How To Buy Safemoon In Canada (May 2022)

November 26, 2021
Blog

To buy Safemoon tokens in Canada, you need to choose between two platforms: a cryptocurrency exchange that allows you to buy the digital asset using fiat currencies (or allows you to trade other crypto assets for Safemoon tokens), or a cryptocurrency broker platform that allows you to trade between digital assets in as little as a single click.

Considering that Safemoon support is not widespread in crypto exchanges and brokers from Canada, Crypto.com would be the ideal crypto exchange pick. With its support for over 100 cryptocurrencies, top-notch security, and lightning-fast digital asset price updates, we can’t recommend Crypto.com enough.

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Extremely secure, 10x leverage

How to Buy Safemoon In Canada

To buy Safemoon in Canada, you’ll have to use one of two crypto platforms.

The first is a cryptocurrency exchange. These platforms allow you to buy Safemoon tokens using fiat currencies, and they also allow you to buy other cryptocurrencies (like Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE)) to then trade them for Safemoon tokens.

The second crypto platform you could use is a cryptocurrency brokerage platform. These are easier to understand, and they allow you to trade cryptocurrencies in as little as a single click.

However, this ease of use comes at the cost of higher fees when compared to crypto exchange trading fees, so it’s important to be aware of this when considering any of the two crypto platforms.

Top Crypto Exchange To Buy Safemoon In Canada

Here’s our top crypto exchange pick for buying Safemoon in Canada:

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid crypto exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either Bitbuy or CoinSmart instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

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Extremely secure, 10x leverage

How To Buy Safemoon In Canada FAQs

What Is Safemoon?

SafeMoon is a cryptocurrency token that was created on the Binance Smart Chain blockchain in March 2021. It is described as a liquidity pool in order to create a “solid price floor and cushion for holders”.

SafeMoon charges a 10% fee on transactions, with 5% redistributed to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB).

Can I Buy Safemoon In Canada?

Yes. All you need to do is create an account with either a crypto exchange or a crypto broker that supports this token: after that, you’d be set to start trading there.

For this purpose, I recommend using Crypto.com. It’s one of our top-rated crypto exchanges in Canada, and it will allow you to buy and sell Safemoon tokens at relatively low fees.

How Do I Store My Safemoon Tokens?

There are plenty of ways to store your Safemoon tokens once you’ve bought and/or traded for them.

The easiest way to do so would be to leave your tokens inside your crypto exchange account. Doing this is safer than using a software wallet, mainly because crypto platforms tend to keep 95% of their digital assets in cold storage. Despite that, though, be aware that your account can still be subject to hacking and theft.

Another way to store your Safemoon tokens is using a personal crypto wallet. It’s not guaranteed safety, but a cold wallet is much safer than leaving your funds in the exchange you originally purchased your coins in.

As someone who’s tried out more than a dozen different wallets over the years, here are my top 3 picks for the best crypto wallet for Canadians:

#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

★★★★★

Rated 4.9/5

Top Hardware Wallet

Supports: 1,800+ crypto assets
Type: Hardware wallet
Cost: $199 CAD

Rated 4.6/5 on Amazon.

★★★★

Rated 4.3/5

Best For Altcoins

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $75 CAD

Trusted by 1 million+ investors.

★★★★

Rated 4.1/5

  1. ZenGo: ZenGo is a free software wallet that leverages the blockchain to make it significantly more secure than traditional wallets while also being extremely easy to use. Sending and receiving crypto to/from ZenGo is also free, and it takes less than 30 seconds to open your free ZenGo wallet.
  2. Ledger Nano S: The Ledger Nano S is a hardware wallet that uses a certified secure chip to protect your private keys. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model One: The Trezor Model One is a hardware wallet and password manager that supports 1,000+ cryptocurrencies. Its Trusted Display ensures extremely secure transactions, and its compact design makes it easy to keep your crypto safe.

Is Safemoon A Good Investment?

Safemoon, like most cryptocurrencies, is a very volatile investment that is subject to wild fluctuations in its price.

This means that you should never invest more than what you’re willing to lose in Safemoon, and if you’re not sure whether or not you’re comfortable with these investment conditions, Safemoon may not even be a good investment for you at all.

In Summary

Despite the lack of widespread support across crypto exchanges and crypto brokers, you still have options that you can use in order to buy, sell and trade Safemoon tokens.

For this purpose, Crypto.com would be ideal, considering its support for over 100 cryptocurrencies, top-notch security, and lightning-fast digital asset price updates. Because of these pros, we can’t recommend Crypto.com enough.

OPEN FREE ACCOUNT
Extremely secure, 10x leverage

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5