Oleg Galeev

5 months ago

How to Buy SafeMoon (SFM) in Canada in 2022: Complete Guide

How to buy SafeMoon in Canada featured image

SafeMoon (SFM) is a decentralized finance token on the Binance Smart Chain. Since launch, SafeMoon has developed a strong and passionate community and has become a popular cryptocurrency investment for Canadians. 

Launched in March 2021 at a price of $0.0000000010, SafeMoon skyrocketed to $00001375 in April, 2021. SafeMoon currently sits at a price of $0.000001455.

SafeMoon allows its holders to passively earn rewards by holding the token. With every transaction, a portion of the fees are distributed to holders, the liquidity pool, or burned. The team is developing an exchange, a coin launchpad, and an NFT marketplace. The SafeMoon wallet is available now. 

The token recently upgraded to a version 2 of its smart contract, improving the flexibility and security of the token. The upgrade allows SafeMoon to be interoperable and scalable. The new version of the topen trades under the symbol SFM. 

It can be a challenge to buy SafeMoon in Canada as no Canadian exchange offers it, but we have covered several ways in which you can buy SFM. 

If you are used to using centralized exchanges, then it may seem daunting trying a decentralized exchange. Unfortunately, as no Canadian crypto exchange offers SafeMoon, it is necessary to take several steps in order to purchase SFM. You cannot buy it directly with Canadian dollars. We have listed where to buy SafeMoon (SFM) with step-by-step instructions. 

Where to Buy Safemoon in Canada?

Here are the exchanges where you can buy SafeMoon in Canada e.g. Gate, Binance, or using wallet directly. Note, that you can only exchange other crypto for SafeMoon. 

Buying SafeMoon with Gate.io

In my opinion, Gate.io provides the simplest way to buy SafeMoon. 

Step 1. Sign up

Signing up with Gate.io

To buy SafeMoon at Gate.io, first sign up for an account and go through the verification process. 

Step 2. Buy USDT

Buying USDT currency on Gate.io in order to buy SafeMoon

Next, either 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

Trading USDT for SafeMoon on Gate.io

  • Once your USDT is in your Gate.io account, you can go to “Trade” then “Spot trading”.
  • In the top-left search bar, type in “SafeMoon”. The USDT/SAFEMOON trading pair will appear. 
  • Scroll down the page and you will see the option to set a limit order for SafeMoon.
  • You can enter the amount of USDT you are willing to pay for each SafeMoon coin. You can see your USDT balance here, as well as how much SafeMoon you will receive.
  • Click buy, and if your order doesn’t complete immediately, then the price you are willing to pay for SafeMoon may be too low. You can edit your order by going to “order” and “spot orders” and try again with a higher price. 

Buying SafeMoon with Binance

Binance is the world’s largest crypto exchange. While it offers hundreds of cryptocurrencies, you cannot buy SafeMoon on Binance directly. 

SafeMoon is a BEP-20 token which means that it is a token created on the Binance Smart Chain. To buy SafeMoon in Canada, you must first purchase Binance Coin (BNB) and send it to your Metamask wallet or TrustWallet via the Binance Smart Chain (BSC). 

You can purchase BNB tokens on any crypto exchange that offers them, for example, on crypto.com, but when you transfer your BNB from the exchange to your Metamask wallet, you must ensure you send them via the BSC, not BNB mainnet. 

Binance is a good choice for buying BNB because it is the native token and it has some of the lowest fees around. Once you have BNB, you will need to use the decentralized exchange, PancakeSwap to buy SafeMoon. 

Step 1. Buy BNB

Buying BNBs on Binance with Canadian dollars

Go to Binance, sign up for the account, and purchase some BNB. Ensure you buy enough to cover the amount of SafeMoon you want to buy, plus a bit extra to cover network fees. 

Step 2. Get a Metamask wallet or Trustwallet

Installing metamask wallet extension

Since Binance does not directly list SafeMoon, you must purchase it on the decentralized exchange PancakeSwap. PancakeSwap is decentralized meaning no central entity controls it and you do not need to sign up for an account to use it.

Since you don’t create an account you can’t deposit funds via a bank transfer. Decentralized exchanges are purely for crypto to crypto trading. However, you still need a wallet to hold your funds, such as BNB and SafeMoon, and to interact with the exchange. You can deposit and withdraw to your wallet just as you can with any other wallet. You can also use it to swap crypto directly (more on this below).

The most popular wallets that are compatible with decentralized exchanges include Metamask and Trustwallet. You can add the Metamask wallet or Trustwallet as an extension to your browser (Brave, Chrome etc).

Install the extension and create a new wallet, or restore from an existing wallet if you already have one. If creating a new wallet, make sure you copy your seed phrase down on paper and keep it somewhere safe.

Step 3. Connect your wallet to the Binance Smart Chain

Click ‘Add network” in your Metamask wallet or Trustwallet.

Connecting wallet to the Binance Smart Chain

Next, enter the following information for the Binance Smart Chain:

  • Network Name: Smart Chain
  • New RPC URL: https://bsc-dataseed.binance.org/
  • ChainID: 56
  • Symbol: BNB
  • Block Explorer URL: https://bscscan.com

Step 5: Copy your wallet address

Ensure you are connected to the BSC network. “Smart Chain” should appear at the top of your wallet. If it’s not, click the drop-down arrow and select Smart Chain.

Once connected, copy your wallet address.

Step 6. Withdraw BNB to Metamask or Trustwallet

Go to your BNB wallet on Binance and select “Withdraw”. Enter your BNB amount and paste your wallet address.

When withdrawing your BNB tokens, ensure you withdraw them over the BSC network (BEP20). 

Withdrawing BNB to Metamask  wallet in order to buy SafeMoon
Step 7. Connect to PancakeSwap

Once your BNB is in your Metamask or Trustwallet, go to PancakeSwap. PancakeSwap is a decentralized exchange that facilitates trading of tokens that run on the Binance Smart Chain. Since PancakeSwap is decentralized, you do not need to sign up for an account or go through a verification process. You can only trade crypto to crypto and you simply need to connect your Metamask or Trustwallet, which takes a few seconds. 

In the top-right corner, click “connect wallet” and select either Metamask or Trustwallet.

Connecting wallet to PancakeSwap in order to buy SafeMoon

Step 8. Swap BNB for SafeMoon (SFM)

  • Once your wallet is connected to PancakeSwap, go to “Trade” and “Exchange”.
  • Enter the amount of BNB you wish to swap for SafeMoon but leave a few dollars worth of BNB to pay for fees. 

Swapping BNB for SafeMoon via PancakeSwap

PancakeSwap defaults to CAKE when making swaps, but you can change CAKE to SafeMoon by clicking the little arrow next to CAKE. Paste the SafeMoon version 2 contract address in the search bar: 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5

SafeMoon (SFM) will appear. Select “import”. 

Step 9. Select slippage

SafeMoon recommends a slippage of 12%. Think of this as a buying fee. Your slippage is the percent in which you’re willing to accept a change in spread. During periods of high volatility, the price you select to pay for a trade versus the price a few seconds later when the trade is actually executed can change dramatically. With a slippage of 12% for SafeMoon trades, you are willing to allow the final executed price to be as much as 12% more (or less) than when you first initiated the trade. If your slippage is too low, the trade won’t go through. To set slippage, click the cogwheel next to “swap” to open settings. Under “slippage tolerance” type in 12% then close settings.

Selecting slippage on PancakeSwap in order to buy SafeMoon (SFM)

Step 10. Complete the SafeMoon trade 

When completing the trade, you will need to use your Metamask wallet or Trustwallet to approve the transaction. Once complete you will see an option to “add SafeMoon to Metamask”. Once that’s done, your SafeMoon will appear in your wallet.

Buying SafeMoon via Metamask or Trustwallet

Step 1. Install wallet

Install the Metamask wallet or Trustwallet as an extension to your browser. For this example, we will use Metamask.

Once you have installed the extension, you can select to create a new wallet. Make sure you copy your seed phrase down on paper and keep it somewhere safe. 

Step 2. Connect to BSC and buy BNB

Follow the steps in the Binance section above to connect your Metamask wallet or Trustwallet to the Binance Smart Chain and move BNB tokens to your wallet. 

Step 3. Swap BNB for SafeMoon

When you are connected to the Binance Smart Chain and have some BNB in your wallet, you can click “swap”.

Paste in the SafeMoon version 2 contract address to import SafeMoon: 0x42981d0bfbAf196529376EE702F2a9Eb9092fcB5

Then set your slippage to 12%.

Confirming slippage in order to buy SafeMoon via MetaMask

Next, review and confirm the swap. 

While this is a convenient way to buy SafeMoon, it is not the most cost-effective. Metamask and Trustwallet will both charge higher fees than PancakeSwap or Gate.io.

You are better off following the few extra steps to connect Metamask or Trustwallet to PancakeSwap to buy SafeMoon token. 

How to Keep Safemoon Safe and Secure in Canada?

The best way to keep your SafeMoon coin safe is to connect a hardware crypto wallet to your Metamask wallet or Trustwallet. 

It is best to connect your wallet to Metamask or Trustwallet before you send BNB to the wallet and trade for SafeMoon. This is because when you connect your hardware wallet, it will create a new account in your Metamask and Trustwallet. You’ll want to use this account to deposit your BNB tokens. 

Once your hardware wallet is connected, you will need to use the actual device to verify and sign transactions. This will keep your SafeMoon safe from anyone attempting to steal it, because they would need your hardware wallet to move your SafeMoon. 

Since SafeMoon is a Binance Smart Chain token, you simply need to add the Binance Smart Chain app to your Ledger Live account. 

You can also download SafeMoon’s own wallet to store your SafeMoon, however, this is a software wallet and it is far safer to keep your SafeMoon on a hardware wallet so it is not connected to the internet. 

How to Sell Safemoon in Canada?

To sell SafeMoon in Canada, you simply need to reverse the steps outlined above. You can connect your Metamask wallet or Trustwallet to PancakeSwap and swap your SafeMoon for BNB. Then, you can send your BNB tokens back to Binance or the exchange where you first bought them. 

If using Gate.io, you can swap your SafeMoon for USDT, then move your USDT to a Canadian crypto exchange that will allow you to withdraw to your bank account. 

If using Metamask or Trustwallet, you can use the swap function to trade SafeMoon. Send your BNB to Binance or another exchange where you can cash out with Canadian dollars. 

SafeMoon (SFM) FAQs

Can you buy SafeMoon in Canada?

Yes, you can buy SafeMoon in Canada but you will first need to purchase BNB or USDT depending on the method you use. You will need to buy SafeMoon on a decentralized exchange or through a decentralized wallet. 

What is the best way and place to buy Safemoon in Canada?

We recommend using Binance to buy BNB tokens, sending them to Metamask or Trustwallet, then using PancakeSwap to swap BNB for SafeMoon. Another good option is to buy USDT, send it to Gate.io and swap for SafeMoon coin. 

How to trade Safemoon in Canada?

You can trade Safemoon (SFM) on PancakeSwap for many other Binance Smart Chain tokens (e.g. CAKE) or use Gate.io to trade your SafeMoon token for USDT.

Is Safemoon a good investment for Canadians?

With the release of SafeMoon version 2, things may get interesting for SafeMoon. The team seems committed to developing new products and technology for the SafeMoon ecosystem, which could bring higher prices in the future. 

  • How To

Author

Oleg is a crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun.