In this article, I will explain how to buy Safemoon if you intend to purchase this emerging cryptocurrency at Coinbase. The best platform is Coinbase relative to safety and ease of use, although this exchange has not introduced Safemoon at the moment. However, the most effective approach is to buy Safemoon indirectly, and here’s how: What you will find out from this article and tips you can use to make a Safemoon purchase.
Can You Buy Safemoon on Coinbase?
You cannot purchase Safemoon, like Bitcoin or Ethereum on Coinbase; both are not offered directly on the platform. But don’t worry! However, as with Binance, you can buy Safemoon so long as another supported currency is listed on the site and then trade it using Safemoon. Below is a detailed guide on purchasing Safemoon safely and securing your Safemoon by the end of this article.
How To Buy Safemoon From Coinbase
Step 1: Set Up Your Coinbase Account
If you are ready to purchase any cryptocurrency, let alone Safemoon, you cannot do so without a Coinbase account. The process is straightforward:
Create an Account on Coinbase
The Coinbase can be reached directly using only a browser and through the Play Store / Apple Store application. Also, sign up by entering an email address and password, and a confirmation code will be sent to the address that you provide. Most Coinbasusersrs do not need to give an I or D, but some users may be forced to provide an ID due to laws in their country.
Link a Payment Method
Subsequently, the user has to enter a payment option, a bank account, a debit card, or a PayPal account. This step also enables you to buy or acquire cryptocurrency without stress. We bear in mind that quite often, accounts in some banks are characterized by some of the lowest possible fees, but transactions through debit cards and even PayPal can be processed faster.
Step 2: Buy Ethereum or Binance Coin
Since Safemoon is no longer listed on Coinbase, the best way is to choose a trading pair of supported coins that can be traded in an exchange where Safemoon is available for sale. Two rather ideal tokens so far are Ethereum or ETH and Binance coin or BNB tokens.
Buy Ethereum or Binance Coins
Selecting the asset will display the price char,t, and just below that,t when it’s ETH, BNB, or another cryptocurrency that you’d wish to trade in and you decide that would be your ‘crypto to buy on Coinbase’ that lasts it.
Next, you need to input the number of shares you want to buy and effect the transaction. ETH and BNB are other well-known cryptocurrencies that could be easily exchanged for other platforms where Safemoon is accepted.
Step 3: Transfer Crypto to a Safemoon-Friendly Exchange
If you currently have Ethereum or Binance Coin in your Coinbase app, the next process you have to undertake is to move it to another app that supports Safe Moon.
Choose an Exchange That Supports Safemoon
Some of the popular exchanges that support Safemoon include:
- PancakeSwap
- Gate.io
- BitMart: Others are those through which one can swap ETH or BNB for Safemoon.
Transfer Crypto to Your Exchange Wallet
To transfer your ETH or BNB, navigate to the wallet section of the Coinbase site and choose the coin you bought. Afterwards, you must click the “Send” option and input the deposit address from the selected exchange to buy Safemoon.
Please ensure that the address is correct to ensure you do not lose money.
Step 4: Swap Your Ethereum or Binance Coin for Safemoon
After money has been successfully transferred to the exchange platform supporting Safemoon, you should swap your ETH or BNB for Safemoon.
Connect Your Wallet to the Exchange
Usually, you will only be prompted to link your wallet to the exchange through applications such as MetaMask, Trust Wallet, or virtually any other crypto wallet. If your wallet is connected, you are ready to go in and start buying and selling.
Find the Safemoon Pair
As for the trading pair of Safemoon, you need to approach the search bar and type a string like ETH/SAFEMOON or BNB/SAFEMOON. Choose the pair you want on Safemoon, and it will calculate how much of the other token you want to spend on Safemoon. While concluding the transaction, you can receive Safemoon tokens in your wallet.
Step 5: Secure Your Safemoon in a Wallet
After buying Safemoon, the most crucial and engaging part is holding it; hence, this guide will help you with that. You should not leave your Safemoon on the exchange; you should transfer your token to a personal cryptocurrency wallet.
Use a Safe Wallet for Your Safemoon
You can custody Safemoon in Trust Wallet or through MetaMask and other similar wallets. These wallets are more secure and convenient for managing existing crypto coins.
Transfer Safemoon to Your Wallet
On the exchange, go to your Safemoon tokens and click “Withdraw” or “Send”. Now, type your wallet address and click the confirmation button to complete the transaction. On completion of the order, your Safemoon will be securely transferred to the wallet you own.
Step 6: Monitor Your Safemoon Investment
Since you have bought Safemoon and have stored it safely, the next thing to do is track your investment.
Use a Crypto Portfolio TrackerUsef a crypto portfolio tracker application to track your Safemoon investment and value in live mode. However, having stated their usefulness in monitoring the market, you can also check other sources such as CoinGecko or Blockfolio.
Stay Updated with Safemoon News
Since its launch, Safemoon has been an unpredictable altcoin capable of experiencing massive price swings quickly. Keep up with news about Safemoon to make wiser decisions.
Conclusion
Currently, Safemoon is yet to be listed directly on Coinbase; nonetheless, with some simple steps, you can purchase Safemoon through a method linked with Coinbase. The only common means of acquiring effective Safemoon is by first having Ethereum or Binance coins and then transferring the tokens with PancakeSwap to receive Safemoon tokens.
Always make sure you deal with a genuine Safemoon wallet and be very careful when moving the tokens around lest you make mistakes. As described in the guide, you can easily purchase Safemoon and become an investor in this trending crypto.
FAQs
How can I check if Safemoon is supported on Coinbase?
As of now, Safemoon cannot be bought directly from Coinbase. Depending on the exchange of choice, you may be expected to buy Ethereum or Binance Coin and then transfer it to another exchange platform.
Can I use PayPal to buy Ethereum on Coinbase?
Yes, paying in Ethereum for goods using PayPal is easy, but only if you transfer your PayPal account to the Coinbase account while trading.
Is it safe to store Safemoon on exchanges?
Nevertheless, Safemoon can be stored in exchange, but it is more secure to trade them for a hardware wallet of your tokens.
