Safemoon: where to buy and how to do it. Step-by-step guide
By Yuliia Rokytska 2357 17 Jul 2022
This article gives you a step-by-step guide on how and where to buy Safemoon cryptocurrency. What do you need to do for it, where to register, and what are the peculiarities of buying SFM?
Where can you buy Safemoon, and how to do it?
Safemoon is traded on many exchanges. For example, you can find the asset on the cryptocurrency exchange WhiteBIT. To buy meme coins, go to the exchange’s official website and register. Then verify your account and enable two-factor authentication in the settings. Now move on to buying Safemoon.
You can do this in several ways:
top up your SFM deposit address directly through a cryptocurrency wallet;
- top up your balance with a credit card and buy SFM on the market;
- top up the USDT deposit address and then buy SFM.
The first option is suitable for those who already have a cryptocurrency wallet with sufficient capital, which supports the ERC-20 standard. In this case, the user will have to pay a 2% commission, and the deposit amount must be no less than 8,000 SFM. The price of Safemoon on the WB exchange at the time of writing the guide was 0.0004014 USDT. To buy a meme token this way, go to the total balance section, and enter the asset’s name into the searcher. When it appears, click “deposit” and copy the address to transfer money to it from your wallet.
The next way is to deposit in fiat currency and exchange it to USDT for further SFM/USDT pair trading. You will need the total balance section and the “deposit” button again to do this. In the pop-up window, select the required currency. If it is hryvnia, you can make a commission-free deposit via Monobank card, with other bank commission amounts to 1.5%.
USD and EUR deposits require funds on cards such as AdvCash and NixMoney. In addition, EUR holders can use Visa/Mastercard Checkout cards. After selecting a currency and specifying the amount, we press the “request” button. We will be redirected to the page where it will be necessary to enter card data for funds withdrawal to the exchange deposit. The commission is 1.5%.
After the money appears on the general balance, we need to transfer it to the trading balance in order to exchange it to USDT. It will take a few seconds. Just click “transfer” and select the trading balance. Now choose the required currency with the deposit on the trading balance and click “exchange”. Select the amount you want to exchange to USDT and make the transaction. The commission fee is low – 0.1%.
Or we can directly top up the USDT address through our cryptocurrency wallet, using the same method as with the SFM address.
When the funds appear at your USDT address, move on to trading the SFM/USDT pair. To do this, open the “Markets” section, enter the corresponding pair into the searcher and select it.
You will see a chart with the market situation as well as a window in which you can specify the number of tokens to buy and set the necessary order to perform the transaction. The exchange provides a description of each order. Read it carefully to select the necessary one. Note that the minimum order size is 2,000 SFM and the total commission is 0.2%. When you are sure that all is done correctly, click “buy” and monitor your trade in the open orders section of the market.
What is Safemoon?
The guide assumes that you are already familiar with the SafeMoon token if you are wondering where and how to buy it. Still, let’s recall what it is and list some of the main points about the asset.
Firstly, SafeMoon is not a cryptocurrency and belongs to meme coins – tokens based on Internet memes. It was launched on the Binance Smart Chain network in March 2021. It refers to the famous slang expression “going to the moon”, which is used on crypto forums when one wants to say that a cryptocurrency’s price has increased very quickly in a short period. This happened to the SFM meme coin as well, but after a while, the quotes fell with the same speed.
The main uniqueness of Safemoon is the 10% commission charged when selling an altcoin. This is a kind of “curtsy” towards those who like to get rid of the asset in advance whenever it slightly declines. One part of the commission is “burned” in the blockchain, and the other is redistributed among SFM holders, which, theoretically, increases their deposit over time.
Another peculiarity is that the predominant liquidity share of meme coins belongs to its founders. The cryptocurrency community has criticized this fact despite the funds being blocked. The negativity is caused by the influence of big players on the movement of value during sales.
In addition, the creators of Safemoon were criticized for developing an ecosystem that couldn’t meet expectations. At the same time, these issues don’t contradict the existence of the token’s fan base. Due to them, the meme coin is held above zero.