It‘s available on many major exchanges, and it’s relatively easy to store it in various wallets. In December 2021, SafeMoon developed Version 2 of their token , an updated version of the SafeMoon contract. As part of consolidating to V2, the SafeMoon team implemented a deadline to migrate their tokens, or else investors would be faced with a 100% tax. The team also released a decentralised exchange titled “Safemoon Swap” as the only place where this migration could happen. In April 2022, Safemoon announced a new product, the Safemoon card. The Safemoon card was promoted as a debit card that can be used to pay for goods using SafeMoon for a 2.5% fee.

This wallet is available for your Chrome, Firefox, or Edge browsers. However, despite its promises, it’s important to note that there are currently accusations of fraud against safemoon. Like Tether, USD Coin is a stablecoin, meaning it’s backed by U.S. dollars and aims for a 1 USD to 1 USDC ratio. USDC is powered by Ethereum, and you can use USD Coin to complete global transactions. Bitcoin’s price has skyrocketed as it’s become a household name.

SafeMoon

This not only reduces volatility but also increases the overall cost of the coin in the crypto market. If you’d like to invest in crypto assets, you could learn how to buy cryptocurrency. You might also want to explore some of the safemoon crypto coin alternatives that could be easier to buy, sell, and store, such as bitcoin and ether. Bitcoin is the first cryptocurrency and is considered the gold standard of cryptocurrencies. That’s why bitcoin is the most traditional choice when trading cryptocurrencies. It is available on all major cryptocurrency exchanges and can be stored in most wallets.

The Binance Smart Chain is a separate blockchain that inherits many software features and protocols from the Ethereum network. One feature of the Ethereum network is the ability to host software programs . Due to the lawsuit, Project Pheonix has since been abandoned. On August 27, 2022, John stated that his reasons for discontinuing his work in West Africa were due to supply chain problems, which is disputed by his mother. Bitcoin calculator and estimate the value of the exact amount of Bitcoins and other cryptocurrencies. Additionally, the variety of payment options, including cards like Visa and Mastercard, wire transfers , as well as electronic wallets contributes to the convenience of the service.

• The percent change in trading volume for this asset compared to 24 hours ago.
• Note that you may need to adjust the slippage tolerance to get the trade to process.
• Set the network to BNB Chain, provide your wallet address and the amount you want to transfer.
• Reaching an educated decision requires learning how to invest in safemoon.
• The most fundamental thing you need to understand about Safemoon is that it is not a crypto coin.
• Multiple companies have proposed crypto ETFs, including Fidelity, but regulatory hurdles have slowed the launch of any consumer products.

SafeMoon Wallet, the official wallet of SafeMoon, is the safest and easiest way to buy and store SafeMoon. The Bitfinex mobile app adapts the full functionality of the Bitfinex platform for seamless ‘on-the-go’ trading. The Bitfinex REST and Websocket APIs are designed to facilitate access to all features of the Bitfinex platform, allowing full integration with traders’ own products and platforms. Bitfinex has a bespoke offering expertly tailored to meet the specific needs of professional and institutional traders including sub-accounts, expedited verification, and dedicated customer support. Bitfinex allows up to 10x leverage trading by providing traders with access to the peer-to-peer funding market.

The graph (GRT) price prediction: What is The Graph?

Since the token taxes investors when they buy, sell or transact SafeMoon tokens, you’ll need to increase your slippage tolerance to 10% or more to successfully swap your tokens on PancakeSwap. While SafeMoon isn’t definitively scamming investors, it’s tokenomics resemble a pyramid scheme. Pyramid schemes accrue value from additional investors buying in, and without this SafeMoon would fail. Plus, those at the top of the pyramid scheme make much more than those who buy in late.

His work has also appeared on MSN Money, USA Today, and Yahoo! Finance. Enter the amount of Binance Coin you want to trade and select https://forexbroker-listing.com/ Safemoon as the cryptocurrency you’ll receive. Use “Select a currency” to choose the cryptocurrency you want to receive.

Start trading crypto

If you are not an existing user, you can refer to our How to Buy BNB Chain guide on registering and buying your first cryptocurrency on Binance. This phrase is extremely important, because it’s a readable form of the private keys to your crypto wallet. If you lose access to your wallet, you can still get your crypto back with the recovery phrase.

Maybe you’re looking to buy, hold and capitalize on the next big crypto price rally. In May 2022, multiple SafeMoon investors filed another class action lawsuit against SafeMoon for security fraud. The lawsuit which is represented by Scott+Scott, was voluntarily terminated by the plaintiff without prejudice per notice in November 2022. This means the case can be retried if the plaintiff wishes to in the future. You just need to choose two currencies, one available on your account balance and one you want to receive.

The idea behind the SafeMoon token is that it is a crypto designed to encourage people to hold onto their tokens. The crypto’s founders says that anyone who sells a SafeMoon token will be subject to a 10% sales tax. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The majority of retail investor accounts lose money when trading CFDs.

PancakeSwap is a popular choice when looking for an exchange to trade your BNB coin for safemoon V2. PancakeSwap requires connecting your crypto wallet to the exchange. Once it’s connected, you can exchange BNB coin for safemoon V2.

An owner address acquire’s the liquidity pool tokens generated by the Safemoon-BNB pool. This gives the owner control over tokens funded by Safemoon’s seller fee. This feature was later the subject of the 2022 Safemoon fraud allegations. Hardware wallets are physical devices that store your cryptocurrency offline.

Is SafeMoon a good investment?

To date, there are 22,469 cryptocurrency projects out there that represent the entire $1 trillion crypto market. Another property of Safemoon which has attracted wide criticism is the ownership pattern of the current supply of the token. A large proportion of Safemoon’s total liquidity is owned by members of the founding team. Although these funds are in a so-called lock-up, such concentration of ownership is often a cause for serious concern in the crypto space. In part, this concern is because of the influence that major holders—called whales—have over price movements when they sell. We know that sometimes deep dive into the crypto economy may mean some technical barriers.

And we’ll care about the safety of your funds and transactions. In addition, the two-factor authentication, DDoS protection, and use of multisignature Bitcoin addresses turn it into one of the safest crypto exchanges in the USA and around the globe. However, if you default on your loan, your cryptocurrency will be used to pay it back. If that happens, you’ll also be required to pay capital gains tax on the collateralized crypto. Once you’re approved to trade, you’ll need to purchase Binance Coin .

Step 7: Sell BNB for a currency such as USD

Set the network to BNB Chain, provide your wallet address and the amount you want to transfer. Click the withdraw button and wait for your BNB Chain to appear in your Binance. Mandala.exchange needs to review the security of your connection before proceeding. Pancake Swap is an exchange that lets you trade many different cryptocurrencies, including Binance Coin and Safemoon. Instead, you’re going to need another cryptocurrency that you can trade for Safemoon. First, the cryptocurrency does not have any utility, and its use looks pretty irrelevant.

If you receive a greater value for it than you paid, you’ll owe taxes on the difference. Binance USD is a stablecoin that Paxos and Binance founded to create a cryptocurrency backed by the U.S. dollar. To maintain this value, Paxos holds an amount of U.S. dollars equal to the total supply of BUSD. As with other stablecoins, BUSD gives traders and crypto users the ability to engage in transactions with other crypto assets while minimizing the risk of volatility. As part of Project Pheonix, a separate company Emanations Communications Group LC was set up and led by Safemoon CEO John Karony’s mother, Jennifer, to provide antenna technology to The Gambia. As part of this venture, John invested $5 million into the project in June 2021.

What would stop them from making V2 effectively worthless as well? There are certainly a lot of risks for a token with “safe” in the name. If you visit SafeMoon’s website, you’ll be greeted by a plethora of crypto-related buzzwords. Terms like “Static Rewards” are used to hide the token’s resemblance to a pyramid scheme.

Always remember that investment decisions are risky and you should never invest more than you can afford to lose. Founded in 2013, Bitcoin Wisdom strives to provide informative and accurate bitcoin news, price predictions, investing guides and exchange reviews. The platform is designed to punish selling and reward holders of tokens.

This upgrade focused on blockchain technology expansion through metaverse development and non-fungible tokens production. Cryptocurrencies are rising in importance and not going away anytime soon. From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto.

After that, you can use the Binance Smart Chain wallet to trade for Safemoon. Write down your recovery phrase, store it in a safe place, and never share it with anyone. It launched on March 10 and rewarded early investors with returns of over 20,000%. After hitting an all-time high in April, it dropped by over 70%, but it still has the attention of crypto investors looking for the next big thing. The material provided on this website is for information purposes only and should not be understood as an investment advice.