If you have got to here, you are now entering the intermediate to advanced levels of crypto knowledge, well done!
So now, to trade on PancakeSwap you will need your own wallet which is recognized by PancakeSwap. I use MetaMask. A lot of other people use Trust Wallet, but I have only ever used MetaMask.
To open a MetaMask wallet is relatively easy. Make sure you have the right website and download the app, either on your laptop or phone. I did both, but only really use it on my laptop, as I have a Ledger cold wallet for extra security. I will explain what a Ledger cold wallet is later.
You will need to have a password, and you will also be given a sequence of words, usually 12, that are your secret passwords. DO NOT PUT THESE ON YOUR COMPUTER! Because then they could be hacked. Write them down on a piece of paper, twice to be safe. Never give these to anyone. Make sure you write them down exactly. I got a letter wrong on one word and later had a headache with that.
If you are going to trade with large amounts of money, get yourself a Ledger cold wallet. They are made in France. I got a basic plug in Nano S for about one hundred dollars. When you get this, you will get another set of passwords, so make sure you write them down.
A Ledger cold wallet means no one can transfer crypto out of your wallet without physically plugging the Ledger in to your computer first. Very safe. A normal MetaMask wallet can be hacked, and it is very common for wallets with expensive NFTs and a lot of tokens in them. I suggest you get a cold wallet. Ledger is just one brand. I have had no problems with my Nano S. It is easy to add your Ledger cold wallet to MetaMask. Look in advanced settings.
So, now you have your wallet, select the Binance Smart Chain, or Binance Mainnet. Whether you are using your Ledger wallet or the simple MetaMask BSC wallet, you can now send BNB safely from the Binance platform or website, to your MetaMask wallet.
Once you have BNB in your wallet, you will see it there, and you are ready to trade on PancakeSwap!
So here is what I do from here. Here is where the magic happens!
First, join PinkSale, and sign up to their email recommendation list. PinkSale is where most BSC tokens first emerge. You will see about 5 or so of their top coming presales. In my experience DO NOT BUY THE PRESALE! The reason for this is the presale price is set far too high, and will inevitably, in most instances drop considerably when the token is first listed on PancakeSwap.
Secondly, get emerging token information from YouTubers. Some are good, some are bad, but they have done the hours of research that you need to do. A free gift of information!
I use a guy at the moment who uses the name Stock Investor because he gets most of the new tokens mentioned. He is not famous. But the other day, he gave me PINKIE INU on PancakeSwap, I got that early made 4x, then picked up CRYPTO BEE, and made another 4X. All in one day! 8X on fairly obsolete tokens, all because I got them early.
Next, SAFETY, do some research on those tokens, website, YouTube videos, whatever you can find.
Bad projects have bad English on their websites.
Next, see if the project has been AUDITED. That is, has the token and project been vetted by an agency? CERTIK is the most respected audit company, and if it has a CERTIK audit the project is pretty safe. But there are dozens of other audit companies.
Next, are the team doxed? This means have the developers of the product given their identities? If they have that is good, as is KYC verification for their website, and project.
Once the token launches on PancakeSwap, immediately copy and paste the token contract address (a long list of numbers and letters found on the project website) and paste it into Token Sniffer, just to make sure that the project is not a HONEY POT or a RUG PULL.
Basically, in a honey pot you cannot sell the token, after you buy it, and rug pulls are when the owner sells all his tokens, thus crashing the token price.
These factors are for safety. They are important.
But all crypto is a gamble.
It could be said that casinos are scams to get your money, right? But can you make money in a casino? Yes, definitely. My record is 17K in a couple of drunken hours playing blackjack at Jupiter’s in Australia.
And, in my experience, often the scam tokens are the ones to make the money on. As long as you can sell them, and then leave, just like at a casino, taking the chips. Don’t get all caught up in loyalty to any crypto token, or project. You are not after the crypto investment; you are after the money! One thing you must know about BSC projects is most of them are PUMP and DUMP projects. That is good, as you want fluctuation in price, to make the profits.
I bought a token, and then, the owners stopped people selling. The token sky rocketed, as people were buying it (strangely people still buy dangerous coins, just look at Squid Game token) and could not sell. Then, every few hours the owners would dump the token, the price dropped by about 1000% but there was a tiny window of about a minute to buy millions of the tokens back for a few dollars, then the price started rising extremely fast, and I sold just before they stopped the selling again. That is a way to make a fortune on a dangerous scam coin.
If you want a long-term investment in a crypto project, you are better to go for an Ethereum based project. In that regard, I never stake tokens, often you will get some tiny amount back, or even less than you staked. And if a token is staked, it cannot be sold.
Next, the SALE FEE. Now this is crucial! You need to check from the project website, and Token Sniffer what the actual sale fee is, which is called SLIPPAGE.
Slippage can be as low as 0 % (becoming more common these days) and as high as 25%.
Personally, I hate projects with high slippage. It means that every time you buy or sell, you are being hit with a tax, that goes back to the project owners.
BNB will be used as the transfer fee, so each time you buy or sell with 0% slippage, a tiny amount of BNB will be deducted from your wallet, and if it is high, a large chunk of BNB will go missing.
By the way, try not to run out of BNB in your wallet, or you will not be able to trade. You will always need around 2 dollars’ worth of BNB in your wallet to swap.
I will rarely, if ever buy a token with a slippage rate higher than 6%. Anything under 6% is OK. Anything under 3% is very good. On your MetaMask, the fee will be referred to as a GAS FEE. You will need to pay the GAS FEE (in BNB) whenever you swap tokens, or send them to another wallet.
PancakeSwap is relatively easy to use, but do not forget to set the SLIPPAGE range! Also, get the token contract address from the website and add it to PancakeSwap, and your MetaMask account. Then you will be able to see your tokens. Some tokens will not show up in your MetaMask account, but they will be there. You can see them on the BSC website, or you can simply type a number of the tokens into a mock PancakeSwap transaction, and they will show up on there.
MAKE SURE YOU GET THE RIGHT TOKEN CONTRACT ADDRESS FROM THE PROJECT WEBSITE!
There are so many scammers out there. You can get the project Telegram and Twitter account ONLY from the token website, but NEVER accept DMs, especially on Telegram. For some tokens there are hundreds of fake Telegram accounts and Twitter accounts.
I have to admit I did get caught once, investing 200 dollars into a fake pre-sale in the genuine Telegram group. Sometimes you have to learn the hard way.
The last and most important thing is when to buy! Buy low, sell high! As tempting as it is to buy a skyrocketing token, usually if it has a big green shoot, you are too late for the party. You buy high, and a few minutes later the price drops 50%!
You must use POOCOIN to see the true token value in real time. As soon as the token launches, copy the contract address into POOCOIN. DO NOT USE COINMARKETCAP to see token price. Often it will be a few minutes behind, and those minutes are crucial and could cost you big money.
Remember, you make the money, buying at the bottom, when the coin is in the red.
This especially applies to BSC projects just launching on PancakeSwap. There is a pre-sale, then there is the launch, and 9 times out of ten, there is a dump, within say the first hour. Buy then!
And most projects just take a few days before they launch on CoinMarketCap, and CoinGecko.
So the best strategy is to buy the dip at the initial PancakeSwap dump, sell at a 2-5 x profit, then buy back again just before the CoinGecko and CoinMarketCap launches, then make another 2-5 % gain, then either sell half of your tokens at that peak, or all of them. Once you decide to sell all your tokens try not to keep looking to see if the token has risen again. Better to buy the next new token just launched on PancakeSwap.
As a rule, most BSC projects pump for a day or two maximum, sometimes like CATS, which I was lucky enough to hit early, they pump for a week or two but this is very rare. Don’t get attached to a project, get attached to the profits! Get your money, then buy something you need, or rebuy the next project early.
When you have decided to take money out as profits, that is to convert it back to fiat (dollars and pounds) you simply need to send the BNB back to your Binance account from your MetaMask wallet, sell it or convert it there, to GDP or USD, and then send it to you bank account or PayPal account. It will arrive very quickly, as long as you have those accounts verified on Binance.
Good luck!