Learn to use PancakeSwap with Trust Wallet. This guide comes with an extensive summary of how to swap tokens on Pancakeswap with Trust Wallet.
PancakeSwap is a decentralized exchange (DEX) operating on the Binance Smart Chain (BSC) that offers users the ability to trade, swap, and provide liquidity for various cryptocurrencies and tokens.
The main functionality of PancakeSwap revolves around its automated liquidity protocol and automated market maker (AMM) model. It utilizes liquidity pools, where users contribute their tokens to enable direct token swaps without relying on intermediaries.
Besides, if you put your crypto at work in these pools, you’ll get proportionally rewarded in fees for every swap being made. This way you benefit from the ‘swaps‘ other traders make on the protocol.
As an AMM, PancakeSwap determines token prices through a mathematical algorithm based on the ratio of token reserves in liquidity pools. This allows for continuous and efficient token swapping, as prices are not reliant on buyers or sellers.
This is contrary to a centralized exchange like Binance which uses an order book for handling trades on the platform. Besides trades and settling prices, Binance uses custodial wallets where you can store cryptos.
PancakeSwap on the other hand is a fully decentralized and automated protocol. Meaning, if you want to trade on this platform you also need a non-custodial wallet(Trust Wallet) to use it.
By continuing to read this guide you’ll learn the following by using PancakeSwap with Trust Wallet:
- How to Swap PanCakeSwap on Trust Wallet
- How to connect Trust Wallet to PancakeSwap
- Why do you need PancakeSwap to do trades on Binance Chain
What is Trust Wallet
Trust Wallet is a very popular decentralized crypto wallet that allows you to store all kinds of cryptocurrencies. Also, by holding coins in Trust Wallet you keep in full custody over your funds by managing your private keys.
Trust Wallet operates on the Binance blockchain network(BSC) and is available on iOS and Android devices. Besides that, you can use a browser extension for Firefox, Google Chrome, Edge, and Opera. The wallet provides users access to more than 1000 decentralized applications on multiple networks, including Ethereum, Avalanche, BNB Chain, and Arbitrum.
How To Use PancakeSwap with Trust Wallet
As explained above PanCakeSwap is a decentralized application(DApp) on the Binance Smart Chain network. To use an application like this you need a crypto wallet like Trust to find and connect to it.
Down below, I’ll list the necessary steps for setting up the Trust Wallet on your device, creating a wallet, adding crypto funds, and browse to PancakeSwap. Of course, you can skip some steps if you are already using Trust Wallet on a daily basis.
Step 1: Download and Install Trust Wallet
Download Trust Wallet from the App Store or Google Play Store for free. You can download the Google Chrome extension by going to the Trust Wallet website if you prefer a desktop.
Besides, don’t forget to verify if you are visiting the official Trust Wallet website. Otherwise, you risk downloading a fake wallet.
- Go to the Trust Wallet homepage.
- Click the icon to download the app for your device.
- Open the app.
- Tap Create a new wallet.
- Check the box and tap Continue to accept the Terms of Usage.
- Take note of your recovery phrase.
- It’s important to keep this safe because anyone can use it to access your wallet.
- It’s not possible to take a screenshot of this screen.
- Tap Continue.
- Re-enter the recovery phrase to verify it.
- Tap Continue.
At this point, you are all set and can start using the Trust Wallet.
|❗ TIP – A good option for securing your recovery phrase is to use a stainless steel crypto wallet that can survive about anything, from fire to acids, and lasts more than 20 years.|
Step 2: Fund your Trust Wallet with Crypto
Before you can start using PancakeSwap on Trust Wallet, you need to put some crypto in your wallet.
If you don’t have crypto, you can buy it directly on Trust Wallet(with a credit card), transfer it from another wallet, or buy it on an exchange and send it to your wallet.
Here are the two options for getting crypto into your Trust Wallet:
Option 1: Buy crypto on a centralized Exchange
You can buy crypto(like ETH or BNB) using one of many centralized exchanges that offer it. Coinbase is a popular choice.
For this, you will need to set up an account, verify your payment info, and then you’re good to go.
Once you’ve got crypto in your wallet, you’ll need to transfer it to your Trust Wallet.
|❗ TIP – Trust Wallet is integrated with Binance and Coinbase to top up crypto from within the app. Meaning, you don’t need to use a QR code and switch between apps anymore. For example this article 👉 How to transfer ETH from Binance to Trust Wallet.|
Option 2: Buy crypto directly on Trust Wallet
It’s also possible to buy crypto directly through Trust Wallet.
To do this, just tap “Buy” in your wallet and Trust Wallet will send you to a reliable third-party provider where you can buy crypto with a credit card.
Remember that buying crypto with a credit card is expensive. For instance, at Coinbase you can buy any crypto at 0.1% in the order books. Using a credit card will cost you 5% extra.
All in all, using Trust Wallet for purchasing crypto is a very fast way to acquire new crypto with money.
Step 3: Connect Trust Wallet to PancakeSwap
The next step in the process to use PancakeSwap with Trust Wallet is to browse it and connect your wallet to this platform. Make sure that the crypto funds from the previous step have arrived and you are ready to continue.
Here is how to connect Trust Wallet to PancakeSwap:
- Open your Trust Wallet App and make sure you have some funds
- Below is the menu bar & tap the Browser(square) option
- In the upper search bar type ‘Pancakeswap‘
- Click on the first search result
- Connect your wallet with PancakeSwap
At this point, you are ready to start using PancakeSwap with Trust Wallet. Also, notice that the default blockchain it connects to is Ethereum.
Step 4: Swap tokens on PancakeSwap
To start to swap tokens on PancakeSwap, it is important to know that you have to pay some fees in crypto for every swap you make. Additionally, after you connected to Trust Wallet you must choose a blockchain network to operate on. By default, you have two options:
- Ethereum: for swapping ERC20 tokens
- Binance Smart Chain: for swapping BEP20 tokens
On top of that, it is important to know that if you want to use Ethereum you must have some ETH funds available. For using the Binance Smart Chain, you must have BNB Smart Chain tokens available to pay the fees.
All in all, to start trading coins with Binance Smart Chain on PancakeSwap, follow these next steps:
- Make sure to connect to the Binance Smart Chain
- Choose the coins you want to swap(here: BNB for Cake)
- Confirm the swap
If all went ok, then it’s just a couple of seconds and the new tokens will appear in your Trust Wallet.
It’s possible that the transaction didn’t get through because of high demand or market volatility. To avoid this you can set the Slippage Tolerance which has a default value of 0,5%.
Slippage: Slippage is the % difference between a trade’s expected and actual price. It is quite a common occurrence when buying and selling cryptocurrencies. You can thus end up buying or selling at a higher or lower price than you had intended.
Setting the slippage protects you from buying crypto at a very high price or selling low when the market is in volatile conditions.
PancakeSwap vs Trust Wallet: What’s the Difference
Trust Wallet and PancakeSwap serve different purposes within the decentralized finance (DeFi) ecosystem. Trust Wallet is a mobile wallet that allows users to securely store and manage various cryptocurrencies, including tokens from different blockchain networks. It provides a user-friendly interface for accessing decentralized applications (dApps) and interacting with multiple blockchains.
On the other hand, PancakeSwap is a decentralized exchange (DEX) built on the Binance Smart Chain (BSC). It enables users to trade, swap, and provide liquidity for tokens on the BSC network. PancakeSwap utilizes an automated market maker (AMM) model and liquidity pools to facilitate token swaps and liquidity provision.
In summary, Trust Wallet is a multi-chain wallet that provides storage and management for cryptocurrencies, while PancakeSwap is a DEX on the Binance Smart Chain that focuses on token trading and liquidity provision. Trust Wallet serves as a platform for accessing various DeFi applications, including PancakeSwap, among others and interacting with multiple blockchains.
How To Use PancakeSwap with Trust Wallet: Conclusion
As you can see, it’s fairly easy to swap tokens on PancakeSwap. Just make sure that you have installed and created a wallet on the device of your preference (Android, iOS, or Desktop). Overall, the steps are very simple:
- Download and install Trust Wallet
- Fund your Trust Wallet with crypto
- Connect Trust Wallet to PancakeSwap
- Swap tokens on PancakeSwap
Related: How to buy Bitcoin on Trust Wallet
FAQ – PancakeSwap with Trust Wallet
How do I sell my BEP20 on Trust Wallet?
To sell any BEP20 token with Trust Wallet you need to connect to a DApp like PancakeSwap. Make sure to connect to the right blockchain network(Binance Smart Chain) to be able to swap BEP20 tokens.
What wallets does PancakeSwap support?
Besides Trust Wallet, there are other popular crypto wallets that can be used in combination with PancakeSwap: Metamask, Guarda Wallet, Bitkeep, or Binance Smart Wallet.
Does Trust Wallet support Cake?
Thanks to Trust Wallet’s native support for PancakeSwap, you can easily store all your Binance Smart Chain assets including CAKE in your Trust Wallet. Meaning, if you earned rewards in Cake tokens these will show up in Trust Wallet as well.
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