How to buy Safemoon on PancakeSwap?

Safemoon is a cryptocurrency, just like Ethereum and Bitcoin. It was launched in March of 2021 and saw instant progress that same year in April. Ever since then, it has started gaining traction. Many people have invested in Safemoon and have not regretted doing so.

PancakeSwap is the leading decentralized exchange on BNB Chain. You can trade on PancakeSwap by using your wallet without using a centralized exchange. Let’s check how to buy Safemoon on PancakeSwap.

Steps to buy Safemoon on PancakeSwap

  1. Downloading the Trust Wallet
  2. Purchasing of Binance Coin
  3. PancakeSwap Exchange
  4. Trading your Binance Coin for Safemoon
Img Src: safemoon.com

I. Downloading the Trust Wallet.

A trust wallet is a crypto wallet. Open Trust Wallet after installation, then choose to Create a new wallet. A Trust Wallet will provide a recovery phrase- It is a readable representation of the private keys to your cryptocurrency wallet. This recovery phase is crucial as it acts as a safety net. In case you lose access to your wallet, you can still get your crypto back with the recovery phrase. But if someone else discovers your recovery phrase, they might use it to take all of your cryptocurrency.

II. Purchasing of Binance Coin (BNB)

You cannot directly purchase Safemoon via cash. You need BNB to make the purchase. BNB can be purchased on Trust Wallet as follows:

  • Tap on Smart Chain on the home screen OR click on the icon top-right side of the app. You will be able to navigate Binance Coins.
  • Tap “Buy.”
  • Enter the amount you want to purchase and click Next.
  • Enter your payment information. The transaction will be processed
  • If you already have a Binance account, you can use the Binance Smart Chain wallet for Safemoon.

III. PancakeSwap Exchange

From Trust Wallet’s bottom menu, choose DApps. If you are an iOS user, it will be visible as Browser. You will find PancakeSwap after scrolling down, and you will reach the exchange page and can trade your crypto. In the case of the Binance Smart Chain wallet, go to PancakeSwap and click on Trade. Then, click exchange, and you will land on the same exchange page. It would be best if you used the Connect button to connect your wallet.

IV. Trading your Binance Coin for Safemoon

Enter the amount of Binance Coin that you want to trade. To exchange every Binance Coin you have in your wallet, select Max. Choose your currency and then search Safemoon. It will show the amount of Safemoon you will get. Select Swap, and then trade will take place.

safemoon

Conclusion

In summary, investing in cryptocurrencies and trading them can be high risk. So, be careful when you do so. Read more about trading in Safemoon before you make a decision.

Also Read: Is IQ mining legit?

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