Simply put, 2FA involves verifying your account beyond your password for example, you might want to receive a code via SMS or email. However, it's worth remembering that cryptocurrency exchanges and wallets are a target for cybercriminals.Īs a result, you should take steps to ensure that you do not fall victim to anything malicious.īelow, you'll find tips you can do to maximise your chances of staying safe and avoiding problems while purchasing SafeMoon.Īdd Extra Layers of Security to Your Accounts: One of the first lines of defense should be two-factor authentication (2FA). SafeMoon is, for the most part, safe to buy online. You'll use this strategy when you believe that a currency will grow in value over the long term. Long-term Holding: Long-term holding, also known as hold on for dear life (HODL), involves keeping hold of a coin for 12 months or more. But as we've already mentioned, SafeMoon actively discourages this - so you're better off avoiding it in this case. Short-term Holding: Short-term holding is a strategy that you'll use when you expect that you can make gains on a cryptocurrency within 12 months. Remember that you are responsible for all losses and that you should never buy more than you can afford. However, at the moment, it's still pretty volatile - and prices fluctuate regularly. Volatility: One of SafeMoon's aims is to be a stable cryptocurrency in terms of value. Selling SafeMoon involves a 10% fee.Īvailability: SafeMoon is not as widely available as some of the other cryptocurrencies out there, so you'll need to dig a little deeper to find a place to buy them. ![]() Selling Fees: SafeMoon was designed for long-term holding, and the company behind it makes an active effort to stop people from making short-term gains. We've listed the most crucial factors to remember below. SafeMoon differs a little from other cryptocurrencies, and you'll need to keep several things in mind before making a purchase. Transactions are irreversible What to Consider When Buying SafeMoon? The process is relatively straightforward, and we've listed the steps below. When you buy SafeMoon online, you'll typically purchase them from a cryptocurrency exchange. Instead, you purchase the underlying assets. Trading SafeMoon: When you trade SafeMoon, you do not own the coins outright. Below is a brief explanation of them both.īuying SafeMoon: When you buy SafeMoon, you own the coins outright. Although they might seem identical if you have no prior experience, they differ slightly. When you begin researching different cryptocurrencies and investment strategies, you'll frequently bump into two terms: buying and trading. What Is the Difference Between Buying and Trading SafeMoon? You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. ![]() 79.04% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.ĬFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80.9% of retail investor accounts lose money when trading spread bets and CFDs with this provider. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
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