How to Buy Safemoon - Beginner's Guide

A step-by-step Guide to Buying Safemoon Cryptocurrency

Last Updated November 1st 2021
20 Min Read

In our extensive How to Buy Safemoon Guide, we walk you through the process of getting your hands on this popular digital coin. 

Safemoon is one of the latest digital tokens that has been taking the crypto world by storm. It is a BEP-20 token that was released on the Binance Smart Chain on 8th March 2021. 

In a short time, Safemoon has risen to become the third-largest Binance token in terms of market cap. 

In this How to Buy Safemoon Guide, we cover all that you need to know about this new digital token. This includes what investment strategies you can use, how you can find an online crypto broker and what fees to look out for when buying Safemoon. 

Contents:

How to Buy Safemoon Quick Tutorial

If you have already purchased cryptocurrencies online, you might be familiar with the process of buying Safemoon. For those who are entirely new to digital assets, we have created a quick walkthrough of the steps involved. 

Step 1: Set up a trading account with a regulated online broker that supports Safemoon. 

Step 2: Fund your trading account using a debit/credit card, or an e-wallet such as PayPal. 

Step 3: Find Safemoon from the list of supported digital assets. 

Step 4: Specify the amount of Safemoon you wish to buy. 

Step 5: Verify your choices and confirm the order. 

The Safemoon tokens bought will be readily available for you to withdraw to your private crypto wallet. 

Now that we have outlined the entire process, let us take a closer look at each of the aforementioned steps involved. 

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Step 1: Choose a Safemoon Broker or Exchange

To learn how to buy Safemoon safely, you will first need to know where to buy this digital token from. 

When cryptocurrencies were first launched, there were only a handful of places to purchase and sell these digital coins. However, today - your options are virtually unlimited. That said, choosing your online crypto provider is one of the most crucial decisions you will have to make in this process. 

In simpler terms, your chosen online broker will be responsible for executing the purchase of Safemoon on your behalf. This means that you will be entrusting your funds to the platform and trusting them with the safe storage of your assets. 

When thinking about how to buy Safemoon, you can either opt for an online crypto broker or a cryptocurrency platform. 

If you choose an online broker - you will have the convenience of purchasing Safemoon by paying for it in fiat currency such as US dollars or euros. On the other hand, if you settle for a cryptocurrency exchange, you will only be able to swap Safemoon for another digital asset like Bitcoin or Litecoin.  

In other words, you will need to get your hands on another cryptocurrency to buy Safemoon. More importantly, a majority of cryptocurrency exchanges are unregulated. This means that there is no financial authority governing the actions of these platforms. 

Considering all of the above, it is best to use a regulated online broker for your Safemoon purchases. 

Below you will find a range of factors that will help with your decision-making process. 

Regulation

As is evident by now, one of the most essential aspects to consider is the regulation of your online broker. This will provide a higher degree of security for your trades and your assets. 

The very best Safemoon brokers you find online will be regulated by at least one financial authority - such as the FCA, ASIC, CySEC, SEC, or FINRA. 

That said, you will also be able to find online brokers licensed by multiple governing bodies. If the platform does not hold a license from a reputable body, it is best to look elsewhere.

A regulated broker should always adhere to the standards set by the financial authority. For instance, this includes keeping the clients' funds separate from its own capital and verifying the identities of all users. 

All in all, choosing a regulated platform is necessary to ensure the safety of all your Safemoon investments. 

Payment Methods

Before you transfer your funds to any online broker, make sure to review its deposit and withdrawal procedures. 

Initially, you could buy cryptocurrencies only through a wire transfer. This meant that you had to wait for the funds to process - as these transactions can take up to seven business days to complete. 

On the other hand, today - most online brokers offer a variety of payment methods at your disposal. For instance, these days, you can buy Safemoon using a debit/credit card or even an e-wallet such as PayPal. These allow you to process your transactions right away.

Fees and Commissions

Online brokers often charge you a variety of trading fees to execute your trades. If not careful, these trading costs can add up over time and easily eat away at your profits. 

The most common charges you will come across are commissions. Allow us to explain how this will be calculated when you buy Safemoon. 

  • Let's suppose that your chosen broker charges you a 2% commission on all Safemoon trades. 
  • If you invest $1,000 into this digital asset - this means that you will end up paying $20 in trading costs. 

Not only that, you will have to pay the commission once again when you are cashing out your Safemoon coins. 

At the same time, you will also find many online brokers that will help you to avoid paying trading commission altogether - enabling you to cut down the overall cost of buying Safemoon. 

Apart from the commission, you should also consider the Safemoon broker's policy regarding deposit and withdrawal fees. These will be charged every time you process a transaction on the platform. 

Put otherwise, all these trading fees can ultimately reduce the profit you get to keep for yourself. Consequently, you should take time to go through the different charges involved when buying Safemoon. 

Other Important Factors

Regulation and fees can help you shortlist the best online brokers. However, aside from that, you will need to consider the following aspects to make sure that the platform is the right fit for you. 

These include:

  • User-Friendliness: The user-friendliness of your chosen broker will determine how easily you can navigate the platform. Even with tons of features, a complex interface can make the process of buying Safemoon more challenging for you. 
  • Minimum Investment: You will also notice that some platforms have set a minimum investment amount to buy Safemoon. As you can guess, the lower this is, the better for the investor. 
  • Storage: Once you purchase Safemoon, you will be storing the coins in a cryptocurrency wallet. It might be easier to choose an online broker that offers an in-built storage service for your digital assets. 

Step 2: Come up With a Safemoon Investment Plan

Cryptocurrencies are arguably more unpredictable compared to traditional assets. As such, it is best that you begin your Safemoon investment with a clear strategy in mind. 

When contemplating how to buy Safemoon, there are several considerations to account for - such as the duration of your investment and your risk tolerance. Defining these beforehand will help you make the right decisions in case the market goes against you. 

With this in mind, we will discuss a few fundamental strategies that you can consider when buying Safemoon. 

Long-Term or Short-Term

First and foremost, you need to think about whether you want to buy Safemoon in the long term or the short term. 

For instance, if you are choosing a long-term strategy - this means that you will be buying Safemoon and storing the tokens in your private digital wallet. When the price of the coins increases to meet your profit target - you will cash out your assets. 

This 'buy and hold' strategy can be more suitable for those who do not want to invest their time following the short-term price movements of Safemoon. 

Now, if you prefer to trade Safemoon in the short-term, then you will want to adopt a strategy like 'day trading' or 'swing trading.' 

In these methods, you will be placing multiple trades throughout a short period targeting modest profits. Cryptocurrency trades open and close multiple positions through a single trading day. The goal is to capitalize on the price volatility of Safemoon. 

As we mentioned, cryptocurrencies are famous for their volatility - making it possible for short-term traders to benefit from single or even double-digit movements within a single trading day. 

That said, this strategy demands a thorough knowledge of technical indicators. As such, if you are new to crypto markets - you might want to adopt a long-term strategy when buying Safemoon.

Read Also: 15 Reasons You Should Invest in Safemoon Today

Target Safemoon Price

Many investors also choose to devise a strategy based on the profits they want to achieve. 

For instance, let us say that you buy Safemoon at the price of $0.0000045. 

  • If you are hoping to double your investment, you want the price of the coin to rise to 0.0000090. 
  • If you want to triple your investment, then the value of the coin should be 0.0000135 and so forth. 

In the cryptocurrency markets, such price surges are quite common. 

In fact, when Safemoon was launched on 10th March 2021 - a single token was priced at 0.00000001. Within merely two months, the value of the coin has increased to $0.000004623. 

This translates to a whopping increase of 46,130%. 

As you can clearly see, if you are able to time the markets correctly - you might be able to make significant returns from your Safemoon investment. 

Consider Regular Investments

Another common strategy adopted by cryptocurrency traders is to make regular purchases of Safemoon rather than investing all your money at once. 

Given the volatile nature of Safemoon, this method can help you mitigate the risks. 

In this method, you are looking at making regular purchases of Safemoon coins by investing a fixed amount at regular intervals. This will allow you to build your Safemoon portfolio while continuing to follow a bankroll management strategy.

As Safemoon coins are currently priced at $0.000005173, you will be able to make regular investments without having to risk large amounts. 

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Step 3: Open a Safemoon Broker Account

After analyzing the above-mentioned factors, you should be in a better position to choose the best online broker that fits your needs. Once you have made a decision,  you can head over to the website of the crypto brokerage to create a trading account. 

You will have to register yourself by providing information such as your full name, email address, phone number, residential address, etc. 

The next step is to complete the Know Your Customer verification process. Regulated brokers are required to verify your identity to prevent fraud on the site. 

To do this, you will normally need to provide a copy of your passport/driving license. You might also have to offer a utility bill or bank account statement as proof of your address. 

Step 4: Deposit Some Funds

Once your identity is confirmed, you can proceed to fund your account to buy Safemoon. 

As we described earlier, most crypto brokers accept debit and credit card payments these days. Some platforms also allow you to pay using e-wallets such as PayPal or Neteller. 

You will also find Safemoon brokers that support wire transfers. However, if you choose this option, you might have to wait up to seven business days for the transaction to complete. 

In comparison, other payment methods will allow you to fund your account almost instantaneously. 

Step 5: Set up a Safemoon Order

We discussed how important it is to have a strategy when buying Safemoon. However, in order to ensure its proper execution, you need to use the right trading orders. 

For those who are unaware, trading orders will help you communicate to your broker what position you want to take on Safemoon. 

There are several types of trading orders that you can use while buying Safemoon. We will cover the most important and useful ones in the following sections. 

Buy Order

When looking to buy Safemoon, the first trading order you need to be aware of is the buy order.

Opening your position with a buy order indicates to your broker that you are expecting the price of Safemoon to go up in the future. 

In this case, you will use a sell order when you are ready to sell your coins. 

That said, some online brokers also allow you to profit from the falling prices of Safemoon. If you are following this strategy, then you will be issuing a sell order first to open your position. 

When the price lowers, you will close your position using a buy order to make a profit. 

Limit or Market Order

As we have mentioned throughout the guide, Safemoon is a highly volatile digital token. Meaning - the price of the coin fluctuates with almost every second. Therefore, you need to be particularly careful of how you enter the market. 

To elaborate, when you place a buy order - it only indicates that you want to purchase Safemoon coins. It does not define at what price you will be buying the asset. 

This is where a market order and limit order comes in. 

If you use a market order, you will be buying Safemoon coins at the current quoted rate. Your broker will carry out the order immediately at the available price. However, due to the fluctuations - you can expect the value to be slightly different. 

  • To give you an example, say you place a market order on Safemoon when the price is $0.000004483. 
  • But after execution, the rate you received might have been $0.000004490. 
  • This slippage is quite common in cryptocurrency markets. 

On the other hand, if you want to purchase Safemoon coins at a specific price - you will have to use a limit order

Let us demonstrate this with the help of an example: 

  • Let's say that Safemoon coins are priced at $0.000004483 on your brokerage platform. 
  • You want to buy Safemoon at a price of $0.000004500. 
  • As such, you will issue a limit order at $0.000004500. 
  • This means that your order will be executed only when the price of Safemoon hits $0.000004500. 
  • Until Safemoon reaches this price level, your order will remain pending. If you do not wish to proceed with the order, you will have to cancel it manually. 

In other words, market orders allow you to enter the market at the quoted price. This can be helpful if you are looking to capitalize on a sudden price swing in the market. 

On the contrary, limit orders are preferred by those who want to enter the market on their own terms. 

Stake

Once you specify how you want to enter the market and at what price, you will also have to enter how many Safemoon coins you want to buy. 

Most brokers will ask you to mention the amount you want to invest, and the platform will tell you how many Safemoon tokens you will receive in return - depending on the price of the coin. 

Confirm Order

At this stage, you already know which trading orders to use and the amount of stake you want to put up. When you have filled in all the necessary information, you should verify everything. 

Finally, confirm the order to proceed. The broker will execute the orders for you, and the Safemoon coins you just bought will be available for you to withdraw. 

Check Out: 9 Cryptocurrencies Under $2 That Could Be the Next Bitcoin

Step 6: Storing Your Safemoon

As with fiat currencies, cryptocurrencies also have to be safely stored. However, unlike traditional banks, you will be choosing a digital wallet for the safekeeping of your crypto assets. 

More importantly, it will be your sole responsibility for your wallet passwords and private key. In case you lose either of these, the security of your assets will be compromised. Even worse, there will be nothing much you do about it. 

This is why it is suggested to use a regulated online broker that offers in-built wallet services. This way, you do not have to worry about withdrawing your assets or remembering your private keys.  

Step 7: Selling Your Safemoon Coins

As you know by now, you buy Safemoon with the anticipation that the value of the coin will go up in the future - allowing you to sell your holdings for a better price than you bought them for. This way, you will be able to make a profit on your investment. 

We covered how significant it is to choose a regulated online broker for buying Safemoon. The same applies to selling your digital assets. 

Therefore, when you are looking to cash out your Safemoon holdings, you should stick to a regulated broker that is licensed by a reputable financial authority. This will allow you to sell Safemoon back to a fiat currency - and the profits from the proceeds will be available for you to withdraw. 

On the contrary, if you choose an unregulated cryptocurrency exchange, you will have to settle for exchanging your Safemoon coins for another cryptocurrency.

Other Ways to Buy Safemoon in 2021

The process of buying and selling cryptocurrencies such as Safemoon has become a lot easier these days. Today, online brokers allow you to purchase digital assets directly using the following payment methods. 

Buy Safemoon Debit Card

Debit cards have become the go-to payment method to make purchases online. As such, it is only natural that investors prefer to buy cryptocurrencies using the same option. 

Fortunately, the lion's share of regulated cryptocurrency platforms accepts debit card payments. 

When buying Safemoon using a debit card, you will have to enter your details and state how many coins you want to buy. At the time of cashing out, the platform will send the money back to the same card. 

Buy Safemoon Credit Card

Similar to debit cards, you can also purchase Safemoon coins using a credit card. However, if you are using this method - you will have to be wary of any 'cash advance fees' involved. 

It is not unusual for credit card companies to charge additional fees for transactions on brokerage platforms. These are usually in the range of 3%. 

Buy Safemoon Paypal

These days, you can easily find online brokers that allow you to purchase Safemoon directly using e-wallets. This will offer you the convenience of paying for Safemoon coins through the likes of PayPal, Neteller, and Skrill. 

Safemoon ATM

Cryptocurrency ATMs are becoming quite popular among investors to buy digital assets from. These allow you to buy crypto coins by inserting money into the machine. But you will have to account for a high trading commission - usually in the range of 10% or higher. 

However, since Safemoon is relatively new - you might have to wait a long time before this digital coin is made available through crypto ATMs. 

If you are thinking of how to buy Safemoon in the immediate future, it would be best to use one of the methods we have discussed above. 

Don't Miss: Is It Worth Investing in Safemoon?

How to Buy Safemoon - The Verdict

At the end of the day, Safemoon is fundamentally a speculative asset. Currently, it is one of the fastest-growing digital tokens circulating in the crypto markets. 

If you have read this How to Buy Safemoon Guide all of the way through, you now have all the information you need to go and buy this digital coin. We have covered how you can choose the right strategy, as well as how you can safely store your Safemoon tokens. 

The key takeaway is that it is always best to stick with an online regulated broker when thinking of how to buy Safemoon. This will make sure that your trades are carried out in a safe space, adding to the security of your digital assets. 

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FAQs

Where can I buy Safemoon?

The best place to buy Safemoon is a regulated online brokerage platform. These are licensed crypto providers that are governed by financial authorities such as the FCA, ASIC, and CySEC.

How can I buy Safemoon easily?

The easiest method to buy Safemoon is through a regulated online broker. All you need to do is create your account with the platform, add funds and specify how many Safemoon coins you want to buy. The assets you purchase will be available for you to withdraw to your private wallet.

Is Safemoon a good investment?

Safemoon is a relatively new token, and so it is too early to speculate on whether the value of the coin will rise in the future or not. As such, you should always do your own research to decide whether the asset will make a good addition to your portfolio.

What is the current price of Safemoon?

Safemoon is priced at $0.000005173 at the time of writing.

Is Safemoon worth buying?

Since it was launched, Safemoon has increased significantly in value. That said, the past performance of an asset does not ensure future returns. If you are able to speculate on the future price of the coin correctly, you do have the potential to make impressive profits from your investment. That said, it is impossible to guarantee that your Safemoon investment will be profitable.

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