Since its launch in March 2021, Safemoon has been in the news many times with high profile figures like Nick Carter and Jake Paul endorsing the cryptocurrency as well as other figures expressing concerns over the security of the token.
With a wide range of places for buying crypto online, it can be difficult to know how to purchase Safemoon tokens safely. We’ve put together a simple step by step guide to buy Safemoon coins online.
How to Buy Safemoon
To buy SAFEMOON you’ll have to use a cryptocurrency exchange platform where users can trade cryptocurrencies. While many well-known cryptocurrency exchanges let you purchase cryptocurrencies with traditional fiat money, SAFEMOON is only available on altcoin exchanges like PancakeSwap where crypto can only be traded for another cryptocurrency.
SAFEMOON is not currently supported on any of the main cryptocurrency exchanges like Coinbase, Binance or CryptoWallet. To purchase SAFEMOON tokens you will first have to buy an established cryptocurrency like Bitcoin or Ethereum using fiat money and then transfer it to an altcoin exchange where it can be traded for SAFEMOON coins.
We believe the easiest option is to use CryptoWallet to purchase BTC and then transfer it to an altcoin exchange. It’s now even easier using our mobile app which allows you to trade cryptocurrencies no matter where you are.
Step 1: Register on Fiat-to-Crypto Exchange
Firstly you’ll need to get set-up on a Fiat-to-Crypto exchange like CryptoWallet. With CryptoWallet you can use our desktop site or mobile app to purchase any of the 5 largest cryptocurrencies by market capitalization (BTC, ETH, XRP, LTC, USDT) using your credit or debit card.
To register on CryptoWallet:
- Click New Account at the top of the CryptoWallet webpage to register for your account – you’ll need to provide proof of identity for this.
- Once registered you will be taken through the steps to set up your cryptocurrency wallet and a secure seed phrase to help you recover access to your funds if you ever need it.
- When the verification process is complete you’ll be all set to buy BTC tokens right away!
Step 2: Buy BTC with fiat money
Using our website or mobile application you can now buy BTC tokens!
Firstly you’ll need to transfer fiat money to your new crypto wallet. This can be done easily using a credit or debit card. Once your funds are safely deposited in your wallet you can now trade fiat currency for BTC tokens by heading to our cryptocurrency exchange. Choose the amount of BTC tokens to purchase and confirm the price that you are willing to pay.
Click select and your BTC tokens will be added to your wallet! It may take a few minutes for your transaction to settle on the blockchain.
Step 3: Transfer BTC to an Altcoin Exchange
Now you have BTC tokens that you can trade for SAFEMOON tokens online. You’ll have to head to an altcoin exchange like Gate.io, MEXC or BitMart that supports both SAFEMOON and BTC tokens. Altcoin exchanges will often have different prices for SAFEMOON tokens so it’s important to shop around for the best price for a BTC-SAFEMOON trade.
You will probably need to set up a wallet on one of these altcoin exchanges or use a separate wallet that can hold BTC and SAFEMOON tokens like Trust Wallet (an android wallet available on Google Play).
Once you are set-up on the altcoin exchange you can transfer your BTC tokens to your second wallet and trade them for SAFEMOON tokens on the exchange.
Last Step: Store SAFEMOON Securely
Storing your crypto tokens securely is the most vital step. It’s important to use a secure wallet that prevents anyone else from gaining access to it. As many altcoins are not available on the more well-known wallets, malicious actors have developed faulty wallets that will scam the holder out of their funds. With so many options available, we’ve looked at some of the most secure options for storing your crypto tokens.
A crypto wallet is designed to hold your funds and is composed of 2 keys that you need to use your funds. A private key (similar to a password) that is used to send tokens and a public key (like an email address) that is used to receive funds. There are two types – a hardware (“cold”) wallet or a software (“hot”) wallet.
Hot Wallet vs. Cold Wallet
A cold wallet stores your keys offline in a physical device and is the most secure option available. Trezor is a well-known hardware wallet and supports SAFEMOON tokens. Cold wallets however can be inconvenient as they must be linked to a device to access your funds and can not be used easily or quickly.
Hot wallets are much more convenient as your information is stored online and can be accessed easily at any moment. However being constantly online means they are more susceptible to hacks.
Many crypto exchanges have dealt with this by having all funds backed up or assured for safety. With CryptoWallet, all your funds are backed up by BitGo, a leading crypto asset custodian, so your funds will always be safe.
Many people opt to hold the majority of their crypto funds in major cryptocurrencies using a protected wallet for convenience and security too. They will use a secondary smaller wallet to keep and trade altcoins like SAFEMOON.
CryptoWallet supports the five leading cryptocurrencies by market capitalization and is assured by BitGo which makes it an ideal choice for storing your finances until you wish to trade in altcoins.
CryptoWallet also lets you use our mobile app to trade and move tokens on the go while our crypto card lets you spend crypto in stores worldwide.
Other useful tools for trading SAFEMOON
Safemoon tokens can also be traded on many of the Decentralized Exchanges (DEXs) on the Binance Smart Chain. These are exchanges that do not use an intermediary to trade crypto tokens. Pancake Swap and BiSwap are examples of DEXs where you can trade BEP-20 tokens including SAFEMOON. You will need Binance Smart Chain tokens, BNB or another BEP-20 token to trade.
Many crypto traders also utilize a VPN service for added anonymity during crypto trades. There are a wide range of VPNs out there and thorough research is important. A VPN can be a valuable tool for online crypto trading.
Latest News for SAFEMOON
Safemoon is facing a class action lawsuit with allegations of a pump-and-dump strategy and misleading investors with false and misleading statements. It alleges that Safemoon used celebrity endorsement to artificially inflate the value of the SAFEMOON token.
Can I buy SAFEMOON with cash?
It is not currently possible to buy SAFEMOON with cash. Although some websites may claim to let you buy SAFEMOON using a credit or debit card, these are often scams designed to steal your credit card information. It’s important to always take care purchasing crypto online.
SAFEMOON can only be traded for other cryptocurrencies on crypto-only exchanges.
Are there any quick ways to buy SAFEMOON in Europe?
The quickest and safest way to buy SAFEMOON coins is by buying BTC tokens using a credit or debit card then trading your BTC tokens for SAFEMOON tokens. Using CryptoWallet you can quickly buy BTC tokens on our mobile app. Then you can trade BTC tokens for SAFEMOON on a crypto-only exchange.
Are there any alternative platforms to buy SAFEMOON or Bitcoin with credit cards?
Many platforms will claim to let you buy SAFEMOON or Bitcoin using credit cards. However we would always recommend you do your own research thoroughly before attempting to buy tokens online. Many of these platforms are unreliable or even scams designed to steal your funds or credit card information.
The safest option is to buy BTC tokens using an assured exchange like CryptoWallet.