PancakeSwap is a decentralized exchange that allows you to trade BEP-20 tokens.
At PancakeSwap, you can exchange BNB for another token like ElonTech.
However, you need to link a cryptocurrency wallet to PancakeSwap before you can exchange BNB for another token.
Also, you need to have some BNB in your cryptocurrency wallet.
If you don’t have BNB in your cryptocurrency wallet, you can buy it from a cryptocurrency exchange like Binance.
Then, you can send it into your cryptocurrency wallet.
PancakeSwap also allows you to wager LP tokens to earn revenue.
However, this pancakeSwap tutorial focuses on exchanging BNB for another token.
In this PancakeSwap tutorial, you will learn how to use PancakeSwap with a wallet like Trust Wallet to exchange BNB for another token.
Table of Contents:
How to use PancakeSwap
To use PancakeSwap, you need to link it to a wallet like Trust Wallet.
Then, you will be able to use BNB to exchange another token.
However, you need to buy some BNB and deposit it in Trust Wallet first.
Do not buy BNB on Trust Wallet as the fees are very high.
You can do this by purchasing BNB on a cryptocurrency exchange like Binance.
Then, copy your Smart Chain address to Trust Wallet and go to the “Withdraw BNB” page on Binance.
On the withdrawal page, paste your Smart Chain address from Trust Wallet into the “Address” field, enter the amount of BNB you want to withdraw and withdraw it.
Once you deposit BNB into your Smart Chain address on Trust Wallet, you will be able to use PancakeSwap to exchange BNB for another token.
1. Download Trust Wallet and deposit BNB
To begin with, you need to have a cryptocurrency wallet.
You need a cryptocurrency wallet to connect to PancakeSwap later.
In this example, we will use Trust Wallet.
First, go to the App Store or Google Play Store and download Trust Wallet.
After downloading Trust Wallet, you need to create a new wallet.
To create a new wallet on Trust Wallet, you need to save and verify the recovery phrase.
After creating a new wallet on Trust Wallet, you will see a list of cryptocurrencies.
Tap “Smart Chain” to open your Smart Chain wallet.
On your Smart Chain wallet, you will see multiple icons including “Send”, “Receive”, “Copy” and “More”.
Tap “Copy” to copy your Smart Chain address.
You must deposit BNB at this address later.
Now that you have created a wallet on Trust Wallet, you need to buy some BNB.
You can buy BNB from a cryptocurrency exchange like Binance.
First, download the Binance app from the App Store or Google Play Store.
Then, create a Binance account and use “73583477” as the referral code.
You will then be prompted to verify your identity.
To verify your identity, you need to upload the front and back of your ID.
After verifying your identity, tap the reverse icon on the app and tap “Buy”.
You will then see a list of cryptocurrencies that you can buy.
Then, tap “BNB”, enter the amount of BNB you want to buy and tap “Buy” again.
If you haven’t added a payment method yet, you’ll need to provide your credit or debit card information.
After purchasing some BNBs on Binance, you need to send it to Trust Wallet.
First, go to your portfolio on Binance by tapping on the wallet icon in the bottom navigation bar.
Then, tap on “BNB” followed by “Withdraw”.
On the “Collect BNB” page, paste your Smart Chain address from Trust Wallet into the “Address” field.
Next, enter the amount of BNB you want to send and tap “Withdraw”.
The withdrawal process will take about 30-60 minutes to complete.
2. Go to PancakeSwap and tap “Connect”
After sending BNB to Trust Wallet, you will be able to exchange it for another token on PancakeSwap.
First, go to the PancakeSwap website.
To trade on PancakeSwap, you must first connect to a wallet.
To connect to a wallet, tap “Connect” in the top navigation bar.
After tapping “Connect”, the “Connect to a wallet” pop-up will open.
The pop-up contains a list of wallets that you can connect to.
Tap “WalletConnect” to connect to WalletConnect.
3. Connect to a wallet
After tapping on “WalletConnect”, you will see a list of wallets that you can connect to.
This includes “Rainbow”, “Trust”, “Argent” and others.
Since you are using Trust Wallet, tap “Trust” to connect to Trust Wallet.
You will then be prompted to open the page on Trust Wallet.
You need to open the page on Trust Wallet to allow PancakeSwap to connect to it.
Tap “Open” to open the page on Trust Wallet.
4. Select a currency
After tapping “Open”, Trust Wallet will open.
On Trust Wallet, you will see a confirmation page.
Tap “Connect” to allow PancakeSwap to connect to Trust Wallet.
Now that you’ve linked Trust Wallet to PancakeSwap, you’ll see your address in the top navigation bar.
This means that Trust Wallet is successfully linked to PancakeSwap.
Now you will be able to exchange BNB for another token.
First, tap on “Select a currency” in the “To” field.
5. Import the token and exchange BNB for it
After tapping “Select a currency”, you will see a list of tokens for which you can trade BNB.
In the “Search name or paste address” field, you need to paste the contact address of the token you want to buy.
For example, if you want to buy Spore Finance, you need to paste the Spore Finance contact address into the “Search name or paste address” field.
To find the contract address of the token you want to buy, you need to visit it on bscscan.com or coinmarketcap.com.
Next, copy the contact address of the token into “Contracts” and paste it into the “Search name or paste address” field.
Finally, tap “Import” to import the token to PancakeSwap.
Now that you have imported the token into PancakeSwap, you will be able to exchange BNB with it.
First, enter the amount of BNB you want to exchange for the token.
For example, if you want to exchange 0.1 BNB, enter “0.1” in the “From” field.
Finally, tap on “Swap” to exchange BNB for the token you imported.
Make sure you have enough BNB on Trust Wallet or the transaction will fail!
You have successfully learned how to use PancakeSwap with Trust Wallet to exchange BNB for another token!
Conclusion
PancakeSwap is typically used to exchange BEP-20 tokens.
However, you can also use it to wager LP tokens.
To do this, you need to add liquidity to PancakeSwap to get LP tokens in the “Liquidity” tab.
Then, you can point your LP tokens by navigating to the “Farms” page.
Then, tap “Enable” to enable the farm followed by “Stake LP”.
When you bet your LP tokens, you can earn passive income on it depending on the APR.
You can also bet your cryptocurrency directly on the “Pool” page without LP tokens.
