How to file your SafeMoon Wallet taxes with Koinly
SafeMoon Wallet is a non-custodial wallet that lets investors send, receive, buy, sell, and trade SafeMoon (SFM) on the BNB blockchain, as well as PSAFEMOON on the Ethereum blockchain. Whatever your investments, Koinly can help with your SafeMoon taxes, here's how it works.
Follow these steps to sync your Safemoon Wallet data automatically to Koinly:
- Open your Safemoon Wallet wallet app
- Copy the public address for every coin that you have on it (even the ones with a zero balance)
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Safemoon Wallet in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
Your frequently asked questions
Does SafeMoon Wallet have tax documents?
No. SafeMoon Wallet does not issue tax documents for users. Instead, you'll need to calculate your SafeMoon taxes yourself or use crypto tax software to do it for you.
How do I get SafeMoon Wallet tax documents?
The easiest way to get your SafeMoon Wallet tax documents is to connect automatically to a crypto tax calculator like Koinly. All you need to do is add your public address to Koinly and Koinly can fetch your SafeMoon Wallet transaction history and calculate any gains, losses, or income.
Does SafeMoon Wallet provide financial or end of year statements?
No. SafeMoon Wallet does not provide financial or end of year statements for users.
Do I have to pay taxes on SafeMoon tokens?
Yes. Tax offices around the world are clear that crypto is subject to tax - generally, either Capital Gains Tax or Income Tax. You can learn more about crypto tax where you live in our crypto tax guides.
Is SafeMoon Wallet safe?
SafeMoon Wallet is a non-custodial hot wallet. While the wallet features all the standard security features of most non-custodial hot wallets, your crypto is only as safe as you are. You should always follow best security practices and store your crypto in a non-custodial cold wallet whenever you're not actively trading. Learn more about the best places to store crypto.
What is the SafeMoon tax?
The SafeMoon tax refers to the fee charged on all SafeMoon transactions. Whenever you transact with SFM tokens you'll be charged a 10% fee on the transaction, although with SafeMoon V2, some contracts can be adjusted to a 2% fee instead. This fee is redistributed between:
Token holders (4%)
LP acquisition (3%)
Token burn (2%)
SafeMoon ecosystem growth fund (1%)
What is the SafeMoon 100% tax?
In 2022, SafeMoon tokens migrated from V1 to V2. As part of this migration, investors were given a deadline to migrate their V1 tokens to V2. Investors that failed to migrate tokens faced a "100% tax" - a fee that effectively charged these investors the entire value of their token. This decision was met with a lot of criticism from investors, who claimed SafeMoon did not give adequate warning of the deadline and penalty.
What is SafeMoon V2?
SafeMoon V2 is an updated version of the SafeMoon contract. Updates included 2% transaction fees for trading wallet to wallet and 1:1000 token consolidation.
Is SafeMoon legit?
SafeMoon has faced several controversies since its launch in 2021. At the time of writing, there is a class action lawsuit filed against SafeMoon, alleging the company is a pump and dump scheme with several celebrities named as defendants in the case. This case is ongoing and we'll update this page as soon as there is more information.
How to buy SafeMoon with Trust Wallet?
You don't have to use the Safemoon Wallet to invest in SFM, you can use other popular non-custodial wallets like Trust Wallet. Here's how:
Open Trust Wallet and select the three-line icon in the top right corner
Search Safemoon and select SFM Smart Chain (SafeMoon V2)
Select add custom token, then Smart Chain
Enter the contract address - you can find this on CoinMarketCap) under contracts
Select add token
Now you've got your token added, you can use a DEX like PancakeSwap to buy Safemoon using BNB, just enter the amount of BNB you'd like to exchange for SFM and swap