn.
To close an active SafeMoon position through your Binance account, you first need to click on the BNB symbol. This displays all of your assets and may then be searched for "Safe moon" in order to get notified about their transaction fee, which currently stands at 10%. So, 5 percent goes back into token holders' hands while another five goes towards increasing liquidity.
You'll be asked to enter your SafeMoon token sale amount. Once you do, the exchange will occur, and a confirmation email with more information on how much Binance is charging for their Smart Chain network fee should arrive shortly afterward.
Where to Buy SafeMoon?
SafeMoon is now available for purchase through the Safe Moon wallet, with Binance Coin as payment. You can also buy SMN on exchanges such PancakeSwap and BitMart.
The global crypto trading platform and exchange with over five million customers in 180 countries, BitMart prides itself on the importance of trustworthiness as its top priority. They also offer high-level accessibility for all users so that anyone can use it no matter what country they are living or working within. The good news is that now you know how to buy Safemoon on Bitmart with our step-by-step tutorial, check out guides for more information.
This includes people who might not know how to read traditional languages; such linguistic diversity is celebrated at BitMart. Also, professionals will always have an opportunity here because every one of them has been trained extensively before getting hired by our team.
BitMart is an up-and-coming crypto exchange that offers both futures and spot trading. The company's headquarters can be found in four different locations: New York, Singapore, Seoul, Korea, while its Hong Kong office will serve as an HQ from where operations are run across all these regions
The platform supports SafeMoon token swaps from V1 to the recently announced v2, which means users don't need any upgrading or technical know-how.
PancakeSwap is a new kind of decentralized exchange that lets you trade directly from your crypto wallet, giving you complete control over their assets. This means someone must take responsibility for the security and safety in this case. However, there are many benefits to be had when using an external platform like pancakes instead.
When you buy SafeMoon on PancakeSwap, it can be confusing because, firstly, all of your purchases need to go through Binance before converting them into Smart Chain and then swapping this for the actual cryptocurrency.
Team Behind the SafeMoon
The SafeMoon team is excited to be moving into the discussed spaces, and they hope that more people will want to join them as we explore these new frontiers.
SafeMoon's current CEO, John Karony, brings an unusual background to the table. He spent time as a defense analyst for the US and founded TANO, which will soon host its first game streams. A person with no experience in blockchain or finance is currently leading one of our favorite teams - what could go wrong?
Charles Karony, the VP of Operations for Europe, seems like an unlikely candidate to be in charge. He graduated from Brigham Young University with a degree in Financial Economics, and before this, he was just listed as SafeMoon's only employee on LinkedIn.
The Global Head of Products for this team, Ryan Arriaga, is a rather interesting person. He's an entrepreneur who started and sold 2 companies before joining the Bitcoin industry as well. A quick glance at his resume reveals that he's worked on projects with big names like Oracle for two years.
It's alarming that there is no CTO and only a handful of people listed on the tech side for SafeMoon. Key positions are still important, especially in this area where they lack expertise with respect to computer science practices like coding or programming languages.
Pros & Cons of Using Trust Wallet
- The user-friendly and secure mobile wallet that all ERC20 tokens.
- The app is available for both Android and iOS devices.
- Trust Wallet is integrated with the Binance exchange.
- It has a built-in decentralized exchange (DEX).
- The wallet is secured with a password and 2-factor authentication.
- It does not support cryptocurrencies aside from ERC20 tokens.
- The wallet is not yet available for desktop devices.
What is meant by manual burns on SafeMoon?
With over 400 trillion SafeMoon burned to date, it is clear that the manual burns by our team have been tremendously successful in raising prices for everyone. The first 223 trillion were destroyed upon launch, and now there are almost 300 more.
What can stop SafeMoon from growing?
In the crypto world, SafeMoon has been getting by on its popularity so far. But it won't be able to ride this wave forever. Especially when other coins have more useful purposes and advantages than just being popular.
Is SafeMoon a good investment?
It doesn't have any legitimate uses and relies so much on popularity, which makes it one of the most dangerous places to put your money. There's a good chance that SafeMoon's best days are already behind them.
So, there you have it! Everything you need to know about selling SafeMoon on trust wallet. It's not a difficult process, but it is important to be sure you take all the necessary precautions and that you will be in profit after making your sale. Remember, always make sure you have a look at the portfolio value and close all active positions before making the sale. We hope this has been helpful and wish you the best of luck with your future transactions.