Since I know SAFEMOON has recently been a trending topic, I figured it would be worthwhile to describe how I was able to get into this coin without paying exorbitant fees. In fact, my fees beyond the 10% SAFEMOON transaction fees were less than $5.
Before we go any further, I must post the usual disclaimers. This post is not financial advice, and I am not recommending that you buy any SAFEMOON. I am a SAFEMOON #HODL'er, but you do your own research before you make any financial decisions.
Secondly, I'm in the US, which, due to the government's stance here on crypto, this made getting into SAFEMOON a good deal harder than other locales, especially to do this without getting railed by fees.
Here's the obligatory SAFEMOON ticker box if you want to see how it's doing as a coin - an interesting thing to remember about the tokenomics of this coin is that HODL'ers are rewarded for both price movement and volume, which is unique and interesting:
The trick is to use binance.us, but be warned, it's a slow process. It will take a lot of planning. I went the fiat -> BNB -> SAFEMOON route, maybe going crypto -> BNB -> SAFEMOON would have been a better route for speed, but, from start to finish it took me 2 weeks from when I wanted to buy SAFEMOON before I could actually get in.
Here's my timeline:
1. Saturday, April 17th, 2021 - SAFEMOON starts to trend, it's price starts to climb to it's recent ATH. I opened my Binance US account and submitted all the things required for KYC to be allowed to link a bank account / credit card / etc.
2. I wait. A long time. This part was rough - and can be avoided if you don't do anything with USD / Fiat on Binance, use crypto from another exchange, send it to Binance, and swap into BNB without ever needing to move USD into our out of Binance.
3. Thursday, April 22nd, 2021 - my KYC with Binance finally clears, and I can link a bank account. I do so, and opt for an ACH transfer since it was fee free, and wires can be complicated. What I didn't realize is that there's a 10 day hold before coins can be withdrawn from Binance while the ACH transfer settles.
4. I wait some more. This time I find ideal times to purchase BNB coins, and I even flip BNB a few times to net a small 5% profit day-trading. Hey, I needed something to take my mind off of the static rewards I was missing out from the SAFEMOON protocol 😅
5. Sunday, May 2nd, 2021 - my 10 day ACH transfer hold is finally up. I had created a Binance wallet to make the Binance Chain withdrawal, and so I withdraw my BNB from Binance to the Binance chain. Binance US does not support direct withdrawals of BNB to a Binance Smart Chain (BSC) address, so I had to first withdraw to my bnb prefixed wallet, and then use their chrome extension wallet to transfer to my BSC wallet. Once it was in the BSC wallet, things got much easier. I connected to Pancake Swap, and simple as that I exchanged all this BNB for SAFEMOON. I'll be HODL'ing for the foreseeable future.
Why is this a smart way to do this? First, Binance is very cheap to withdraw BNB. They cost 0.001 BNB, which equated to a ~$0.60 fee. A competitor such as crypto.com charges a 0.1 BNB withdrawal fee, which would have made this transaction cost $60. You do the math, but I saved a lot of money on fees going right to the source (or as close to it as I could).
The transactions fees on chain were also minimal, ranging anywhere from 0.002 to 0.005 BNB per transaction - remember, we had a few hops here, but in total I think I paid about $5 in fees total, a cost I hope to make back before long from the SAFEMOON static rewards alone.
This concludes my SAFEMOON adventure. Are you in SAFEMOON, or are you a skeptic (I don't mind if you are, as long as you are polite about it, remember, to each his own 😜 )? Let me know in the comments!
For any crypto noobies out there, I'll leave you with a few links for continued reading.
If this blog helped you learn a thing or two, or even helped you purchase some SAFEMOON, be sure to leave a like or a tip!
Thanks for reading 🙂