Pancakeswap Tutorial 2021
How to use Pancake Swap beginner tutorial
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How to trade on Pancake Swap
17,303 viewsAug 22, 2021
96K subscribers
How to use Pancake Swap beginner tutorial. This will just cover the basics about PancakeSwap, connecting your wallet and how to trade. 00:00 How to use PancakeSwap 00:51 What is PancakeSwap 02:21 Is PancakeSwap Safe? 03:02 How to connect Trust Wallet to PancakeSwap 04:32 How to convert BNB to Binance Smart Chain 06:46 How to trade on Pancake Swap My favorite crypto exchanges: https://airtable.com/shro6Afg3dUxxCZtE Join the Full Value Club: https://discord.gg/SRjqWCJu6t***********************************************************************************************
Pancakeswap Tutorial 2021
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FULL VIDEO TRANSCRIPT
00:00pancake swap a decentralized exchange00:02that anyone can use on binance smart00:04chain in this video i’m going to show00:06you how to use pancake swap just trading00:09we are just going to trade this is the00:11full basics on how to trade on pancake00:14swap we’re not going to go over the00:16pools and farming and earning passive00:19income that’s going to be in another00:20video so look out for that on my channel00:22so we’re going to go over what is00:24pancake swap is pancake swap safe how to00:27connect your trust wallet to pancake00:29swap how to convert bnb to binance smart00:32chain and how to trade on pancake swap00:34this is going to be the full beginner00:36guide so look forward to that and stick00:39around for the whole thing otherwise00:41here’s some time codes and while you’re00:44still here please hit that like button00:46that helps this channel out and00:47encourages me to make more videos okay00:50let’s get started now let’s start off00:52with what is pancake swap pancake swap00:55is a decentralized exchange a00:57decentralized exchange means that you00:59don’t need a password you don’t need an01:01email address to sign up they don’t take01:04your personal information if you want to01:06start using their platform their01:08decentralized app all you need to do is01:11connect your crypto wallet and one of01:14the crypto wallets that you could use is01:16either trust wallet or meta mask both of01:19these operate on the binance smart chain01:22pancake swap01:23right now at the moment at least is01:25exclusively for binance smart chain so01:27you can trade just about any token on01:30binance smart chain as long as you have01:32the contract address there are a lot of01:35different swapping platforms available01:37let’s take a quick look on dap radar and01:40you can see there are a lot of different01:42uh d5 platforms but at the top of the01:46list is01:48pancake swap at least for binance01:49marching with01:5110.72 billion dollars locked and the01:54best way to find out if you can trust01:57the service is by looking at how much01:59value is locked onto their platform so02:01i’m sure you’ve heard of uniswap ave and02:04curve and in first place for binance02:06smart chain is pancake swap taking a02:09look at their website02:11pancakeswap.finance they have 2.602:14million users in the last 30 days 4502:17million trades about 11 billion dollars02:20state now can you trust pancake swap02:23yes to an extent definitely uh minimize02:27your risk by using a wallet exclusively02:30for a pancake swap you can create02:32multiple wallets within trust wallet or02:35mask for free you just have to manage02:36all those accounts and pancake swap02:38hasn’t been hacked but there’s no02:41telling that that might not happen in02:43the future if someone discovers a02:44vulnerability now that’s the dangerous02:47part of cryptocurrency if there’s a02:48vulnerability that we don’t know about02:51now02:51that doesn’t mean that there won’t be02:53one in the future where your funds can02:55be lost or stolen and those are just the02:57warnings and if you’re comfortable02:58moving forward let’s exchange on pancake03:01swap03:02so here we are at the pancake swap03:04website we’re going to select connect03:06wallet at the top right it brings up03:08several options trust wallet wallet03:11connect and meta mask03:13trust wallet within the app has a wallet03:15connect so that’s pretty much the same03:17thing we can select more and we have03:20eight options my personal preference03:23trust wallet and metamask for this video03:25we’re going to use trust wallet because03:27i’m all set up on it and i have some03:29farms running so you can see what that03:31looks like03:32so we’re gonna select trust wallet03:35we did select trust wallet but metamask03:37popped up it’s cool we’re gonna hit03:39connect wallet we’re gonna select a03:41wallet connect this time03:42not a problem and i’m going to be03:44opening up the app on my phone so this03:47is the home page of the wallet section03:49and we’re going to select settings and03:51wallet connect03:53that will bring up the camera and we can03:56scan this qr code03:58next we’ll get a prompt to connect to04:00pancake swap and you should read the04:01details so you understand what you’re04:03connecting to pancake swap a next04:05evolution defy exchange on binance smart04:08chain wants to connect to my wallet it’s04:10going to view my wallet balance and04:12activity and it’s going to request04:14approval for transactions hit connect04:17and we’re connected so you can see my04:19wallet is connected here and that i can04:22harvest from some of my farms that i’ve04:24been running and i’ll make another video04:26in greater detail on how to use these04:28farms in d5 so you can earn passive04:31income bnb is the fuel to run any type04:33of transaction on binate smart chain so04:35you’re going to need some b and b my04:37personal recommendation if you want to04:39get b and b for finance smart chain04:41binance.com if you are a us user you’re04:44gonna have to use binance.us04:47but you’re only going to be allowed to04:49get bnb on binance chain you’ll have to04:52do a conversion and let me show you that04:54what that looks like so in my wallet we04:57are currently connected to pancake swap04:59we’re gonna hit back and05:02this one always confuses me do you want05:04to disconnect the session i don’t so i05:07want to save and leave now if i select05:09wallet connect again we’re gonna see05:11that i’m still connected so i’m gonna05:13hit back save and leave it keeps my05:15connection active and we’re gonna take a05:17look at my wallet you can see that i05:19have b and b and smart chain05:22they’re both b and b but on different05:24networks so this is my standard b and b05:27uh i’m staking it on trust wallet to05:30make more bnb for passive income let me05:32know in the comments if you want to05:33learn how to do that it’s pretty easy so05:36we select the three dots at the right05:39and then we can swap our b and b to05:41smart chain and the b and b smart chain05:44is the one with the black background so05:46if you want to swap your b and b to bind05:48that smart chain you’re gonna need the b05:50and b logo with the black background so05:53i can convert 100 of what bnb i don’t05:56have staked the balance it showed05:58earlier is my entire balance and not my06:01available to trade balance so i’ll have06:04a06:05and b available and if i want to swap06:07that to binance smart chain all i have06:10to do is hit swap and then it’s going to06:12bring up the fee the network fee is a06:14dollar 83 which is pretty reasonable i’m06:17switching from bep2 to bep20 this is the06:22finance network to finance smart chain06:25yeah i know it sounds confusing i get06:26confused too but if you’re going to run06:28on finite smart chain be20 is the one06:31you want and then we can hit confirm06:36loading and swap was successful06:39so i had 0.69 bnb now it’s 0.7106:43all right so let’s start trading bnb is06:46the native uh currency that you can06:49pretty much use on anything on06:52finance smart chain and all these other06:53daf so bnb is pretty valuable06:56and we can trade against anything so06:59by default it’s gonna show tokens that i07:02have available if we scroll further down07:04it’s going to have a list of some of the07:06top coins available on binance smart07:08chain but this is a short list it’s not07:10going to show you all the coins07:12available if there’s a coin you want to07:14trade on pancake swap and they have the07:17coin available on binat smart chain all07:20you have to do is input the address so07:22for example here we see that this is a07:24very short list but you can trade07:26anything on binance smart chain and i07:28made my own token dance only dance and i07:32can import it and i can trade it so07:35if you are going to trade on finance07:37smart chain there is a warning that you07:40should understand07:41anyone can create a bep 20 token on bsc07:45with any name including certain fake07:48versions of existing tokens that claim07:50to represent projects that do not have a07:52token so you might see tick tock token07:55facebook token07:57sony token07:58or you might even see other things like08:00doge or bitcoin on binance marching08:03those uh those are sketchy08:06don’t you don’t want to trade those08:08a lot of them are scams and you have to08:10be very careful so i understand the risk08:13this is my token do not buy this token08:17this is just a token i made for fun and08:19maybe i’ll give them away if i can08:21figure out how to do that without me08:23paying for that gas but otherwise this08:26was used for a test and only dance is08:29only for dan08:31or other people named dan maybe i’ll08:33hook you up with the token so i’m going08:35to import it and now it shows dance in08:37the other trading option and i could do08:40a trade so i could get 839 dan tokens08:44for 0.7 b b i don’t want to do that and08:47the price impact is too high it would08:50change it by 92.5 percent so08:53let’s go over all of this i’m gonna08:55trade for busd busd is a stable coin09:00it’s linked to one us dollar since 1b09:03usd equals one dollar it also shows us09:05that we get .0022309:08bnb09:09per busd i know that sounds09:12confusing and hard to calculate but if09:15you wanted to find out the value of that09:17just switch it so we’re going to hit09:19this down arrow it’s going to swap it09:21and now we see the busd value09:25per bnb 452 bucks now that makes a lot09:28more sense and it’s easier to09:31comprehend now with pancake swap you can09:33buy any amount you can buy a dollar you09:35could buy a hundred dollars a thousand09:37dollars there aren’t any minimums but09:40depending on how much you buy and how09:42much liquidity is available in that09:44trading pair09:45there could be some price impact09:47differences09:49so you saw with dans the price impact09:51was very high there is a lot of09:53liquidity for busd and bnb in this09:56trading pair so the09:58price impact was practically zero and10:02the minimum received so the minimum10:04received just explains how much you’re10:06gonna get at a minimum in case the price10:09uh moves while you’re uh trying to do10:12this trade and the liquidity provider10:14fee that’s how much i’m going to be10:16paying for this fee now if we hover over10:20this question mark it’s going to show10:21that for each trade we’re paying a fee10:24of 0.25 percent10:26that is uh kind of high it’s kind of10:29high and it’s not something you should10:32be trying to day trade against now if10:34you compare this to binance and kucoin10:37they trade at 0.1 percent so you would10:39be paying two and a half times higher in10:42fees to trade but the usefulness about10:45pancake swap is you don’t need an10:47account anyone can trade any token10:49that’s on finance smart chain and after10:52you make a trade that coin is10:54automatically in your wallet so you10:56would be avoiding those withdrawal fees10:59a little more on the details point one11:01seven percent goes to liquidity provider11:03token holders11:04point zero three percent to the11:07pancake swap treasury and point zero11:09five percent towards cake buyback and11:12burn so the11:14cake token is inflationary and they use11:17some of the fees to buy back and burn11:20those tokens a little bit more on the11:22trading uh up here on this little cod11:25wheel we can change the settings now we11:28have a standard fast and instant this is11:30if you want your trade to run really11:32fast but buy not smart chain11:35it’s pretty fast maybe five seconds the11:37transaction would be complete11:40i just keep it the standard you don’t11:41really have to do anything by default11:43it’s going to be on standard the11:45slippage tolerance how much will the11:47price move during your trade so up to11:500.5 percent is the default option11:53transaction deadline expert mode flippy11:56sounds i actually don’t like the flippy11:58sound so oh you don’t see that hang on12:01uh there we go yeah flippy sounds on12:03flippy sounds off i prefer them off12:06and those are the settings so this other12:08thing here is your recent transaction12:10history i don’t have any recent12:12transactions but for this video we’re12:14going to have a new transaction we’re12:16going to trade some12:17b and b for some busd let’s do it that12:20way i’m going to trade12:220.1 bnb for busd that should get me12:26about 45 bus dollars and i’m gonna hit12:31swap12:32now we’re jumping back into my phone and12:35now i’m going to make a swap so confirm12:38swap and then if we go to wallet connect12:42and we see that we’re still connected to12:44pancake swap we are going to get a12:47uh12:48notification12:52here we go smart contract call12:55error fail to connect that happens no12:57problem we are going to restart our13:00connection and this happens from time to13:02time so i’m gonna hit ok i’m gonna go13:04back i’m gonna disconnect this session13:10and then i’m going to connect wallet go13:13to wallet connect again rescan uh this13:16is gonna happen from time to time so be13:18aware if there is an issue13:20restart the process kind of glad it13:22happened in this video so you can see it13:24happen in real time select connect and13:27we’re back in it so we are going to13:28trade 0.1 bnb for some pusd and uh the13:33rate is still pretty good i’m gonna hit13:35swap i’m gonna confirm the swap and now13:38i should get a notification in the phone13:41smart contract call and it shows the13:43cost of our trade it’s gonna be a13:44network fee of 32 cents and what the13:47total is so that’s the total uh13:50including the fee and the exchange rate13:53it doesn’t show those13:55exact details but we know what we’re13:57trading within the platform i’m okay13:59with that so hit approve14:02and back on the website transaction14:04submitted close and we should have a14:06little bit of busd being added here14:10there’s our transaction receipt and the14:13uh that was as updated that was updated14:15in real time14:16happened in about five seconds so that14:19is how you trade using pancake swap and14:22that’s how you trade on pancake swap a14:24decentralized exchange with fees at 0.2514:28the fees are a little high and there are14:31are a lot of coins you can trade you14:32could trade any coin on binat smart14:34chain14:35but it doesn’t really have all the tools14:37that i need as someone who trades a14:39little more professionally like limit14:41orders stop losses and just being able14:45to see all the charts and as you advance14:47as a trader you might want those tools14:50and that fee of 0.2514:52is pretty high if you are new to crypto14:55i highly recommend sticking to a14:58centralized exchange because you can15:00recover your accounts15:02and15:03they don’t have as many sketchy coins on15:05there like you won’t be stuck buying a15:07bunch of pump and dump coins15:10that doesn’t happen on big exchanges15:12but that happens a lot on pancake swap15:15people are shilling absolute garbage on15:18pancake swap all the time but uh15:21that’s the world and uh there is a lot15:23of great coins you can invest in that15:25have great tech that are building things15:27that people will use uh rather than hype15:30and community driven tokens but that is15:33just my personal opinion when investing15:36in crypto i like to see something with15:39utility a use case that people will15:42potentially use now if this video has15:44been helpful please hit that like button15:46that helps me out and i hope you got15:49your full value for today15:51[Music]15:56you English (auto-generated)