How To Use PancakeSwap
PancakeSwap is Binance Smart Chain's (BSC) largest AMM project, an automated market maker. There are no order books, bid or ask systems or limit/market orders in this system. Instead, participants trading on the platform can auto-draw liquidity from multiple liquidity pools, which readjust themselves after each trade.
Let’s explore how to connect your PancakeSwap exchange account with ZenLedger and also learn how to use PancakeSwap crypto.
Connecting Your PancakeSwap Account To ZenLedger
- To import your transactions, log in to pancakeswap and copy your receiving address
- Paste the receiving address you copied from pancakeswap into the wallet address field in ZenLedger
- Select the proper coin from the dropdown list
- Select if the wallet is based in the USA or not
- Then hit add a coin
How To Generate PancakeSwap Crypto Tax Form
After you’ve connected your PancakeSwap account, completed your import, and confirmed that your transaction information and tax liabilities are correct, simply click to download your forms!
How To Use PancakeSwap
1. Download & Create A New Wallet
- First things first, download the Trust wallet app from Google Play Store or Apple App Store.
The next step is to create a new wallet.
- You'll see a list of cryptocurrencies after creating a new wallet on Trust Wallet.
- Open your Smart Chain wallet by tapping on "Smart Chain."
- Several icons, such as "Send," "Receive," "Copy," and "More," will appear on your Smart Chain wallet.
- Now, copy your Smart Chain address by selecting "Copy" from the menu.
- Whenever you want to deposit BNB, you’ll do it at this address.
Download the Binance App from Google Play Store or Apple App Store and verify your identity.
- Once you've validated your identification, go to the app's reverse icon and select "Buy."
- After that, you'll see a list of cryptocurrencies that you may purchase.
- Then click "BNB," input the amount of BNB you wish to buy, then hit "Buy" once again.
- You'll need to enter your credit or debit card information if you haven't already done so.
Now, you must transfer your BNB to Trust Wallet after purchasing it on Binance.
- Go to Binance and tap on the wallet symbol in the bottom navigation bar to access your portfolio.
- Then, tap "BNB" and then "Withdraw."
- In the "Address" section on the "Withdraw BNB" tab, put your Smart Chain address from your Trust Wallet.
- Then, click "Withdraw" and enter the amount of BNB you wish to send.
It will take 30 to 60 minutes to complete the withdrawal procedure.
2. Connect PancakeSwap
You'll be able to swap BNB for another token on PancakeSwap once you've submitted it to the Trust Wallet.
- First, go to the PancakeSwap website.
- To use PancakeSwap, you must first connect to a wallet.
- To connect to a wallet, go to the top navigation bar and touch "Connect."
- The "Connect to a wallet" pop-up will appear once you hit "Connect."
- A list of wallets that you may connect to appears in the pop-up.
- To connect to WalletConnect, tap "WalletConnect."
3. Import Token & Swap BNB
- You may now exchange BNB for another token.
- First, under the "To" section, touch "Select a currency."
- After tapping "Select a currency," you'll see a selection of tokens for which you may exchange BNB.
- You must enter the contact address of the token you wish to buy into the "Search name or paste address" section.
- Then, under "Contracts," copy the token's contact address and paste it into the "Search name or paste address" section.
- Finally, press the "Import" button to add the token to PancakeSwap.
You'll be able to trade BNB for the token now that you've imported it to PancakeSwap.
- Enter the amount of BNB you wish to exchange for the token.
- Finally, hit "Swap" to exchange BNB for the cryptocurrency you imported.
- If you don't have enough BNB in your Trust Wallet, the transaction will fail!
You've successfully swapped BNB for another token using PancakeSwap and Trust Wallet!
The Bottom Line
PancakeSwap is Binance Smart Chain's (BSC) largest AMM project, with certain unique characteristics. Although Ethereum may have sparked the DeFi craze, projects like PancakeSwap show that the wave of innovation may soon extend to other blockchains.