SafeMoon is the latest cryptocurrency (it has just launched this spring) to make the headlines. In mid April, its share price was reported to rocket 910% in about four days. In this piece, we’ll discuss everything you need to know about SafeMoon:

• The history of the rise of this stock
• What is SafeMoon 
• How to invest in SafeMoon crypto
• Can I buy SafeMoon with Bitcoin
• Where to buy SafeMoon crypto
• Should you buy SafeMoon

Cryptocurrency giants like Bitcoin and Dogecoin need no introduction. Theirs and their ilk’s growth in popularity have been attracting many new contenders to the market, SafeMoon being the latest and highly prominent cryptocurrency to be attracting investors’ attention. Here are some highlights:

• Since its launch in March 2021, it has already secured investments from over two million users
• In April, the Binance crypto exchange gets inundated with SafeMoon investors and has to temporarily suspend withdrawals. The financial regulator has blacklisted Binance after that
• In May, a market information firm reports SafeMoon being on 1.3M watchlists - more users followed it than Bitcoin

At its core, Safemoon, just like any other cryptocurrency, operates on a blockchain. The devil is, as always, in details. SafeMoon describes itself as a DeFi (Decentralised Finance) token, a part of an alternative financial system. 

SafeMoon enables peer-to-peer chain networks trading, unhindered by banks, governments, and other centralized systems. But the key difference between other cryptocurrencies and SafeMoon is that the latter encourages investors to hold and not sell their tokens.

 

About SafeMoon sale fees

Selling SafeMoon crypto stock comes with a 10% fee. Half of the fee is split among current investors as a dividend. The idea behind such a sale penalty, according to SafeMoon’s founders, is to iron out the price volatility that is commonplace in other cryptocurrencies due to day trading. They believe that investors can be sure about the currency’s future but it requires time to get there.

Step 1: Register on a crypto exchange

Before trading with SafeMoon, you will have to buy Bitcoin, Ethereum, or another major cryptocurrency. And to do that, you will need an account on a crypto exchange platform that accepts fiat deposits. 

Where to buy crypto for SafeMoon? Some of the most popular exchanges are Binance, Coinbase, and Gate.io. Sign in, confirm your account, verify your identity, and complete other steps required by the platform.

 

Step 2: Buy crypto coins with fiat money

Once the registration process is completed, add a payment method to your account (e.g. a bank transfer or credit/debit card). The former is a cheaper but generally slower option. Using cards means instant purchase, although you will also be charged higher fees. 

After registering a payment method, click the Trade button, choose the major crypto coin you want to buy, and confirm your transaction.

 

Step 3: Transfer your coins to an exchange selling SafeMoon

Next, find an exchange where SafeMoon is available (e.g. PancakeSwap SafeMoon or BitMart). Register on such a crypto exchange and complete the similar process you’ve gone through in step 1.

 

Step 4: Deposit your coins to the exchange

Now you want to transfer your existing crypto coins from the original exchange to the one with SafeMoon. To do this, find the crypto address of your wallet in the latter exchange, copy it, paste it to the Recipient field in your portfolio in the former exchange, and click Send. Once the transaction is verified, you will see your crypto coins transferred to the second exchange.

 

Step 5: Buy SafeMoon

Finally, buy SafeMoon on the second exchange using the coins you’ve just transferred there. For this, select your coins as the first in the pair, and search for “safemoon” as the second coin for the pair (so you will see SAFEMOON/[your current coin’s code]). 

You should now see the price chart of the selected coin pair and the Buy SafeMoon option below it. Enter the amount you want to buy or how many of your existing coins you want to spend. Confirm the transaction. Congratulations! You have successfully bought your SafeMoon crypto stock!

Investing in SafeMoon is high-risk, high-reward. It is not for everyone, nor should it generally be relied upon for funding retirement or building a nest-egg. If you’re planning to try your hand at trading SafeMoon and becoming an investor, make sure that you:

• Understand cryptocurrencies
• Understand the associated risks
• Can afford to lose your stake
• Have done due research on your crypto stock of choice

 

Is SafeMoon on Robinhood a good investment

There exist certain distinct pros and cons to SafeMoon crypto stock. On the one hand, its founders have gone to notable lengths to ensure the stability of the coin. On the other hand, SafeMoon has still seen substantial price volatility, even despite the sale fees that are aimed to prevent investors from selling their tokens.

All that means that SafeMoon investors are prone to both big gains and big losses. Such a cryptocurrency demands plenty of experience, focus, and time. If done well, however, and with a bit of luck, one can easily make a fortune out of this coin. Just be sure to not invest your entire retirement savings in this asset class!