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How to Buy Safemoon on Trust Wallet
At a Glance
- Introduction to Safemoon: Safemoon is a recent addition to the cryptocurrency market, belonging to the class of Defi tokens designed for fast peer-to-peer transactions and decentralized payments.
- Market Ranking and Accessibility: It is currently ranked #114 by market capitalization and can be bought on the Trust Wallet by exchanging other cryptocurrencies.
- Risk and Caution: Safemoon is considered a high-risk investment option with no guarantees, so caution is advised when considering involvement in the cryptocurrency.
- Investment Nature: Being part of the cryptocurrency market, Safemoon’s value and performance can be volatile, and investors should conduct thorough research and be aware of the associated risks.
Safemoon is a Defi token. Defi means a decentralized finance token. It is a kind of crypto token used for financial purposes mainly and does not have any centralized authority overlooking it. It was created recently in march 2021 on the binance smart chain and has had a good following. Safemoon was originally only bought and sold on the trust wallet.
Here you will learn how to use a trust wallet to buy Safemoon for any purposes you might need.
What Is Safemoon?
Safemoon is another altcoin added to the crypto market as recently as a few months ago. It belongs to the class of Defi tokens for fast P2P transactions and a decentralized policy of payments.
Created on the Binance smart chain, Safemoon quickly rose to become the current #114 ranked crypto by market cap. Its current market cap stands at a promising $867,163,959 and has 575, 811, 504, 750, 968 coins currently in supply. It was initially only bought and sold on the Trust wallet, but there are other means now.
How To Buy Safemoon Crypto With The Trust Wallet?
Trust wallet was initially designed to make crypto available to anyone and everyone. Soon after its inception, Binance offered to purchase the wallet in 2018. Since then, the Trust wallet has extended the Binance exchange.
Safemoon, which could only be bought on Trust wallet, proved fruitful in improving the mobile wallet sales. Also, you cannot directly buy Safemoon with US dollars or any other fiat currency.
It has to be bought by exchanging other cryptocurrencies. Hence, the process of buying Safemoon isn’t as simple as buying a lot of other cryptocurrencies, and still, it has shown some promising results so far.
Download Trust Wallet And Create A Wallet
Trust wallet is a mobile wallet. Meaning, it can only be installed on your mobile with an internet connection. You can download your trust wallet on either android or iOS phones. Once you download it, the next step is to create your “wallet.”
After you download and open your trust wallet on your mobile, you should press the “create new wallet” icon. Your wallet will be created after a few specifics about you are taken. In the final step, you will be given a 12 – word phrase known as “Recovery Phrase.” Write it down safely in a notebook or anywhere else that’s absolutely secret, and never tell anyone about this recovery phrase.
A recovery phrase is your identifier to access your cryptocurrencies if you ever forget about your passwords. There is no other way to access your wallet without your recovery phrase. Therefore, keep it in an incredibly safe place. Trust wallet will never message or call you asking for your recovery phrase. If you receive any such requests in any form or media, you should immediately report them to the authorities.
Make sure you write the words in the same order as given as that too is also extremely important.
If you have used trust wallet anytime at all, you don’t need to create a new wallet but access your old wallet. Ideally, if you remember your old passwords, it will take no time, but if you don’t, you will have to click on “recover my account” and type in your recovery phrase word for word in the correct order. Missing it in even one word would result in your failure to access your account. If you don’t remember either your passwords or your recovery phrase, your only other option is to create a new wallet by following the above instructions
Add Safemoon To Trust Wallet
Tap on the top-right icon of your trust wallet homepage and search for “Safemoon” when the search bar shows up. If you do not find what you are looking for, you will also find an option that says, “Add custom token”; click it.
You will now see a page with Ethereum on top. Press it and change it to “smart chain.” You will now notice a contract address on the same page, copy it, and paste it in the contract address section.
In the space provided for “name,” type “Safemoon” and use SFM as its symbol. In the decimal section, press 9 and click on “done.”
Safemoon is now added to your trust wallet. You can now buy and sell Safemoon on your Trust wallet through the Binance smart chain.
Purchase Binance Smart Chain
Come back to the main screen of your trust wallet and the top, click on “smart chain,” and once options appear, to the top right, click on “buy.” You will be asked for some of your documents for verification. Keep your financial documents ready. Once that is done, you can purchase Binance smart chain as much as you want. Document verification is only done once, so if you’ve done it once, you no longer need to do it whenever you want to buy more on the Binance smart chain.
Trade BSC For Safemoon
On your main screen, click on “swap for Safemoon.” To the top right corner, you will have the option to connect your wallet. Once that is done, on the “adjust control” symbol, set the slippage to 12%. Next, enter the Binance Smart Chain (BSC) amount you would like to swap for Safemoon and then tap swap. Once you have a successful transaction, your Binance smart chain will have been exchanged for Safemoon.
How to Buy Safemoon FAQs
While the process is pretty straightforward, you can still have certain doubts and questions regarding the authenticity and safety of the crypto token and its potential as an investment option. Here are some common questions regarding the same.
Is Investing In Safemoon Safe?
Safemoon is just the latest in the long list of many cryptocurrencies that have appeared on the market since bitcoin became available. The entire crypto market has always been volatile over the years. Safemoon is no exemption to this. This is not a retirement savings investment but rather should be seen as a high-risk rewarding form of investment. There’s no telling if all the money you invested would be burned out in a flash without notice. Therefore, always be cautious in spending your hard-earned money on investments into Safemoon and only invest the money you can afford to lose.
Is Safemoon A Good Investment Option?
As for the current market trends, it is more like a get rich quickly scheme than an investment option. There really is no telling how the tables might turn in the coming days, and there’s no telling if you can make it big on this. So, while it is promising, invest cautiously.
Frequently Asked Questions (FAQ)
What is Trust Wallet?
Trust Wallet is a mobile cryptocurrency wallet that supports a wide range of cryptocurrencies. It allows users to store, send, receive, and exchange various cryptocurrencies, including newer tokens like Safemoon.
How can I buy Safemoon using Trust Wallet?
- Download Trust Wallet: Install Trust Wallet on your mobile device.
- Buy or Transfer Binance Coin (BNB): Purchase BNB within Trust Wallet or transfer it to your Trust Wallet from another exchange.
- Enable DApp Browser: Access the decentralized app (DApp) browser within Trust Wallet (for iOS users, this might need to be enabled via a separate process).
- Access PancakeSwap: Use the DApp browser to navigate to PancakeSwap, a decentralized exchange.
- Connect Wallet to PancakeSwap: Connect your Trust Wallet to PancakeSwap.
- Swap BNB for Safemoon: On PancakeSwap, select BNB as the source currency and Safemoon as the target currency, then execute the swap.
Are there any fees for buying Safemoon on Trust Wallet?
Yes, fees include network transaction fees for transferring BNB and the fees associated with swapping BNB for Safemoon on PancakeSwap.
What are the risks of buying Safemoon on Trust Wallet?
Risks include the volatility of Safemoon, potential liquidity issues, and the general risks associated with using decentralized exchanges like PancakeSwap.
Can I store my Safemoon in Trust Wallet?
Yes, after purchasing, you can store Safemoon directly in Trust Wallet.
How do I ensure the safety of my Safemoon in Trust Wallet?
To ensure the safety of Safemoon in Trust Wallet, use strong passwords, enable two-factor authentication, and back up your wallet recovery phrase in a secure location.
Is it possible to exchange Safemoon for other cryptocurrencies in Trust Wallet?
Trust Wallet allows exchanging certain cryptocurrencies, but direct exchange of Safemoon within the wallet depends on its pairing availability in Trust Wallet’s integrated exchange services.
How can I transfer Safemoon to another wallet from Trust Wallet?
To transfer Safemoon to another wallet, use the “Send” function in Trust Wallet, enter the recipient’s wallet address, specify the amount, and confirm the transaction.
What should I consider before buying Safemoon on Trust Wallet?
Consider the reliability of the Safemoon project, understand the risks of DeFi tokens, assess transaction fees, and ensure you are comfortable using DApps like PancakeSwap.
Can I buy Safemoon on Trust Wallet with fiat currency?
Direct purchase of Safemoon with fiat currency is not typically available in Trust Wallet. You usually need to buy BNB or another cryptocurrency first and then swap it for Safemoon.
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Safemoon is a Defi crypto token available on the Binance smart chain network. It cannot be directly bought with any fiat currency but would require you to exchange your BNC for it. Trust wallet is the mobile application recommended by its developers to buy Safemoon and store it for investments.