Are you a crypto enthusiast?
Are you new to the cryptocurrency space and all that it takes?
However, do you want to start with key basics and the most effective guidance?
Well, this is just for you!
Here you are with a well-detailed step by step guide on how to trade ( Buy and Sell cryptocurrencies) on PancakeSwap AMM Decentralised Exchange.
Who / What is PancakeSwap?
\ PancakeSwap is a well known and almost used exchange for an alternative automated liquidity market Making (AMM) with no compliance with regulations, laws or intermediaries based on Binance Smart Chain. That is why PancakeSwap is referred to as a Decentralised Exchange.
\ PancakeSwap has a bunch of features that allow users to interact with the platform such as Swapping your stable coins, liquidity Farming and pooling also known as staking, a lottery game as well as trading competition and market prediction program.
\ PancakeSwap has new additional features such as NFT Marketplace, Initial Farm Offering ( IFO) and voting for the platform Governance.
A sample picture to make you have a pre-awareness of pancakeswap users interface and features.
PancakeSwap’ Swap platform: First Swap, Buy & Sell.
The Swap function allows users to Swap their stable coins against a token they want to buy. In simple terms, the Swap is a relevant function to do a fast-selling or buying without a call order for buy order or sell order on the order book market.
Note: pancakeSwap’s entire ecosystem is built on Binance Smart Chain BEP20 ( BSC). It’s strictly required for all users to first set up a BEP20 wallet to be able to trade.
Set up your First BEP20 wallet address on Mobile
- Download any supporting BEP20 wallet: Download trust wallet
- Create your first Multichain wallet.
- Save and back up your SEED phrases in a safe place!
- Enjoy your new BEP20 wallet
Sep up your First BEP20 wallet address on Desktop
- Download MetaMaks wallet
- Set up and back your first SEED phrases
- Go to Setting and Add new Network ( RPC):
- Copy Paste in the corresponding field:
- Network Name: BSC Mainnet
- New RPC URL: https://bsc-dataseed1.binance.org/ or https://bsc-dataseed2.binance.org/
- ChainID: 56, or 0x38 if 56 doesn’t work
- Symbol: BNB
- Block Explorer URL: https://bscscan.com/
Congratulations on successfully setting up your new wallet and being ready to do your first token Swap. Nevertheless, there are important steps you are required to follow to complete your Swap at 100%.
Similarly to the real world marketplaces, the buyer must have the means of exchange ( the dollar for US Citizens) to be able to buy a good. And as matter of fact, the US dollar is the world’s trading/reserve currency following the Cold War strategy pursued by the US. This market psychology is implemented in all human’s endeavours. Thus, the dollar is also the base currency in the cryptospace to portray the real world economy and politics.
How to get your first Stable Dollar CryptoCurrency?
Good question if you have ever thought about it!
Great, the blockchain industry is made up of conventions and programs. Each program or consensus, as well as blockchain, may adopt a stable currency. Find below the most used Crypto-stables dollars coins:
Binance USD is your stable dollar coin to trade on Binance Smart Chain base platforms like PancakeSwap DEX.
Follow the steps below to get your first BUSD securely.
- Sign up with an account on Binance Exchange and receive a 10% kickback on the trading fee
- Complete identity verification; find how to verify your Binance account here.
- Now Buy your BUSD coins into your spot wallet with your credit card or Bank account. You can earn up to 30% commission on trading fees as an affiliate.
- Now, send your BUSD coins to your new Multichain wallet.
Congratulation on buying your first BUSD stable coins. You can now follow the coming steps for a 100% successful swap on PancakeSwap
How to do your first token Swap on PancakeSwap:
For this example, we will Swap our BUSD for Cake ( BSC) token.
For mobile users:
Make sure to turn your Dapp browser on BSC network.
- Launch your wallet Dapp Browser
- Copy and Paste: PancakeSwap.finance in the search bar
- Now sear for BUSD Coin, and pick at pops up!
- Verify your selection
- Enter the amount of BUSD you want to Swap for Cake tokens
Note: at this stage, you have the possibility to control the tax on your purchase referred to as the Slippage Tolerance. Click on the top setting button to have access to the control panel. Make sure to have the right slippage allowed for your tokens swap to avoid failure in the transaction ( txs).
- Set your Slippage page at a normal rate of 0.5% and go ahead with the Swap button.
- Wait for the successful bill of BUSD/Cake transaction!
For Desktop users: Make sure to turn Smart chain mainnet
- Visit PancakeSwap
- Connect your MetaMask
- Confirm the sign-in notification
- Follow the Swapping process as a Mobile user till confirmation
- You are done!
Congratulations Mutant! You just bought your first time Cake ( BSC) tokens. You will find them in your new wallet.
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