PancakeSwap is a decentralized exchange that allows you to swap BEP-20 tokens.
On PancakeSwap, you can swap BNB for another token like ElonTech.
However, you need to connect a cryptocurrency wallet to PancakeSwap before you can swap BNB for another token.
In addition, 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 stake LP tokens to earn income.
However, this PancakeSwap tutorial focuses on swapping BNB for another token.
In this PancakeSwap tutorial, you’ll learn how to use PancakeSwap with a wallet like Trust Wallet to swap BNB for another token.
How to use PancakeSwap
To use PancakeSwap, you need to connect it to a wallet like Trust Wallet.
Then, you’ll be able to use BNB to swap for another token.
However, you need to buy some BNB and deposit it into Trust Wallet first.
Do not buy BNB on Trust Wallet as the fees are very high.
You can do this by buying BNB on a cryptocurrency exchange like Binance.
Then, copy your Smart Chain address on Trust Wallet and navigate to the “Withdraw BNB” page on Binance.
On the withdrawal page, paste your Smart Chain address from Trust Wallet in the “Address” field, enter the amount of BNB that you want to withdraw, and withdraw it.
Once you’ve deposited BNB into your Smart Chain address on Trust Wallet, you’ll be able to use PancakeSwap to swap BNB for another token.
Here’s how to use PancakeSwap:
- Download Trust Wallet & deposit BNB
- Go to PancakeSwap & tap on “Connect”
- Connect to a wallet
- Select a currency
- Import the token & swap BNB for it
1. Download Trust Wallet & deposit BNB
To begin with, you need to have a cryptocurrency wallet.
You need a cryptocurrency wallet to connect to PancakeSwap later on.
In this example, we’ll use Trust Wallet.
Firstly, go to the App Store or Google Play Store and download Trust Wallet.
Once you’ve downloaded Trust Wallet, you need to create a new wallet.
To create a new wallet on Trust Wallet, you need to save and verify your recovery phrase.
Once you’ve created a new wallet on Trust Wallet, you’ll see a list of cryptocurrencies.
Tap on “Smart Chain” to open your Smart Chain wallet.
On your Smart Chain wallet, you’ll see multiple icons including “Send”, “Receive”, “Copy”, and “More”.
Tap on “Copy” to copy your Smart Chain address.
You need to deposit BNB into this address later on.
Get started on Binance here: https://www.binance.com/en/register?ref=73583477 or use “73583477” as the referral code.
Now that you’ve created a wallet on Trust Wallet, you need to buy some BNB.
You can buy BNB from a cryptocurrency exchange like Binance.
Firstly, download the Binance app on the App Store or Google Play Store.
Then, create a Binance account and use “73583477” as the referral code.
You’ll then be required to verify your identity.
To verify your identity, you need to upload the front and back of your ID.
After you’ve verified your identity, tap on the reverse icon on the app, and tap on “Buy”.
You’ll then see a list of cryptocurrencies that you can buy.
Next, tap on “BNB”, enter the amount of BNB that you want to buy, and tap on “Buy” again.
If you haven’t added a payment method yet, you’ll need to provide your credit or debit card information.
After you’ve bought some BNB on Binance, you need to send it to Trust Wallet.
Firstly, navigate to your portfolio on Binance by tapping on the wallet icon on the bottom navigation bar.
Then, tap on “BNB” followed by “Withdraw”.
On the “Withdraw BNB” page, paste your Smart Chain address from Trust Wallet in the “Address” field.
Next, enter the amount of BNB that you want to send and tap on “Withdraw”.
The withdrawal process will take about 30 to 60 minutes to complete.
2. Go to PancakeSwap & tap on “Connect”
Once you’ve sent BNB to Trust Wallet, you’ll be able to swap it for another token on PancakeSwap.
Firstly, go to the PancakeSwap website.
To swap on PancakeSwap, you need to connect to a wallet first.
To connect to a wallet, tap on “Connect” on the top navigation bar.
After you’ve tapped on “Connect”, the “Connect to a wallet” pop-up will open.
The pop-up contains a list of wallets that you can connect to.
Tap on “WalletConnect” to connect to WalletConnect.
3. Connect to a wallet
After you’ve tapped on “WalletConnect”, you’ll see a list of wallets that you can connect to.
This includes “Rainbow”, “Trust”, “Argent”, and others.
Since you’re using Trust Wallet, tap on “Trust” to connect to Trust Wallet.
You’ll 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 on “Open” to open the page on Trust Wallet.
4. Select a currency
After you’ve tapped on “Open”, Trust Wallet will open.
On Trust Wallet, you’ll see a confirmation page.
Tap on “Connect” to allow PancakeSwap to connect to Trust Wallet.
Now that you’ve connected Trust Wallet to PancakeSwap, you’ll see your address on the top navigation bar.
This means that Trust Wallet is successfully connected to PancakeSwap.
Now, you’ll be able to swap BNB for another token.
Firstly, tap on “Select a currency” in the “To” field.
5. Import the token & swap BNB for it
After you’ve tapped on “Select a currency”, you’ll see a list of tokens that you can swap BNB for.
On the “Search name or paste address” field, you need to paste the contact address of the token that you want to buy.
For example, if you want to buy Spore Finance, you need to paste the contact address of Spore Finance on the “Search name or paste address” field.
To find the contract address of the token that you want to buy, you need to visit it on bscscan.com or coinmarketcap.com.
Then, copy the token’s contact address under “Contracts” and paste it in the “Search name or paste address” field.
Lastly, tap on “Import” to import the token to PancakeSwap.
Now that you’ve imported the token to PancakeSwap, you’ll be able to swap BNB for it.
Firstly, enter the amount of BNB that you want to swap for the token.
For example, if you want to swap 0.1 BNB, enter “0.1” in the “From” field.
Lastly, tap on “Swap” to swap BNB for the token that you’ve imported.
Make sure that you have sufficient BNB on Trust Wallet or the transaction will fail!
You’ve successfully learned how to use PancakeSwap with Trust Wallet to swap BNB for another token!
Conclusion
PancakeSwap is typically used to swap BEP-20 tokens.
However, you can also use it to stake LP tokens.
To do so, you need to add liquidity to PancakeSwap to get LP tokens on the “Liquidity” tab.
Then, you can stake your LP tokens by navigating to the “Farms” page.
Next, tap on “Enable” to enable farm followed by “Stake LP”.
When you stake your LP tokens, you can earn passive income on it depending on the APR.
You can also stake your cryptocurrency directly on the “Pools” page without LP tokens.
