How to transfer crypto from Binance to Pancakeswap
Pancakeswap is a DEX built on the Binance Smart Chain. It is a fast alternative to Ethereum and it’s much cheaper. Pancakeswap offers better transactions and negligible levels of transaction fees. Today we shall talk about How to transfer crypto from Binance to Pancakeswap.
In Pancakeswap traders use liquidity and the money from the pools helps in the maintenance and upgrades of the platform.
With Pancakeswap AMMs are used meaning there are no order books and instead liquidity pools are used. Here’s how to transfer crypto from Binance to Pancakeswap:
1 First of all the crypto should be converted into BNB and added to your web3 wallet eg Metamask. In order to do this, you will have to connect Metamask with the BSC. Head over to “Trade” then ” Convert” and then BNB as the option”to” and choose the crypto you wish to convert from.
2 Login to Pancakeswap and link the two together i.e. Link Metamask to Pancakeswap and start the connection.
3 Once connected your Metamask address will be visible in the notification window.
4 You can now exchange your crypto by choosing Trade and then exchange on Pancakeswap.
Upon completion of the four steps above, you will have successfully transferred your crypto from Binance to Pancakeswap.
Advantages of Pancakeswap
When you join Pancakeswap the first thing you should do is invest in the liquidity pools and collect LP tokens as a profit. The platform has numerous ways to earn profit. The methods include:
1 Trading: You can trade the LP tokens you earned for other tokens you want and the trade is fast and secure.
2 Non-fungible tokens: You can win NFTs and use them to trade or also decide to store them or even stake them.
3 Staking: Since not all can trade LP tokens and earn a profit, newcomers with no experience can stake their CAKE coins in the available pools and earn more rewards.
