SafeMoon is a digital currency created to resolve issues in other cryptocurrencies, such as their price volatility.
SafeMoon is a decentralized finance (DeFi) coin on the Binance Smart Chain that rewards investors with rewards. The platform describes itself as a purely decentralized finance project with the community at its development center.
If you are thinking about investing in SafeMoon yourself, it is essential that you commit the time and do research on the SafeMoon project first.
We will discuss everything you need to know about SafeMoon, from how it functions to the platforms through which you can invest in the coin.
Best Way To Invest in SafeMoon in 2023
There are different ways to invest in SafeMoon (SAFEMOON).
Some of these will address to your requirements better than others, and with the goal of making this process as easy to complete as possible, we’ve put together a list of some of the best providers you can choose from.
What Is SafeMoon?
SafeMoon is a cryptocurrency that was created on March 8 of 2021, and immediately started making headlines.
John Karony is the founder and CEO at SafeMoon and was also an analyst at the U.S. Department of Defense.
SafeMoon runs on blockchain technology, which is a public ledger shared across a peer-to-peer network that records information about every transaction that happens on it.
It is a coin that is BEP-20 based and originally launched within the Binance Smart Chain (BSC) ecosystem.
SafeMoon was first valued on March 14, 2021. Its price has gone up more than 7000% since the coin got listed.
Pros and Cons
- SafeMoon is a relatively new cryptocurrency coin and has the potential to raise its value further.
- The selling fees associated with SAFEMOON aim to prevent price volatility.
- The 10% selling fee could discourage some investors who are only interested in the coin for short-term profits.
- There is a lot of stiff competition from more well-established coins.
How Does SafeMoon Work?
SafeMoon was created as a currency intended to discourage day trading, and it does this by charging a 10% fee on each sale. Half of the collected fees are then designated for pre-existing coin owners who receive a dividend in the form of additional cryptocurrency coins.
The other half is used for a liquidity pool with SafeMoon and Binance Coin (BNB).
In order to reach a consensus, SafeMoon uses Proof-of-Authority (PoA), which means that the block creators are known as validators, and they are pre-approved and chosen by Binance.
In order for these validators to be approved, they have to confirm their real identities, invest money in SAFEMOON coins as a means of proving their long-term commitment to the project, and be equal to all other candidates.
Ways To Buy SafeMoon
When you decide to buy SafeMoon, you will essentially own all SAFEMOON coins in your cryptocurrency wallet.
This will give you the opportunity to use the SAFEMOON coins for anything that you want, and it is recommended that you store them in an off-exchange wallet for the highest level of security, a wallet where you know and control the private keys.
SafeMoon (SAFEMOON) can be bought through the usage of many different methods.
You need to look out for the primary methods, which include exchanges, peer-to-peer (P2P) marketplaces, and in-person trading.
Cryptocurrency Exchanges: Exchanges that support the SAFEMOON coin will allow you the opportunity to buy it on the open market. You just need to find one that supports the coin and has fair fees and a high level of liquidity surrounding it.
Peer-to-Peer (P2P) Marketplaces: These are essentially marketplaces that connect you with sellers of the SAFEMOON coin directly, so you can transact directly.
In-person Trading: This is a payment process where you arrange a meeting with the seller of the coin at a physical location locally near you and decide on the price directly, where you transact on the spot.
When you are ready to buy SafeMoon (SAFEMOON), you will need to follow a set of steps.
Step 1: Find a cryptocurrency exchange, like Binance, where the SAFEMOON coin is listed.
Step 2: Complete any required Know-Your-Customer (KYC) checks that the exchange might have. You will need to submit a copy of some ID, such as your passport, alongside proof of your home address, such as your utility bill.
Step 3: Once your account has been verified, you will have to fund the account through the usage of FIAT currencies.
Step 4: Buy your SAFEMOON coins and put them in a secure cryptocurrency wallet.
How To Trade SafeMoon
Trading SafeMoon is a process where you buy the underlying assets with the end goal of profiting out of them. This way, you do not have direct ownership over the SAFEMOON coins.
The goal here is for you to buy the coin while it's at a lower market price and sell it when the value of the SAFEMOON coin goes up.
If you decide to deal with derivative products, you can speculate on the price of the SAFEMOON coin.
You can utilize short-term and long-term trading. More advanced users can use margin and leverage trading strategies, and can set entry orders, stop losses, profit-limit orders, and risk-management methods.
You can trade SafeMoon (SAFEMOON) through a cryptocurrency brokerage, and there are many options out there.
Brokerages are the preferred option for a lot of beginners as the process itself is streamlined tremendously through a simple-to-use user interface.
To trade SafeMoon, you’ll need to follow a different set of steps, and we are here to guide you throughout each one.
Step 1: Find a broker that lets you trade SafeMoon assets.
Step 2: Pass any of the Know-Your-Customer (KYC) checks to successfully verify your account.
Step 3: Fund your account using your preferred payment method.
Step 4: Choose how you want to trade.
Step 5: Buy the SAFEMOON assets on the brokerage directly, and you should see your account balance get updated.
Is it safe to invest in SafeMoon right now?
If you buy SafeMoon (SAFEMOON) at a reputable platform, then it can be a safe thing to do in terms of security.
However, you need to be aware of the fact that cryptocurrencies are popular targets of hackers, scammers, and other cybercriminals.
This means that you will need to ensure that you take extra precautions to keep yourself as safe as possible, ones that we will go over now.
Enable Two-Factor Authentication (2FA) – 2FA will add an extra layer of security, as the name might imply, it simply sends you a code that you can receive by SMS, email, or through a phone call that you need to enter in order to access your account, aside from just your password. However, the second authentication method could also be a fingerprint or an iris scan if you have the technology that's required to fulfill that.
Research Common Scam Types – There are many scams when it comes to investing, so you need to be aware of some of the most common ones so that you can look out for them and protect yourself.
Read Platform Reviews – Reading user reviews is possibly one of the best ways to get an honest perspective on a platform. You just need to be extra careful which websites you are reading. Visiting specific crypto-related forums might be the best way to see honest opinions.
Store Your Coins in a Private Wallet – While keeping your coins on an exchange is convenient for quick transfers, it is not entirely secure. In order to have full control over your cryptocurrencies, you will need to have your own private wallet and store your coins there.
Be Careful Where You Request Assistance – If you need help with something related to buying or investing in the SAFEMOON coin, ensure that you only ask for information on reputable and official websites, forums, or blogs, and remember to always double-check links before you end up clicking on them.
