PancakeSwap is the largest decentralized exchange in the BSC network. This exchange has a trading volume of more than 1 billion dollars per day, which makes it one of the largest exchanges in the world.
The competition between Uniswap and PancakeSwap made them grow and develop. As a result, Pancake is currently the most considerable DEX in the world, and only a handful of CEX exchanges are bigger.
As the main entrance to the BEP20 network and everything in it, Pancake became the central hub in the BSC network. With more than 3000+ exchange possibilities per day, Pancake is also the place where you can trade the most currency pairs in a single day. The continuous increase and high transaction cost of the ETH network made many people prefer BSC and Pancake.
What features and facilities does PancakeSwap have?
PancakeSwap has several different features that attract users. In this exchange, you can get a reward from each trade for your share of the pool’s total liquidity by providing liquidity for a currency pair. After providing liquidity in each pool, LP Token will be provided to you, which shows your share of the pool’s liquidity. You must deliver your cash token and receive the original tokens and your fee to withdraw cash. Note that there is a risk of loss in liquidity provision.
There are other features, too, like the PancakeSwap lottery, where you can buy a ticket and expect to win a prize. They also have an NFT market which is a superb trading platform. IFO is another part of this exchange where projects can submit an initial proposal for pools and receive the funds needed to start new projects. All in all, Pancake covers every part of the BSC network and owns everything.
Also, in its new version, PancakeSwap has added the possibility of placing limited orders with the help of the Gelato Network infrastructure. Such a feature allows users to register an order for the desired amount, just like exchanges with an order book, and if the price reaches the recorded amount, their ranking will be completed.
How To Trade On PancakeSwap With Trust Wallet
This section will explain how to buy from the PancakeSwap exchange with Trust Wallet on Android and iOS devices.
For Android devices
First, install Trust Wallet.
Then set up the wallet for BSC transactions.
After that, you need to connect the Trust Wallet to PancakeSwap.
Click the DApps button at the bottom of the page to access the DApps browser.
Scroll down and click on PancakeSwap under the “exchange” category.
Click the “Connect” button to connect your wallet to PancakeSwap.
Now you can start trading, buying, and selling.
First, make sure you have some Binance Tokens (BNB) in your wallet to pay for the transaction.
To make a trade, ensure your wallet is in “Swap” mode.
In the “From” section, you can use the drop-down button to select the digital currency you want to sell.
You can use the drop-down button in the “To” section to select the digital currency you want to buy. The equivalent amount of tokens you get by selling in the previous step is automatically calculated on the left.
Finally, click “Confirm” on the next page and enter your password/fingerprint to start the transaction process.
After the transaction is confirmed, you will receive the tokens you purchased in your wallet shortly (usually in less than 30 seconds).
For iOS devices
Previously, access to PancakeSwap on Trust Wallet for iOS was via a ‘DApp’ browser like Android. However, the DApp browser is no longer available in the iOS version due to Apple Store requirements. As a workaround, users can access PancakeSwap through WalletConnect.
Just follow the steps below:
Part 1: Linking Trust Wallet with WalletConnect
In your iOS mobile browser, enter https://exchange.pancakeswap.finance/ and click the “Connect” button.
Under WalletConnect, select Trust Wallet as the wallet.
Click “Connect” to connect your Trust Wallet app to the PancakeSwap DApp via WalletConnect.
Part 2: Trade
Trading on PancakeSwap on iOS follows the same routine as on Android. The only difference is that your PancakeSwap DApp is open in the mobile browser. Hence, you make the trade in your browser and are immediately prompted to switch between the browser and Trust Wallet to confirm and complete the transaction.
If this is your first time trading, you will need to approve using Trust Wallet, which may cost a small fee. In addition, all transactions will require multiple confirmations. Click “Open” again to connect your Trust Wallet app to the PancakeSwap DApp via WalletConnect.
Double-check your payment details before finalizing the transaction.
How to top up your account on PancakeSwap?
If you want to top up your account for buying and selling, you don’t do it through PancakeSwap, and you have to top up your wallet with the desired amount and use PancakeSwap through your wallet.
Can BTC be traded on PancakeSwap?
BTC is not on the BSC network, so you cannot buy it directly. However, there is “WBTC,” a hard fork of BTC, and you can buy it.
Is PancakeSwap safe?
One of the disadvantages of this exchange is the anonymity of the PancakeSwap team, which makes it a bit unreliable compared to most other exchanges. In digital currency exchanges, trust is an important aspect. That’s why some investors don’t like the situation where an anonymous team is focused on a project and see it as a big red flag.
However, much research and tests have been done on PancakeSwap, and so far, investing in this exchange has not faced any problems. However, the nature of the cryptocurrency market is that users need to be careful with their investments regardless of where or what they invest.
You may rarely meet someone who has done enough cryptocurrency transactions on the Binance Smart Chain and doesn’t use PancakeSwap and Trust Wallet. Many BSC users have a Trust Wallet and depend on PancakeSwap for their transactions. As mentioned in this article, trading with this exchange is a seamless process. Therefore, using this guide, Android and iOS users will have a good trading experience on BSC.
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