How to buy SafeCoin ($SAFE)
Want to learn how to buy SafeCoin? You can start investing in $SAFE on Safe.Trade!
Decentralized finance (DeFi) is a hot topic in the cryptocurrency industry. Most DeFi infrastructure today is built on Ethereum, the largest and most robust blockchain network that supports smart contracts. Smart contracts are the code that powers DeFi, allowing for exchanges, financial derivatives and even insurance to be processed directly on Ethereum’s blockchain.
With an influx of demand for Ethereum’s network, transaction costs have skyrocketed. This makes it hard for retail investors to use DeFi on Ethereum, as transactions on Ethereum can cost over $100.
Like Ethereum, SafeCoin uses smart contracts to host decentralized applications (dApps). However, SafeCoin unique parameters allow for significantly cheaper transaction costs while simultaneously increasing the speed of the network. The SafeCoin blockchain can process 65000+ transactions per second. In this article you can find out how to buy SafeCoin $SAFE in 3 easy steps.
How to Buy SafeCoin
Open an exchange account
SafeCoin is a community project launched back in February 2018. Unlike many projects today SafeCoin is not backed by any venture capitalists nor have they done an ICO, IDO or any kind of token sale. Currently the only place where you can trade SafeCoin ($SAFE) is on Safe.Trade, an exchange focused on supporting the SafeCoin project and ecosystem. The SafeCoin team is planning on launching a DEX SafeSwap in the near future allowing for permissionless swaps. Users will also be able to trade SafeCoin in the future on Crex24 as a wrapped ERC20 token and natively on Graviex. With SafeCoin being such a promising project, it’s not unlikely that SafeCoin will be added to more crypto exchanges in the near future. Right now, your best option is to use Safe.Trade to invest in SafeCoin.
To open an account with Safe.Trade, you’ll need to enter an email address and create a password. That is it, no need for KYC just make sure to enable 2fa so that you will be able to generate receive addresses. Now that you have created an account you’re ready to begin investing.
To enable 2fa go to your account tab and switch the 2fa toggle to enabled.
Depositing funds
Now that you have setup your Safe.Trade account it is time to deposit funds to your account. When using Safe.Trade it is generally advised to use BTC as that is the most liquid pair, meaning that you will get the best price available when using this asset. To deposit BTC go to your wallets tab and copy your BTC address.
Next send over the amount of BTC you want to deposit from your wallet. If you don’t have any BTC you can purchase some from an exchange such as Binance or Coinbase.
Trading
Now that you have deposited your BTC it is time to purchase some SafeCoin $SAFE. To purchase $SAFE you will need to navigate to the Trade tab on Safe.Trade. The SAFE/BTC pair should be selected by default in case that it isn’t you can find all Safe.Trade pairs here.
Now that we have selected the SAFE/BTC pair it is time to put in an buy order.
Before buying it is important to know that there are two order types, Limit and Market order. When using a Market order you buy or sell coins directly from or to the order book displayed on the right side of the chart on desktop. When placing a limit order you get to decide the price that you are willing to pay. The downside of limit orders are that your order can take a while to be filled or might never get filled
For our example we will be using a market order.
as you can see in the screenshot bellow if we were to press the buy button we would be purchasing 1000 $SAFE at 588 sats per coin for a total of 0.0058867931 after fees.
Withdrawing
Congratulations! You have now successfully bought your first SafeCoin.
Now that you have bought your SafeCoin it is time to learn how to withdraw your coins. For this go to the Wallets tab then select SafeCoin and select Withdraw. Before you can withdraw your coins you will need to add an address to the address list. To add an address to the address list click on the add address button.
Now add your wallet address and give the address a name. Click on Submit for conformation. An E-Mail will be send asking you to confirm the address.
Staking
For those of you who are interested in Staking your SafeCoin you can check out my previous guide How to stake SafeCoin ($SAFE).
SAFE Donation Address: 3aHEKicGmWiTgcNifFkJjpJ3BCxgf5AqFnJrJfYqJUax
