Within a short period of time, Safemoon has become extremely popular. It is seen as one of the promising tokens backed by a community. As a result, there are many people who want to start investing in the coin. And to add the coin to your portfolio, one needs to buy it using a Trust wallet.
So if you are wondering how to buy safemoon crypto on Trust Wallet, then this article will help you out. Below is a step by step guide on how you can buy a safemoon Trust Wallet.
But first, let’s know what Safemoon is. So let’s get into the topic right away:
What is Safemoon Crypto?
Safemoon is one of the popular cryptocurrencies out there. It refers itself as decentralized finance or DeFi. The token operates on the Binance Smart Chain blockchain, and it was launched back on March 8, 2021.
Creators backing SafeMoon say that the coin was designed with the intention of encouraging long term investments. Also, half of the 10% charged during the transaction is shared among long term holders. And the other to a liquidity pool that is intended to stabilize the price of SafeMoon.
One of the main reasons why Safemoon became extremely popular is because it rewarded early investors with an ROI of over 20,000% in just three months.
Do note the fact that Safemoon penalizes sellers with a 10% fee. And the fee gets redistributed half to other token holders to incentivize buying and holding. So only buy the token if you are planning to hold it for a long time.
How to Buy Safemoon Crypto on Trust Wallet?
When it comes to Buying safemoon, you cannot simply login to your favorite cryptocurrency exchange and place an order. Instead, you will need to use Binance’s decentralized marketplace, PancakeSwap.
To buy Safemoon, you will need to use a Binance Smart Chain wallet. And there are only a few options available out there. One of them being the Trust Wallet.
So go through the following steps to buy Safemoon using Trust wallet:
- At first, download Trust Wallet on your iOS or Android device. Trust Wallet cannot be downloaded on desktop devices.
- Once downloaded, tap on Create a new wallet, follow all the onscreen steps, and set up your crypto wallet. You will also get a list of words as your recovery phase, make sure to copy it. As it will be required to recover your account.
- The next step is to buy BNB or Binance coin. As you cannot buy Safemoon with fiat. And there are two ways to get BNB in your Trust wallet. You can simply buy BNB on Binance and transfer it to your Trust wallet. Alternatively, you can buy Binance coins through the Trust Wallet app only.
- Once you have BNB in your Trust Wallet, you are now all set to purchase Safemoon. For this, you will need to connect your Trust Wallet to PancakeSwap. If you are using Android, then you can do it from the inbuilt web3 browser, and for iOS users, you have to go to pancakeswap.finance website.
- On the website, you will find a connect wallet option, click on it.
- Then select Trust Wallet and follow the onscreen steps to connect your wallet to Trust wallet.
- Now to buy Safemoon, you will need to go to Trade from PancakeSwap.
- Then you will need to swap BNB for Safemoon. Simply enter the amount you wish to swap and follow the onscreen steps.
- That’s it. Once done, Safemoon coins will get added to your account.
How to see SafeMoon in your TrustWallet?
Now that you are done buying Safemoon. The next question is, where are your assets? Well, to see it in your trust wallet, there are some extra steps that you have to follow.
And these steps are:
- First, copy SafeMoon’s Contract Address here: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3
- Next, launch Trust Wallet and click on the blue icon on the top right corner and scroll to the bottom and click on Add custom token.
- Next, change the network from Ethereum to Smart Chain by tapping on the Network option.
- Under Contract address, paste the Safemoon contract address that you have copied from above and tap on Save.
- That’s it. You should now see Safemoon tokens in your Trust Wallet app.
Can I use hardware wallets to store Safemoon tokens?
Yes, it is possible to use your hardware wallets to store Safemoon tokens. Using a hardware wallet makes much more sense if you want to hold your coins for a long period of time. Also, it keeps your funds offline. However, make sure to use a hardware wallet that is compatible with the Safemoon token, like the Ledger Nano X. Then simply transfer the funds from your Trust Wallet to your hardware wallet’s address, and you are good to go.
Is Investing In Safemoon Safe?
Investing in crypto is never a safe thing. The crypto market is extremely volatile, and the volatility applies to all the cryptocurrencies out there. Also, Safemoon is one of the newest cryptocurrencies out there.
You should not look at Safemoon as your road to becoming a billionaire or millionaire. Instead, you should see it as a high risk rewarding form of investment.
There is no guarantee that your funds will get converted into billions if you hold it for enough time. But there is no harm in investing what you can afford to lose.
How does SafeMoon work?
Since the time the coin was launched, it has accumulated a market capitalization of more than US $1.9 billion. At the same time, Bitcoin has a market capitalization of US $1.1 trillion. Also, the traders are compelled to pay a 10% charge, with half of the money going to Safemoon’s current holders and the other half going to the liquidity pool. So it can maintain the price stability.
Since its launch on March 8, 2021, SafeMoon has accumulated a market capitalization of about US$1.9 billion, while Bitcoin has a market cap of about US$1.1 trillion. SafeMoon’s creators also decrease the quantity of SafeMoon in circulation.
Final Words:
So that is it for questions about how to buy Safemoon crypto on Trust Wallet. I hope this has answered your thoughts. Now go ahead and try purchasing Safemoon and see how it goes for you. Also, if you get stuck at anything, feel free to drop a comment below.