Are you looking to buy into the Safemoon hype and purchase the hot new crypto token for your portfolio? If so, buying Safemoon on Trust Wallet is one of the easiest methods right now. In this step-by-step guide, I‘ll walk you through everything you need to know to buy Safemoon tokens on Trust Wallet in 2023.
What Exactly is Safemoon?
Before jumping into the how-to, it‘s important to understand what Safemoon is and why there‘s so much buzz around this fledgling cryptocurrency.
Safemoon is a decentralized finance (DeFi) token operating on the Binance Smart Chain blockchain. It launched in March 2021 and within just one month, its price surged over 7000%, making early investors very wealthy!
The hype began on social media, especially among younger traders on TikTok and Twitter. Safemoon promotes itself as a cryptocurrency based on solid tokenomics and an eager community. Its key features include:
- 10% fee on all selling transactions – This fee incentivizes holding, as 5% is redistributed as rewards to existing holders and 5% is permanently burnt or removed from circulation.
- Plan for NFT integration – The Safemoon roadmap includes plans to launch a NFT exchange for digital artwork and collectibles. NFTs are a hot trend.
- Ambitious goals to enable cryptocurrency transactions for everyday purchases.
- Focus on fostering a community of engaged supporters, with emphasis on transparency.
Despite its meteoritic price rise and popularity among meme coin enthusiasts, it‘s important to note that Safemoon has attracted lots of controversy as well. Critics point to its lack of utility beyond speculation, and some have accused the founders of opaque practices or misusing investor funds. There have also been problems with the promised Safemoon wallet rollout.
As an investor, you must do your own research before buying any cryptocurrency, especially newer tokens like Safemoon with uncertain futures. But its parabolic potential makes it attractive for speculative trades to many.
Here‘s how Safemoon‘s key stats compare to some other popular meme coins as of January 2023:
|Token||Market Cap||Price||Circulating Supply|
|Safemoon||$313 million||$0.00025||1,012 trillion|
|Dogecoin||$11 billion||$0.08||132 billion|
|Shiba Inu||$6 billion||$0.000010||549 trillion|
Now let‘s look at how to buy Safemoon for your crypto portfolio.
Choosing Trust Wallet to Buy and Store Safemoon
First, a cryptocurrency wallet is required to purchase and securely store Safemoon coins. I recommend using Trust Wallet, a popular mobile wallet app with support for Safemoon and many other coins/tokens.
Here are some benefits of using Trust Wallet specifically for buying Safemoon:
- Wide coin support – Trust can store Safemoon, BNB, and hundreds of other cryptos.
- Backed by Binance – Trust Wallet was acquired by major exchange Binance, bringing solid backing.
- Easy to use – With its intuitive interface, it‘s great for beginners.
- Secure – Private keys are only stored on user‘s device, bringing peace of mind.
- Integration with PancakeSwap – Allows swapping BNB for Safemoon directly within the app.
The main downsides of Trust Wallet are the lack of insurance protection and limited customer support options in case you encounter issues. But for buying and holding Safemoon securely, Trust Wallet is a solid choice.
Step 1: Getting Set Up with Trust Wallet
If you don‘t have Trust Wallet yet, download it for iOS or Android and create a new wallet. Write down the 12-word recovery phrase and keep it somewhere very safe – this will allow you to restore your wallet if you lose access.
Once your wallet is ready, you‘ll need to fund it with BNB (Binance Coin) to be able to trade for Safemoon. There are two main options to purchase BNB:
- In-app purchase – This is the easiest method. Trust Wallet allows you to buy BNB directly using a credit/debit card. Fees are fairly reasonable.
- Transfer from another exchange – You can buy BNB on an exchange like Binance or Crypto.com, then withdraw to your Trust Wallet address.
I recommend the first option for simplicity unless you already hold BNB elsewhere.
Step 2: Converting BNB to Smart Chain BNB
Once you have BNB in your Trust Wallet, we need to convert it to Smart Chain BNB before it can be traded on PancakeSwap.
- Tap on your BNB token in Trust Wallet to open its details.
- Select "More" then choose "Swap to Smart Chain."
- Verify details then hit "Swap."
- Allow a few minutes for the swapped Smart Chain BNB to show in your wallet.
Easy enough! Now we‘re ready to use PancakeSwap to trade for Safemoon.
Step 3: Using PancakeSwap to Buy Safemoon
PancakeSwap is a decentralized exchange built on Binance Smart Chain allowing swaps between various BEP-20 tokens. Here‘s how to buy Safemoon on it with Trust Wallet:
- Within Trust Wallet, tap "DApps" at the bottom and search for PancakeSwap.
- Connect your wallet by tapping "Connect" in the top right.
- Select "Trade" then "Exchange" at the bottom.
Tap the "Select a currency" dropdown and enter Safemoon‘s contract address:
- In the "From" section, make sure your Smart Chain BNB is selected.
- Enter the amount of BNB you want to swap in the "To" section.
- Set slippage tolerance to 12% or higher. This covers Safemoon‘s 10% transaction fee.
- Tap "Swap" and confirm the transaction in your wallet.
After a few minutes, your swapped Safemoon tokens will become visible in your Trust Wallet. If you don‘t see them, manually add Safemoon using the custom token feature.
And that‘s it – you now own the hot new Safemoon token!
Here are screenshots visually walking through the PancakeSwap buying process within Trust Wallet:[image1] [image2] [image3] [image4] [image5]
Safely Investing in Cryptocurrencies as a Beginner
While buying Safemoon or any cryptocurrency can be exciting, it‘s critical that you take steps to invest responsibly as a beginner. Here are some top tips:
- Only invest discretionary funds that you can afford to lose. Cryptocurrencies are highly volatile!
- Dollar cost average to reduce risk – make small periodic buys vs going all in at once.
- Thoroughly research any crypto project before investing – don‘t rely solely on hype.
- Store coins in your own wallet (like Trust Wallet) vs leaving them on an exchange.
- Be on guard for crypto scams – if it sounds too good to be true, it probably is.
- Consider using a hardware wallet like Ledger or Trezor for large holdings.
- Set price alerts so you can monitor your investment and re-evaluate periodically.
- Keep learning! Follow crypto thought leaders and consume educational content daily.
The cryptocurrency learning curve is steep, but taking it slowly and doing your due diligence is key. Over time, you‘ll gain more knowledge and experience to make smart crypto investments.
Ready to Dive Into Safemoon and Start Your Crypto Journey?
I hope this guide gives you clarity on exactly how to buy Safemoon tokens through Trust Wallet and PancakeSwap. While Safemoon is considered a higher risk investment, it can be an exciting way to gain exposure to the crypto space as a beginner.
Just be sure to stick to investment best practices, do your own research, and never invest more than you can afford to lose. Cryptocurrencies still remain highly speculative.
Let me know if you have any other questions! I‘m always happy to help fellow crypto enthusiasts. And if you do take the plunge on Safemoon, buckle up and enjoy the ride! Just don‘t forget to set up those price alerts and take profits on the way up.