One of the few larger exchanges that allows users to purchase SafeMoon is BitMart. Users can only use Tether (USDT) to purchase SafeMoon on BitMart. Although it will take longer than purchasing widely accessible cryptocurrencies like Bitcoin, the process is still fairly straightforward.
How Does Safemoon Crypto Work?
On the Binance Smart Chain, there is a decentralized financial token called SafeMoon. Holders’ value is derived from a declining supply.
This is achieved by adding a 10% penalty fee, also known as a tax, for any SafeMoon token sellers. Selling is discouraged by this fine, and those who keep their SafeMoon investments are rewarded.
Safemoon V1 Vs. Safemoon V2
SafeMoon V1 is “no longer supported,” according to the The transition to SafeMoon V2 is currently under way on the website. A 100% transaction tax has been put in place for SafeMoon V1 in order to promote migration. Transferring SafeMoon V1 tokens to SafeMoon V2 is free.
In addition to the migration, adjustments have been made to how the 10% fee is distributed. Previously, 5% of SafeMoon V1 went to liquidity pools, a group of funds that enable decentralized trading. Token owners received the remaining 5% in a redistribution. For SafeMoon V2, the 10% tax distribution has been updated to the following:
- 4% is redistributed to all existing token holders
- 3% goes to the liquidity pool
- 2% of tokens are burned — removed from circulation
- 1% goes towards the Ecosystem expansion fund SafeMoon.
How Can I Purchase Safemoon On Bitmart?
Safemoon was initially only available for purchase using the trust wallet. To create a wallet, one would need to register on the trust wallet network and record a recovery phrase. They would be given access to the wallet after that. then exchange Binance smart chain to add Safemoon. With any fiat-based currency, like US dollars, you couldn’t purchase Safemoon directly.
To obtain Safemoon, you must first purchase a Binance smart chain. Other than Binance smart chain, no other cryptocurrency or token could be used at the time to exchange for Safemoon. However, Bitmart adopted Safemoon over time and is now providing its customers with better and more convenient access to purchase this crypto token by providing exchanges in addition to other stable coins.
Create A Bitmart Account
You don’t need to worry about your phone being compatible with Bitmart because it runs on both Android and iOS. Simply download the app from the app store on your phone. When you do, you’ll need to use either your phone number, email address, or both to register for an account on their platform. This step will grant you access to most of the features on the Bitmart platform but, if you wish to buy/sell Safemoon, you are going to have to go through the “Know – Your – Customer” procedure and verify your identity by providing your government-issued financial or any other identification proof. Once this is complete, you are free to buy and sell any cryptocurrency or token on the platform that you desire.
Fund Your Account
After completing your KYC, you will have full access to all Bitmart features. However, before you can choose to purchase Safemoon, you must fund your account. To fund your account, you will see a “Buy and Sell” option in the upper left corner of your main screen. You can purchase bitcoin, Ethereum, and other stable coins by clicking it, which will take you to a page where you can do so. You should have no trouble finding your local fiat currency on the list of the exchange platform since Bitmart is accessible in 180 or more nations worldwide.
Additionally, you may use any of the following currencies: US Dollar, British Pound Sterling, Japanese Yen, and Indian Rupee. The rate of the required amount will be displayed to you in the currency you have chosen.
Buy USDT
Once you are on this page, it is highly recommended to buy a Tether coin, commonly known as “USDT,” using your country’s fiat currency. A stable coin linked to the US dollar is called Tether. One US dollar is always equal to one Tether. The Tether is your best option if you want to purchase Safemoon on Bitmart.
Tether is similar to the cryptocurrency equivalent of the US dollar. It is much less prone to price swings than the US Dollar and is directly correlated with them. To exchange Safemoon tokens whenever you want, using this coin would be ideal. You can exchange a variety of other cryptocurrency tokens and coins in addition to Safemoon tokens using them.
Is Safemoon Legit?
Media organizations and crypto influencers have criticized SafeMoon harshly. Even ardent supporters of SafeMoon have expressed disappointment over not receiving the redistribution payments they were promised in exchange for holding the token.
The fact that SafeMoon is being sued as a class for deceiving and misleading investors, however, is more concerning. Numerous experts have concluded that SafeMoon exhibits all the characteristics of a Ponzi scheme and contend that the token has no practical use.
What Is Bitmart?
In 2018, the Cayman Islands-based BitMart launched as a centralized exchange. More than 180 countries and 9 million customers are served by BitMart, which supports cryptocurrency trading.
In addition to its web platform, BitMart also offers a 4.6-star rated and a 3.0-star rated app that can be downloaded from the Apple App Store and the Google Play Store. Users can buy and sell NFTs, use its staking services, and trade more than 1,000 different cryptocurrencies.
Is Bitmart Safe?
Based on website traffic, liquidity, transaction volume, and legitimacy, CoinMarketCap awards BitMart a score of 5.5 out of 10. FTX and Binance, which have ratings above 8.5 and 9.9, respectively, are among the top cryptocurrency exchanges in comparison.
Trustworthiness, accessibility, and professionalism are said to be BitMart’s top priorities. Despite the fact that it is one of the biggest exchanges in the world, there have been a few problems.
BitMart self-proclaims that it is the “most trusted cryptocurrency trading platform.” However, it was compromised in late 2021, which led to a large number of client complaints. Promised funds not being returned and a lack of communication from BitMart were the main issues mentioned by its users.
Final Thoughts
One of the most recent cryptocurrency tokens made with Defi technology is called Safemoon. This particular token specifically rewards buyers while penalizing sellers at the same time in a decentralized P2P payments mode. One of the safest and most reputable exchanges for cryptocurrencies is Bitmart.
