How To Sell Safemoon on Trust Wallet? If this is what you are searching for then you came to the right page as this article has all of your answers. Let’s start without any further delay!
As an asset class, cryptocurrency is highly volatile, and meme coins like Safemoon are no exception. In this article, you will find out How to Sell Safemoon on Trust Wallet.
However, I want to make it clear that this is not investment advice, but rather an information on how to sell Safemoon.
What is Safemoon?
Safemoon is also a digital currency on the Binance Smart Chain Blockchain, similar to Bitcoin, Ethereum, and others. Originally released in March 2021, it became a meme coin after it got hyped by memes, hence the term ‘Meme Coin’ used to describe Safemoon.
Bitcoin and other cryptocurrencies use the same blockchain as Safemoon. Safemoon was designed for long-term investing, therefore the founder doesn’t want its investors to sell it at an early stage.
Due to this, Safemoon coin sellers collect a 10% fee on the sale of the coin, of which 5% goes to the current holder and the rest to the liquidity pool.
In order to discourage sellers from selling their coins, this fee was implemented. Because the coin was hyped up because of Memes, many people invested in it without knowing this fee existed.
What is the Safemoon Trust Wallet? How Can I Sell Safemoon?
As many popular exchanges don’t list Safemoon coins, it is difficult to sell Safemoon and convert it into fiat.
For example, if you wish to liquidate your Safemoon coin into USD or any other fiat currency, you would need to swap it for another coin first. Safemoon Coin can be easily swapped for BNB or Binance Coin, as they are easy to cash out.
Although you may choose any other coin you want, we will use Binance Coin in this tutorial as an example.
1. Swap the Safemoon Coin:
First, you need to exchange your Safemoon currency for another digital currency. Pancake Swap is one way to do that.
Step 1) You need to first link your corresponding Pancake Swap to your appropriate Trust Wallet.
Step 2) You should have your Safemoon coin stored in your Trust Wallet.
Step 3) Copy your token and paste it onto the Contract Address after connecting your Trust Wallet.
Step 4) You can obtain Contract Address (Token No) on Trust Wallet by opening Trust Wallet, going to View Market Cap, scrolling down, and finding the link here.
Step 5) Your desired amount of coins can be selected.
Step 6) You can now trade it for another digital currency, such as Bitcoin.
Step 7) Choosing the slippage tolerance is necessary here. It is up to you to select.
Step 8) Click on Swap, and then click Confirm.
Step 9) To proceed, tap on I Understand, then Continue, if you do not have a problem with the 10% fees for Safemoon.
After you swap the Safemoon coin with another popular coin, like BNB, withdrawing it is much simpler.
You need to close all active positions when selling a coin in the order you wish to swap it, if you are unable to swap it, the reason might be that you hold any position in the asset.
2. Sell the Safemoon on Binance:
Binance makes it much easier to withdraw funds and convert them to cash. By changing your coin to BNB, it will be much easier for you to withdraw the balance from your bank account or PayPal account.
Creating your Binance Account and linking your bank account is the first step in this process. If you have already completed this step, you can move on.
So here are all the desired steps for selling the Safemoon on Binance:
Step 1) Log in to your Binance account.
Step 2) Tap the Trade button.
Step 3) Tap on the Sell button.
Step 4) Once you have decided which Cryptocurrency you want to sell, you can select it.
Step 5) Once that is done, you can enter the amount.
Step 6) After that, you will be able to select the Fiat Currency you want to receive. There is a list of currencies in your country in the Binance App (e.g. USD, GBP, EUR, etc.)
Step 7) Tap the Confirm button!
Using Binance, you can withdraw Safemoon Coin.
FAQs On How To Sell Safemoon on Trust Wallet:
Can You Sell Crypto on Trust Wallet?
You cannot sell Safemoon coins using Trust wallet, it can only store coins. It is easy to liquidate the token into cash after you swap it for a popular cryptocurrency (e.g., Bitcoin or Ethereum).
Which are the Exchanges, that can help you sell Safemoon?
You can sell your Safemoon Coin on these exchanges: BitMart, ZBG, Bitrue, Gate.io and LBank.
When to Sell Your Safemoon Coin?
As an investor, you should know when to sell your crypto coins to make a profit. Market volatility means that a positive portfolio today can turn into a negative one in a matter of days. Similarly, setting your investment goals and price target is crucial to selling Safemoon coins. It is volatile, but if you are investing long-term, you should focus on the fundamentals of the coin. Some cryptocurrencies can be held for a longer period if you believe in their fundamentals.
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Conclusion: How To Sell Safemoon on Trust Wallet 2023
Above we have mentioned the best steps and ways to help you. So that’s it for today’s article, I hope the above steps helped you understand how to sell Safemoon on Trust Wallet. Feel free to leave a comment if you have any questions or comments!
