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BitMart is one of the few major exchanges that allows users to buy SafeMoon. Users can only buy SafeMoon on BitMart with Tether (USDT). The process takes longer than buying widely used cryptos like Bitcoin, but it’s still relatively easy.
What is SafeMoon Crypto?
SafeMoon is a decentralized financial token on the Binance Smart Chain. The value for the holders results from the depreciation of the offer.
This is accomplished by including a 10% penalty fee or tax for all sellers of the SafeMoon token. This penalty discourages sales and rewards those who continue to hold SafeMoon.
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SafeMoon V1 vs. SafeMoon V2
SafeMoon V1 is “no longer supported” according to the SafeMoon website. Migration to SafeMoon V2 is currently underway. To encourage migration, a 100% transaction tax has been introduced for SafeMoon V1. There are no fees or charges for exchanging SafeMoon V1 tokens for SafeMoon V2.
In addition to the migration, changes were also made to the allocation of the 10% fee. Previously, with SafeMoon V1, 5% flowed into liquidity pools – a collection of funds that enable decentralized trading. The other 5% was redistributed to token holders. For SafeMoon V2, the 10% tax distribution has been updated as follows:
- 4% will be redistributed to all existing token holders
- 3% goes into the liquidity pool
- 2% of tokens are burned – withdrawn from circulation
- 1% goes to the SafeMoon Ecosystem Growth Fund.
Is SafeMoon Legit?
SafeMoon has been heavily criticized by the media and crypto influencers. Even die-hard SafeMoon supporters have expressed dismay at not receiving the promised redistribution payments for holding the token.
Of even greater concern, however, is the fact that SafeMoon is facing a class action lawsuit alleging fraud and misleading investors. Many experts have concluded that SafeMoon has all the hallmarks of a Ponzi scheme, arguing that the token has no real utility.
What is BitMart?
BitMart is a centralized exchange founded in 2018 and based in the Cayman Islands. BitMart supports crypto trading in more than 180 countries and serves 9 million customers.
In addition to its web platform, BitMart offers an app for download on both the Apple App Store and the Google Play Store, rated 4.6 stars and 3.0 stars, respectively. Users can trade more than 1,000 cryptos, use staking services, and buy and sell NFTs.
Is BitMart safe?
CoinMarketCap gives BitMart a score of 5.5 out of 10 based on web traffic, liquidity, transaction volume, and legitimacy. In comparison, FTX and Binance are among the best crypto exchanges with scores above 8.5 and 9.9 respectively.
BitMart states that its core priorities are trustworthiness, accessibility and professionalism. Despite being one of the largest exchanges in the world, it has had some problems.
BitMart bills itself as the “most trusted cryptocurrency trading platform.” Still, it was hacked in late 2021, and many customer complaints followed. The core issues highlighted by users were promised funds that were not returned and a lack of communication from BitMart.
How to buy SafeMoon on Bitmart
There are a number of steps to buying SafeMoon on BitMart. These include:
- Download the app or go to the BitMart website
- Set up an account
- Using fiat currency or transferring crypto to buy USDT
- Purchase of SafeMoon with USDT.
Here’s the full step-by-step breakdown of how to buy SafeMoon on BitMart.
Download the BitMart app or visit the BitMart website
The BitMart app is available for download from both the Apple App Store and the Google Play Store. Alternatively, users can access BitMart’s online platform at bitmart.com.
Set up a BitMart account
Just enter a phone number or email address, create a password and verify the account. Additional residency and identification information must be completed for full verification. BitMart then prompts users to make a deposit.
Make a deposit
Fiat currency deposits cannot be made into a BitMart account. Users can only buy crypto using fiat currency or transfer crypto from another exchange.
One of the most efficient ways to buy SafeMoon on BitMart is to buy USDT directly with US Dollars or any other acceptable currency. Note that fees apply. MoonPay is the most popular option with a 3.5% fee.
Alternatively, if a new or existing user is holding cryptocurrency on another exchange, they can transfer holdings to BitMart to complete the process. Transfer fees depend on the exchange. As discussed above, USDT is required to buy SafeMoon on BitMart, so users may need to convert their deposited cryptos.
Buy SafeMoon with USDT
Once the initial USDT purchase is complete, users can browse SafeMoon or SFM and select the purchase option. The USDT tokens are exchanged for SafeMoon once the user accepts the transaction and their new holdings are reflected in the Assets tab.
How to convert SafeMoon V1 to V2 on BitMart
BitMart handles the migration from SafeMoon V1 to SafeMoon V2 for its customers. The process is completed automatically – no intervention from the token holder is required.
Where else can I buy SafeMoon?
Besides BitMart, the full list of exchanges where SafeMoon can be purchased includes:
- pancake swap
- decon
- Gate.io
- ZBG
- holidays
- LBank
- hoo
- Hotbit
- MEXICO
- Bitbns
- bittrue
- WhiteBIT
- KickEx
- BitForex
- BHEX
- anniversary
- Biswap
It is currently not possible to buy SafeMoon on popular finance apps like Coinbase, Binance, Crypto.com, WeBull, Robinhood or Kraken.
SafeMoon Price Prediction
Telegaon, a blockchain solutions company that provides analytics and educational content for crypto, has made the following price predictions for SafeMoon. Given the extreme risk associated with SafeMoon, these projections should be taken with caution.
SafeMoon Price Prediction 2022
The average estimate for the SafeMoon price in 2022 is $0.0015.
SafeMoon Price Prediction 2025
The average estimate for the SafeMoon price in 2025 is $0.0084.
SafeMoon Price Prediction 2030
The average estimate for the SafeMoon price in 2030 is $0.24.
Final recording
The process of acquiring SafeMoon tokens is more difficult than buying or selling popular cryptos like Bitcoin and Ethereum, but there aren’t many alternatives.
To some extent, the lack of availability on reputable exchanges calls SafeMoon’s legitimacy into question. Consumers should always educate themselves about crypto before making a purchase, but for those willing to buy SafeMoon, BitMart is as good an option as any.
FAQ
Here are some questions people ask about buying SafeMoon.
- Where can I buy SafeMoon BitMart?
- People can buy SafeMoon on BitMart using USDT. BitMart is available in over 180 countries worldwide.
- How do you buy SafeMoon?
- SafeMoon can be purchased through BitMart, PancakeSwap, and Gate.io, among others. However, buyers may not be able to purchase SafeMoon directly with fiat currency. First, purchasing a crypto token paired with SafeMoon might be required to purchase the token directly.
- How to get SafeMoon V2 on BitMart?
- Just search SFM to find SafeMoon V2 on BitMart.
- On which platforms can I buy SafeMoon?
- There are a number of platforms where people can buy SafeMoon. Some of the top exchanges to buy SafeMoon are BitMart, Gate.io, MEXC, LBank and WhiteBIT.
Information is correct as of June 13, 2022.
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Our in-house research team and on-site financial experts work together to create content that is accurate, impartial and timely. We verify every single statistic, quote, and fact against trusted primary sources to ensure the information we provide is accurate. Learn more about GOBankingRates’ processes and standards in our editorial policy.
About the author
David is a qualified financial advisor in the Republic of Ireland. He has a bachelor’s degree in business and entrepreneurship and over five years of investment experience.
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