Hey Crypto Enthusiasts,
Having been a very new entrant into the Cryptosphere, I have been facing a very big learning curve to get a grasp of new technologies, terminologies, platforms and information within this space.
With tips, suggestions and advice from several knowledgeable persons who are total strangers on the net, I have been able to learn things which might be daunting for most people who are new to Crypto.
In this simple guide, I’ll explain how to buy tokens on PancakeSwap using TrustWallet and BNB Smart Chain. I am trying to reduce the frustrations you could experience to complete this process. I am not advising anyone on — what to buy, rather how to buy.
PancakeSwap is a Decentralized Exchange. The main difference when using such exchanges are, you can only decide on what amount you want to invest. You cannot predetermine the price you want to buy at, nor the quantity you want to buy. At regular exchanges you can determine these 2 factors for yourself. This is because of the slippage you choose. Hence it is not advisable to purchase coins or tokens which are already listed on exchanges through this process.
I’m using TrustWallet in this process and I presume you already have setup a TrustWallet. If not, you will have to setup a TrustWallet before you can follow the steps below.
These are a main steps you have to follow to complete your token purchase.
1. Transfer BNB to your TrustWallet
2. Swap your BNB to BNB Smart Chain Network
3. Add the token you wish to purchase as a ‘Custom Token’ in your wallet and on PancakeSwap
4. Edit slippage values to ensure your order gets filled.
Step 1.
You can purchase your BNB on most exchanges. After purchasing BNB you have to transfer this BNB to your TrustWallet. Once you have received the BNB in your TrustWallet, you can proceed to
Step 2.
On your TrustWallet, select the BNB token, which will appear as below. Now click on the 3 dots/More
Then choose — Swap to Smart Chain
You can now choose what value of your BNB you wish to swap to BNB (BNB Smart Chain). If you want to swap 100% of your BNB to BNB Smart Chain, choose 100% from the 4 sections below. Please notice the subtle change in the colours of BNB (yellow/white)and BNB Smart Chain(yellow/black).
You can then Click on ‘SWAP’ which will proceed to load the transaction
The swap will then be ‘Successfully Completed’
Step 3
Here I’ll show you have to add a custom token to your PancakeSwap and also to your TrustWallet
From your TrustWallet, click on Settings > Preferences > DApp Browser > Enable (this step is required only if you are unable to see DApp at the bottom row of your TrustWallet)
Next Click on DApp and scroll down to PancakeSwap
Next you have to connect your TrustWallet to PancakeSwap. Click on Connect as below.
Next select ‘TrustWallet’ to connect your TrustWallet to the PancakeSwap Exchange as below.
If you are trying to buy a token which is not appearing on PancakeSwap, you can add it as a custom Token, if you know the Contract Address of the Token. You will be able to find the Contract Address of a token on https://www.coingecko.com/, https://coinmarketcap.com/, https://etherscan.io/tokens or https://bscscan.com/ to name a few.
Now open TrustWallet, click on ‘Select a currency’ and paste this copied address in the search bar to add the custom token. Ensure that you are adding correct token, as the name will auto populate. Then click on ‘Add’ the custom token.
Next enter the amount of BNB you wish to invest in the Token, edit the slippage (instructions for this in the next step) to ensure that your order gets filled once you approve the transaction.
Next you have to add the same custom token in your TrustWallet as well, otherwise you will not be able to see the purchased token in your TrustWallet. The steps below will show you how to add the same custom token into your TrustWallet.
Next scroll all the way to bottom and click on ‘Add Custom Token’
Next paste the Contract Address, which was copied from the previous step. Manually enter the ‘Token Name’, ‘Token Symbol’ and ‘Decimals’ in the space provided to add the token to your wallet. All this information can be got from the sites posted earlier. Make sure you select the correct network based on the network used by the token you are adding. It could be ‘Ethereum’ or ‘BNB Smart Chain’. You can change this by clicking on the network and changing it.
Step 4
When making purchases of Tokens on PancakeSwap, there may be liquidity issues which could stop your order from getting filled. If the slippage is not optimised or too low, you will get an error as below
The below steps will show you how you can manually edit the slippage % in PancakeSwap to ensure you get the best value of your money.
The only way is to manually edit the value of the slippage% from 0.5% all the way up to even 15% or more in increments of your choice to see if your order will get filled.
After purchasing your coins, you can disable DApp from your TrustWallet for added security by clicking on Settings > Preferences > DApp Browser > and switch of ‘Enable’.
You can also Clear Browser Cache by clicking on it and selecting ‘OK’
I hope this will help you in your journey with purchasing tokens from decentralised exchanges like PancakeSwap. The process to purchase tokens from other Decentralised Exchanges would be similar and you could use this as an example.
I thank all of my friends and the faceless strangers on the internet who have helped me in my journey to self-learn Crypto and to also invest in Crypto.
Good luck to everyone on their personal journey in CRYPTO !!!
Disclaimer: Any kind of Investments are risky. Only invest with money which you can afford to lose. I have no affiliation with the Decentralised exchange, nor the Private Wallet mentioned in this article. Please understand that you are entirely responsible for following the steps suggested in this article.
