PancakeSwap is an exchange platform through which we can exchange crypto; like PancakeSwap, there are many other platforms (Binance, Coinbase, Kucoin, Kraken, and many others) used to sell and buy crypto. Here is one thing we should keep in mind when we sell and buy crypto: we have mechanisms to securely store crypto, and that mechanism is crypto wallets (Coinbase, Metamask, Trust Wallet, and many others).
Our today’s discussion is based on how to get started PancakeSwap? Before going into it I want to discuss with you that whenever we start any exchange platform, we must have a successful wallet connection having enough funds with the exchange platform so that we can perform sell and buy crypto.
To get started with PancakeSwap you must have a crypto wallet account like Trust Wallet or any other to integrate so that you can send or receive money to exchange.
What is PancakeSwap
It is a decentralized exchange platform, and it runs on the BNB smart chain. It has a high volume of investors and traders. It works on the model Automated Market Makers (AMM) instead of using the traditional model. Moreover, it provides a permissionless liquidity pool.
What is Trust Wallet
A trust wallet is a non-custodial wallet, it runs online that's why it is called a hot wallet. Investors and traders can store their crypto securely using this wallet. In addition, they can send or receive crypto and can fully own it without involving third-party access.
Here, we gonna discuss how to get started with PancakeSwap DEX step by step:
Step 1: Setup Wallet
As we discussed, you can set up Trust Wallet on mobile devices (IOS and Android) as well as you can install it on a browser extension.
Download the Trust wallet extension from Chrome Web Store:
Click on the button Add to Chrome to download the extension in the browser:
Click on the button Add extension to add the extension:
Click on the extension icon given in the browser bar:
Click Create a new wallet to add the new wallet or you can import the predefined wallet:
Click on the button Share data to share the usage pattern to improve the performance of the Trust wallet:
Enter the password and hit the button Proceed:
Note: One thing you should always keep in mind passwords must be a mixture of characters, alphanumeric keys, and special characters.
To ensure security hit the button Start to back up the secret phrase:
View and copy the secret phrase, afterward hit the button Got it:
Enter the correct sequence of secret phrases by following the copied phrases and clicking the Next button:
Hit the button Open wallet:
Here it has been successfully logging in. Now you can send or receive the crypto and can see the history of the transaction:
Note: Here, I don’t have enough funds in my wallet because my purpose is just to guide you.
Step 2: Wallet Connectivity with PancakeSwap
Go to the PancakeSwap, and click on the button Connect Wallet to connect the wallet:
Select Trust Wallet and click the Connect button to connect the wallet:
Click on the button Switch to switch network to connect to this site:
Here it has been connected successfully!
After a successful connection of PancakeSwap with the wallet, now we can sell, buy, manage and trade crypto by transferring funds from the wallet.
Conclusion
PancakeSwap is a decentralized exchange platform and it works on the model Automated Market Makers (AMM) instead of using the traditional model. Moreover, it provides a permissionless liquidity pool. To get started with PancakeSwap we need to integrate a wallet with it so that we can sell and buy crypto.
