What is PancakeSwap and how does it work?

martina14

full member

Activity: 1190

Merit: 111

Quote from: Embross on May 17, 2021, 05:49:52 PM

Hi

I would like to know bit more about this portal PancakeSwap, what is it and how does it work. Any time I look into the idea of buying some new coins, I see that they're listed on PancakeSwap but there, I just can't find a clearcut way to do any transactions. Any help would be much appreciated.

In the first place after UNISWAP successful airdrops Pancakeswap arise in this market. I could say that most of the project in which are new here in crypto space are using pancakeswap as their priority exchange for their utility token. But you can only use this platform if you have an account for BSC platform under by BNB of course. In short, CAKE is a platform exchange where you can able to exchange, swap, farm or stakes your coins that are listed to this platform as long as you have the balance of BNB to your wallet.

blackened515

sr. member

Activity: 1218

Merit: 279

PancakeSwap is decentralized exchange built on Binance Smart chain, most of the coins listed on the PancakeSwap works by providing liquidity to traders so they won't be out of liquidity, this provides the room for steady demand and supply, PancakeSwap is the largest bsc based decentralized exchange with good trading volume.
If you want to buy coin on cakeswap, get a decentralized wallet, like trust wallet, metamask, enter your dapps on the wallet, enter PancakeSwap url while choosing BSC network and connect your wallet.

kram31

full member

Activity: 791

Merit: 139

Quote from: Embross on May 17, 2021, 05:49:52 PM

Hi

I would like to know bit more about this portal PancakeSwap, what is it and how does it work. Any time I look into the idea of buying some new coins, I see that they're listed on PancakeSwap but there, I just can't find a clearcut way to do any transactions. Any help would be much appreciated.

Obviously, Pancakeswap is related into Binance platform, where before you can use this platform you need to open first you wallet on BSC so that you can connect to this CAKE anyway, actually you have an options to connect with it via metamask, Binance, and more something like that. Then, once you are with it you can able to trade with this platform, stakes, or Farming to grow your coins in there depending on your choice.

JeromeTash

legendary

Activity: 2338

Merit: 1261

Heisenberg

Quote from: leea-1334 on May 26, 2021, 07:11:49 AM

I would actually say this is bad advice. Safepal wallet is NOT open source and none of their documentations have said they will ever do this, in fact seems they have confirmed they will never go open source. You do NOT want to use a wallet that is closed source.

Let's be honest and realistic on this. How many multicurrency software wallets have you used that are Open source?

Can you name any? I would surely want to download and use it Cheesy

All the popular multicurrency software wallets I know of such as coinomi, exodus, trustwallet, Jaxx liberty, Atomic wallet etc are all closed source.

jocker-poker1

newbie

Activity: 32

Merit: 0

@ OP there are numerous videos on youtube, showing dlearly in details how to use the different services provided by Pancake. Google is your friend

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Quote from: pealr12 on May 25, 2021, 10:35:09 AM

For those who don't know how this dex work, my advice is go download safepal wallet and you will find all the necessary dex in the app, the best way to connect your wallet to uniswap, pancakeswap, sushi, dodo and 1inch swap, everything under one roof with safepal wallet app.

I would actually say this is bad advice. Safepal wallet is NOT open source and none of their documentations have said they will ever do this, in fact seems they have confirmed they will never go open source. You do NOT want to use a wallet that is closed source.

If you want to connect to uni/sushi/pancake everything you are better of going for 1inch or for plasmafinance,,, open source and only front end.

pealr12

hero member

Activity: 1946

Merit: 502

For those who don't know how this dex work, my advice is go download safepal wallet and you will find all the necessary dex in the app, the best way to connect your wallet to uniswap, pancakeswap, sushi, dodo and 1inch swap, everything under one roof with safepal wallet app.

Oceat

sr. member

Activity: 2506

Merit: 368

Actually this is my first time seeing this pancakeswap but the more I dig about it the more I know and thanks to this question being brought up here. For those who aren't familiar with it especially the ones who uses DeFi tokens you'll encounter this pancakeswap because it's related to Binance Smart Chain(BSC) which is tradable only with BNB.

Lots of tutorial on youtube or google if you take your time reading and watching them and the best example is what @milewilda posted those links teaches you how to use or connect PancakeSwap to a different wallet like Trust wallet or Metamask wallet.

Mr.Scott

full member

Activity: 552

Merit: 107

Your question is not clear, at least I'm failed to get the real meaning. It would be best get a screenshot of your trouble while using pancakeswap. Pancakeswap is a leading decentralized exchange on BSC network. Just connect your BSC recognized wallet visiting through official website, check twice or more before connecting your wallet. It's very simple to use, just following above guidelines.

Raflesia

hero member

Activity: 2282

Merit: 560

_""""Duelbits""""_

Have you figured out a clear way on how to use the DEX exchange from pancakeswap?
I think it's very easy just connect to your BSC network there can buy the coins you want this way is quite easy and simple for me.

But remember now that the crime is getting higher, you have to be vigilant and always check the URL whether it is correct or not.

JeromeTash

legendary

Activity: 2338

Merit: 1261

Heisenberg

I am not sure if you know about Uniswap, but it works almost like Uniswap except that it's on Binance smart chain. So,
Uniswap - Decentralized exchange using Ethereum network
Pancake swap - Decentralized exchange using Binance Smart chain

In order to use it, you have to connect it to wallets like trust wallet or MetaMask whose setting have been configured to work on binance smart chain.

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Here is my big advice, only learn the resources listed on Binance or Coinmarketcap (which is also owned by Binance). Pancakeswap is related to Binance because it uses Binance Smart Chain so it will of course have everything you need to learn about there.

Follow their guides and Twitter+Telegram but ONLY messages from the official account. A lot of scams trying to impersonate admin so beware,,,

joniboini

legendary

Activity: 2170

Merit: 1789

Make sure to learn about slippage too. Especially if you're trying to gamble with low marketcap coins. Judging from your story, it seems like you're interested in new coins that are listed exclusively on Pancake. Be careful playing with them, and don't fall for fomo and encouragement from some random user.

milewilda

legendary

Activity: 3094

Merit: 1127

Here are some tutorials which would really be helpful.

https://www.youtube.com/watch?v=iG0O6GLxwrk
https://www.youtube.com/watch?v=KpF41eS3YZQ
https://www.youtube.com/watch?v=_3dZHLhAte8

Reminder: Always be mindful on saving up Keys.

lucifur

member

Activity: 317

Merit: 73

Designing for everyone

Based on what I know, It's a decentralized exchange which is based in binance. Basically, an exchange site.

lannister2k

jr. member

Activity: 126

Merit: 1

It's basically an indirect link between the platform and a bunch of wallets, including Trust Wallet, where you can buy/trade your more known Altcoins to the less known ones.

Embross

newbie

Activity: 5

Merit: 0

Hi

I would like to know bit more about this portal PancakeSwap, what is it and how does it work. Any time I look into the idea of buying some new coins, I see that they're listed on PancakeSwap but there, I just can't find a clearcut way to do any transactions. Any help would be much appreciated.

Topic: What is PancakeSwap and how does it work? (Read 188 times)