But before we begin, let me tell you this is not investment advice, rather you will know technically how to sell Safemoon.
Table of Contents
Like Bitcoin, Ethereum, and other digital currencies, Safemoon is also a digital currency based on Binance Smart Chain Blockchain.
It was first launched on March 2021, and later it got hyped by memes, and that’s the reason why many people use the term ‘Meme Coin‘ while describing Safemoon.
Safemoon is also based on the same blockchain of Bitcoin and other cryptocurrencies. However, as the founder said that Safemoon was invented for long-term investment, therefore they actually don’t want their investor to sell it in a short period of time.
That’s why they charge a 10% fee on the selling of Safemoon coin, from which 5% will go to the current holder, and the rest 5% will go to the liquidity pool. They did this to discourage sellers from selling their coins, as many people invested in this coin because of hype in Memes, they probably don’t know about this seller fee.
To Learn How to Sell Safemoon on Trust Wallet?
Selling Safemoon and converting it into fiat currency is difficult, as many popular crypto exchanges don’t list Safemoon coins.
In that case, you will need to first swap your Safemoon coin, with any other coin to liquidate it into USD or any other fiat currency. To Swap Safemoon Coin, I recommend BNB or Binance Coin, as they are easy to cash out.
Although if you want you can choose any other coin, in this tutorial, we will take Binance Coin as an example.
Swap the Safemoon Coin
So the first step is to swap your Safemoon coin, with any other digital coin. You can do this via Pancake Swap – pancakeswap.finance
1) First of all, you have to connect your appropriate Trust Wallet with your corresponding Pancake Swap.
2) Make sure you have stored your Safemoon coin in your Trust Wallet.
3) After Connecting Your Trust Wallet paste your token on Contract Address by Clicking on SFM.
4) You can get Contract Address (Token No) on Trust Wallet – Open Trust Wallet > In Safemoon Coin Page, Go to View Market Cap > Scroll Down, and in Links, You’ll get Contract Address.
5) You can select the desired amount of coins your want to sell.
6) Now, swap it with any other digital currency, like BNB.
7) Here, You have to Select the Slippage Tolerance, You can select according to you.
8) Then, Tap on Swap and hit Confirm.
9) You should know about the selling fees of Safemoon coin which is 10%, if you don’t have a problem with it, tap on I Understand, then Continue.
If you have successfully swapped the Safemoon coin, with any other popular coin, like BNB, then withdrawing it is a lot easier.
However, if you can’t swap the coin, the reason could be you are holding any active position in the asset, in the order you sell it, you need to close all active positions to sell the coin.
Sell the Safemoon on Binance
Withdrawing from Binance and converting it into cash is a lot easier. As you have swapped your coin to BNB, it will be a lot easier for you to withdraw the balance in your local bank account or PayPal account.
To do this first you have to create your Binance Account, and link your bank account with it. If you have already done this, you can proceed with the following steps.
How to sell Safemoon (BNB) on Binance –
1) Open your Binance app and log in.
2) Then tap on Trade Button.
3) Tap on Sell.
4) Then, you can choose the corresponding Cryptocurrency you would like to want to sell.
5) After that you can enter the amount.
6) Then, you can select the appropriate Fiat Currency that you want to receive. (eg. USD, GBP or EUR, etc, you can see the list for your country in Binance App)
7) Tap on Confirm!
So this is how you can cash out Safemoon Coin with Binance.
Learn with Error Express – Learn How to Mine Ethereum on PC in 2021
FAQs on Crypto Trading
1. Can You Sell Crypto on Trust Wallet
Trust wallet can only help you in storing coins, you can’t sell Safemoon coins there. To sell the token you need to swap it with any popular cryptocurrency (eg. Bitcoin or Ethereum), After that, it is easy for you to liquidate to cash.
2. Which are the Exchanges, that can help you sell Safemoon?
Here are some of the Exchanges which can help you sell your Safemoon Coin
When to Sell Your Safemoon Coin?
To make a profit out of crypto, as an investor you should know when to sell your coins. Due to the volatile nature of the market, today’s positive portfolio can become negative, in just a few days.
This same thing is applicable to Safemoon coin also, you should set your investment goals, and target price to sell the coins.
In this graph, you can see how volatile it is, although if you are here for long-term investment, you should focus on the fundamentals of the coin. If you believe in some cryptocurrency’s fundamentals you can hold it for a longer time.
That’s it for today’s article, I hope you find the above steps will guide you through the process of selling Safemoon on Trust Wallet, you can comment on your queries down below.
Thanks For Reading!