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How to use Metamask wallet and Pancake Swap on Binance Smart Chain (BSC) to trade DEC and SPS tokens

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@atnazo
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Welcome Guys!

Introduction

This time I want show you how trade on Pancake Swap on Binance Smart Chain. Many people will looking for that, because they play Splinterlands, where anyone who earn some DEC for winning battles or get SPS from airdrop will want trade them. Of course you can use https://hive-engine.com/ to trade against hive tokens, but on Binance Smart Chain are bigger volumens and is much easier to buy or sell big ammount of tokens.

Second thing, which I think is a big advantage of using Binance Smart Chain is paying with BUSD. When you have some money on exchange and you want just buy something on Pancake Swap you just need some bnb for transaction fee and busd for paying. Transfer BUSD token from Binance to Binance Smart Chain is free, but you need have atleast 10 BUSD to withdraw assets from Binance exchange.

What you need?

Basicaly you need have account on Binance exchange, wallet like Metamask, some funds for trades and transaction fees and configured Binance Smart Chain on your Metamask.

First you need register on binance, if you don't have account yet. You can use my referal link: https://accounts.binance.com/pl/register?ref=HZ7HKF9K code: HZ7HKF9K

Then you need to buy some BNB for transactions fee and some BUSD, which will be be used for paying on BSC network.

Installing Metamask wallet and configuring BSC Network

Read article from Binance Academy and follow steps described in this article.

https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain

When you done, you can now use Metamask to buy, sell and transfer your crypto on Binance Smart Chain of course :)

Trading on Pancake Swap

To trade DEC or SPS or something else you need smart contract of token you want trade. You need find token on Coingecko or Coinmarketcap and copy paste smart contract on BSC.

I use Coingecko, so I show you on this example for SPS, where to copy smart contract for BSC. Sometimes token have more contracts not only for BSC and you will see the button to show the list, then of course you will copy contract for BSC.

https://www.coingecko.com/en/coins/splinterlands

You can also add this token directly to your Metamask by one click on Metamask icon.

Now you need to connect your wallet to Pancake Swap on this site https://exchange.pancakeswap.finance/#/swap

I recommend trade DEC on Version 1(old) and SPS on Version 2, because DEC is token, which was before v1 to v2 migration and there is much more liquidity for trades. SPS is new token, so people add liquidity to v2.

If you are not sure what version you should use check first on this site, where are better volumens, because you will pay so much for slippage tolerance.

https://poocoin.app/tokens/0xe9d7023f2132d55cbd4ee1f78273cb7a3e74f10a

Very important!!! To avoid scam tokens, which have the same name, dont search by name of the token always use smart contract. You don't wanna buy worthless token, which just have the same name, but have different smart contract adress. So copy smart contract from coingecko or other trusted site.

If I good remember defalut value for slippage is 5% this is how much price can change during making your transactions. Sometimes blockchain is busy and it take some minutes and in this time price can change a lot. So, if you don't want lose many money during price movement just set up for low like 2% price change.

Sometimes even with 2% or 5% transaction going too long and can be overtimed, then you can't make it through chain, then you will probably pay for basic transaction fee, for failed transaction. Sometimes it happens, when blockchain is busy, then you get pop out that transaction failed.

You can check it directly on Metamask in your transactions activity and then you will be redirected to https://bscscan.com/ where you will see status of your transaction on the blockchain.

Click on Swap Exact Tokens

Then you will see new window with details of your transaction.

Summary

Trading on Binance Smart Chain is easy for me and will be easy for you. It can looks like something hard to do, but trust me it is not. Is hard to get involved at start to learn new blockchain technology, but after couple of transactions you will know that is really easy to do.

Remember always check smart contract, before interaction with him. I saw so many tokens with the same name, so be carefoul. Don't forget to add token, which you want buy to your Metamask, otherwise token will be not visible in your wallet after succesfull transaction.