Picture this, you've encountred a cool project, with a low market cap, a dedicated team of developers, a roadmap of momentous updates, a large community and a low-entrance price for the coin. You've done your research and want to try your luck and buy some of this hidden gem. But, there is a problem, Binance/Coinbase/eToro etc. are not yet(hopefully) listing it, so, how do you do it?
Enter Uniswap and PancakeSwap. Differences between them is a topic for another post, here we will discuss how to get started on these platforms.
So, How To Use Uniswap/PancakeSwap?
-Download crypto wallet, follow the instructions to set it up.
-In wallet, click on "BNB" and then "receive". Copy the address it gives you.
-Make sure you have some BNB in your Binance wallet and in the spot wallet screen click on "withdraw".
-Click on Crypto and coin "BNB" and in the address box, paste the wallet address (you may have to add the address to your "whitelist").
-Select the smart chain and the amount of BNB you want to send.
-The BNB funds should arrive in your wallet in a few minutes.
-In wallet, click on DAPPs ( Decentralizes Applications) at the bottom and you can connect to PancakeSwap, Uniswap, Sushiswap etc.
-Trade your BNB for other coins that are listed.
-If the coin you want doesnt appear in the list, find it on coinmarketcap or a similar site and copy the "contract addres" and paste it into the field.
-Depending on which coin you are after, you may need to purchase it in another currency such as ETH. Find that out first so you know what coin to withdraw from Binance(or other exchange).
Hope this brief instruction helps you get started, and thanks for the read!