The cryptocurrency industry is witnessing constant growth. Owing to the fame, investors are getting interested in trade and buying crypto to earn profits from the comfort of their homes. To define cryptocurrency in layman’s terms, it is the currency that exists in digital form. Investors involve themselves in trading and selling crypto and it involves speculations about the trends and crypto price movements.
Before jumping into the main topic of discussion, let’s look at what PancakeSwap is. It is a decentralized exchange that lets you pursue trading of tokens and at the same time also provides opportunities to gain profit from liquidity pools and staking. It runs on Binance Smart Chain (BSC) unlike other similar platforms, which lets PancakeSwap charge lesser transaction costs than its complementaries.
Steps to Follow if You’re Willing to Purchase PancakeSwap as It Charges
After connecting to PancakeSwap, the next question is how to make use of it.
There are a few steps that need to be followed and a few things you need to keep in mind while buying on PancakeSwap.
It only supports BEP-20 tokens for trading, traditional currency can’t be used on the platform for buying or trading.Â
Firstly, you are required to connect your smart wallet to PancakeSwap. For that, you must follow these steps:
- Select the “Connect Wallet” option present in the top-right corner.
- You can simply select the icon and the rest of the instructions will be given in the pop-up window that will appear. This process is the same for most browser extension wallets. Navigate to the PancakeSwap exchange page.
- Once you’re done connecting your wallet to PancakeSwap, follow these steps to buy on the platform.
Go to the PancakeSwap website and you’ll find a “trade” option on the top left of the webpage. You are expected to tap on the trade option and that will direct you to the “Swap” page.
Select the Token You Want to Exchange
As soon as you’re directed to the “Swap” page, you can find a calculator option on the right side of the page. You will see a drop-down menu and you can use it to select the coin that you want to exchange.
Choose the Token You’re Willing to Make the Trade to
Making use of the same calculator as before, select the drop-down menu in the lower section of the page to choose the coin you are willing to trade.
Enter the Amount
Here you can either input the number of coins you wish to receive or the number of coins you want to exchange. Once you enter the amount in any one of the fields, the calculator will automatically calculate the other field for you. A calculation breakdown will also be available.
Go Through the Details and Click on “Swap”
After reviewing the details when you are sure that all the amounts listed are correct, and you’re content with the fees that you have to bear, click on “Swap” to confirm.
That’s it! You have succeeded in purchasing your first tokens on PancakeSwap. Next, you’ll see a pop-up window that will let you know that your transaction is completed, and along with that, it provides a link that helps you to check your transaction details.
What Are the Best Coins to Buy on PancakeSwap?
One of the main advantages of PancakeSwap is that it is a platform for a wide variety of BEP-20 coins. Nevertheless, with a large number of coins that is available to choose from, it can be intimidating to buyers who are new and just beginning. Here, the best coin options are discussed that you can buy on PancakeSwap.
CAKE
This token is central to the PancakeSwap platform. This token can be used on all products of PancakeSwap.
ETH
This cryptocurrency is the second largest in the market. This is a good coin to purchase if you’re interested in a long-term investment.
HI
This was launched in 2021. This is available to use on PancakeSwap and it can be taken as a membership token.
Research on Your Own to Get Familiar With PancakeSwap
After getting PancakeSwap, curiosity arises about how to use it properly. It is necessary to know the platform well, how it functions, what tokens it supports, and so on. It’s very important to know what coins you are willing to invest in. If you’re familiar with the process of connecting your wallet to PancakeSwap, buying tokens is not a problem. It is very simple and the token options listed above it make your task even easier.
Disclaimer: Investing can be quite a wild ride – especially when you don’t know the terrain! To keep things from getting too rocky, take some time beforehand to get familiar with all of the risks involved. Our site is here to up your investor game by providing all available intel about platforms and trends, but we don’t take responsibility nor can we be held accountable as advisors. That being said, it’s still important for you to make educated decisions that match what works best for YOU – just remember: no amount of savvy will guarantee success or protect against loss so invest money you can spare
