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SafeMoon Wallet Review: Best Wallet for Crypto Beginners

safemoon wallet

SafeMoon tokens are among the most well-known cryptocurrency tokens created in March 2021 on the Binance Smart Chain blockchain. Earlier this year, SafeMoon’s price took the crypto world to new heights. You would be surprised to know that early investors were rewarded with returns of over 20,000%.

Like other popular cryptos, the SafeMoon also proved itself to be real crypto by hitting an all-time high in April and experiencing a drop of over 70%. It’s highly volatile and has the attention of crypto investors who believe that the SafeMoon project will be the next big thing.

SafeMoon currently charges almost 10% fee on transactions; 5% is redistributed to SafeMoon token holders. 5% goes to wallets in a different currency.

Also Read:
• SafeMoon Price Prediction: Does Safemoon Have A Future?

SafeMoon wallet features

SafeMoon Wallet Review: Best Wallet for Crypto Beginners 1

Exactly three months after announcing a beta version of its crypto wallet for testing, SaeMoon developers SafeMoon released the wallet on the Google Play store on March 2021. As if on cue, the price of the altcoin asset duly sprung 20% upward in 24 hours, as if headed to the moon.

Well, after the initial excitement, the price of the token slipped down a few days after. Focusing back on the SafeMoon wallet, we can say it was worth the wait. One of the easiest to understand, SafeMoon crypto wallets is considered best for crypto and blockchain beginners.

The SafeMoon wallet is a secure place to store and trade your SafeMoon. Some features include Wyre integration, dark mode, contacts list, hold to cancel, and haptic feedback. The meanings of these terms and their function are available here. You also have the option of using a hardware wallet for safely storing and using your crypto, with more features than competitors and military-grade encryption.

The SafeMoon calculator works so well that it breaks down exactly which tokens you’re purchasing and opens the door to the world of decentralized finance for beginners and professionals. Charts are available too for guidance.

SafeMoon Wallet Review: Best Wallet for Crypto Beginners 2

It’s frustrating when you can’t find the crypto you like the most, but this time, it’s different. SafeMoon holders can have access to multiple cryptos like Ethereum, SafeMoon, and many popular crypto tokens. You’ll find that  SafeMoon isn’t easy to get or swap—it trades in low volumes compared to other cryptos in the top 100 of market cap—as it’s not available on any major exchanges.

SafeMoon wallet has the finest and most user-friendly interface that will help you track the markets and make a well-informed decision about your crypto purchase.

Lastly, kindly note that if you transfer SafeMoon into your SafeMoon wallet from a different decentralized wallet, it will cost you a 10% fee for doing so.

So to avoid this fee, you can import your wallet’s seed phrase. If other third parties involved claim not to charge a fee, then send a test transaction first to reduce the chances of any unforeseen issues with transferring.

Is the wallet safe for SafeMoon holders?

Safety is an essential element that everyone considers before choosing a wallet for digital currency. SafeMoon Wallet is one of the safest digital wallets in the crypto business, which has attracted many crypto users in the last couple of months. It has been quite successful in ensuring its customers that their digital assets are safe with SafeMoon.

SafeMoon wallet is secured with biometric 2-layer security and Google authentication as additional layers of optional security. Plus, like other digital wallets, this one is also well-secured with a wallet password.

The best thing is that whether anyone is new to crypto or a seasoned investor, SafeMoon Wallet is an excellent option to send, receive or swap favorite tokens.

SafeMoon Wallet Review: Best Wallet for Crypto Beginners 3

The consensus mechanism used by the Binance Smart Chain is called Proof of Authority. In this mechanism, the block creators are known as validators. These block creators are pre-approved and chosen by Binance.

So, to be approved, they need to confirm their real identities, keep investing money to prove long-term commitment, and be fair and equal to all other candidates. This further makes proof of authority reputation-based by design.

In this particular model, Binance has complete control over the blockchain. They have absolute control over deciding who becomes a validator, and they can remove validators at their discretion.

Plus, all users must trust that Binance will behave in everyone’s best interest. So if Binance decides to change any aspects of the chain or ecosystem, it has the power to do so.

How to buy SafeMoon on Trust wallet

It’s not much of an issue, but it’s also a fact that purchasing SafeMoon is not just a straightforward process.

By following these easy-to-follow, step-by-step instructions, you will have your decentralized tokens quite conveniently. In this guide, PancakeSwap is used as the primary exchange for SafeMoon.

  1. Go to the Google play store and Download the Trust Wallet
  2. Create a new wallet. Read the terms of service and Privacy Policy carefully
  3. Write down the recovery words in a notebook for safekeeping.
  4. You will see 12 recovery words with no sequence, now tap the words in the right order and you would be forwarded to TrustWallet’s main page.
  5. Go to “BNB” and click to buy BNB. Write down the amount of money you want to invest in USD
  6. Purchase BNB with a credit or debit card and then wait for the purchase to be processed.
  7. Return back to TrustWallet’s main page and you would see some BNB. Tap on BNB, and then click More and hit on “Swap to Smart Chain.”

Alternatively, you may buy Safemoon via PancakeSwap in similar steps.

1 Create a Wallet

Download the Safemoon Wallet and follow the steps to make your wallet. Always remember to keep the 12-word seed phrase a secret! Could you not share it with anyone ever? We will never ask you for your seed phrase, ever!

Step 2 Purchase BNB

Temporary notice: Since Wyre has not yet activated BNB: If you imported your wallet, you could buy BSC on your original wallet, and it should show in your Safemoon Wallet.

Click on the “Buy” button at the top of the app, and select Smart Chain (BNB). Continue through with the purchase. This step is not instant and may take a few minutes to complete your transaction. Just be patient!

Step 3 Swap BNB for Safemoon

Click on the swap button at the bottom. Ensure that the slippage is at 12%, that Smart Chain (BNB) is in the top slot, and that Safemoon is in the bottom. Just click swap!

Step 4 HODL!

All that’s left now is to HODL and see your balance grow from reflections!

SafeMoon Wallet Pros & Cons

Pros

  • Swap features
  • Buy button
  • Calculator
  • Wallet Security
  • Token Charts
  • Market Trends

Cons

  • Only Ethereum purchase supported
  • Limited swap pairs
  • Charts display erratic
  • Mobile version only

What are the future predictions for SafeMoon price?

The number of people investing in SafeMoon has risen beyond expectations in the last couple of months. Cryptocurrency community experts seem to be quite optimistic about the SafeMoon price.

After technical analysis, WalletInvestor estimates that the price of a SafeMoon coin will rise to $0.000051 in just one year and will further lead up to $0.000237 in the next five years.

DigitalToken puts its SafeMoon prediction at $0.00000870 between 2021-2022 and $0.00001690 over the next five years.

The number of people investing in SafeMoon has risen beyond expectations in the last couple of months. Well, Don’t forget that these are just predictions.

And with a glance at any crypto token price chart, one thing would be pretty straightforward; it is likely to be very highly volatile.

The previous data shows that SafeMoon is among the most volatile token currently available in the market.

However, It would not be wrong to conclude that it’s too early to tell what impact SafeMoon’s sales tax will have on potential investor appetite.

Is SafeMoon really a good investment?

The stats speak for themselves how significant the potential is; with over 2.4 million holders and almost more than $50 million locked in the liquidity pool, SafeMoon is exactly a Defi project with over $1 billion market capitalization, according to CoinMarketCap.

Even if SafeMoon users desire to achieve some stability through the fees imposed on investors who sell their digital tokens, substantial price uncertainty is still there. Well, depending on their financial situation, Investors could have made both impressive gains and staggering losses. As the digital currency market is considered quite similar to gambling so don’t invest your entire life savings in this asset class.

Though the data shows that the rewards gained from the SafeMoon in the cryptocurrency market are exceptional still many experts are concerned about this frequent price fluctuation.

Conclusion

In the real world, Digital currencies are still struggling hard to achieve mainstream financial recognition. The potential to earn financial rewards with SafeMoon is relatively high but not definite.

Secondly, the whole process of buying SafeMoon is quite simple, and with a SafeMoon wallet, your digital asset is well-secured. The most important thing to remember is that SafeMoon is a cryptocurrency that refuses to bow down to central government pressures or be chained in defective and regulatory monetary shackles.

SafeMoon token value will rise next few years and like Dogecoin and other virtual currencies, it will help also make people rich by helping them make insane financial rewards.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Shawn Du'Mmett

Shawn Du'Mmett

Former IT development and consultant, remote team and collaboration expert, PM, CCO, writer, dreamer, idealist looking to collaborate with global teams on a global teal/turquoise organisation. Shawn's dream is working together openly, to get what writers need and want, and to solve biggest global problems. He is building a collaboration system from the start that everyone can own and define, allowing them to work together, to decide how it works and to their highest ideals.

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