I couldn’t help but be intrigued when I saw a pancake slash rabbit-themed crypto decentralized traded platform. Not only did the cutesy entertaining UI appeal to me, but so did the perks—those high APYs!
PancakeSwap is a Binance Smart Chain-based exchange, farming, and pooling platform for tokens. They offer unique features like prediction and lottery and the ability to stake and farm coins through liquidity pools.
So began my adventure. It was a bit of a try-and-error process because I chose the wrong wallet, and the website was slow to load for some reason. I was finally able to access and use PancakeSwap in what I believe is the easiest and most straightforward way after much trial and error, sending the wrong kind of BNB, and losing a small number of coins on MetaMask (the
wallet is not recommended at all),
DeFi is excellent, although it may be perplexing at times. So, to save you the time and frustration that I had with PancakeSwap, I’d like to give a lesson on how to get started with it.
TrustWallet should be installed.
I explored numerous wallet apps before settling on TrustWallet as the best option. For example, MetaMask click here crashed my phone. (I later discovered it is based on the Ethereum network, which isn’t ideal for BSC-based PancakeSwap.)
TrustWallet should be obtained from a reliable source. It’s available on Google Play and the Apple App Store. It’s critical to stay away from installers from unknown sources. By installing a modified wallet software, many lost their cryptos to hackers.
By the way, here’s the official TrustWallet website.
Constructing a new wallet
Please create a new wallet, generate a seed key, then back it up according to the instructions (writing it down on paper.)
After that, TrustWallet creates wallets for each coin supported. Because not everything will appear on the main screen, you will need to enable some of them manually.
Here are several crucial wallets to keep on your main screen:
Chain of Intelligence
Smart Chain is a BNB. However, it is stored in a BEP20 wallet. This is the BNB you’ll need to use on PancakeSwap to transact (Paying gas fee, swapping, staking, etc.) Smart Chain is already on the main screen by default, as shown in the previous image.
If it doesn’t work or you’ve misplaced it, click the symbol in the top right corner of the screen and type BNB.
There are two BNBs, as you can see. Select the Smart Chain option. The ordinary BEP2 BNB is the alternative option. These are two different wallets, and PancakeSwap does not support the latter.
I’ll explain in the next point why I prefer to use BUSD. For the time being, make the wallet visible on the main screen of TW.
You’ll see two alternatives, just like when looking for Smart Chain. As seen in the image, enable the “BUSD — BEP20 BUSD” option.
I shouldn’t activate wallets for BEP2 BNB and BUSD because it would only confuse me and increase the chances of transmitting to the wrong address. Furthermore, PancakeSwap does not require BEP2 BNB and BUSD.
If necessary, you can additionally enable other cryptos such as Bitcoin or Ethereum.
Purchase some BNB.
It’s now time to put some cash in the wallet.
BNB (Smart Chain) should be deposited first, followed by other cryptos. It’s necessary since every transaction on PancakeSwap requires BNB SC to pay gas fees.
BNB can be sent from any wallet or exchange.
From my Binance spot wallet, I sent my first BNB transaction. I purchased the BNB on Binance as well. (Where else is the most excellent place to buy BNB besides Binance?)
It’s also relatively cheap to send BNB from this exchange to anywhere in the world. Other businesses I use have fees that are up to ten times more. The cost from Binance is simply 0,0005 BNB.
Sending them to the appropriate network and address
Withdraw BNB to your Smart Chain TrustWallet address. Ensure “BEP20(BSC)” is chosen in the Network column on the withdrawal page. You must transmit your BNB to the correct BNB SC wallet.
Other ways to obtain BNB
I discovered while creating this article that you may buy BNB directly from TrustWallet. The BUY button on the wallet page was something I was aware of. However, it took me to a blank page at the time. It turns out that it will connect you to TrustWallet’s third-party partners, who will allow you to buy BNB with a credit card at a competitive cost.
I haven’t tried it, but it could be an option for folks who don’t have BNB in other wallets or exchanges (you could call them first-time BNBers.) BNB can be purchased for as little as $50.
You’re ready for PancakeSwap now that you have BNB in your TrustWallet.
After making your first BNB deposit, send BUSD.
The first time I placed BNB into my Trust Wallet was the only time I did so. After that, I only deposit BUSD.
There are various causes for this:
1. To keep my BNB “alive” for as long as feasible. Because you can exchange other tokens for BUSD instead of BNB, you can keep your BNB for different purposes and never let it run out.
2. Having a cash reserve in case the price of BNB drops. (PancakeSwap allows you to convert BUSD to BNB.) TrustWallet switching is not recommended because the fee is much higher.)
3. When moving BUSD out of Binance, there are no fees, and you can send as little as $10 worth of BUSD.
It’s simply better money management for me. When withdrawing BUSD from your other wallets, be sure to select the same “BEP20(BSC)” option.
This is critical! Don’t transmit BUSD before Smart Chain; else, you won’t be able to transact with that BUSD. Smart Chain is required for BUSD transactions because of the gas fee.
Getting to PancakeSwap and Using It
It’s now time to have some fun.
1. Go to the Trust Wallet browser and log in.
Tap the DApps menu at the bottom of the screen. Trust Wallet’s in-app browser will launch. Type pancakes were. Finance into the search bar, or click the PancakeSwap icon on the home page if it’s visible.
2. Integrating PancakeSwap with your Trust Wallet
To use PancakeSwap, you must first connect your wallet. Select “TrustWallet” after tapping “Connect.” The “Connect” button will display a sample of your wallet address once you’ve connected. This is how PancakeSwap and your wallet are linked.
You’re all set now! You can begin exploring PancakeSwap’s features and making a transaction right away.
Additional suggestions: How to use PancakeSwap safely on your PC with WalletConnect
I occasionally use my computer to access PancakeSwap. You’ll need to link your Trust Wallet differently in such a scenario.
Important! Use caution while installing suspicious plugins or chrome extensions that claim to connect your wallet to PancakeSwap. This is how a hacker can access your wallet and take your cryptocurrency.
A secure way to connect your wallet to PancakeSwap doesn’t require any additional apps or software.
Here’s what you should do:
1. Go to pancakes was. Finance on your browser on your PC.
2. Select “Connect” from the menu. Choose “WalletConnect” this time. Select the tab with the QR code.
3. Go to TrustWallet > Settings > WalletConnect on your phone. Use your computer to scan the QR code.
And there you have it! PancakeSwap may now be used on your computer.
So that’s the most obvious way to experience PancakeSwap’s sweetness.
I’ll create a separate essay detailing PancakeSwap’s features later on. This site was more appealing to me than UniSwaps or SushiSwap. I also intend to talk about the risks it poses and how we may mitigate them – stay tuned for more pieces. One thing is sure: for the time being, I’m just having fun discovering PancakeSwap.