Safemoon is a reasonably new cryptocurrency token in the market. In a world where we have increasingly new altcoins every day, Safemoon is promising to be an excellent choice for investors. While the process to buy Safemoon on many cryptocurrency exchanges is pretty simple, many people wish to know precisely how it’s done on Bitmart.
Originally, Safemoon was only available to buy on the trust wallet through the Binance smart chain. Investors had to purchase the Binance smart chain and exchange it for Safemoon tokens. This process was quite endearing and took a lot of time. Now, Bitmart has a better and more streamlined way of doing things, making the process simpler and much easier.
What Is Safemoon?
Safemoon is a Defi crypto token that is relatively new to the crypto market. Defi means it is a decentralized financial currency with no central authority to look over its P2P transactions. Its idea is to incentivize all buyers by penalizing the sellers. Thus, creating a demand surge and hopefully taking the price “to the moon.” It was first launched in March 2021 and has come a long way since then. Currently, Safemoon is listed as #144 rank on the world cryptocurrency ranks and is looking to find its spot in the top hundred soon.
What is Bitmart?
Founded in 2017, Bitmart is a centralized cryptocurrency exchange that is now considered one of the most secure cryptocurrency exchanges in the world. Many people use this exchange for up-and-coming coins because this platform lists many of the new cryptocurrency coins that are yet to join any exchanges around the world.
Bitmart is available in more than 180 countries worldwide and has well over 5 million users around the globe, with an attractive 300 and more cryptocurrencies available to trade at any time of the day. They specialize in bringing newer coins to people as quickly as possible to make cryptocurrency open to the general public as soon as possible. Their goal is to ensure financial freedom to all classes of society by granting them access to all sorts of investment opportunities available in the world.
How To Buy Safemoon In Bitmart?
The original way to buy Safemoon was through the trust wallet only. One would have to create their wallet on the trust wallet network and note a recovery phrase for security reasons. Then, they would be granted access to the wallet. After that, add Safemoon by exchanging Binance smart chain. You could not directly buy Safemoon with any fiat-based currency such as US dollars.
You must first buy a Binance smart chain and then exchange it for Safemoon. At the time, it was not possible to use any other type of cryptocurrency or token to exchange for Safemoon but Binance smart chain. However, over time, Bitmart adopted Safemoon and is now offering its customers better and streamlined access to buy this crypto token by offering exchanges in other stable coins as well.
Create A Bitmart Account
Bitmart works on both Android and iOS so, you don’t have to worry about your phone’s compatibility with it. Just go to your phone’s app store and download the app. Once you do, you will have to create your account on their platform using your email id or phone number, or both. 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. After this is done, you can freely buy and sell any cryptocurrency or token you like available on the platform.
Fund Your Account
Once you have gained complete access to all features of Bitmart after completing your KYC, you will have to fund your account before choosing to buy Safemoon. To fund your account, you will see a “Buy and Sell” option in the upper left corner of your main screen. Click it, and you will be redirected to a page where you can buy bitcoin, Ethereum, and other stable coins of your choice. Bitmart is available in 180 or more countries worldwide, so it shouldn’t be a problem for you to find your native fiat currency on the exchange platform’s list.
You can also use anything from US Dollar, UK’s pound sterling, Japanese Yen, and Indian rupee. Whatever currency you choose, the rate of the amount required would be shown to you in that currency.
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. Tether is a stable coin that is tied to the US dollar. One Tether is always equal to one US dollar at any given time. If you wish to buy Safemoon, the Tether is your best option to buy it on Bitmart.
Tether is like the US dollar version of the cryptocurrency world. It’s very much less volatile and is directly tied to the price fluctuations of the US Dollar. Using this coin would be ideal for you to exchange Safemoon tokens whenever you please. Besides Safemoon tokens, you can also use them to exchange several other cryptocurrency tokens and coins as well.
Trade USDT/Safemoon
Now that you own Tether, you don’t need to do anything further. Go to the market section on the main screen of your BitMart, and in the search tab, find Safemoon token. Once you have discovered Safemoon, select its option to exchange it with a Tether (USDT). It will be shown on the screen as “SAFEMOON/ USDT.” Select this pair and choose the amount of Safemoon you would like to purchase.
The system will show you the corresponding cost in Tether. Once you execute your order, you can finally have Safemoon safely deposited in your BitMart account. This balance can be held in your Bitmart account indefinitely for as long as you like, and use it for any other purposes you would want to, including investing and day trading.
Final Thoughts
Safemoon is one of the several latest cryptocurrency tokens created using Defi technology. It is a decentralized mode of P2P payments mode and this token, in particular, rewards buyers while penalizing sellers simultaneously. Bitmart is one of the most secure and trusted cryptocurrency exchanges out there.
They specialize mainly in providing access to the latest and new coins in the market before other cryptocurrencies have had a chance to list them. Once you create your account with Bitmart, all you have to do is buy Tether first and then use it to exchange for Safemoon on the market page of the platform, and you will have successfully bought Safemoon for all future purposes.