PancakeSwap is a decentralized exchange poised to help users make the most of their crypto assets. The DEX is built on Binance Smart Chain (BSC), which provides Pancakeswap users with the opportunity to swap their BEP-20 tokens.
This article is a guide that provides important information before investing in Pancakeswap. How to use the DEX Pancakeswap exchange? How to trade BEP-20 tokens on the PancakeSwap? You’ll discover these and more answers in this Pancakeswap Guide.
Pancakeswap Features
PancakeSwap is built with three main features: Trade, Earn and Win. The DEX boasts of extremely low fees as compared to DEX platforms on Ethereum or Bitcoin Chains. Here is a description of each one of them:
- Trade – Users do not need to have an account or register on the platform. They can easily swap their crypto assets on PancakeSwap by connecting to any of these wallets: Metamask, WalletConnect, Trust Wallet, among others. As funds don’t go to any centralized platform, users have complete ownership of their funds.
- Earn – Users earn rewards with huge APYs on PancakeSwap, which are usually expressed in CAKE or other supported tokens. Also, rewards can be gotten from Syrup Pools, staking CAKE tokens, Yield Farms, and Liquidity Pools (LPs).
- Win – This involves the lottery’s section with millions of dollars up for grabs. Currently, over 11,000 players take part in the lottery event every day. Also, participants can earn NFT collectibles when they take part in trading competitions. Moreover, users can win tokens if they predict the price of BNB tokens.
On the other hand, PancakeSwap boasts of several exciting products like Yield Farming, Decentralized Exchange (DEX). Also, it has NFT Market, IFO (Initial Farm Offering), and Voting (Governance)
Step-by-Step Process on How to Use PancakeSwap
Since connecting the wallet to being able to trade, we’ll explain how you can start taking advantage of Pancakeswap’s features:
1. Set Up a BSC-Compatible Wallet
Firstly, you need to create or connect an existing BSC-compatible wallet. This can be either on a supported smartphone or on a desktop computer. Wallets like Metamask, Trust Wallet, Safepal, and Token pocket can be used with PancakeSwap DEX.
The first thing to do is to Open MetaMask on Chrome and change the network from its default ‘Ethereum mainnet’. To do this, you need to select the ‘network selector’ icon and then click on add network. This will transfer you to a new window page. Next is to carefully input the details below into the new window.
Network Name: Binance Smart Chain (BSC)
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Currency Symbol: BNB and
Lastly, Block Explorer URL: http://bscscan.com/
Source – PancakeSwap
Finally, click on the ‘SAVE’ button and you’ve set up your Meta mask wallet.
In conclusion, you need to log on to PancakeSwap DEX. Click on the ‘Connect’ button and choose the Metamask option.
2. Get / Convert to BEP-20 Tokens
Once you have your wallet connected, you need to get BEP-20 tokens. It’s important to mention that if you have tokens from other standards, you have to first be converted to BEP-20. This can easily be carried out using Safepal, Binance bridge, or Binance.com.
3. How to Trade on PancakeSwap
- First, you need to log into the exchange page and unlock your already connected wallet.
- Next, you need to choose your desired token to trade from the drop-down menu. Notably, you need to already have your chosen token sitting in your wallet before you can start trading.
- Then, you have to choose the token you want to receive from the ‘To’ section and type in your desired amount.
Source – PancakeSwap
- Lastly, confirm all the imputed details are accurate and then click on the ‘CONFIRM’ icon.
You can also easily view the transaction details on BscScan.
CAKE Price Outlook
At the time of writing, the price of CAKE was trading at $8.39 with a market cap of $2,2 billion and a 24-hour trading volume of $106.4 million. The token is also up by 4.2% in the last 24 hours.
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