SafeMoon Wallet Review: Is It Worth Considering Wallet for Cryptos Security
As a crypto trader, you know that protecting your coins is of the utmost importance. That's why it's important to use a safe and reliable wallet like SafeMoon. So far, it looks like SafeMoon is one of the best options available for anyone looking for security and peace of mind.
In this blog post, we'll take a look at the SafeMoon Wallet and review its features. We'll also discuss why it might be a good choice for crypto traders. So, if you're interested in learning more about the SafeMoon Wallet, read on!
What is SafeMoon?
SafeMoon is a cryptocurrency exchange with an unusual approach to DeFi: it's community-driven. The coin has gathered more than 2 million holders since its launch in early 2021, and there are no signs of slowing down anytime soon. Not only does this mean that people believe deeply enough in the project but also shows how much demand can be fulfilled by just one network. So, get yours before everyone else does or risk missing out completely on potential gains.
|Price Change 24h||-$0.0000001618|
|Trading Volume 24h||$76,130.45|
|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 SafeMoon Wallet?
For those who are unfamiliar with this project, SafeMoon is a relatively new token that started in March 2021. Right after the launch, the coin quickly went viral due to its static reflection feature which rewarded users for holding their tokens. SafeMoon has achieved many milestones within less than six months of existence and that’s all without any advertising or marketing campaigns.
The developers behind this project have been consistently working to make it the most robust and well-rounded decentralized application in existence. Their passion for their project is evident in the way they've handled everything from listing on major exchanges to have it audited by CertiK. The community has supported them every step of this journey, waiting with bated breath as beta testers analyzed and helped fix any issues that popped up along the way.
It seems like this new wallet has been gaining traction fast. It only took 48 hours for more than 8000 people to download it and get an average rating of 4.9 on the Google Play Store, which is pretty impressive. It's pretty easy to use. Once you launch your app from the startup screen, you will be asked to choose between an existing wallet or creating a new one.
You can continue to use your existing MetaMask or Trust wallet without incurring any fee as long as it is connected to the network. Alternatively, you may create a new wallet following the normal steps of saving a passphrase and setting a password for security purposes. Remember that transferring tokens from another platform will also result in network fees.
See also: How to sell SafeMoon on Trust Wallet
Features of SafeMoon Wallet
The wallet has most of the common features, but you will also see many unique aspects. Here is the list of wallet features offered by SafeMoon.
When you open up your wallet, the top screen is a Calculate tab that takes you to SafeMoon's calculator. It's an attractive little tool with fancy graphics and helps estimate how much money will be in each pool for future earnings based on current prices! The eye-catching logo at the center gives all relevant info, including rate discounts offered by affiliates.
2. Purchasing SafeMoon
The buy feature within the app will make it easier than ever to get started withholding. Whether you're new or old at this game, switching from one token on the chain to another has never felt more seamless. Thanks to the newly implemented system that allows users to swap freely between SafeMoon and Ethereum.
Moreover, it allows entering purchases without having any knowledge about how these things work. Wyre is a platform that facilitates wallet purchases by working in much the same way as MetaMask. One pro tip for getting your BNB/BUSD tokens from Trust Wallet? Buy them and use their swap feature.
3. User-Friendly Interface
The first thing you notice about the wallet when loading it up is its stunning UI. The colors are sleek and professional, with straightforward navigation options that make using this app simple. You can also change what network your coins are stored on if desired like ESC or ETH.
This app lets you add tokens from Trust Wallet or MetaMask with ease just like those other two platforms do it too. You'll get top gainers/losers on CoinMarketCap right there at your fingertips. This extra info makes it easier than ever before because now all forces involved can tell if something unusual happened overnight.
4. Top Tier Security
To make sure that your wallet is secure and protected against hacks, there are 2FA (Google Authenticator) settings. These can be activated in the Security section of our app with just one tap.
5. Current Top Winners
With this amazing feature, you'll never miss out on the movements of cryptocurrencies again. You can stay ahead in your trading and investing by using it. In addition to keeping an eye on their price trends over time, the application also publishes lists for 1 hour, 24 hours, 7 days. In this way, you’ll always be aware of which cryptocurrency is doing well at any given moment.
In a world where convenience and ease are key to doing any business, SafeMoon has it all. As long as you have your ID or NFT address ready for swapping pairs on either the Binance Smart Chain (with limited options) or Ethereum blockchain. You'll be able to unlock more tokens in future exchanges.
The developers of the SafeMoon ecosystem have come up with an innovative way to use swap fees. Every time you make a trade on this platform, there is a 0.25% fee that goes into its own liquidity pool. This fee can be used for funding growth initiatives like buybacks or burns.
Is The Wallet Safe for SafeMoon Holders?
The SafeMoon wallet is a very safe place to keep your crypto assets. The team has been able to attract many new customers with their high level of security and user transparency. This feature makes them stand out from other wallets in this industry that may not be as trustworthy or reliable.
The first layer consists of Web Crypto Algorithm, followed by biometric 2FA via Google Authenticator applications on either iOS device. Plus, this program also offers well-protected passwords for keeping track of access points, etc.
Whether you're a newbie or an old hand at crypto, SafeMoon Wallet has got your back. The Binance Smart Chain uses a Proof of Authority consensus mechanism which means that it's fast & secure with nobody able to cheat the system. Because they'll all be verified by this one-way street: investing money in long-term commitment proving fairness for all candidates.
The concept of a blockchain with no one entity having complete control over it is both intriguing and scary. In this model, Binance has the power to change aspects or remove validators at their discretion.
Furthermore, all users must have faith in Binance's ability to act in the best interests of all parties involved. Consequently, if Binance chooses to alter any components of the chain or ecosystem, it has the authority to make the changes.
How to Download SafeMoon Wallet on Your Android Device?
The process is simple and consists of four basic steps. Let’s uncover one by one:
- To begin the download procedure for the App, just click the icon above. After the download is complete, the APK file will be located in the "Downloads" section of your browser. You must first allow third-party apps on your phone before you can download and install them.
- By enabling the option for Unknown Sources in your phone's settings, you'll be able to install apps from locations other than the Google Play Store without being asked.
- After the preceding step has been completed, you may go to "Download" in your browser and touch the file that has been downloaded. You will be greeted with an installation prompt, which asks for your permission before the installation process can begin.
- Once the installation is complete, you may begin using the application as usual.
Is SafeMoon Good Investment?
The potential of SafeMoon is significant; with over 2 million holders and almost $50 million locked in the liquidity pool, it's clear this project will be a success. The fact that its market capitalization currently stands at 1 billion dollars according to CoinMarketCap makes it one of the most valuable cryptocurrencies.
Investing your life savings in crypto trading is not a good idea. Even if you are able to make some stable returns through fees imposed on investors who sell their digital tokens. But substantial price uncertainty still remains for those coins and it's easy to get lost during times of high volatility. So don't invest all that money at once.
Data shows exceptional rewards gained from SafeMoon coin projects. However, you should be careful because there have been frequent cases where people lose more than what they've invested.
See also: How To Buy SafeMoon on Trust Wallet
How to Import Trust Wallet to SafeMoon Wallet?
Importing Trust Wallet to SafeMoon is not a tough nut to crack. All you need to do is follow the simple guideline and you can do this within five minutes. Let’s deeply explore the whole process:
Step 1: Copy Your Trust Wallet Secret Phrase
A good place to start is by copying your Trust Wallet recovery phrase. If you wish to import Trust Wallet into SafeMoon Wallet later, you'll need it. Open Trust Wallet and choose "Settings" from the menu to get started.
You will be sent to the settings page after selecting "Settings" from the menu. Wallets, Security, Push Notifications, and other options may be found on this page. From the drop-down menu, choose "Wallets" to get a list of all your wallets.
You will be able to alter the wallet's name when you hit the details button next to the wallet you wish to import into SafeMoon Wallet. The "Backup Options" area on the left of the screen has an option called "Show Secret Phrase."
If you choose this option, you may see your Trust Wallet recovery phrase. There is a 12-word recovery phrase on the page for you to view. If you wish to import Trust Wallet into SafeMoon Wallet, you'll need this phrase. Copy your Trust Wallet recovery phrase to the clipboard by clicking "Copy."
Step 2: Download SafeMoon Wallet
Obtaining your Trust Wallet recovery phrase is just the first step. If you do not already have SafeMoon Wallet, you should do so immediately. SafeMoon Wallet is available for download from the Apple App Store and Google Play Store, respectively.
If you're using an iOS device, go to the App Store and type in "SafeMoon" in the search bar. Once you've located the SafeMoon Wallet app, click on "Get" to begin the installation process.
Step 3: Paste the Secret Phrase on SafeMoon Wallet
Following SafeMoon Wallet's installation, you'll need to log in to it. Importing an existing wallet or creating a new wallet is now possible. Some options you'll be given are to import an existing wallet or to create a whole new one.
Select "Import Wallet" from the drop-down box if you wish to import the Trust Wallet into the SafeMoon Wallet. Selecting "Import Wallet" will allow you to pick your chosen import method. Twelve-word recovery phrase, 24-word recovery phrase, and import private key are all import methods.
The twelve-word recovery phrase is the most often used. The Trust Wallet features a 12-word recovery phrase that you may use to regain your wallet. As a consequence, to import it, you must choose "12-Word Recovery Phrase".
This is where you'll need to enter your Trust Wallet recovery phrase. To accomplish this, click the "Confirm" button and then choose "Paste." Your recovery phrase may be entered in the correct order if you so want. To complete the transfer, click "Confirm" at the bottom of the page.
Step 4: Set a New Password
Once you click "Confirm," a copy of your Trust Wallet recovery phrase will be transmitted to the "Set a Password" page. Creating a password that is unique to you is the first step in getting access to your new wallet. A strong password should be entered in the "Enter Password" field.
The second step is to double-check your password in the "Confirm Password" box. Your password must be at least 8 characters long to work. Additionally, it must have at least one special character, one capital letter, and one numeric value.
Click the "Confirm" button once you've entered your password. Create a password for your current device and use it nowhere else. If you want to move your wallet from one device to another, you'll need to create a new password on that device.
Pros & Cons of SafeMoon Wallet
- Offer to swap different cryptocurrencies
- One can calculate profits on the wallet
- Highly secured compared to its competitors
- Gives complete information about the market trends
- Shows the leading token charts
- Swap pairs should be more
- The only mobile version is available at the moment
Who Created SafeMoon?
John Karony is the CEO of Technically a New Operation, the Indie game studio that created SafeMoon. He was formerly an analyst in the US Department of Defense, so he brings a wealth of experience and knowledge to the team.
The other five leaders of the team are also highly skilled and experienced in their own respective fields. This team is dedicated to creating the best possible extension for keeping people safe online, and they have certainly succeeded in doing so.
What are the benefits of SafeMoon v2?
SafeMoon's flexibility and enhanced security make it a more attractive proposition for businesses. The ability to "whitelist" specific contracts will enable the company to eat up a 10% fee from transactions made on their platform. It would help the platform with increased power when integrating new products into this ecosystem; all without sacrificing quality or safety.
Is SafeMoon on Coinbase?
Unfortunately, SafeMoon can't be purchased on Coinbase as the exchange does not typically list many smaller cryptocurrencies. But with a Coinbase account, you'll have access to their news and features that will help keep up with what's happening in the crypto market.
What are the Future Plans of SafeMoon?
The SafeMoon team has been transparent about their future plans on the website and through regular video live streams. However, some of these ideas seem like they're only intended to hype sales such as releasing an app or wallet for it.
For instance, creating exchanges where users can trade coins between each other’s using different currencies instead of just one crypto coin per project which will be called "Safecoins." We'll see what happens next but so far there's not much progression from last months' developments.
The first version of the SafeMoon wallet is an easy-to-use, secure product that functioned seamlessly in our experience. It has limited features at present but they all work well enough without any crashes or hiccups. This seems like a promising start for what could be something great.
The team behind this crypto wallet has been listening to feedback from early adopters and addressing the challenges they've faced in onboarding users. It's clear that their product is not yet finished, but it already feels like a staple go-to for those who want access to mobile devices.