How to Buy Safemoon (SFM)? Is SFM Available on Coinbase?
Are you considering ways to buy Safemoon (SFM)? While Coinbase – the largest US cryptocurrency exchange – doesn’t offer SFM for trading or investing, we’ve prepared a guide with alternative options to acquire SFM.
Certainly one of the more recent cryptocurrencies, Safemoon was launched in March 2021. The crypto coin drew a lot of attention following an incredible surge in its price in April of the same year.
Safemoon’s design rewards long-term holders and charges sellers a 10 percent fee. A percentage of that fee goes back to existing holders as well.
Start trading or investing in SFM with Binance!What is Safemoon (SFM)?
Safemon included itself in the surge of new cryptocurrencies seen in 2021. These are digital currencies. They exist solely online and can be used as a medium of exchange.
Much like its more popular rivals Bitcoin and Ethereum, Safemoon is powered by blockchain, a form of distributed ledger technology. The cryptocurrency was formed on Binance's blockchain, called Smart Chain.
By September 2021, Safemoon held a market cap of about $1.3 billion. The likes of Bitcoin, however, retain market caps in the region $930 billion.
Safemoon is the kind of cryptocurrency you buy and hold. It was designed to discourage people using it as a daily trading commodity. Instead, SFM owners are encouraged to view the digital coin as a long-term investment.
This is achieved by charging sellers 10 percent in fees whenever they sell. Further, half of that 10 percent fee goes to Safemoon’s existing holders. The other 5% contributes to a liquidity pool, an effort that goes a long way toward maintaining its price stability.
Safemoon manually regularly reduces the amount of SFM in circulation. This effort to reduce supply sees an increase in price as a result.
While the price did soar not long after its introduction back in March 20210, SFM has since fallen nearly 80% from its peak price. According to research by CoinMarketCap, SFM managed to reach highs of $0.000014 in April 2021.
CertiK, a Blockchain security firm that audited Safemoon, came into a cautionary issue. It found that Safemoon’s owners secure tokens made from its liquidity pool. This gives the owners control over tokens that were created as part of the fee.
CertiK highlighted this as an issue of concern in its report. It also went on to recommend that Safemoon improve its internal security structure.
Can you buy Safemoon (SFM) on Coinbase?
A few cryptocurrencies prove to be harder to obtain and trade with than others. SafeMoon ranks as one of them. Buyers will not be able to buy SFM via the Coinbase app or Coinbase Wallet.
Considering that SFM stands as a relatively new and widely disputed cryptocurrency, the more popular exchanges have refrained from adding it to their platforms. Exchange juggernauts such as Coinbase, Gemini and others don’t support the SFM on their platforms as yet.
It is because of this that the process of investing in SFM is a bit more demanding of effort than other digital currencies.
Never fear. We’re right here. Today we’ve provided a few hints to assist you in finding a way to obtain SafeMoon. You just need to pick which method works for you.
A step-by-step guide to buying SFM
Step 1
Those interested in securing SFM should have a look at CoinMarketCap. It’s a great platform to view places people can obtain SFM. Better yet, users of CoinMarketCap get to know with which currency they can purchase the coin.
For every cryptocurrency listed on CoinMarketCap, there is an associated list of purchasing options. These can also be referred to as “market pairs”.
Search for SafeMoon.
Step 2
Select the “Market” button, found near the platform’s price chart.
While in this view, users see a complete list of places they can buy SafeMoon. This comes along with information about the currencies you can use to buy it.
The second currency listed after the forward slash is what you can use to buy SFM. For instance, if you would like to buy SFM via the U.S. dollar, you’d look around for SFM/USD.
Step 3
Choose a platform to make your purchase
Different platforms offer different levels of reliability, security and liquidity. Before making an account, be sure to conduct some thorough research.
Step 4
Make the purchase on your chosen platform
Every platform has its own way of doing things. Some prove to be very easy to navigate and use. Others, not so much.
As a general rule, buying cryptocurrencies via a fiat currency such as the U.S. dollar is easier than securing them with another cryptocurrency.
Yet, should you have to acquire SFM with another cryptocurrency, a digital wallet that supports SFM will need to be created first. Users then buy the cryptocurrency the means to use to buy Safemoon and use it on the platform to buy SafeMoon.
While we’re always here to help, we’re also happy to report that most platforms provide guides to their users for whenever they get stuck. This comes in addition to a wide-ranging community of online cryptocurrency enthusiasts, many of whom have guides on Youtube, Twitter, and other platforms.
How to Buy Safemoon (SFM)?
Those looking to secure SFM via Binance will first have to make a Binance account. This permits you to use Binance’s decentralized exchange, known as PancakeSwap.
We’re happy to report that creating an account with Binance is easy. All that users need to do is provide an email address and create their passwords. On the condition of where the user stays, they may need to offer additional information for their accounts to be approved to start trading.
Upon receiving your approval to trade, you’ll be required to buy Binance Coin. Considering that your goal is to swap BNB and other tokens for SafeMoon, users should secure as much BNB as they’ll need to invest in the amount of SafeMoon they want.
How to Store Safemoon (SFM)?
In the same way that some exchanges do not offer users the ability to trade or invest in SFM, there are some digital wallets that do not support it either.
If you’re looking to withdraw and stash your SFM, be sure you have a digital wallet that supports SFM.
A large number of cryptocurrency users who conduct swaps with decentralized exchanges make use of a digital wallet called MetaMask. A nice thing about it is its Google Chrome extension. It renders MetaMask relatively easy to access alongside other applications.
Once your MetaMask wallet setup is complete and compatible with Binance Smart Chain, you can send your crypto to your wallet.
MetaMask comes as a mere suggestion. There exist several others that are just as capable, if not better. Be sure to conduct research regarding which cryptocurrencies your wallet supports before trying to use it to store your SFM commodity.
FAQs
Is Safemoon A Trusted Cryptocurrency?
Yes.
Safemoon may seem as though it’s no more trusted or distrusted than any other cryptocurrency on the market. Its 2021 controversy has merely withheld its adoption by some of the more popular crypto exchanges.
Juggernauts like BitCoin and Ethereum have gone through their own regulatory scandals, yet prove to be investable and profitable in the long term.
As a whole, Safemoon is a trusted investment commodity.
Is Safemoon SFM For Daily Trading?
As a general rule, no.
Safemoon is the kind of cryptocurrency you buy and hold. It was designed to discourage people using it as a daily trading commodity. Instead, SFM owners are encouraged to view the digital coin as a long-term investment.
This is achieved by charging sellers 10 percent in fees whenever they sell.
Safemoon SFM is a cryptocurrency that is a bit more elusive than the others. Luckily there are exchanges and wallets that support SFM just like any other cryptocurrency.
A lot of research goes into choosing the right platforms that will allow you successfully invest in Safemoon. We trust our brief guide has been more than useful.
