Safemoon has taken the internet by storm. Although it was launched in March 2021, the coin has quickly won the hearts of crypto newbies and veterans alike. Recently, it was listed as one of the top 50 coins in coin market capitalization on CoinGecko, an indication of its growing value.
The Safemoon project was started as a community driven, DeFi project to provide a level playing field. The creators of Safemoon say it is a DeFi (decentralized token), and not a cryptocurrency. Some crypto experts are of the opinion that the coin is a Ponzi scheme and should be taken with a pinch of salt.
However, a lot of people do not think this way, as there are currently over two million holders of Safemoon. As prices continue to climb and holders receive massive ROIs on their tokens, you might want to join the train and get Safemoon for yourself too.
This article will explain how to buy Safemoon from two centralized exchanges, WhiteBIT and BitMart. It is also available on a decentralized exchange, PancakeSwap. However, the process of buying Safemoon on PancakeSwap might be cumbersome for those who are new to the crypto space.
Centralized exchanges are much easier to buy Safemoon from, as you can buy directly without connecting a wallet or swapping tokens. But first, it is important to have some information on the exchange of your choosing as this can help influence your trading choices and save up on fees, or make the process easier for you.
What is WhiteBIT?
WhiteBIT is a cryptocurrency exchange that promises to offer “security, liquidity, and execution speed” to cryptocurrency traders. It was established in 2018 and is headquartered in Estonia. The exchange boasts of about 300,000 registered users with 70,000 active trades every day, as stated on its website. Currently, it offers crypto trading in about 150 trading pairs. WhiteBIT is regulated and has an Exchange and Custody license from the Estonian authorities.
Available in about 199 countries, WhiteBIT is an exchange with a strong presence in Europe and the CIS unities. Also, it is the most popular exchange for buying Safemoon, after PancakeSwap. WhiteBIT has a number of order options for traders, to meet their different needs. Aside from Limit and Market Orders, WhiteBIT has four other types of orders. The orders are Stop-Limit, Stop-Market, Conditional-Limit, and Conditional-Market Orders.
WhiteBIT integrates a TradingView chart where users can track market changes and gather information on when to buy and when to sell. This exchange charges a flat fee of 0.1% for all trades but some trading pairs have lower trading fees to encourage trading. This fee is cheaper than what is obtainable on many exchanges.
How to buy Safemoon on WhiteBIT
To get Safemoon on WhiteBIT, you need to follow these steps.
1. Sign up with WhiteBIT. You will be asked to input your email and select a strong password. After you have done this, you will be asked to verify your mail and then you can start trading. Make sure you complete the KYC protocol to start trading. There are different levels for KYC. For level 1, you can trade up to 2 BTC worth of crypto in a day.
2. Safemoon is traded against USDT, so you would need to deposit USDT into your WhiteBIT wallet to buy Safemoon. USDT is better because it is less susceptible to market fluctuations. Click on USDT in the market section and select deposit.
3. You will be provided with a deposit address. Copy this deposit address and input it into the wallet you currently have USDT in. You can buy USDT from wallets like Binance, Coinbase and Bitfinex.
4. After your deposit is confirmed, you can then proceed to buy Safemoon. On the WhiteBIT home page, you will see different crypto pairs being listed. In the search bar, type ‘SFM.’ SFM is the ticker for Safemoon so if you type ‘Safemoon’ in the search bar, you would not get any results.
Note: two crypto pairs look alike: SFM/USDT and SFC/USDT, do not be confused. Click on the SFM/USDT pair taken to another screen. (This process is for the website version.)
5. On the new screen, you will be shown a TradingView chart and other pairs on the exchange. To find the trading areas, scroll down to see ‘buy’ or ‘sell’. If you have any open Safemoon orders, you will see them displayed under ‘My orders’. If you have some Safemoon tokens, they will be displayed under ‘Balance,” shown right below the market.
6. Choose any of the 6 trading options as listed earlier in this article. For market order, which is the fastest, you have to input the amount of USDT that you want to use. After you do this and click on ‘buy’, you will be immediately credited with Safemoon tokens. An order book and Safemoon trade history on the exchange are shown to give you more insights into your trades.
7. To sell your Safemoon tokens, you just need to repeat the same process. Instead of clinking on buy, click on sell and choose the amount of Safemoon tokens you want. If it is a market order, you would get your USDT immediately.
What is BitMart?
BitMart is another cryptocurrency exchange where you can purchase Safemoon from. It is available in about 180 countries and has over 5 million users. This could be an advantage over WhiteBIT as it means there is definitely more liquidity. BitMart also has a wider variety of cryptocurrencies, with over 300 cryptocurrencies listed on its site currently. Although it is headquartered in New York, it has branch offices in Greater China, Seoul and Hong Kong.
BitMart promises to be “the most trusted cryptocurrency trading platform.” Since 2017, the exchange has been trying to keep its promises, as it has gathered the trust of many investors and is listed as one of the top 20 exchanges in Coingecko.
On the BitMart home page, you would see ‘Top Coins’ and ‘Top Gainers.’ This is how you know you are on the legitimate BitMart site. As for trading fees, BitMart charges a flat fee of 0.25% as maker and taker fees are merged into one.
How to buy Safemoon on BitMart
Buying Safemoon on BitMart is simple if you follow these steps. It is quite similar to buying on WhiteBIT.
1. Visit the BitMart website; sign up by providing basic information about yourself. You will be asked to verify your email too. Verification and setting up KYC might take a while so you have to be patient.
2. After the verification has been confirmed, you can start trading. Click on ‘Spot’ at the bottom of the home page and you would be taken to another screen. The main trading screen can be intimidating for a first-timer, but it has all the necessary information you would need.
3. It is advisable you use stablecoins when buying other cryptos, as they will not fluctuate much. You can choose to use USDC or USDT: both are stablecoins and serve the same purpose.
4. In your BitMart account, you can search for USDC or USDT. When you have located the coin, look for the deposit button. Your deposit address will be displayed when you click on the ‘address’ button. Just like depositing on WhiteBIT, the deposit might take a while and might not be immediate due to the blockchain.
5. If you used USDC, you would have to trade it against USDT. This means you have to find the USDC/USDT pair and click on sell. If you use USDT, then you do not need to perform any trade in this step. Simply skip this one.
6. Now that you have your USDT, you can finally buy Safemoon. A click on the asset button on the Home page would display different assets. To save you the stress of looking through numerous trading pairs, just input ‘Safemoon’ into the search bar. Click on the SFM/USDT pair and place a trade.
7. Input the amount of USDT you want to buy, and click on the green ‘buy’ button. To place a limit order, set the price you would like Safemoon to reach before you buy. When it reaches that price, even if you are not online, the order would be executed.
The processes on both exchanges are quite easier compared to other platforms you can get Safemoon on. For cheaper trades, WhiteBIT is highly recommended as the fees are more than half of what BitMart offers its users. As always, remember that cryptocurrency is a highly volatile asset and should be traded with caution.
Safemoon is a very volatile crypto asset and might dump heavily from time to time, as it did on April 22 where it dumped 66%. Also, the security of crypto assets relies heavily on their holder. Keep all information related to your account safe, and never give out security information to anyone.