Unveiling the Ultimate 2023 Guide to Safely Purchase SafeMoon (SFM) in Canada

SafeMoon (SFM) is a token of decentralized finance, built on the Binance Smart Chain, that has gained popularity among cryptocurrency enthusiasts in Canada. Its rising value has attracted a passionate community since its launch in March 2021, starting off at a price of $0.0000000010 and peaking in April at $00001375. As of 8 February 2023, SafeMoon is trading at $0.000000006755.

One of the advantages of holding the SafeMoon token is that it offers passive rewards to its holders. With each transaction, a portion of the fees is distributed among the liquidity pool, burned, or returned to holders. The development team behind SafeMoon is working on launching an exchange, a coin launchpad, and an NFT marketplace.

The token recently underwent a significant upgrade to version 2 of its smart contract, aimed at improving its scalability and interoperability. The new version trades under the symbol SFM.

It can be challenging to buy SafeMoon in Canada, given the absence of any Canadian exchange offering it. We have provided a step-by-step guide on how to purchase SFM using decentralized exchanges. Please note that you cannot buy SafeMoon with Canadian dollars directly. Our website uses referral links to crypto exchanges as a means of monetization, but we assure our Canadian audience that we provide impartial advice in their best interest.

Here are some exchanges where you can purchase SafeMoon in Canada: Gate, Binance, or by directly using the wallet. However, note that you can only exchange other crypto for SFM.

Binance is the largest crypto exchange worldwide, but it does not offer SafeMoon directly. SafeMoon is a BEP-20 token created on the Binance Smart Chain, which means you first need to buy Binance Coin (BNB) and transfer it to your Metamask or TrustWallet via the Binance Smart Chain.

You can buy BNB tokens on any exchange that offers them, such as crypto.com. However, when you transfer BNB to your Metamask wallet, ensure you send it via the BSC rather than BNB mainnet. Binance is an excellent choice for buying BNB as it has the lowest fees and is the native token. Once you have BNB, use PancakeSwap, the decentralized exchange, to buy SafeMoon.

Step 1. Purchase BNB

Head over to Binance, sign up for an account and acquire some BNB tokens. Just ensure that you purchase sufficient BNB tokens to cover the amount of SafeMoon tokens you wish to acquire, along with an additional amount to cover the network fees.

Step 2. Obtain Metamask Wallet or Trustwallet

Since SafeMoon tokens are not listed on Binance, you must use PancakeSwap, a decentralized platform for buying and selling cryptocurrencies. However, since PancakeSwap does not require account registration, depositing funds by bank transfer is not possible. Instead, you need a wallet to store and manage your funds, including BNB and SafeMoon tokens. Additionally, you require a wallet to interact with PancakeSwap. Popular wallets compatible with PancakeSwap include Metamask and Trustwallet, which can be added to your browser as an extension.

Simply install the extension and then create a new wallet or retrieve an existing one. If you create a new wallet, make sure to note the seed phrase down on paper and keep it secure.

Step 3. Connect Your Wallet to the Binance Smart Chain

In your Metamask wallet or Trustwallet, click “Add network” and complete the details for the Binance Smart Chain as follows:

  • Network Name: Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

ChainID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

Step 4: Copy Your Wallet Address

Ensure you are connected to the Binance Smart Chain network by checking that “Smart Chain” is displayed at the top of your wallet. If not, click the drop-down arrow and choose Smart Chain. Once connected, copy your wallet address.

Step 5. Withdraw BNB to Your Metamask or Trustwallet

Visit your BNB wallet on Binance and click 'Withdraw', enter the amount of BNB tokens and paste your wallet address.

When withdrawing your BNB tokens, ensure it is done via the BSC network (BEP20).

Step 6. Connect to PancakeSwap

Once your BNB tokens are in your Metamask or Trustwallet, visit PancakeSwap. It is a decentralized exchange platform that facilitates buying and selling of tokens that run on the Binance network. PancakeSwap eliminates account registration, thereby eliminating any verification procedures. To trade cryptocurrencies, you solely have to connect your Metamask or Trustwallet, which takes hardly a few seconds.

Click “connect wallet” located at the upper right corner and select either Metamask or Trustwallet.

Step 7. Swap BNB Tokens for SafeMoon (SFM)

Once your wallet is connected to PancakeSwap, click “Trade” and chose “Exchange”, then specify the number of BNB tokens you wish to exchange for SafeMoon tokens. However, ensure that you leave few dollars worth of BNB tokens to bear the transaction fees.

Upon placing the amount of BNB tokens to convert, PancakeSwap defaults to CAKE, click the little arrow adjacent to CAKE and then paste the SafeMoon version 2 contract address into the search bar: 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5.

To purchase SafeMoon, follow these steps:

  • Step 1. Download Metamask or Trustwallet

Begin by downloading the Metamask or Trustwallet extension on your browser. For purposes of this guide, we'll use Metamask.

Once you've installed the extension, create a new wallet and keep your seed phrase safe.

Step 2. Connect to BSC and buy BNB

Head over to Binance and connect your Metamask wallet or Trustwallet to the Binance Smart Chain (BSC). Move BNB tokens to your wallet by following the steps provided above in the Binance section.

Step 3. Swap BNB for SafeMoon

With BNB in your wallet on the BSC, click on "swap" and import SafeMoon using the SafeMoon version 2 contract address: 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5. Ensure your slippage is set to 12% to allow for changes in spread during periods of high volatility.

Confirm your swap and complete the transaction.

While buying SafeMoon using Metamask or Trustwallet is convenient, it's not the cheapest option due to higher fees charged by these wallets. For those seeking the most cost-effective method, it's advisable to connect Metamask or Trustwallet to PancakeSwap to buy SafeMoon.

Buying SafeMoon with Gate.io

While Gate.io provides another option for purchasing SafeMoon, it's not recommended for Canadians due to the potential risk of being banned and having assets frozen. However, many Canadians still use this platform for buying rare tokens such as SafeMoon.

To use Gate.io to buy SafeMoon, follow these steps:

  • Step 1. Sign up

Create an account and complete the verification process on Gate.io.

Step 2. Purchase USDT

Purchase Tether USDT directly using one of the third-party options (Simplex, Banxa, etc) or buy USDT on another crypto exchange and send it to your Gate.io account.

Step 3. Trade USDT for SafeMoon

Once USDT is in your Gate.io account, trade it for SafeMoon.

Regardless of the method chosen, SafeMoon (SFM) will be visible upon completion of the transaction.

Once your USDT has successfully been deposited into your Gate.io account, navigate to the “Spot trading” section under “Trade”. In the top-left search bar, input “SafeMoon” to bring up the USDT/SAFEMOON trading pair. Navigate down the page to find the option to set a limit order for SafeMoon. In this section you can enter the amount of USDT you wish to pay per SafeMoon, and you can monitor both your USDT balance and the amount of SafeMoon coins you will receive. Click “buy”, but remember that if your order is unsuccessful the first time around, you might need to edit your order by going to “order” and “spot orders” and adjust the price you are willing to pay.

What is the Safest Way to Store SafeMoon in Canada?

Connecting a hardware crypto wallet, such as one that can be found on ocryptocanada.ca, to your Metamask wallet or Trustwallet is the safest method to store your SafeMoon coin. It is suggested to connect your hardware wallet to your Metamask or Trustwallet before sending your BNB to the wallet and trading for SafeMoon, as this will create a new account in your Metamask and Trustwallet for you to use to deposit your BNB tokens. Once your hardware wallet is connected, the actual device will need to be used to verify and sign transactions. This additional layer of security ensures that your SafeMoon is protected against unauthorized access. Since SafeMoon is a Binance Smart Chain token, simply adding the Binance Smart Chain app to your Ledger Live account is all that’s needed.

Downloading SafeMoon’s own wallet is another option for storing your SafeMoon coin, though as a software wallet it is not as secure as a hardware wallet that is not connected to the internet.

How Can I Sell SafeMoon in Canada?

To sell SafeMoon in Canada, follow the steps in reverse. Connect your Metamask wallet or Trustwallet to PancakeSwap and swap your SafeMoon for BNB. After, send your BNB tokens back to Binance or the exchange where you initially bought them. If using Gate.io, swap your SafeMoon for USDT and then relocate your USDT to a Canadian crypto exchange that permits withdrawal to your bank account. If using Metamask or Trustwallet, operate the swap function to trade SafeMoon and then send your BNB to Binance or a similar exchange that supports cashing out in Canadian dollars.

SafeMoon (SFM) FAQ's

Is it possible to buy SafeMoon in Canada?

Yes, it is possible to buy SafeMoon in Canada, although you should initially purchase BNB or USDT depending on the chosen method. To purchase SafeMoon, you must use a decentralized exchange or decentralized wallet.

Where is the best place in Canada to buy SafeMoon?

We recommend using Binance to buy BNB tokens, transferring them to Metamask or Trustwallet, then exchanging BNB for SafeMoon through PancakeSwap. Alternatively, you can buy USDT, transfer it to Gate.io, and trade for SafeMoon coin.

Looking to trade Safemoon in Canada? Look no further! One option is PancakeSwap, where you can exchange SFM for various other tokens on the Binance Smart Chain, such as CAKE. Alternatively, Gate.io allows you to trade your SafeMoon token for USDT.

As for whether investing in Safemoon is a smart choice for Canadians, the recent release of SafeMoon version 2 suggests exciting developments for the SFM ecosystem. With a dedicated team committed to further product and technology advancements, the potential for increased value in the long term is certainly worth considering.

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