Part 1 - How To Buy/Sell Tokens On Pancakeswap
To use PancakeSwap, you must first set up the Binance Smart Chain network in your crypto wallet. Two most-popular crypto wallets to perform PancakeSwap transactions are: Metamask on your Web browser or mobile & Trust Wallet on your mobile.
BSC WALLET SETUP:
1- Download and install Metamask on your computer.
2- After installation, click “Ethereum Network”.
3- Choose “Custom RPC”
4- Fill in the information as followed:
NETWORK NAME: Binance Smart Chain
NEW RPC URL: https://bsc-dataseed.binance.org/
CHAIN ID: 56
SYMBOL (OPTIONAL): BNB
BLOCK EXPLORER URL (OPTIONAL): https://bscscan.com
You have now successfully set up your Binance Smart Chain wallet. Next, you should be able to deposit BEP20 and ETH assets as gas fees to start trading.
5- Go to https://pancakeswap.finance/swap
6- Click “Connect a wallet” to connect your wallet, choose Binance Smart Chain network (BSC)
7- Choose the token you want to trade: find BHO
Or paste the BHO contract: 0x8717e80eff08f53a45b4a925009957e14860a8a8
8- Choose the GWEI fee and Slippage Tolerance you want
9- Important information, which should be reviewed before making a transaction, can be named such as: Token type & Number of tokens in “From” and “To”.
It is also recommended to check the "Price Impact" parameter. If "Price Impact" is high, you should limit your number of transactions because they will incur high fees. If you use BNB to buy BHO, you will need to input 'BNB' in “From” and ‘BHO’ in “To”.
10- Click “Swap”
11- Review the transaction and click “Confirm Swap”
12- Confirm the transaction in the wallet. Note that if the gas fee is high, you have the right to reject the transaction.
And that’s it!
You will receive a notification when the transaction is successful and you can click on “View on Bscscan” to view the transaction details.
To sell BHO tokens, simply do the opposite. Enter 'BHO' in “From” and 'BNB' or 'USDT' in “To” (depending on the currency you want to sell BHO to).
1- Download the Trust Wallet app. Remember to save the recovery phrase, as this is very important.
2- Find the Smart Chain (BNB) wallet.
3- Deposit BEP20 assets to your Smart Chain wallet address. You can withdraw BEP20 from Binance to this Smart Chain wallet address. Remember to deposit some BNB as gas fees.
4- Now the Smart Chain wallet is ready to use!
TRUST WALLET TRANSACTION:
1- Go to https://pancakeswap.finance/swap on a web browser.
2- Click the “Connect Wallet” button on the right corner of the screen to connect to a wallet. Select 'Trust Wallet' and do the same steps as MetaMask.
Part 2: Common Errors When Trading On PancakeSwap
1- Entering A Wrong Contract Address
Always make sure that you have the correct Contract address number of the token you want to buy. This sounds simple, but many people make this mistake leading to accidentally loss of money.
With BHO Token, investors can easily find the Contract address in the White Paper section of the website.
2- Setting The Wrong Slippage
The slippage on PancakeSwap can go very high (e.g. 50%, meaning that when you swap, there is a chance that your capital can be split in half immediately). Therefore, always set your slippage within your acceptable range (for example, from 1% to 10%)
Published on September 24, 2021
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