Trust Wallet and PancakeSwap are two of the most popular platforms in the world of decentralized finance (DeFi). By connecting them, you gain access to PancakeSwap‘s extensive decentralized exchange directly from your Trust Wallet app. This allows you to easily trade BNB and other tokens available on the Binance Smart Chain.
In this comprehensive guide, you‘ll learn:
- What Trust Wallet and PancakeSwap are
- Why you should connect them
- Step-by-step instructions to connect Trust Wallet to PancakeSwap
- How to use PancakeSwap to swap and trade tokens
- Tips for importing tokens and setting up swaps
- Security considerations when using DeFi platforms
Introduction to Trust Wallet and PancakeSwap
What is Trust Wallet?
Trust Wallet is a mobile cryptocurrency wallet that supports major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many ERC20/BEP2 tokens. It’s available as a mobile app for both Android and iOS.
Some key features of Trust Wallet include:
- Open source code for security
- Private keys stored locally on your device
- Support for major cryptocurrencies and thousands of tokens
- Built-in decentralized exchange and Web3 browser
- Easy to use with a simple, intuitive interface
Trust Wallet follows a non-custodial model, meaning only you control your private keys. Your crypto assets are stored securely on your device, not by a third party. This gives you full control of your funds.
What is PancakeSwap?
PancakeSwap is a decentralized exchange (DEX) on the Binance Smart Chain (BSC). On PancakeSwap, users can trade BNB and other BEP20 tokens without an intermediary or KYC requirements.
Some key features of PancakeSwap:
- Fast, low-cost trades. Trades on BSC cost a fraction of the gas fees on Ethereum.
- Trade new BEP20 tokens before they get listed on major exchanges.
- Earn fees and rewards by providing liquidity to pools.
- Farm synthetic tokens by staking CAKE and other cryptocurrencies.
- Participate in yield farming to earn high APY.
PancakeSwap dominates trading volume on BSC, making it the go-to DEX for projects launching tokens on the network.
Why Connect Trust Wallet to PancakeSwap?
Connecting your Trust Wallet gives you direct access to trade on PancakeSwap‘s DEX. Key reasons to connect them include:
- Trade BNB, CAKE, and other BEP20 tokens from your wallet.
- Provide liquidity to earn trading fees and rewards.
- Swap new BSC tokens before they hit major exchanges.
- Avoid having to copy/paste addresses when trading.
- Keep full control of your keys when transacting on PancakeSwap.
Now let‘s look at how to connect them…
Step 1: Download Trust Wallet
If you don‘t already have Trust Wallet installed, you‘ll first need to download it to your mobile device.
Trust Wallet is available for free in both the Apple App Store and Google Play Store.
Once installed, open the app and follow the prompts to create a new wallet.
As part of the wallet creation process, you‘ll get a 12 or 24-word recovery phrase. This phrase functions as the backup to access your wallet and crypto assets.
Be sure to carefully write down the recovery phrase on paper and store it somewhere very safe and secure.
You‘ll also need to verify the phrase as part of creating the wallet. Take your time and double check that you have the correct recovery phrase written down.
With your new wallet now set up, it‘s time to enable the DApp browser…
Step 2: Enable DApp Browser in Trust Wallet
In order to connect to and use PancakeSwap, you need to enable the decentralized app (DApp) browser built into Trust Wallet.
By default, the DApp browser is disabled for new wallets. Here are the simple steps to enable it on iOS or Android:
- Open the Safari web browser on your iPhone
- Type the following URL: trust://browser_enable
- Tap Go
- You‘ll get a prompt asking "Open this page in "Trust"?" Tap Open
- This will launch the Trust app and enable the browser
- Open Chrome and type: trust://browser_enable
- Tap Go
- Tap Open Trust Wallet when prompted
- This enables the DApp browser in Trust Wallet
That‘s it! You should now see a "Browser" tab icon along the bottom menu of the Trust Wallet app.
Time to connect to PancakeSwap…
Step 3: Connect Trust Wallet to PancakeSwap
With the DApp browser enabled, connecting Trust Wallet is straightforward:
Tap the Browser icon in Trust Wallet
Scroll down and tap PancakeSwap under the Popular list
The PancakeSwap exchange will load
Tap Connect in the top right
A list of wallet options will appear
Tap TrustWallet to connect
Click Connect again in the popup
Your Trust Wallet address will show in the top right when connected
And that‘s it! Trust Wallet is now connected to PancakeSwap.
How to Use PancakeSwap with Trust Wallet
Once connected, you can start using PancakeSwap‘s trading features directly through your Trust Wallet app:
To swap BNB or other tokens on PancakeSwap:
If not already selected, tap BNB or the token you want to swap from
Tap the token you want to swap to
Enter the amount you want to swap
Ensure slippage is set to at least 0.5%
Tap Swap to complete the trade
Slippage covers price fluctuation and ensures your swap succeeds. A setting of 0.5-1% is recommended.
Importing New Tokens
To trade newer tokens that aren‘t in PancakeSwap‘s default list, you need to import them first.
Here‘s how to import a token using Trust Wallet:
Copy the token contract address
In PancakeSwap, tap Select a currency
Scroll down to Import Tokens and paste the contract address
Adjust the other fields if needed and tap Import
You can now swap this token
Always verify you have the correct address to avoid scams.
You can also provide liquidity to the AMM pools on PancakeSwap to earn fees:
Navigate to the Liquidity page
Click Add Liquidity
Select the tokens you want to provide
Approve the transactions in Trust Wallet
Add funds to the liquidity pool
Providing liquidity does come with the risk of impermanent loss. Manage this risk by regularly harvesting LP tokens.
Security Tips When Using Trust Wallet and PancakeSwap
While DeFi offers exciting opportunities, it also comes with risks:
Never share your Trust Wallet recovery phrase. This gives full access to drain your funds.
Double check addresses when copying/pasting. A wrong address can lead to loss of funds.
Use official URLs. Bookmark and use only the official URL for PancakeSwap.
Watch for fake sites and apps. Scammers create fake versions to steal funds.
Keep an eye on transactions. Check that liquidity pools and farms are legit before investing.
Keep funds in cold storage when not trading. Hot wallets like Trust Wallet pose more risk than cold storage.
Taking precautions is important to avoid losing your hard-earned crypto assets.
Connecting Trust Wallet gives you seamless access to all of PancakeSwap‘s trading features. With just a few simple steps, you can enable the DApp browser and link your Trust Wallet.
Remember to take security seriously – always verify sites, transactions, and addresses when dealing with crypto assets.
Now that you know how to connect Trust Wallet to PancakeSwap, you can start trading tokens on the BSC with ease. The world of decentralized finance offers exciting opportunities – just be sure to do your research before investing.