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What is PancakeSwap and how to use it?
What is PancakeSwap and how to use it?
PancakeSwap is a DEX (decentralized exchange) on the Binance Smart Chain. Just like Uniswap on Ethereum. It's decentralized because token holders can provide liquidity to the market. While on Centralized Exchanges, like Binance for example, they provide liquidity.
Usually when token holders provide liquidity they can earn some benefits for doing so. But there's also the risk of "impermanent loss". So be careful while providing liquidity!
To use PancakeSwap you will need a Web3 wallet. Check my Metakamsk guide if you need help setting one up!
Connecting your Metamask to PancakeSwap
Connecting your Metamask to PancakeSwap
First, make sure you are using the correct website: https://pancakeswap.finance/
Click on the "Connect" button on the upper right corner
Click on "Metamask".
But you can use another wallet like TrustWallet if you want.
Check your wallet on the top right corner.
Click on "Trade" and "Exchange" on the left menu
You will need some BNB or other crypto to buy EFX.
Click on the "Select a currency" option
Paste the following address into the search box:
0xC51Ef828319b131B595b7ec4B28210eCf4d05aD0Click on "Add"
Click on "EFX"
Input the amount of BNB (or other crypto) you want to exchange for EFX
You can see how much EFX you will get for the amount of BNB. In this example I will exchange 0.5 BNB for about 2691.88 EFX
Press "Swap"
Check the gas amount you want to use. If your transactions are failing or the network is congested, try changing the Gas Price to 20 GWEI
Press "Confirm"
Wait a few seconds and your EFX token should appear in your wallet!
Selling or Exchanging EFX for other tokens
Selling or Exchanging EFX for other tokens
If you want to sell or exchange your EFX tokens for BNB or BUSD, you can:
simply input the amount of EFX you want to trade
And press "Swap"
If you exchange EFX for BUSD you can see the trading route on the bottom. In this case EFX -> WBNB -> BUSD
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