When it comes to swapping cryptocurrencies, this is a process that, at one point in time, might have been difficult to pull off; however, with the latest developments and updates in regards to cryptocurrency exchanges and wallets, it has never been simpler to do so.
Swapping Safemoon is similar to selling Safemoon in exchange for another cryptocurrency token.
Investors are consistently mapping out strategies when it comes to diversifying their cryptocurrency portfolio, and as such, there might come a point in time when they want to exit Safemoon.
Whatever your case may be, today, we are going to go over everything you need to know when it comes to swapping or selling Safemoon safely and through means which are secure.
One of the most popular cryptocurrency trading pairs on numerous decentralized exchanges is Safemoon with the BNB cryptocurrency due to the fact that it typically has the lowest transaction fees and isn’t as difficult to; later on, through Binance as an exchange, cash-out into FIAT currencies such as USD.
Once you swap your Safemoon cryptocurrency for the BNB cryptocurrency, you can easily exchange it for USD, and we will show you exactly how you can do this procedure, so let’s dive in.
Swapping your Safemoon to BNB
There are a few things you need to get out of the way first when it comes to selling your Safemoon balance for BNB.
Specifically, you will need to have a cryptocurrency wallet that can accept the BNB cryptocurrency token and can connect to the BNB Smart Chain.
For example, you can use the MetaMask wallet or the Trust Wallet; it’s ultimately up to you.
Today, we will be using the Trust Wallet, but keep in mind that this procedure can be done easily through just about any other wallet that can hold your private keys.
Then, you might want to create a Binance account as a means of, later on, converting the BNB cryptocurrency from the on-exchange wallet to USD, which you can cash out to your bank account afterwards.
With that out of the way, let’s go over how you can complete this task step-by-step.
Step 1: Create your Trust Wallet
Simply navigate to the official Trust Wallet website, after which you can either download the app on the AppStore or on the Google Play Store. Android even gives you the ability to side-load the application in the form of a .APK file, assuming you are using a device that does not natively support the Google Play Store.
Step 2: Ensure that you have your Safemoon balance on the Trust Wallet
The chances are high that if you want to exchange or swap Safemoon, you probably have bought it on either a decentralized exchange or a centralized exchange.
If indeed you did buy the token on a centralized exchange, you will need to transfer it from the on-exchange wallet to the Trust Wallet.
To do this, simply send the cryptocurrency to your Trust Wallet public address. We recommend sending the least amount of the Safemoon cryptocurrency first before sending the full amount in a second transaction, just so you do not get the wrong address initially and end up losing your cryptocurrency.
Step 3: Connecting to PancakeSwap
Once you have your Safemoon balance on Trust Wallet, you can now head over to PancakeSwap, where you will need to connect your wallet.
Once your wallet has been successfully connected, you can then go to “Trade” -> “Swap”
Then select Safemoon as the cryptocurrency and BNB as the trading pair.
Note that you can simply click on any of the two pairs, after which you will be able to see a list of available cryptocurrencies and can type Safemoon in the search bar.
Then, you will need to click on “Continue.”
In the “From” section, you can tap on “Max” in order to sell all of your Safemoon tokens; assuming you want to sell a portion; you can also just state the amount that you want to sell.
Then, you can tap on “Swap,” after which you can click on “Confirm Swap.”
You will be taken to a page that will inform you that there is a BNB network fee. If you agree with the fee, you can click on “Send.”
You will then get a “Transaction submitted” message. If you navigate to BscScan, you can even check the status of the transaction. Once it has been processed, it will move from “Pending” to “Success.”
BscScan is essentially a blockchain explorer by the same team behind Etherscan, except it was built specifically for the BNB Smart Chain.
Exchanging BNB to FIAT currencies such as USD
Now, if you want to exchange the BNB cryptocurrency for FIAT currency, the best way that you can achieve this task is to transfer the cryptocurrency to Binance.
Step 1: Create a Binance Account
All you have to do here is navigate to Binance, create an account, go to the “Wallet” section of the page, and click on “Deposit.”
Step 2: Connect the Wallets
Then, select BNB as your cryptocurrency, and copy your wallet address to your BNB memo number.
Head back to your Trust Wallet, paste the address under the “Recipient Address” bar, and paste the BNB memo number under “Memo.” Tap on “Max,” click on “Next,” and then hit on “Send” on the confirmation page.
Step 3: Completing the Sale
You can then head over to the “Buy Crypto” section and click on the “Sell” tab.
Here, select “BNB” under the Sell section, and select “USD” under Payment Method.
Click on “Max,” followed by “Sell BNB,” and you will then be able to withdraw your USD balance.
Conclusion
That is everything you need to know when it comes to swapping Safemoon to BNB and then cashing out in USD through the usage of the Binance cryptocurrency exchange.
Note that if you are a resident of the United States, you will need to use Binance US for the second part of this guide.