Learn How To Buy Safemoon On Binance?
How to buy safe moon on Binance or how to buy on Binance will be discussed in this article.
Safemoon, which is known as the safe moon coin, was launched in the crypto market this spring and has secured the place of the latest cryptocurrency to soar to the top and secure the headlines of every news article, blog post, and social media post.
The biggest cryptocurrency exchange known as Coinbase showed a 910% hike in the price of the coin safe moon just in four days in April. Seeing a sudden hike the investors got concerned about the price and the surge in the coin started to determine its use in the market as a digital coin, however, after the 4-day hike in April the coin showed a downward price trend.
THE RISE OF SAFEMOON
A cryptocurrency called safemoon has been at the top of the list of most attractive coins and is attracting the full attention of investors after reaching on the tips of cryptocurrencies like bitcoin, etherium, xrp, Cardano, Shiba, and dogecoin.
However it was launched in March this year, the coin has already two million-plus investors investing.
Due to a flood of investors investing in safemoon, Binance had to suspend safe moon withdrawals in April 2020. The platform Binance has been blacklisted now by the official financial regulator.
In early May, top market info firm the coinmarketcap told that the coin safemoon was on its users’ watchlists more than the top coin bitcoin — at just over 1.3m in comparison to 1.2m.
What is safemoon?
Similarly, like the other digital coins in the market, the coin safemoon also functions on the blockchain. The safe moon is the latest cryptocurrency, which describes itself as decentralised finance (Defi) coin.it means that it is a part of the alternative financial system; it enables peer-to-peer chain networks to trade also called P2P, without any intervention of the centralised systems which are banks or the governments. Like bitcoin and other cryptocurrencies, it also operates on a blockchain network.
However, the main difference between a safemoon coin and another coin is that investors are now encouraged to hold the coins rather than sell them.
WHAT ARE THE CHARGES TO TRADE IN SAFEMOON?
• Any person selling safemoon will be charged with a 10% fee, almost half of the fee gets paid to the investors as a dividend.
• the founders of Safemoon describe the sale penalty as the means to stop day trade and lessen the price volatility caused to the other coins.
• the founders claim that the investors investing in the coin are shooting towards the moon safely, with their investment, however it will take time but one day it will get there.
The price of the safemoon coin was at $0.000004563 on 24 May 2020 which was a fraction of a dollar according to coinmarketcap.
On April 20 the price of the coin surged at $0.00001399 with a single day rise of 99%.
With the rise, it clears that there has been a 33% fall since its launch and this suggests the founders’ measures are on the way yet to bring a price rollercoaster but under control.
WAYS TO BUY SAFEMOON IN THE UK
It is possible to buy safemoon but it is not a straightforward process like Buying bitcoin or other cryptos.
A potential investor To buy the safemoon first need to have a crypto wallet set up on the binance app for cryptocurrency exchange platform and buy the binance coins from it, and then exchange them for safemoon coins.
Please remember that binance isn’t regulated in the UK and it is blacklisted, so if anything happens to your money, it is at your own risk since it isn’t protected by the UK government.
SHOULD I INVEST IN SAFEMOON?
Investing in safemoon is risk-oriented as all digital coins are and investing in it should only be considered by the investors who understand cryptos, have extensive research conducted and can afford to lose all of their money.
Investments in cryptocurrencies are certainly not reliable to be relied on for building an egg nest or for rising funding for retirement.
IS SAFEMOON A GOOD INVESTMENT?
Despite all the efforts to stabilise the price volatility of the coin through the fees on trades of safemoon there still has been substantial price volatility.
Substantial price volatility means the investors of safemoon could have faced impressive gains and staggering losses both according to their financial conditions and duration of holding.
Never invest your entire life savings in these classes of an asset because investing in crypto is almost like legal gambling, so invest safely.
Advantages and disadvantages of safemoon safe as a cryptocurrency?
The price of a safemoon coin could fall as its class of assets like shares, stocks are volatile. You will not only lose money if the safemoon price falls but you will also be charged a 10% penalty when you sell the safemoon.
It is also argued by the critics that the decision to hold the safemoon coin is the same as the old fashioned pyramid or Ponzi scheme of trade, with new coins coming daily through which the investor could boost their gains, holding to a single coin is a disadvantage.
Adding to the above list the investments of cryptocurrencies are not regulated in the UK.however the founders of the safemoon coins have hosted sessions named “ ask me anything” sessions in which they answer potential investor questions but it’s not a proper consumer money protection.
The financial conduct authority in January this year tried to warn the consumers about the potential risks of investing in cryptocurrency unless of their high returns. This warning was issued after the unimaginable rise of bitcoin over Christmas and doubled its value in less than a month.
Financial Conduct Authority also highlighted several points of concern, including:
• the lack of consumer protection and the lack to call upon the financial services compensation scheme-which insures up to 85000 euros of an investors money if the provider is out of business. Also, no money laundering measures are taken.
• Extreme volatility of price, the regulator advised that to add to the difficulties list, the accurate valuation of cryptocurrencies also increases the risk of losses.
• For the customers the complexity of crypto coins makes it very hard to properly understand the risks of an investment in it.
It is very important to take notice that in future it may get tricky for the potential investors to withdraw assets of safemoon — or any other crypto — into cash again, with no guarantees that the market will offer the liquidity that investors want.
How to buy safemoon with binance
1. Get Logged in to your Binance user account and click [Buy Now] on the main screen.
2. You can buy safemoon with Binance coin. Enter the total amount you want to spend to buy safemoon and the system will automatically display the amount of crypto you can get. Click continues.
3. You can choose your preferred payment method here. To buy with credit/debit card, click [Visa/Mastercard] — [Continue].
4. Follow the instructions and enter your card information.
5. Your card will be added. Click [Continue].
6. Please check the payment details and fees and confirm your order in 1 minute, or the amount of crypto you can get would be recalculated based on the current market price. You can click [Refresh] to see the new order amount.
7. You will now be redirected to your bank’s OTP Transaction Page. Follow the on-screen instructions to verify the payment. After that, you can see the purchased crypto in your Binance Spot Wallet instantly.
