Safemoon is one of the most popular crypto tokens (BEP-20 token) on the Binance Smart Chain that allow its reward holders to earn passive income by holding the currency. Out of the 10% transaction fees charged by the coin, half is shared among its long-term token holders, while the rest, 5%, goes back to the liquidity pool to keep the coin price stable.
As it is a BSC token, many traders prefer to buy Safemoon on Binance. However, the coin is not listed on Binance (and many other major crypto exchange platforms) for direct purchase. You can still buy this coin through Binance by purchasing a stable currency first and then trading it on another supported Defi Exchange platform with the help of this guide. Let’s see how.
Note: The information provided here is only for general purpose and should not be considered financial advice. This guide is intended for investors who are already interested in Safemoon Crypto, have analyzed the market, and are trying to figure out ways to purchase it.
- How To Buy Safemoon on Binance?
- Step 1: Create an account on Binance
- Step 2: Complete the Identity Verification Process
- Step 3: Buy BNB crypto through Fiat money
- Step 4: Download and Register on Metamask Wallet
- Step 5: Add a BSC (Binance Smart Chain) network to Metamask Wallet
- Step 6: Copy the BSC deposit wallet address on Metamask
- Step 7: Transfer BNB coins from Binance to Metamask Wallet
- Step 8: Connect Metamask wallet to PancakeSwap
- Step 9: Trade BNB coins for Safemoon tokens
- Is the Safemoon coin a good investment? – Market Analysis & Prediction
How To Buy Safemoon on Binance?
In this guide, we will first buy BNB coins on Binance through Fiat currency and then transfer those BNB coins to Metamask wallet (alternatively, you can choose Trust wallet). We will then connect our Metamask wallet with Pancakeswap to trade the BNB coins for SFM. Here is a step-by-step guide to doing it.
Step 1: Create an account on Binance
- As a new user, open this link in your device’s browser (or download Binance mobile app) and click on the “signup with phone or email id” button to register. Choose your Country and enter other required details.
- Verify the activation link received on your registered email id to access the platform. Also, add your registered mobile number for two-factor authentication (to log in via OTP in case you forget your login credentials).
Step 2: Complete the Identity Verification Process
To start trading on Binance or any other crypto exchange platform, you first need to complete the KYC or identity verification process. Follow these steps for your identity verification on Binance:
- Click on the “User Profile” icon and choose the “identification” option under it. Alternatively, as a new user, you can directly click on the “Get Verified” option on the homepage (only if it is visible there).
- Under the “Personal Verification” tab, you will get three options: Verified, Verified Plus and Enterprise Verification, each with their respective deposit and withdrawal limits (vary for different countries). Choose the required one and click on the “Start Now” button. Follow the instructions on the screen.
- Submit one valid ID proof like a driver’s license, passport or Govt issued ID card to confirm your identity and wait for approval.
Step 3: Buy BNB crypto through Fiat money
Once your KYC is done and approved, you can start buying BNB or any other crypto on Binance through Fiat money. Binance supports various payment methods (Bank transfer, Credit/Debit Card, P2P trading, etc.) and currencies (like USD, EUR, RUB, etc.) to buy crypto through Fiat money. Follow these steps to buy BNB on Binance:
- Click on the “Buy Crypto” option on the top left corner of the homepage and choose the “Credit/Debit Card” option to buy BNB coins instantly. As options like Bank deposit, Cash Balance, etc., take some time to add money to your wallet, we are not opting for them here.
- On the Buy Page, choose your local currency as Fiat currency like USD or any other using the dropdown menu and enter the amount of Fiat currency to spend to buy BNB coins. Select “BNB” as cryptocurrency in the “Receive” field, and the system will automatically display the amount of BNB coins you will receive with that much Fiat currency. Click on “Continue”.
- Under “Choose a Payment Method”, click on “Add a New Card”. Binance supports both Visa and Master cards so that you can add accordingly.
- Enter your card billing details and “confirm”.
- On the payment page, check all the details like Fees, Price, Payment Method, etc., and click on “Confirm” (within the time limit) to complete your BNB purchase. Enter the bank-generated OTP and wait for the payment confirmation. The purchased BNB coins will reflect in your Binance spot wallet.
Step 4: Download and Register on Metamask Wallet
After successfully purchasing BNB coins on Binance, you have to download the Metamask wallet on your device to transfer them. Follow these steps to download and register on Metamask:
- Open this link in your browser, click on the “download now” button, and install the extension for your browser.
- Click on the “Create a Wallet” option and agree with the terms and conditions.
- Set up your Metamask wallet by creating a strong password. Use this password to access your Metamask crypto wallet each time.
Step 5: Add a BSC (Binance Smart Chain) network to Metamask Wallet
Since Metamask Wallet runs on the ETH network and Safemoon is a BSC token, you need to add the BSC network first to your Metamask wallet to accept BNB coins. Follow these steps to add the BSC network to the Metamask wallet:
- Go to the “Settings” option of the Metamask wallet and choose the “Network” option.
- Click on the “Add Network” option to add BSC as a new network.
- Enter these details to add BSC as a mainnet and click on the “save” button:
- Network Name: Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
- The denomination will change from ETH to BSC as the BSC network is added to your Metamask wallet
Step 6: Copy the BSC deposit wallet address on Metamask
Under the “Ethereum Mainnet Network”, you will see the “Account 1” option. Click on it and copy the BSC address to initiate the transfer.
Step 7: Transfer BNB coins from Binance to Metamask Wallet
Now head back to your Binance account to complete the transfer of BNB coins to your Metamask wallet by following these steps:
- Go to the “Wallet” option on the top left corner of the Binance homepage and choose the “overview” option under it.
- Choose the “Withdraw” option on the right side of the page and select “BNB” as a cryptocurrency to withdraw from the list.
- Under the crypto tab, select “BNB” as a coin to transfer and paste the copied BSC address from Metamask under the “Wallet address” field. Enter the amount of BNB coins you wish to transfer to your Metamask wallet. If you wish to send all, click on the “Max” option. Double-check the wallet address before confirming the transfer. Choose from where you wish to withdraw “BNB” coins and click on the “Withdraw” button.
As the transfer gets completed, you will get notified, and the BNB coins will reflect in your Metamask wallet.
Step 8: Connect Metamask wallet to PancakeSwap
To begin the trade on PancakeSwap, first, you have to connect your Metamask wallet by following these steps:
- Open this link in your browser and click on the “Connect Wallet” option on the top right corner of the homepage.
- From the available list of wallets, choose “Metamask Wallet” to connect with Pancakeswap. If you have a Trust wallet or any other wallet, choose that option.
- Enter your Metamask wallet address or choose the account and click on the “Connect/Next” button. Now you are all set to trade BNB or any other cryptocurrency available in your Metamask wallet on Pancakeswap.
Step 9: Trade BNB coins for Safemoon tokens
- Click on the “Trade” option on the top-left corner of the homepage and choose the “Swap” option under it.
- Choose “BNB” as a cryptocurrency to exchange using the drop-down menu in the first field.
- In the second field, choose “Safemoon” as currency to buy. Various results will appear on your screen as you search for “Safemoon”. Choose the “Safemoon via Coinmarket” option and click on the “Import” option.
- The contract address of Safemoon is: 0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3, so before importing the coin, check the contract address on BSCscan by clicking on the “View on BscScan” and make sure it is the same as mentioned here.
- Enter the amount of BNB coins you wish to trade for Safemoon coins. Pancakeswap will automatically reflect the number of Safemoon coins you will get in exchange, along with the Slippage fees and Safemoon token’s current price.
- Click on the “Swap” option, and within a few seconds, you will receive Safemoon coins in your Metamask wallet in exchange for BNB coins.
The crypto assets on digital crypto wallets are susceptible to phishing attacks and hacking incidents, despite being encrypted with a passkey and additional security features. So, the safest way to secure your SFM and other cryptocurrencies is to use a hardware crypto wallet.
Also known as Cold storage, the hardware crypto wallets act as portable USB-enabled devices that you can use to log into various dApps. As all the crypto information lives on blockchain and the only way to access them is private keys, Hardware crypto wallets merely store them (isolate them from the internet). They provide an additional layer of security to prevent phishing attacks or unauthorized access to your crypto information.
Hardware crypto wallets are 100% secure and pretty simple to set up & use. All you have to do is:
- Buy a reliable hardware crypto wallet and download its supported software from the official website.
- Set up your wallet by following the instructions and keeping the private key secure somewhere offline.
- Copy the wallet address to transfer the crypto from other crypto wallets to the hardware crypto wallet.
- Keep your cryptocurrencies stored and trade whenever you want. The crypto information will be accessed through a private key only and available on the blockchain network only during trading.
Some of the best hardware crypto wallets available in the market are:
1. Is the Safemoon coin listed on Coinbase?
No, the Safemoon coin is not listed on Coinbase for direct purchase. However, you can buy Safemoon coins through Coinbase by purchasing a stable coin like USDT or BNB from there. Then you can trade that stable coin on any of the supported DEX platforms to buy Safemoon as we did in this guide using Binance.
2. Who is the founder of Safemoon Coin?
John Karony (a former analyst for the United States Department of Defense) is the CEO of the Safemoon coin. The coin was launched in March 2021 with the slogan “Safely to the moon”, derived from the phrase “To the moon”.
3. Is the Safemoon Coin secure for trading?
Yes, the Safemoon coin is secure for trading as it is built on one of the safest blockchain networks, i.e. Binance Smart Chain network. Also, the smart contract is audited by a reputed firm called Certik for secure trading. However, only the project owners have complete control over tokens funded by SafeMoon’s seller fee instead of token holders or investors.
Is the Safemoon coin a good investment? – Market Analysis & Prediction
The early investors of the Safemoon token got really good returns on their investments as the coin reached its all-time high value in April 2021, just after a month of its launch. Even the people who invested in the coin in September-October 2021 also gained good profits by selling it in October-November 2021. But at the end of the year, the currency saw a downfall.
Similarly, this year, the price of the Safemoon coin almost doubled at the beginning but quickly dropped again. However, this month, the coin witnessed a significant rise in its price. So, even if the currency has a good scope of rising in the future, it is almost a risk or gamble to invest in it currently as the market is highly volatile and unpredictable.