How To Use Trust Wallet's Pancake Swap DApp to Buy Tokens On Binance Smart Chain (BSC)

By Pompey Fintech Academy | Crypto articles | 19 Nov 2022

In this article, I will show you how easy it is to use Trust Wallet- A DeFi wallet owned by Binance- the biggest crypto exchange in the world.

It concentrates on how to purchase tokens using one of Trust wallet's DAPP-Pancake Swap; which is also the most popular DeFi DAPP on the Binance Smart Chain Ecosystem aka BSC.

Before we jump into the details, let me quickly intimate you with some basic Decentralized Finance (DeFi) knowledge.

The Binance Smart Chain (BSC) is an innovative product of the Web3 ecosystem. It is the most popular blockchain in the crypto space owing to its structure, its unique features such as very low transaction fees when compared to other blockchains like Bitcoin and Ethereum, and notably its most popular characteristics as being relatively SAFU (Secure Asset Fund for Users).

About its structure, BSC has these outlined features as shown in my tweet below, hence why it's the popular blockchain.

The BSC is also famous for a good number of both meme and utility tokens created on its ecosystem with endless potentials and capable of turning one's life around for the better.

Now let's go straight into the main focus of this article- How to buy tokens on BSC using Pancake Swap; one of the Decentralized Applications(DAPPS) found on Trust Wallet.

To begin; for crypto newbies, let's start with the explanation of what tokens are and a brief description that explains BSC in a simpler and more detailed understanding.

What are Tokens?

A crypto token is a virtual digital currency or a denomination of a cryptocurrency. It represents a tradable asset or utility that is hosted on its blockchain(coin) or another asset's blockchain(tokens) and allows the holder or buyer to use it for investment or economic purposes. Use the link below to assess Binance Academy to gather more knowledge on tokens: https://academy.binance.com/en/glossary/token

A brief description of the Binance Smart Chain (BSC).

Binance Smart Chain (BSC) is a blockchain network built by Binance for running smart contract-based applications. BSC runs in parallel with Binance’s native Binance Chain (BC), which allows users to get the best of both networks- the high transaction capacity of BC and the smart contract functionality of BSC. Again to gather more insight, please visit Binance Academy with this link: https://academy.binance.com/en/articles/an-introduction-to-binance-smart-chain-bsc

Now let's shift our focus to How to buy tokens on BSC using Pancake Swap; one of the Decentralized Applications (DAPPS) on Trust Wallet.

For this illustration; I will focus on how to use Pancake Swap to buy $TWT (Trust Wallet Token) On Binance Smart Chain (BSC)

Note that before you can trade- that is to buy tokens, send or swap tokens on the Binance Smart Chain, you'll need to have created a wallet using any BSC-enabled wallet such as Trust wallet, Metamask, C98 wallet, etc. In this case, I will opt to use the Trust Wallet which is the most popular and easiest to use.

To be able to complete the buying transaction, you will also need to buy BNB (Smart Chain); which is the BSC native token used to pay for trading transaction fees. You can buy BNB from a reputable exchange like Binance, and send the Smart Chain version (BNB BEP-20) to the created trust wallet account.

If you don't have a Binance account; use my link below to create and verify an account. It guarantees you a $100 cashback voucher. (Create a Binance Account Now)

After the successful purchase of BNB from Binance Exchange, send it to Trust Wallet where a swap (buy & sell) will take place. (For the simplest guide on how to do this in just three clicks, watch this video with this link- https://rb.gy/sxed06 or read the article: A simple way to send tokens from Binance to Trust Wallet)

Now here is how to buy $TWT with Pancake Swap on Trust Wallet.

In your Trust Wallet!

Go to the “DApps”; this option appears at the bottom of your screen when you open the Trust Wallet application.
On the DApps browser, in the new window that opens, scroll down to look for PancakeSwap in the DeFi section and click on it.
In the Pancake swap interface that opens, make sure the option is on Exchange as shown below;

Select BNB in the "From" section, as shown in the image above, and then Choose the token you want to trade to in the "To" section. Next, type an amount for your "To" currency by clicking inside the input box.

Note: We will be using $TWT, so you are to choose TWT as the token to select in the "To" section as shown below.

As you can notice in the image above, the "From" currency amount (BNB) was estimated automatically, as soon I typed 1000 as the quantity of TWT, I wanted to buy/swap. You can also type your "From" (BNB) amount and have the "To" (TWT) amount estimate automatically if you like.
Check to confirm the details, and click the Swap button.

A window with more details will appear. Check the details are correct and proceed to pay the transaction fees by clicking the (Confirm Swap) as shown in the image above.

Done! You can click View on BscScan to see your transaction details on the BSC Explorer.

Congratulations👏 you have just bought a Token ($TWT) using Pancake Swap from your Trust Wallet and on the Binance Smart Chain.

That is how easy it is to buy tokens on a DeFi exchange whether $TWT as illustrated or any other token on the Binance Smart Chain.

Go try it out and leave your feedback in the comment section. Feel free to share it to help your family and friends or any other crypto enthusiast, Make sure to Like and Tip if you like.

To access more articles on various crypto topics, check my archive here.

Well if you're not a BIG FAN of buying tokens on DEFI, and you would prefer to buy $TWT on a CEX like Binance, but transfer it to your Trust Wallet to HODL. Here is the right video that helps you with the process to do so in three simple clicks- https://rb.gy/sxed06.