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How to buy SafeMoon | Evening Standard

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S

afeMoon (SFM) is a cryptocurrency on the Binance Smart Chain blockchain and is headed by John Karony, a former US Department of Defense analyst.

Safemoon aims to reduce volatility in the crypto market and deter day traders by charging a 10% fee on all sales of the currency, with half of the proceeds going to existing investors.

At the time of writing, a single SFM is priced at a fraction of one US dollar – $0.00046230. Safemoon has a market capitalisation of $264,072,216 as at 13 May 2022.

Buying SafeMoon in the UK isn’t as straightforward as it is in other markets, but it can be done. This is because purchases need to be made by way of crypto exchange Binance, which is prohibited from carrying out regulated activity here by the UK’s financial watchdog, the Financial Conduct Authority (FCA).

To buy SFM, therefore, you’ll need to visit binance.com, which is based in the Cayman Islands and outside the FCA’s jurisdiction.

Note that the FCA is wary of crypto in general. The regulator has issued several warnings to investors that they should be prepared potentially to lose all of the money they put into this sector.

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If you’re aware of the risks and are comfortable with them, here’s how to buy SafeMoon in the UK.

Step-by-step guide to buying SafeMoon

First, set up a co-called ‘Trust Wallet’. Download and install the Trust: Crypto & Bitcoin Wallet app from the Google Play Store on Android or App Store on iPhone. Create a new wallet within the app.

Once you’ve set up access passwords, select “Buy BNB” and type in how much you’d like to invest (in US dollars). Once you’ve made payment, go to the main page of the app and tap on your BNB. Next, tap ‘More’ and then ‘Swap to Smart Chain’.

Next, open your web browser and go to http://pancakeswap.finance. There, you can connect to and login to your Trust Wallet. Go back to your Trust: Crypto & Bitcoin Wallet app and tap ‘dApps’ in the navigation bar before selecting ‘PancakeSwap’.

Tap the connect button followed by TrustWallet. Your Smart Chain tokens should now be in PancakeSwap.

Next, tap ‘Select a currency’ and paste in the following SafeMoon contract address: 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5 (correct at the time of writing).

If you’ve done that correctly, you should get a pop-up warning you about SafeMoon’s 10% fee, which you’ll need to accept.

Tap the icon in the top right corner and set your slippage tolerance – the difference between the price when you confirm the purchase and when you complete the purchase – to the advised level of 12%.

Tap Swap followed by Confirm Swap. Tap ‘View on BscScan’. If you see ‘Success’, your SmartChain has been converted to SafeMoon.

How to view your SafeMoon in your TrustWallet

On the main page of the TrustWallet app, tap the blue icon in the top right corner and scroll to the bottom to the search bar and type in ‘Safe’.

Tap ‘Add Custom Token’ and change the network to Smart Chain. Under “Contract Address,” paste 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5 and tap Save.

You should now see your SafeMoon in your TrustWallet.

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Trade in a variety of assets including stocks, ETFs and cryptocurrencies; for both novices and experts

Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with eToro. Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk.

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