I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank GogolHow to Buy Safemoon
Updated on May 7, 2024
Written by
Written by
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit MittalAt a Glance
- Safemoon is a memecoin token and gained popularity in 2021 due to its potential for price appreciation.
- To buy Safemoon, you will need a wallet on MetaMask or Trust Wallet. You will need to deposit cash to buy ETH and then you can exchange ETH for Safemoon on decentralized exchanges.
- Safemoon features a 10% exit fee, redistributing funds to token holders and burning a portion.
- The token’s ownership concentration and unmet promises have drawn criticism.
Safemoon became quite popular at the height of crypto in the first half of 2021. If you are interested in day trading, talk of Safemoon’s high volatility and rapidly increasing market cap may have piqued your interest. Maybe you’re looking to buy, hold, and capitalize on the next big crypto price rally.
Though we go over how to buy Safemoon in detail below, the short version is that you need to create a wallet on MetaMask or Trust Wallet, buy Ethereum (ETH), then swap them for Safemoon.
How to Buy Safemoon
Safemoon is not listed on the Binance exchange anymore, so you have to buy it using ETH directly.
If you don’t currently have a wallet, you can download the MetaMask or Trust Wallet browser extension to get started with buying Safemoon. These browser extensions give you password-protected access and control over all your tokens.
Here are the simple steps for how to buy Safemoon:
- Create a wallet. Create a wallet address through MetaMask or Trust Wallet. If you have not created a MetaMask wallet before, learn about it first. It’s important to keep the details of your wallet safe.
- Buy ETH & swap for Safemoon. Deposit cash, buy ETH, then swap them for Safemoon. Make sure to have enough ETH to cover the purchase price + gas fees (fees to settle the transaction).
What is Safemoon Crypto?
Safemoon is a member of the group of tokens known as memecoins. Memecoins are crypto tokens or coins based on internet memes. Specifically, Safemoon derives its name from a popular slang term in crypto discussion forums—’going to the moon’.
The most fundamental thing you need to understand about Safemoon is that it is not a crypto coin.
In crypto jargon, a coin is a cryptocurrency that operates on its own blockchain. It is not the same as a token.
Understanding Blockchains
Bitcoin operates on its own blockchain, and so does Ether. The Binance Smart Chain is a separate blockchain that inherits many software features and protocols from the Ethereum network. One feature of the Ethereum network (and thus also the BSC) is the ability to host software programs (called smart contracts).
Smart contracts can create and control a supply of digital tokens. They are written for a specific chain with compatible protocols. This is similar to how versions of smartphone apps are written for specific operating systems. You cannot install an iOS app on an Android phone.
Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
First launched in March of 2021, Safemoon began to surge in price about a month later, thanks to effective marketing by the founding team.
Note: Safemoon has been delisted from Binance.
Safemoon Features
Safemoon has a few unique features that have attracted both praise and criticism.
For example, the Safemoon smart contract charges a 10% exit fee for holders who choose to sell. Half of this fee is ‘burned’, while the other is redistributed to remaining token holders, theoretically increasing the value of their holdings over time.
Another property of Safemoon that has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell.
Other criticism of the founding team has come on the back of several promised developments of a Safemoon ‘ecosystem’ (including a bespoke wallet application) that have thus far fallen short of expectations.
Safemoon Moving Forward
Despite this, Safemoon has a small but fiercely loyal base of fans who continue to hold the token for the long term. This fanbase has kept the price of Safemoon above zero, despite a sudden drop from all-time highs in April and May of 2021.
Like many other meme-based altcoins, Safemoon is a very high-risk investment.
SafeMoon vs. SafeMoon V2
In December 2021, SafeMoon introduced an upgraded SafeMoon token. The new token merges the original version at a ratio of 1:1000 while reducing transaction fees.
If you own original SafeMoon tokens in a wallet and wish to convert them to SafeMoon V2, you must do so manually. The conversion process is quite simple.
SafeMoon wallet users can update their app to the latest version and follow the provided instructions, while those using other wallet types can visit SafeMoon Swap to exchange their tokens.
Furthermore, if you hold your SafeMoon tokens on an exchange, there’s no need to convert them to the V2 tokens. The exchange will handle the migration process and provide updates on its progress.
Compared to the original version, SafeMoon V2 processes transactions at a significantly lower cost. The V2 transaction fee has been reduced to 2% of the total transaction amount.
Safemoon FAQ
Below are some frequently asked questions about how to buy Safemoon crypto. Have a look if you decide to make the leap and buy Safemoon.
What is Safemoon?
Safemoon is a decentralized finance (DeFi) token known for its high-yield liquidity protocol. It aims to discourage selling and rewards long-term holders by imposing a transaction fee that redistributes a portion to existing holders.
How can I buy Safemoon?
- Choose a Crypto Exchange or Platform: Select a platform that lists Safemoon, such as PancakeSwap or BitMart.
- Create an Account: Sign up and complete any necessary identity verification.
- Purchase Ethereum (ETH) or Other Required Cryptocurrency: Buy ETH or another cryptocurrency that you can swap for Safemoon.
- Transfer to a Digital Wallet: Transfer your purchased crypto to a compatible digital wallet, like Trust Wallet or MetaMask.
- Connect to a Decentralized Exchange (DEX): Connect your wallet to a DEX like PancakeSwap.
- Swap for Safemoon: Use the DEX to swap your ETH or other cryptos for Safemoon.
What are the fees involved in buying Safemoon?
Fees may include transaction fees for buying ETH or other cryptos, gas fees on the blockchain, and any fees associated with the DEX for swapping to Safemoon.
Is Safemoon a safe investment?
Like any cryptocurrency, investing in Safemoon carries risks, including market volatility and liquidity issues. Research thoroughly and consider your risk tolerance before investing.
How do I store Safemoon after purchasing?
Store Safemoon in a secure digital wallet that supports the token, such as Trust Wallet or MetaMask. Ensure to keep your wallet’s private keys secure.
Can I buy Safemoon with fiat currencies?
Directly buying Safemoon with fiat currencies is not typically possible. You usually need to first purchase a cryptocurrency like ETH and then swap it for Safemoon.
How long does it take to buy Safemoon?
The time to buy Safemoon depends on transaction times for purchasing ETH or the chosen cryptocurrency and the time taken for the swap transaction on the DEX.
What should I consider before buying Safemoon?
Before buying Safemoon, consider the token’s utility, project roadmap, transaction fees involved, and the security of the platform you are using to purchase and store Safemoon.
Can I convert Safemoon to other cryptocurrencies?
Converting Safemoon to other cryptocurrencies can be done using a DEX, provided there are liquidity pools available for the desired trading pair.
Are there any risks specific to buying tokens like Safemoon?
Buying tokens like Safemoon can have specific risks such as high price volatility, potential for liquidity issues, and exposure to newer, less established projects.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Final Thoughts
Safemoon crypto is not a coin, but a token. It has seen major price rises movements over just a few months in 2021. The price surged by tens of thousands of percent in April and May, then lost most of those gains by August. Such volatility is far from unusual in the crypto space.
If, despite the bad press, you believe the best is yet to come for the Safemoon cryptocurrency token (remember cryptocurrencies are taxable), getting your hands on Safemoon tokens is very easy.
To buy Safemoon, download a wallet such as MetaMask or Trust Wallet, then purchase ETH tokens and swap them for Safemoon.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.