Transaction to Buy Coins on Pancake Swap using Metamask
In metamask we can not only store and transfer coins, we can also buy coins in pancake swap using metamask.
You can use PancakeSwap with MetaMask and swap BEP20 tokens and stake CAKE & LP tokens. If you want to use PancakeSwap with MetaMask, you should first set up your MetaMask wallet and then connect it to Binance Smart Chain.
You can follow our MetaMask tutorial to set up your MetaMask wallet and learn how to use it.
Connecting MetaMask to Binance Smart Chain
If you already have a MetaMask wallet but have not connected it to Binance Smart Chain yet, first click ”Ethereum Mainnet” and then click ”custom RPC” on your wallet to add the BSC network to MetaMask.
Fill out the required fields with the information below and your MetaMask wallet will be connected to Binance Smart Chain.
- Network Name: Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
How to connect MetaMask to PancakeSwap?
To connect your MetaMask wallet to PancakeSwap, first, unlock your MetaMask wallet and then switch to the Binance Smart Chain network.
After unlocking your MetaMask wallet which is connected to Binance Smart Chain, visit PancakeSwap to connect your wallet to the platform.
Click the ”connect” button on PancakeSwap and then choose ”MetaMask” to connect your wallet to PancakeSwap.
After clicking ”MetaMask”, you can choose the address (account) that you want to connect to PancakeSwap and then click the ”connect” button on the MetaMask notification.
If you use MetaMask’s mobile version, you can use the ”WalletConnect” option to connect your wallet to PancakeSwap.
If you plan to use Binance Smart Chain dapps such as PancakeSwap, you need BNB in your MetaMask wallet to pay for transaction fees.
Also, if you want to stake CAKE on PancakeSwap, you can send CAKE from Binance or other exchanges to your MetaMask wallet.
How to trade on PancakeSwap with MetaMask?
Once you have some BNB in your MetaMask wallet for gas fees on the BSC network, you can go the exchange page on PancakeSwap and start trading.
If you want to sell a particular BEP20 token on PancakeSwap, you can transfer it from exchanges or other wallets to your MetaMask address.
To buy BEP20 tokens on PancakeSwap, you can mostly use BNB, BUSD (BEP20), and CAKE. There are also BTCB and ETH pairs on the platform.
To trade on PancakeSwap, first click the ”exchange” page under the trade menu.
Choose the token you want to swap and enter the amount, and choose the token you want to receive in the ”to” field.
In the example below, I am selling my USDT (Binance-Peg BUSD-T) for BNB.
After choosing the tokens and entering the amount, you should approve the token you want to swap which will allow the smart contract to spend your token.
Click the ”approve” button and confirm the transaction on your MetaMask wallet. As you can see in the image below, it only costs $0.15 and you need BNB in your wallet to make an ”approve” transaction.
Transaction fees may change depending on the network, so don’t expect to pay exactly $0.15. But, in general, Binance Smart Chain is much cheaper than Ethereum.
After approving the token you want to swap, you can click the ”swap” button and confirm the transaction on your MetaMask wallet.
When you make a trade on PancakeSwap, you’ll pay a 0.25% trading fee. In this example, I’ll pay a 0.0928 USDT swap fee (37.1249/100*0.25).
Before making the trade, you can also change your slippage tolerance and the transaction deadline by clicking the settings icon.
After clicking the swap button, check the rates again and then click the confirm swap button. You can see the transaction on BscScan and under the activity tab on your MetaMask wallet.
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