#SAFE MOON NET UPDATE#

Ignore the experts at your own risk,” he says. “The exchanges have done their due diligence and found the project lacking. The fact SafeMoon isn’t on the major exchanges is a giant red flag, notes Jeremy Britton, CFO of Boston Trading Co, a crypto investment fund. Further, since it’s not listed on major exchanges, SafeMoon is also less liquid and it takes more work to convert it into cash, as you need to convert it to BNB first. In addition, SafeMoon is not a good fit for frequent trading because every time you sell, you’re paying that sizable fee. While this is true of any cryptocurrency, if you decide to bail on SafeMoon, not only do you take your investment loss, but you will also lose another 10% because of the selling fee. SafeMoon is a risky investment because of high volatility, meaning the price can swing up and down dramatically. You’ll then have to withdraw the coins from the exchange, place them in a wallet and then transfer those coins onto an exchange with SafeMoon. If you don’t already have crypto, you’ll likely need to create an account on another exchange that allows you to exchange dollars for coins, as you can with many of Forbes Advisor’s choices for best crypto exchanges. A few other crypto exchanges support trading in SafeMoon.

To buy SafeMoon, use SafeMoon’s proprietary SafeMoon Swap to trade other crypto, like Binance Coin (BNB) for SafeMoon tokens. It’s also not available on apps like Robinhood or SoFi Invest. Which brings up another of SafeMoon’s challenges: Major exchanges like CoinBase and Kraken do not support trading in SafeMoon. That’s because it’s not currently listed on any exchanges that accept fiat currency, like dollars. There are some hurdles involved in buying SafeMoon, the biggest for beginners being that the only way to pay for purchases of SafeMoon is with other cryptocurrencies. The other 50% is divided among the SafeMoon liquidity pool and the managers of the overall SafeMoon ecosystem. Like the original version, 50% of the fee is distributed to current token holders. If you hold SafeMoon tokens on an exchange, there’s no need to do anything, the exchanges will handle the migration process and notify you when the process is complete.įor SafeMoon V2, the new transaction fee is 2%. For users with any other type of crypto wallet, visit the SafeMoon Swap site to consolidate.

#SAFE MOON NET UPDATE#

For SafeMoon Wallet users, just update to the latest version of the app and follow the consolidation instructions. Wallet holders need to manually transfer their SafeMoon tokens to the V2 platform. Note that people who hold their original SafeMoon tokens in crypto wallets will not have their coins migrated automatically to V2. This is in addition to any fees you may owe a crypto exchange for facilitating the sale. In other words, if you sold $1,000 of SafeMoon, you would pay a $100 fee on the sale. The most distinctive feature of SafeMoon is that it charges a 10% fee whenever you sell the token. This helped quickly drive up SafeMoon’s value, although as of writing its price has fallen nearly 90% from its peak. Throughout 2021, SafeMoon received celebrity endorsements from the likes of sports blogger David Portnoy, rapper Lil Yachty and YouTuber Jake Paul. SafeMoon is a cryptocurrency token that launched in early 2021, using blockchain technology developed by Binance. Spend some time following crypto online and chances are you’ll hear people talk about a cryptocurrency that’s “going to the moon.” SafeMoon has built its brand on this popular turn of phrase, although there are quirks to this crypto token that make it more challenging to buy (and potentially riskier) than other leading cryptocurrencies.

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