Last Updated on 2 months by Shubham Attri
Unaware of how to encash your rewards and your digital earnings by trading in all kinds of cryptocurrencies? Well, then we are here to help you with some steps of how to withdraw money from Safemoon Wallet.
Now make trading fun and interesting, by converting your digital assets to cash. As you are all aware of the various platforms that have been introduced to the public for carrying out digital dealing and trading of cryptocurrency. It holds immense importance to know how can you possibly encash all your digital currency and the profits you have earned by digital trading.
SafeMoon Protocol is a Decentralised Finance (DeFI) token. According to the SafeMoon website, SafeMoon has three functions that take place during each trade which are Reflection, LP Acquisition, and Burn. If you would like to know where to buy SafeMoon at the current rate, the top cryptocurrency exchanges for trading in SafeMoon stock are currently Gate.io, MEXC, Bitrue, BitMart, and BitForex.
In this article, we have got everything covered for you, from what is Safemoon, what is Safemoon Wallet to how to Withdraw Money from Safemoon Wallet.
What Is Safemoon?
As we read aoveSafeMoon Protocol is a (Defi) token and the SafeMoon website has three functions that take place during each trade: Reflection, LP Acquisition, and Burn. SafeMoon is a cryptocurrency token created in March 2021 on the Binance Smart Chain blockchain. The token charges a 10% fee on transactions, with 5% redistributed to token holders and 5% directed to wallets in a different currency, Binance Coin, controlled by the coin’s authors.
SafeMoon protocol is a combination of Reflect Finance(RFI) Tokens and an auto-liquidity-generating protocol. Some facts read, SafeMoon plans to develop a non-fungible token exchange(NFT), as well as charity projects and crypto educational apps. With the SafeMoon protocol, token holders will earn more SAFEMOON depending on how many coins they have. This can be up to an 80% APY, which is staggering when compared to traditional interest accounts. SafeMoon protocol will gain value over time thanks to its coin-burning strategy, making it a deflationary digital currency.
SafeMoon was designed to resist volatility by rewarding investors for holding their coins. In December 2021, SafeMoon launched an updated version of the token called SafeMoon V2. The new token aims to consolidate the original version at a ratio of 1 to 1000, and significantly lower transaction costs. However, to have those tokens convert to a bank account there is a set procedure on how to withdraw money from Safemoon, which we will be discussed below in the article.
The most distinctive feature of SafeMoon is that it charges a 10% fee whenever you sell the token. In other words, if you sold $1,000 of SafeMoon, you would pay a $100 fee on the sale. This is in addition to any fees you may owe a crypto exchange for facilitating the sale.
What Is A Safemoon Wallet?
SafeMoon is a cryptocurrency token that was created in March 2021 on the Binance Smart Chain blockchain. The token charges a 10% fee on transactions, with 5% redistributed (or reflected) to token holders and 5% directed to wallets in a different currency, Binance Coin (BNB), controlled by the coin’s authors.
SafeMoon Wallet is a safe place to buy, sell, and swap your crypto. Easy to use. Our wallet is easy to understand, even for crypto and blockchain beginners. Our calculator will break down exactly which tokens you’re purchasing, opening the door to the world of decentralized finance.
Thus, to understand the procedure of how to withdraw money from Safemoon’s wallet is important for you to know some of the reasons why Safemoon is considered and is the best out of all compared to others is because of following reasons:
1. It is easy to use with no complex steps and procedures.
2. Safemoon wallet is easy to understand, even for crypto and blockchain beginners. The inbuilt calculator in the Safemoon application will break down exactly which tokens you’re purchasing, opening the door to the world of decentralized finance.
3. Safemoon supports some of the most popular cryptocurrencies like Ethereum, SafeMoon, and BNB, and many of the most popular crypto tokens are available here.
4. Safemoon’s streamlined interface will help you track the markets and make an informed decision about your crypto purchase.
How To Withdraw Money From Safemoon Wallet?
The easiest way to encash your rewards and have an overall experience at trading. We are here to help you learn how to withdraw money from Safermoon Wallet. Have your money in your hands in these simple steps. Send your SafeMoon to BitMart> Sell it for USDT> Buy XLM/USDT> Send the XLM to Coinbase> Sell the XLM on Coinbase> Cash out to your bank account.
You could also do the same process, but with BTC instead of XLM, and send the BTC to your CashApp address and cash out there.
Here is a simplified explanation of how to withdraw money from Safemoon Wallet. Well, you can’t directly withdraw money from Safemoon Wallet. What you have to do, below is the guide for that.
Step 1: Send your Safemoon tokens to BitMart
Step 2: Sell those for USDT
Step 3: Once you have sold USDT, the next step is you have to buy XML or USDT
Step 4: Send the XML or USDT whichever you bought to Coinbase
Step 5: Sell XML/USDT Tokens on Coinbase
Step 6: Cash out to your bank account and have fun trading!
How To Withdraw From Trust Wallet?
Suppose you wish to withdraw your crypto from Trust Wallet. In that case, the procedure is the same whether it is a conventional cryptocurrency or a stable coin, Navigate to the wallet> Tap at the bottom of the app> Hit the “Send” button> Go to your wallet then “Receive” and “Copy it”> Return to Trust wallet and Paste the address in the Recipient Address.
Step 1: At the bottom of your app, navigate the “Wallet” tab
Step 2: Choose the cryptocurrency you want to transfer and hit the “Send” button.
Step 3: Go to the exchange or wallet to send your cryptocurrency. Find the “Receive” or “Deposit” address and “Copy” it.
Step 4: Return to Trust Wallet and “Paste” the address in the “Recipient Address” field.
These were some easy steps of how to withdraw money from Safemoon wallet. We hope that this article helped with what you were looking for. Furthermore, if you have any doubts about this article, you can drop your queries in the comment section below. We promise to revert as soon as we can. Hope you had a happy reading!