How to buy SafeMoon in India
“How do I get SafeMoon in India ?” is a question many crypto enthusiasts are asking, especially after the Dogecoin success.
What is SafeMoon
SafeMoon is a decentralized finance (DeFi) token. In extreme layman’s terms, this means it lives on the blockchain and doesn’t use traditional third parties like banks.
Our traditional financial system runs on a centralized infrastructure that is managed by central authorities, institutions, and intermediaries. In decentralized finance, you put your trust in computer code, or more precisely, in smart contracts running on the blockchain. The idea behind this is to encourage peer-to-peer exchange instead.
What Makes Safe Moon Unique
SafeMoon has quite a different approach to cryptocurrency. If users sell their holdings, they will be charged 10% for the transaction. And half of this charge will then be re-distributed to those who are holding the coin as a reward. This can solve the volatility issues that some other crypto has faced up until this point.
Where to buy SafeMoon — An Easy Step by Step Guide
Buying bitcoin for example is an easy step, I log into my Wazirx or CoinDcx, deposit INR, and buy a fraction of one Bitcoin with INR — end of the story.
But purchasing SafeMoon is a difficult process for crypto newbies.
There are different options & exchanges to buy SafeMoon, Gate.io is One of the popular exchange where you can buy SafeMoon.
One cannot buy cryptocurrency with INR via Gate.io (such as with a one-time bank transfer or a UPI. Instead, we need to find an exchange that allows them to buy crypto with INR(like Wazirx), and then transfer it to Gate.io once it’s been purchased.
Follow below the simplest step-by-step guide to buy SafeMoon.
***Step 1: Register on Wazirx
Click here to register on Wazirx
USE REFERRAL CODE: q8k9hz8q
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), USDT, Ripple(XRP) or Tron(TRX). We will use Wazirx here as it is one of the largest crypto exchanges in India that accept INR deposits.
***Step 2: Deposite INR
Once you finished the KYC process. You can add a payment method. Here you can either choose to provide a UPI or use a bank transfer.
***Step 3: Buy coins with deposited money
We have to buy a minimum of 20 TRX to transfer it to another exchange, also there will be a withdrawal fee of 5 TRX.
(If you choose Ripple — the withdrawal fee is .25 XRP, and the minimum withdrawal amount is 22). Maximum is up to you.
(You can ignore the above steps if you are already trading on Wazirx and have Ripple/TRX in your wallet)
***Step 4: Register on Gate.io
Gate.io is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Click here to register on Gate.io and get 10 % discount on your trading fee
USE REFERRAL CODE : 4697030
Go to your email and open the message sent by gate.io. You will receive a confirmation E-mail on your address to create your account.
To buy any of the cryptocurrencies listed on Gate.io, one must use cryptocurrency already deposited in the Gate.io exchange wallet. Later It’s simple to exchange one cryptocurrency for another cryptocurrency, like USDT which is a “stable coin” cryptocurrency that is pegged to the US dollar.
Now is the time to make your First Deposit,We will break down the steps into following
a) From the dashboard, go to the small box on the right side of the page and click “Deposit” after clicking “Wallets.”
b) Once you are on the “Wallets” page, select for the coin you want to deposit funds to and click “Deposit.”In our case it is TRX or XRP.
c) Copy the address, this is your TRX wallet address, we need to deposit the TRX you bought at Wazirx to this destination address. You have to be super careful with this address, verify address copied is correct.
e) Paste the destination address you have copied and enter the amount you wish to deposit (minimum in case of TRX is 20 and XRP is 22) . Also, Add any text in remarks.
Be careful, you got a different address for each cryptocurrency, send only TRX to your TRX address of Gate.io .
f) Click on Proceed. You will be sent a One Time Password (OTP) on your mobile, Enter your OTP & Click on confirm.
g) Open your email & click on Approve this withdrawal button in the confirmation email you receive.
(Note: If you are withdrawing XRP, XLM, EOS, you will be asked to enter your Destination address as well as Destination Tag or Memo. You must get these from the Gate.io exchange to which you are sending the XRP, XLM, EOS and add it to the withdrawal form on Wazirx.)
h) Mostly transaction processing will take 10–15 minutes depending on the coin you are transferring. You can check the transaction you have just made by clicking on the “TRANSFER HISTORY” tab on Wazirx .
i) Similarly, you can check the transaction you have just made by clicking on the “Recent Deposit” button located on the left side of the page in Gate.io under the “Deposit/Withdrawal” tab.
Great work! You have just funded your Gate.io account.
***Step6 : Buy USDT on your account on Gate.io
After funding your account, you can now start trading.
To buy USDT, go to the “Markets” tab on the top of Gate.io page
Select for the relevant currency-pair you want to trade with. If you have (USDT) and want to buy Ripple (XRP), for example, you’d click on the XRP/USDT pair in the dropdown or type in ‘XRP’ into the search bar.
Here we can buy USDT using the TRX that we have deposited. Search for TRX in search bar and select TRX_USDT.
Then go to “Spot Trading” and sell TRX to obtain USDT.
Once your oder is executed, you can find your USDT at your wallet, click on wallet at right top of the page.
Go to “Spot Account” to view all your coins.
Hope you are comfortable using Gate.io now, Lets buy some Safe Moon now,
***Step7 : BUY SAFEMOON — Final step
Similar to how you bought USDT, we can follow the same procedure to buy SafeMoon.
a) Go to the Markets tab on the top of any Gate.io page and select the SAFEMOON_USDT
b) Then go to “Spot Trading” and buy SafeMoon by paying USDT.
Here you can either provide the number of SAFEMOONs you want to buy, or provide the amount of USDT you are willing to pay to get SAFEMOON.
Once you provide the numbers , click on Buy[ USDT -> SAFEMOON]
Then you can view the order status in My Orders tab, once order gets executed you can view the details in My Trades.
To view the SAFEMOON you have bought, go to Wallet and click on Funds Overview.
You know now how to use Gate.io, and start to trade your TRX or other altcoins for other cryptocurrencies on this platform.
- Why cant we choose other Altcoins instead of TRX/XRP ?
There is a minimum requirement for each withdrawal, along with a flat fee to cover the transaction costs of moving the cryptocurrency out of your account.
In my experience EOS and XRP have some of the lowest withdrawal fees and relatively fast confirmation time across multiple crypto exchanges.
(EOS (EOS) withdrawal is disabled in Wazirx)
TRX being lower in price would be beginner-friendly, if you are investing more than the amount of 22 XRP, Use XRP instead.
In the case of USDT, the minimum withdrawal amount is 40 USDT, and the withdrawal fee is 20 USDT. If you are moving a small amount it would be difficult as 20 USDT will be used just as a transaction fee.
This article is for informational purposes only. This is not investment advice, how you invest your money is a matter of individual choice. Put emotions aside and invest only that you can afford to lose. Each of us has our threshold and risk levels.
In the case of SafeMoon, some will undoubtedly make money by trading it, but we cannot guarantee it will have an enduring future.