What is PancakeSwap?
PancakeSwap is a decentralized exchange that allows users to swap BEP-20 tokens. On PancakeSwap, you can easily swap Binance Coin (BNB) for any other token of the same standard like Homeros.
To begin, you need to connect your cryptocurrency wallet to PancakeSwap before you can swap BNB for another token. In addition, you need to have some BNB in your cryptocurrency wallet.
If you don’t have BNB in your cryptocurrency wallet, you can buy it from a cryptocurrency exchange like Binance, KuCoin, FTX, Huobi Global, and Gate.io.
After buying from these exchanges, you can send your BNB straight to your cryptocurrency wallet.
Aside from facilitating BEP-20 swaps, PancakeSwap also allows you to stake LP tokens to earn additional income. However, you’ll learn how to use PancakeSwap with a wallet like Metamask to swap BNB for Homeros and we will explain more of LPs in a future tutorial.
How to use PancakeSwap
To use PancakeSwap, you need to connect it to a wallet like MetaMask. Once done, you will be able to use BNB to swap for another token.
Here’s how to use PancakeSwap:
- Go to PancakeSwap & tap on “Connect”
- Select your preferred currency
- Import the token and swap BNB for HMR
1. Go to PancakeSwap and tap on “Connect”
Once you’ve sent BNB to MetaMask, you’ll be able to swap it for another token on PancakeSwap such as HMR.
Firstly, go to the PancakeSwap website.
Connect your wallet to PancakeSwap by clicking on ‘Connect Wallet’ on the top right corner.
A pop-up will open. This contains a list of wallets that you can connect to.
Choose MetaMask.
After typing in your password, you will be able to connect your wallet to PancakeSwap.
As seen on the screenshot above, you will be able to see a green light on the top left corner of your wallet if you are successfully connected. Please check if you are correctly connected to the Binance Smart Chain. This is indicated by the name of the network on the top red box.
If it is not Binance Smart Chain, please refer to the following link:
https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain
On MetaMask, you will see a confirmation page.
Tap on “Connect” to allow PancakeSwap to connect to MetaMask.
2. Select your preferred currency
After connecting to MetaMask, you need to select the currency that you wish to swap.
As you can see from the above screenshot, your BNB balance is the same as our earlier MetaMask screenshot. This means that Metamask has already been correctly connected to PancakeSwap.
In order to connect to HMR, we need to press [CAKE] to change the currency to [HMR]. Make sure you have the correct HMR token.
This is the correct HMR contract address:
0x32d12029f62260e239b5b5c8f0bea9cb382cfdd6.
Alternatively, you can search it on Coingecko or CoinMarketCap.
You can copy the contract address from the red box shown above.
Once you have identified the correct HMR token, return to PancakeSwap. Kindly note that PancakeSwap may warn you of adding a “Coin from an unknown source”. Tick the box to assure that you have read the warning and import the token afterwards. Once successful, you can see the right logo of Homeros. This only needs to be done once.
3. Import the token and swap BNB for HMR
Once imported successfully, you can now swap BNB to HMR.
You just need to insert an amount of BNB you wish to swap and the equivalent HMR amount will appear. Make sure you have enough BNB for gas fees.
After checking, you just need to click on ‘Swap’.
Congratulations! You have successfully learned how to use PancakeSwap with MetaMask to swap BNB for HMR!
Conclusion
In PancakeSwap, you can also swap tokens with Binance USD (BUSD).
In order to swap with BUSD, you need to replace BNB with BUSD when swapping. Just make sure you have BUSD in your MetaMask wallet. Moreover, BNB is still needed for gas fees.
There are pros and cons of using BNB for swapping. BNB has fluctuating prices while BUSD is a stablecoin, which means prices are more stable than BNB.
Check out our blog for other related guides!
