Note: This is not financial advice. This is for educational purposes only. Meme tokens are a highly volatile asset class; only invest what you can afford to lose.
“How to sell SafeMoon” is a search query that’s blowing up on Google. Perhaps investors want to map out an exit strategy when the meme token blows up or maybe SafeMoon holders are ready to cash out. Either way, we’ve got the scoop on how to sell SafeMoon safely and securely.
Take it from me; don’t exchange SafeMoon for anything other than Binance Coin (BNB) on PancakeSwap. You may find yourself stuck with a new cryptocurrency that requires high transaction fees or is difficult to exchange into fiat. Once you swap SafeMoon for BNB, you can exchange it for USD — and I’ll show you how.
How to sell SafeMoon
In order to sell SafeMoon, you need to have an account at a cryptocurrency exchange that holds BNB. In this example, we’ll be using Binance US.
1. Open the Trust Wallet app and tap on "Browser" ("dApps" for Android users).
2. Tap on "PancakeSwap."
3. In the "From" section, tap on the BNB symbol. Type the word "SafeMoon in the search bar.
4. "Tap on "SafeMoon." You'll get a notice that SafeMoon tacks on a 10% transaction fee; 5% is distributed to token holders and the rest is added to liquidity. Tap on "I understand" and hit "Continue."
5. Tap on the aquamarine icon next to the clock symbol. Set your slippage to 12% and hit "X."
6. Tap on "Select a currency" and hit "BNB."
7. In the “From” section, tap on “Max” to sell all of your SafeMoon tokens (if you want to sell a portion, you can type in the amount you’d like to sell).
8. Tap on “Swap” and hit “Confirm Swap.”
9. You’ll be taken to a page that will inform you of BNB network fee. If you’re satisfied with it, hit “Send.”
10. You’ll then get a “Transaction submitted” message. If you click on the BscScan link, you can check the status of the transaction. Once it’s processed, it will go from “Pending” to “Success.”
Convert Smart Chain to BNB
1. On Trust Wallet’s main page, you should see that your SafeMoon is converted into BNB Smart Chain currency. To swap it to Binance Coin, tap on “Smart Chain,” hit “More,” and tap on “Swap to Binance Chain.”
2. Tap anywhere within the “You Pay” space and tap on “100%.”
3. A confirm page will appear informing you of a network fee. Tap on “Send.”
4. Head back to Trust Wallet’s main page and you should see your BNB.
How to send BNB to Binance US
1. Tap on “BNB” and hit “Send.” Keep this tab open; you’ll need to go back to it.
2. Go to Binance US, navigate to “Wallet” and click on “Deposit.”
3. Select BNB as your coin, and copy your wallet address and your BNB memo number.
4. Head back to Trust Wallet. Paste the address under “Recipient address,” and paste the BNB memo number under “Memo.”
5. Tap on “Max” and hit “Next,” which will lead you to a confirmation screen. Hit “Send.”
6. You should now see your SafeMoon-exchanged BNB in your Binance US account.
How to exchange BNB for USD
1. On the Binance US website, go to “Buy Crypto” and click on the “Sell” tab.
2. Select “BNB” under “Sell” and “USD” under “Payment Method.”
3. Click on “Max” and hit “Sell BNB.”
4. Voila, you’ve now sold your SafeMoon for USD.
It’s worth noting that Binance US is not available in several states, including Connecticut, Hawaii, Idaho, Louisiana, New York, Texas and Vermont. Residents of these states will have to find a roundabout way to sell SafeMoon. They’ll have to send BNB to Atomic Wallet, exchange it for Stella Lumens (XLM), send XLM to Coinbase and swap it for USD.
As usual, be careful with buying cryptocurrencies, especially meme tokens. They’re a highly volatile asset class and can plummet just as quickly as they rise. Always make sure to exercise proper risk management.
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Kimberly Gedeon, holding a Master's degree in International Journalism, launched her career as a journalist for MadameNoire's business beat in 2013. She loved translating stuffy stories about the economy, personal finance and investing into digestible, easy-to-understand, entertaining stories for young women of color. During her time on the business beat, she discovered her passion for tech as she dove into articles about tech entrepreneurship, the Consumer Electronics Show (CES) and the latest tablets. After eight years of freelancing, dabbling in a myriad of beats, she's finally found a home at Laptop Mag that accepts her as the crypto-addicted, virtual reality-loving, investing-focused, tech-fascinated nerd she is. Woot!