PancakeSwap. Probably one of the most visited sites in my browser history at this point. And once you learn how to use PancakeSwap, and get everything setup, you’ll have one of the best places to farm and find new BSC coins at your disposal.
Farming on PancakeSwap is amazing. Regularly offering Farming rewards of over 700% APR. Sure, the farming isn’t completely risk-free — prices still fluctuate. But you sure as hell can’t go wrong with APRs that are that high. Right?
But, for the newcomers, it’s good to have a helping hand. PancakeSwap is not the easiest place to access. Especially if you’ve never used Defi before.
Sure, it’s incredibly easy to use once you’re setup, but there’s a process required to get to that point.
Fortunately, you’ve found yourself in the right place. And in the next few minutes you’ll be using PancakeSwap; farming, pooling, swapping, and whatever else you’re eager to try out.
There’s a few things you need.
Requirements to use PancakeSwap
All these requirements will be covered in this guide. If you don’t have something, don’t worry–it’s coming up.
(With the exception of a browser–you should already have one if you’re reading this guide …)
What you will need
- A desktop/laptop computer with a Chrome-based browser (Chrome, Edge, Firefox, Brave)
- A browser wallet that supports Binance Smart Chain (we’ll set this up later)
- An account with Binance (signup here)
How to use PancakeSwap
This guide will take you from start to finish. This includes: depositing funds on Binance, buying BNB, setting up Metamask on Binance Smart Chain, sending BNB to Metamask and connecting Metamask to PancakeSwap.
Signup to Binance
PancakeSwap runs on Binance Smart Chain. To make the whole process easier, signup to Binance.
If you’re already signed up, great. You can go to the next section. But …
If you’re not already signed up with Binance: you can get cashback on your trading fees for life if you signup via the link below.
By using the link above, you’ll be a True Miller referral. This will entitle you to lifetime trading-fee cashback.
It’s easier to click the link than it is type ‘Binance.com’ in the URL. Life-time savings. Do it. Once you’ve signed up, you can move onto the next part.
Deposit funds on Binance
To get BNB (to use on PancakeSwap) you will need to deposit funds on Binance. You can use crypto or fiat money to deposit. Binance makes it really simple to manage deposits and withdrawals if you don’t have crypto.
- Goto the Wallet.
- Hit deposit.
- Choose the method–either crypto or fiat.
- Follow the steps they provide.
Credit/debit card deposits tend to be the fastest method on Binance. Or if you’re moving crypto from another exchange or wallet, use either Nano, Ripple XRP, Stellar XLM, or Tron TRZ–they’re all really fast, and either free or incredibly low transaction fees.
Once your funds are on Binance, you’re closer to using PancakeSwap. You’ll need something though …
Buy BNB (or any BEP20 token)
I suggest using BNB. Fees are paid using BNB on the Binance Smart Chain. The easiest route to get this is by using the Convert feature on Binance.
- On Binance, hover your cursor over Trade–on the header-bar.
- Click Convert.
- Convert from your held asset (USD, GBP, BTC, whatever you have) to BNB.
- Preview the Conversion.
Great, now you’ve got some BNB. We’ll use this later on PancakeSwap. But first, you need a Binance Smart Chain wallet that will work with PancakeSwap before we can transfer the BNB off Binance.
I’m going to walk you through using Metamask in this guide. Binance does have their own wallet, but it’s really laggy–trust me on this. Hopefully they’ll work towards making it better.
Lets get Metamask installed.
- Goto Metamask.io.
- Download & install the Metamask extension.
- Store your Metamask seedphrase some place safe (this is vital).
Perfect, now we’ve got Metamask installed. One more step that we’ll need to take …
Add Binance Smart Chain to Metamask
No doubt the Metamask developers will add BSC as a network in future. But for now, you’ll need to do the following.
- Open Metamask (click the Metamask icon)
- Click the Networks dropdown at the top — it probably say’s “Ethereum Mainnet”
- Goto Custom RPC
- Fill in the form with the follow Binance Smart Chain RPC details:
Network Name: Smart Chain New RPC URL: https://bsc-dataseed.binance.org/ Chain ID: 56 Currency Symbol (optional): BNB Block Explorer URL (optional): https://bscscan.com
Great, now we can jump between the different networks using the Network tab.
For clarities sake, make sure you select Smart Chain from the Network tab. You need Binance Smart Chain connected to interact with PancakeSwap.
Connect your wallet to PancakeSwap
Before we send anything from Binance to Metamask, double-check you’ve done everything correct by connecting your wallet to PancakeSwap.
- Goto PancakeSwap.finance
- Click the Connect button in the top-right corner
- Click Metamask on the pop-up modal
- Respond to the Metamask notification–important, PancakeSwap will only ask to see your addresses, they will never ask for your seed phrase.
After confirming the Metamask notification, you should see your wallet balance in the top-right. If you do, perfect, you’ve done everything correctly!
Now, you can send BNB from Binance to your Metamask wallet. Then, you can start using PancakeSwap.
Send BNB from Binance to Metamask
- Open Binance
- Go to your Fiat/Spot Wallet
- Find BNB
- Go to Withdraw BNB
- Open Metamask and make sure you’re on the BSC network
- Copy your wallet address
- Paste it onto the BNB withdrawal form on Binance
- Make sure you are sending BEP20
Binance will then confirm the transaction, and following that you’ll receive your BNB in your BSC-enabled Metamask wallet. Now, you can go crazy on PancakeSwap! Goto PancakeSwap, and have a look around!