How to sell Safemoon on Trust Wallet? This question is blowing up on Google.
The world is going digital rapidly.
Now, people are even using cryptocurrencies as a medium of exchange that only exists in digital or a virtual form.
These currencies are not dependent on any central authority such as a bank or the government. One of these currencies that recently came into being is the Safemoon.
These cryptocurrencies use a decentralized system to record transactions and issue new units.
An example of such a system that helps store and trade these currencies is Trust Wallet – a decentralized mobile software wallet that has gained popularity due to its efficiency.
However, there is a problem and that is that one cannot directly sell Safemoon using Trust Wallet, but there are other ways to do it.
So, the question is how to sell Safemoon on Trust Wallet.
Before getting to the steps it’s important to know what exactly Safemoon is and why Trust Wallet is one of the best systems to store it.
What Is Safemoon?
Safemoon is a type of digital cryptocurrency similar to Ethereum and Bitcoin and was launched in March 2021.
As it’s a digital currency, it exists solely online and lies on the Binance Smart Chain technology. It was designed in a way that should encourage long-term investment and discourage selling.
It was not designed to sell in a short period of time and, therefore, they charge a 10% fee on the selling of Safemoon coins.
It was made with a goal to prevent larger dips that are common in many volatile digital currencies.
It is a currency that opts for manual burns. A manual burn is when digital coins are removed from circulation on purpose.
This, according to the creators of Safemoon, gives more control over the coin’s supply which can help manage the coin’s price.
The developers manually reduce the amount of Safemoon that is in circulation, which in turn increases its price.
About Trust Wallet
Trust Wallet stores various cryptocurrencies. It is basically a decentralized mobile software wallet allowing its users to control their digital currencies including Safemoon.
Trust Wallet has gained popularity as it provides extensive coverage of crypto-currencies and blockchain networks.
It not only stores the digital currencies but also provides access to their ecosystems.
There are a few reasons why Trust Wallet has been successful among both newcomers and experienced users.
Firstly, Trust Wallet is a user-friendly mobile app much easier to use than most others.
Secondly, the Trust Wallet users are in complete control over their funds and they can trade NFTs directly on many marketplaces.
Moreover, NFTs can be sent seamlessly to friends and family using this app. Trust Wallet does not also collect user data.
Safemoon’s developers suggest Trust Wallet as one of the apps to buy Safemoon.
Both Android users and iOS users can get the app through the Google Play Store or the App Store on their smartphones.
However, the problem is that one cannot sell Safemoon in Trust Wallet directly.
There are other ways to do it and by following just a few steps, one can successfully sell them for USD or any other supported currency of choice.
How to Sell Safemoon On Trust Wallet App in 2023
How to sell Safemoon on Trust Wallet is a question that many people ask as Safemoon cannot actually be directly sold on Trust Wallet.
Safemoon is a digital currency that lives on the Binance Smart Chain technology.
Therefore, for those who already have a Binance account, trading Safemoon through Binance would be the easiest option.
So, basically, if one would like to sell their Safemoon tokens, they would need to turn them into the Binance coin first.
There are a few steps involved in order to sell Safemoon on Trust Wallet
Step 1: Download And Install The Trust Wallet App On Your Phone
The iOS users can get the app via the App Store. Android users will need to download it from the Google Play Store.
Once it is downloaded, then open the app to “Create a new wallet” after which you will receive a 12-word recovery phrase that cannot be changed or recovered in case it’s forgotten.
The phrase basically acts as a backup for your funds, so, if it’s lost then the funds are lost with it too.
So it’s important to make sure to keep the phrase safe somewhere so it’s not forgotten or lost. Once the wallet is created, you can use it for various cryptocurrencies.
Step 2: Go To Your Safemoon Wallet
Once you open the Trust Wallet’s main page, you will be able to see the Safemoon token’s address.
Make sure to know the amount of Safemoon that is there in the wallet before proceeding to further steps.
Step 3: On the Trust Wallet DApp Browser, Open Pancake Swap
On the Trust Wallet app, there will be an option to tap called “Browser”, tap it and then choose the “Pancake Swap”.
Choosing to use a particular exchange depends on the user; however, in order to purchase Safemoon, Pancake Swap is the best choice.
Step 4: Swap Safemoon Currency For BNB Smart Chain
In Pancake Swap, click/tap on the BNB symbol in the section labelled “From”,and then type ‘Safemoon’ in the search bar.
Then select “Safemoon” after it is searched, upon which a notice will come up, informing about the 10% transaction fee, 5% of which is distributed to token holders, while the other 5% is added to liquidity.
Just tap on “I understand” and then tap on continue to proceed.
Then you will need to enter the Safemoon amount that wanted to be swapped. Then the aquamarine icon next to the clock symbol needs to be tapped.
Tap on ‘swap’ and then “Confirm Swap’”. After that, the user will be taken to a page containing fee related information regarding the BNB network.
In case you do not have any problem with the fee, just hit “Send.” Once the transaction is processed, the status will change from “pending” over to “success.”
Now, by swapping Safemoon currency for BNB, withdrawing it is much easier.
Step 5: Convert BNB Smart Chain To Binance Chain
After swapping Safemoon to BNB, go back to the main page of Trust Wallet. There, one would be able to see their converted Safemoon as BNB Smart Chain.
This Smart Chain now needs to be converted to Binance Chain or Binance Coin.
To swap the BNB Smart Chain for Binance Coins, touch or click on “Smart Chain” and then hit “more”. There select “Swap to Binance Chain”.
Tap anywhere within the ‘You Pay” space and then select 100%. This action will be followed by a confirmation page informing about the network fee.
There, select “Send” and continue.
Now, on the main page of the app, one should be able to see their BNB and they will be able to exchange the BNB to an external wallet address with ease.
Step 6: Sending BNB To Binance Account
Sending BNB to Your Binance Account is a crucial step in how to sell Safemoon, as one cannot withdraw money to the bank without this step.
To do so, select BNB, select “Send” and keep the tab open as it will be needed again.
Now go to the Binance US account and go to the “Wallet” to start the withdrawal process. There select “Deposit”.
Choose BNB as the preferred coin and copy-paste the address of your wallet and your BNB memo number back to the Trust Wallet.
The address details goes under “Recipient address,” and the BNB memo number will be pasted under where it says“Memo.”
Then, tap on “Max” and touch “Next”. This will lead to a confirmation screen, where “Send” needs to be selected.
Upon sending, one will be able to see the exchanged Safemoon in their Binance account as BNB.
Step 7: Sell BNB For A Currency Such As USD
This is the last step in the process of how to sell Safemoon via Trust Wallet. For this, one needs to log in to the Binance account via their website.
In your Binance account, navigate to “Buy Crypto”.
There you will find a tab labelled “Sell” – tap on that. There select “BNB” from the options and then select the desired currency under the “Payment Method.”
So for US Dollars, for example, select “USD” from the options. Then tap on “Max” and select the “Sell BNB” option.
By doing so, one will be able to successfully sell Safemoon for your desired currency, like USD.
The next and final step after this would be to withdraw Money from the Binance account to your bank account.
Step 8: Withdraw Money To A Bank Account
Once you have sold your BNB for USD or the preferred currency, a request for withdrawal needs to be made.
This can be done using the “Fiat and Spot” option on Binance. However, one needs to make sure that their account is verified to be able to request a withdrawal.
What Time Is The Best To Sell Safemoon For USD Or Other Currencies?
In order to know about the best time to sell, one should be aware of the crypto market and what is going on in it.
In-depth research is highly important both before investment and when one wants to sell their cryptocurrency.
However, it’s not suggested to sell Safemoon in shorter intervals, as every time there is a transaction fee that is charged.
It is designed for long-term investment and one can get a higher return by being patient.
As you can see, the process of selling safemoon on Trust Wallet involves just a few simple steps that you can complete quickly.
But make sure you follow our safety tips for the best returns on your investment.
Now that you know how to sell Safemoon on Trust Wallet, you can do it safely and without any hassle.