How to Sell SafeMoon (SAFEMOON)

SafeMoon is a cryptocurrency token that was launched on the Binance Smart Chain blockchain in March,2021. It presents itself as a DeFi token (decentralized finance). This implies it’s a component of a decentralized financial system that allows people to trade over peer-to-peer chain networks without the interference of centralized institutions like banks or governments.

SafeMoon is a digital currency similar to Bitcoin and Ethereum but differs in a few important ways. Its founders claim to address some of the issues that other digital currencies have, such as price fluctuation. It uses the same blockchain network as bitcoin and other digital currencies. The main distinction between a safemoon token and other cryptocurrencies is that investors are advised to keep their tokens rather than sell them.

Safemoon was created to encourage long-term investment while discouraging selling. This is accomplished by charging sellers a 10% charge, with half of the money going to Safemoon’s current holders and the other half going to a liquidity pool (to better maintain price stability). Reflection rewards receive 5% of the total, while liquidity pools receive 5%. To ensure the liquidity of the SafeMoon and Binance Coin pair, 2.5 percent of the 5% transferred to liquidity pools are converted into Binance Coin (BNB).

SafeMoon explained its currency, saying, “The idea here is to prevent greater drops when whales decide to sell their tokens later in the game, which stops the price from changing as much.” Whales are investors who own huge quantities of digital money.

SafeMoon also prefers manual burns over continuous burns when digital currencies are removed from circulation for a specific reason. According to the developers, manual burns offer SafeMoon greater control over the coin’s supply. The price of the coin would rise if there was less supply and more demand.

SafeMoon is based on the Binance Smart Chain, which uses a consensus mechanism based on proof-of-authority. The block creators are known as validators in proof of authority. Binance pre-approves and selects these validators, making the blockchain centralized. Since the Binance Smart Chain is centralized, users must trust and rely on Binance for security.

Only a broker can assist you in selling SafeMoon. Liquidity is provided by brokers or crypto exchanges for cryptocurrencies such as Safemoon. This information is intended to help you make the best broker decision possible. We’ve included a few brokers below that you may contact at any time if you need to sell your Safemoon. These brokers have met de facto industry-recognized criteria and are regarded as appropriate platforms for newcomers and experienced investors.

The top exchanges for trading in SafeMoon are currently ZBG, Gate.io, Bitrue, BitMart, and LBank. The brokers mentioned above all operate in the same sector and allow thousands of investors to buy and sell crypto assets and trade them for profit. They have marketplaces in a variety of locations throughout the globe. Furthermore, they comply with current rules in the countries where they operate while expanding their services to allow consumers in these nations to get more out of them.

It’s essential to verify for particular benchmarks before choosing a crypto exchange platform. When a broker fails to meet these criteria, his or her integrity is put into doubt. A few of these criteria are a clear and intuitive user interface, quality customer service, adherence to rules, security, and several trading desks. The aforementioned exchanges are highly recommended by significant traders in the sector due to their ability to satisfy the specified criteria.

These brokers also boast of additional fantastic advantages that they provide to their customers. Staking crypto assets, lending and borrowing, and, in any case, allowing consumers to pay for services using their exchange accounts are some of these features. These brokers record billions of dollars in daily trading volume, implying that obtaining liquidity for the asset you own is quite straightforward. Clients can sometimes participate in futures trading and get access to perks such as increased leverage. Because they are dedicated to providing the best crypto services to their clients, this brokers list has become well-known among investors and crypto enthusiasts.

Tutorial on How to Sell Safemoon

The method of selling Safemoon is quite similar to that of buying it. In any instance, whether you can trade the asset or any other crypto asset depends on whether it has liquidity. Demand is what we mean by liquidity. This affects whether or not the cryptocurrency asset is sold. Make sure there is a suitable withdrawal channel before attempting to sell your safemoon.

Safemoon isn’t traded on the major crypto exchanges; like binance and coinbase, instead, it’s bought and sold on Pancake Swap, a platform that allows several cryptocurrencies to be traded. To sell SafeMoon, you’ll need to have a BNB-accepting cryptocurrency trading account. Binance US will be used in this example.

Step 1: Buy Safemoon

It’s naive to expect to sell an asset you don’t already own. Buying safemoon is the first step before any selling can take place. If you want to get Safemoon, the hard aspect is figuring out how to do it. The top exchanges for trading in SafeMoon are currently ZBG, Gate.io, Bitrue, BitMart, and LBank.

Safemoon is not available for purchase with cash on the main cryptocurrency exchanges because it is a new coin. Instead, you’ll need to find another coin to exchange for Safemoon, the smart chain BNB is the best choice.

Safemoon’s developer suggests buying it via Trust Wallet, a cryptocurrency wallet app. You may get it through the App Store or Google Play on your smartphone. If you already have a Binance account, you may buy Binance Coin there. After then, you may trade for Safemoon using the Binance Smart Chain wallet.

Visit the Pancake Swap website. It allows you to trade a variety of cryptocurrencies, such as Binance Coin and Safemoon. Go to Pancake Swap, where you may swap one coin for another, and click “Trade” using the Binance Smart Chain wallet. You’ll also need to link your Binance Coin (BNB) wallet, which you can do by clicking the “Connect” icon at the corner of the page.

Enter the amount of Binance Coin you wish to exchange on Pancake Swap. If you wish to exchange all of the Binance Coin in your wallet, select “Max.” Choose the cryptocurrency you wish to receive by clicking “Select a currency.” In the search field, type “Safemoon” and select it when it shows. Pancake Swap calculates the number of Safemoon you’ll receive. To make the trade, select “Swap” when you’re ready.

Note that to get the trade to complete, you may need to modify the slippage tolerance. When the price of a cryptocurrency fluctuates between the time you submit a trade and the time it executes, this is known as slippage. The deal may not go through if the slippage tolerance isn’t high enough. The creators of Safemoon recommend a 12 percent slippage tolerance. Pancake Swap’s settings icon can be used to change this.

Buy Safemoon

Steps 2: Always Know When To Sell

Every investor buys a tradable asset with the intention of profiting. Understanding when to acquire a crypto asset like safemoon is vital, but knowing when to sell is even more essential unless you want to sustain unexpected losses. Also, remember that there’s a 10% fee for selling it. Safemoon was created with the intention of rewarding long-term investment while discouraging selling. If you know what you’re doing, you can prevent losing money on your investments.

Furthermore, the values of digital assets can be quite volatile. As a result, you may be able to profit from your investments today and in the next few days if the price of the asset you bought has fallen. Moreover, no one has authority over the pricing of these assets. A selling strategy for your safemoon investment is a good idea. Failure to do so might prove detrimental for your investments, resulting in a loss of money.

To assist traders in making informed investment decisions, coinbase has incorporated charts for each crypto asset, including safemoon, although it is not available to trade. Candlesticks and patterns are used in these charts to examine the historical data of an asset, such as safemoon. Similarly, you may use these charts to determine whether it’s time to buy safemoon or other cryptocurrencies. On coinbase, clicking safemoon will lead you to a page with further information about the asset, including the exchange’s traded volume.

SafeMoon should only be exchanged for Binance Coin (BNB) on PancakeSwap. You could end up with a new coin with high transaction fees, or it is impossible to convert into cash.

Safemoon overview chart on Coinbase

Step 3: Know Your Portfolio’s Total Value

Usually, when we buy stocks or other cryptocurrencies, we can view the amount of our portfolio in the exchange app, but because safemoon coin is not listed on most exchanges, it’s a little bit harder, so most people have been calculating it with a calculator or just using converters online. You can use many applications to track your portfolio for safemoon coin, like coin gecko and coin market cap, to know how much it’s worth in US dollars or any currency of your choice.

The other method is to simply use the Trust wallet. First, copy the PancakeSwap code from the Binance Smart Chain (BSC) scan which is your Safemoon transaction history. Click add custom token then change the network to Smart Chain network, paste the contract address. Safemoon will now be displayed in your wallet.

Step 4: Close All Active Positions

You’d have to close active positions to sell your Safemoon coin. Closing your active positions refers to selling the asset. However, you won’t be able to do so if the item is still in its original state. The highly volatile character of cryptocurrencies is a reason for caution. Leaving your Safemoon without selling it for your preferred currency, fiat or USDT, is a risky decision since you will almost certainly lose your money. Because of how unpredictable prices may be, if you don’t sell at your target price after it’s been reached or wait a while afterward, you can find that prices have retraced. You must act quickly to protect your earnings.

Closing active positions requires the exchange of Safemoon coin for BNB to USDT or another digital currency. When you close or sell these positions, the equivalent or less is shown in your portfolio (this might happen if binance collects withdrawal charges). Similarly, if you sell at a ‘market price,’ the original amount of Safemoon coin sold may not be the same as what is reflected in USDT owing to a circumstance known as ‘slippage.’ When an asset settles at a price lower than the planned target price, this is known as slippage.

If you need to close an active Safemoon position through your binance account, you first need to click on the BNB symbol on your PancakeSwap, which displays all of your assets. You may then type the word “SafeMoon” in the search bar. You’ll be notified that SafeMoon charges a 10% transaction fee, of which 5% is given to token holders, and the rest is used to increase liquidity. To continue, tap “I understand” and then “Continue.”. You may choose the amount of Safemoon tokens you wish to sell in this section. Tap on “Swap” and hit “Confirm Swap.” ​You’ll be taken to a page that will inform you of the Binance Smart Chain network fee. If you’re satisfied with it, hit “Send.

Your BNB portfolio is still influenced by the amount of Safemoon you sold. This sum can also be withdrawn to a local bank account, a PayPal account, or a credit card associated with your account.

Closing Trade on Binance

Step 5: Withdrawal Requirements and Exchange Rates

Withdrawing assets from Binance is simple as long as all of the withdrawal requirements are met. On binance, the withdrawal process has received generally good feedback. Withdrawals on the exchange are simple to understand, especially for beginners.

There are times when withdrawal difficulties may occur, although they are uncommon. It’s also possible that a client is using an account from a nation that’s been banned. A few examples of incomplete verification, problems while starting withdrawals, and failure to create withdrawal channels.

Binance is focusing on making withdrawals on its platform as simple as possible. Without any issues, you as a user may easily sell your Safemoon, which you earlier swapped for BNB. Binance guarantees that each crypto asset held on its platform may be traded. When you’re ready, convert your BNB to fiat currency.

While some exchanges maintain a larger base withdrawable sum, Binance has lowered the threshold without compromising the quality of its services. On Binance, the minimum withdrawal amount for BNB is $4.33, with a $0.22 fee.

Crypto Taxation In The US

In the United States, crypto taxes do not yet exist. The US proposed a new Infrastructure Bill that will impose tax reporting obligations on crypto businesses operating within the US. The IRS considers virtual currencies like bitcoin property, which means they are taxed similarly to stocks or real estate. You’ll owe $40,000 in taxes if you acquire one bitcoin for $10,000 and sell it for $50,000. While the idea is straightforward, what defines a “taxable event” is not always apparent.

Cryptocurrencies are decentralized; as such, enforcing tax obligations on their owners may not be possible. The use of cryptocurrency for illegal transactions has long been a source of concern for US officials. As a result, they are attempting to establish rules that would include and protect against such activities. The fact that bitcoin is classified as an asset clarifies its tax implications. The IRS has made it necessary for taxpayers to record all bitcoin transactions, regardless of their size. Every U.S. taxpayer is obliged to retain a record of all Bitcoin purchases, sales, investments, and usage.

Best Crypto Exchanges

Around the world, there are numerous centralized and decentralized exchanges. Crypto exchanges are often used to make cryptocurrencies available to investors and enthusiasts. They also provide platforms for crypto traders to trade such asset types. Despite having a single goal, these platforms may offer a variety of services. This implies that, in addition to buying and selling cryptocurrency, these exchanges may offer additional services. As a result, your requirements will determine which exchange is best for you.

Some crypto exchanges have managed to stand out and connect with thousands of individuals worldwide, although there are many. This is not because their services are unique, but rather because they go above and beyond to ensure their customers’ satisfaction. The top crypto exchanges are distinguished by a set of recognizable qualities. Security, a user-friendly interface, prompt customer service, a tutorial on how to use the exchange, and a developing community are among these qualities.

Several exchanges have been able to pass these parameters on to their users to provide the best service possible. Other exchanges have fallen short of these standards, with fewer signups and lower daily trading volume than the former. A few exchanges let their clients use copy trading or trading bots services, providing premium users. Traders who aren’t cut out for manual trading might replicate deals from other experts or use bot trading to automate the process.

We’ve put together a list of the best cryptocurrency exchanges on the market. Not to mention the fact that Safemoon is not currently accessible for trading on these platforms, the top exchanges for trading in SafeMoon are currently ZBG, Gate.io, Bitrue, BitMart, and LBank.

In case you’re interested in buying or selling other cryptocurrencies apart from Safemoon, these crypto exchanges are a good place to start.

• eToro
• Capital
• Libertex
• Plus500
• Coinbase
• Binance
• AvaTrade
• Revolut
• CryptoRocket
• Changelly

Storing Safemoon In The Best Wallet

A cryptocurrency wallet is a piece of software that allows you to store your public and private keys, transfer and receive digital currencies, keep track of your balance, and connect with supported blockchains. Safemoon can be kept in Trust wallet or Safemoon wallet with the PancakeSwap, or other third-party wallets like Metamask.

There are two sorts of wallets: a hot wallet and a cold wallet, in addition to the variety of wallets accessible. A hot wallet is an online wallet that may be accessed at any moment with the appropriate keys. Mobile and software wallets, as well as money held on exchanges, are examples of hot wallets.

A cold wallet is a wallet that is not connected to the internet. It is not connected to the internet and is used to store funds that are not regularly accessed. Hardware wallets, a secure hardware device containing the wallet’s private keys, and paper wallets are two examples. Trezor hardware wallets are one of a kind since they are the only hardware wallets that support all ERC20 tokens like Safemoon.

When Is The Best Time To Sell Safemoon?

Anyone selling safemoon coins will be charged a 10% fee, half of which will be given to present investors in the form of a dividend; essentially, the long-term investment plan is the most favourable to determine your ability to sell your Safemoon coins. It might not be easy to keep track of an asset’s price since you need to be aware of what’s going on in the crypto market to decide whether to sell or keep your Safemoon.

Given the volatile nature of the crypto market, a lot may happen in the time between when your investment reaches the objective you set. A piece of negative news might have an impact on any open positions or holdings you have. This is why, anytime you wish to invest; you should always conduct research. Even when the transaction is heading in the wrong direction, the analysis keeps you in check. You may have to wait longer than required to hit your target.

Price of SafeMoon

Safemoon’s price has been somewhat unstable. The price of a crypto asset fluctuates due to the unpredictability of the market. When the market shifts, prices will rise on particular occasions before experiencing a downturn in response to a negative report or when investors begin selling. The price fluctuations of safemoon may be seen on the charts using candlesticks and recognizable patterns.

SafeMoon has a total quantity of over 585 billion coins in circulation. Currently, one Safemoon is worth 0.000002 USD. Many cryptocurrency enthusiasts are cautious about Safemoon since it lacks any use cases or advantages over other coins. So far, Safemoon has survived on its popularity, but it isn’t a guarantee for long-term success. The cryptocurrencies with a competitive edge are the ones that thrive.

Guide for Automated Trading

Aside from the capital required, crypto trading is an activity that demands a high level of commitment from traders. Besides examining charts, traders usually keep up with significant market developments by reading news reports. Combining those tasks might be exhausting. If one splits his attention between other commitments and the charts, one or both of them may suffer. One is prone to making costly trading errors on occasion.

With the introduction of trading bots, automated trading has come to the rescue of these traders, making trading simple for them. As a result, they are not required to participate actively in the trading process.

Trading bots simplify the trading process, allowing traders to focus on other tasks. To trade cryptocurrency, trading bots use algorithms. They do, however, require some human interaction to work well. They cannot operate independently; instead, a trader must activate a trading range based on his approach, which these bots rely on. Trading bots are essential because they are intended to respond to market opportunities faster than humans.

How To Invest In Crypto Safely

Suddenly, Bitcoin has caught everyone’s attention. Of fact, you may have developed a similar passion, but you are concerned about the outcome. When investing in cryptocurrency, one must exercise caution. A crypto investor is supposed to have a variety of other skills. It’s important to realize that no one influences the market. As a result, it must be handled with precision. Greed is a key issue that most traders face. A trader is one step closer to being an expert once he can fight the temptation to be greedy.

There are moments when the market is extremely volatile and unpredictable, and a trader should learn to stay away from it. Also, as a trader, you should never trade revenge. This entails attempting to recover from a loss after it has occurred. Trying to avenge yourself by revenge-trading might result in much more losses. The best thing to do at this point is to take a step back and rethink your strategy before returning to the market, not to recoup your losses.

Summary

Safemoon has a $987 billion market capitalization and a $9.8 million average daily trading volume. As it is a digital asset, it can be easily purchased, saved, and sold. It is not yet available on main crypto exchange platforms, but the top exchanges to use for trading Safemoon are ZBG, Gate.io, Bitrue, BitMart, and LBank.

You must close positions to sell Safemoon on the above exchange platforms. You can exchange the asset for USDT or your home country’s fiat money, then withdraw to your local bank account. Whether it’s hardware or software, Safemoon can be kept in a wallet.

If you want to get a cryptocurrency, you should do it after doing your research and not because the asset appears profitable. Invest just what you can afford to lose, as the saying goes. The crypto market is extremely volatile, and it cannot be traded based on hope or assumption. This article can serve as a reference guide to refer to whenever you wish to invest in Safemoon.

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