Can You Buy SafeMoon on Robinhood? If you spend any time researching cryptocurrencies online. You’ll probably come across references to a cryptocurrency that is “heading to the moon.” Although there are individualities with this cryptocurrency token that make it more difficult to buy (and possibly riskier) than other top cryptocurrencies. SafeMoon has established its brand around this well-known idiom.
Early in 2021, SafeMoon, a cryptocurrency token based on Binance’s blockchain technology, was introduced.
SafeMoon gained celebrity endorsements from people like YouTuber Jake Paul, artist Lil Yachty, and sports blogger David Portnoy throughout 2021. Even though as of this writing, Safe Moon’s price has dropped about 90% from its high, this helped fast increase the worth of the company.
What is SafeMoon?
Can You Buy SafeMoon on Robinhood? The biggest unique quality of SafeMoon is the 10% fee it imposes anytime you sell the token. In other words, you would pay a $100 fee on the sale if you sold $1,000 worth of SafeMoon. This is in addition to any charges that a cryptocurrency exchange may charge you for facilitating the sale.
According to SafeMoon’s creators, this is done to promote long-term holding by rewarding coin holders and deterring sellers, according to Shaun Heng, vice president of growth and operations at CoinMarketCap, a website that tracks cryptocurrency prices.
In a distribution known as a “reflection”, SafeMoon takes all sales fee incomes and distributes 50% to current token holders. The remaining fifty percent of the charge is put into a liquidity pool that SafeMoon employs to keep prices stable.
Additional to serving as a store of value, SafeMoon has no unique use cases. Like Ethereal, it doesn’t support any decentralized apps or automatic contracts.
How to Buy SafeMoon?
According to the Themacforums inquiry, the largest barrier for newcomers is that SafeMoon can only be purchased using other cryptocurrencies. Which is one of the challenges involved in doing so. This is because it is not presently listed on any exchanges that deal in fiat money like dollars.
Can You Buy SafeMoon on Robinhood? This brings up yet another issue with SafeMoon. Trading in SafeMoon is not supported by well-known exchanges like Coinbase and Kraken. Furthermore, it is not accessible through apps like Robinhood or SoFi Invest.
Use SafeMoon’s patented SafeMoon Swap to exchange other cryptocurrencies. Such as Binance Coin (BNB), for SafeMoon tokens to purchase the cryptocurrency. Trading in SafeMoon is supported by a few additional cryptocurrency exchanges.
If you don’t already have cryptocurrency, you’ll probably need to open an account on another exchange that lets you convert money into coins. Like you can with several of Themacforums Advisor’s top picks. The coins will then need to be taken out of the exchange, put in a wallet, and transferred to a SafeMoon exchange.
The Drawbacks of Purchasing SafeMoon
Due to its extreme instability meaning that the price might quickly rise and fall SafeMoon is a risky investment. This is true of all cryptocurrencies, but in the case of SafeMoon, if you decide to sell. You will lose an additional 10% on top of your initial investment.
Additionally, SafeMoon is not a viable choice for regular trading because you must pay that large fee each time you sell. Additionally, SafeMoon is less liquid and requires more work to convert into cash because it is not listed on significant exchanges. This is because you must first convert it to BNB.
Can You Buy SafeMoon on Robinhood? According to Jeremy Britton, CFO of Boston Trading Co, a cryptocurrency investment fund. The absence of SafeMoon from the major exchanges is a huge warning sign. “The exchangers have done their research and decided that the project needs improvement. At your peril, disrespect the professionals, he warns.
Benefits of Purchasing SafeMoon
As a meme coin, SafeMoon has the potential to gain popularity, and if it does, its value may rise to the moon, as its name suggests. Think about what happened with Dogecoin, for instance: Simply as a result of word-of-mouth, the cryptocurrency’s value increased by more than 200 times within a short period in 2021.
If you want to retain SafeMoon for a long time. The reflections will also be useful to you because you will share in the commission paid when other users sell their tokens. Plot the majority of other well-known cryptocurrencies, where you only get money if the price increases, and won’t provide you with this financial incentive.
As a meme coin, SafeMoon has the potential to gain popularity, and if it does, its value may rise to the moon, as its name suggests. Think about what happened with Dogecoin, for instance: Simply as a result of word-of-mouth, the cryptocurrency’s value increased by more than 200 times within a short period in 2021.
Furthermore, the latest SafeMoon 2.0 version reduced transaction fees, which might make SafeMoon more appealing to exchanges and other use cases in the future.
Do You Want to Buy SafeMoon?
Can You Buy SafeMoon on Robinhood? Make sure you have the nerve to accept short-term losses before investing in SafeMoon because it is a rather high-risk, long-term investment.
Even still, Britton is not convinced to invest in SafeMoon. He advises anyone thinking about SafeMoon to “run away screaming” or “do some research and then go away screaming”.
You are not, however, required to completely avoid cryptocurrency. Consider a coin that is in the top 20, listed on all major exchanges, rather than gaming your money on a token that may become impossible to acquire and sell, or invest in an expanded cryptocurrency portfolio.
It will be simple to exit your investment when you need to sell because there are well-known companies and good market liquidness,” he says. Make sure that whatever you invest is money you can afford to lose if you decide to purchase SafeMoon.
In comparison to SafeMoon V2,
Can You Buy SafeMoon on Robinhood? SafeMoon introduced SafeMoon V2, an improved version of the token, in December 2021. The new token promises to greatly reduce transaction costs while combining the existing token at a ratio of 1 to 1000.
Keep in mind that the migration of original SafeMoon tokens to V2 will not happen automatically for holders of those tokens in cryptocurrency wallets. SafeMoon tokens must be manually transferred from wallets to the V2 platform.
It is simple to switch holdings to V2. Simply update to the newest version of the program and follow the consolidation instructions if you use SafeMoon Wallet. Users with any other kind of crypto wallet can consolidate by going to the SafeMoon Swap website.
There is nothing you need to do if you have SafeMoon tokens listed on an exchange; the exchanges will take care of the migration and let you know when it is finished.
The new transaction charge for SafeMoon V2 is 2 percent. The existing token holders receive 50% of the charge, the same as the previous version. The managers of the entire SafeMoon ecosystem and the fluidity pool each receive half of the remaining sum.
