Discover how to Trade, Earn, and Win tokens on decentralized exchange (DEX) PancakeSwap.
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 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:
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)
Since connecting the wallet to being able to trade, we’ll explain how you can start taking advantage of Pancakeswap’s features:
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.
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.
Source – PancakeSwap
You can also easily view the transaction details on BscScan.
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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