How to buy Prom (PROM) coins on PancakeSwap?

By adding Binance Smart Chain to your Metamask wallet and funding it with BNB, you can connect to PancakeSwap and purchase PROM tokens, an easy process with a user-friendly interface and an array of features for cryptocurrency enthusiasts.

Dec 19, 2024 at 07:40 am

Key Points

• Understanding PancakeSwap: Introduction to the decentralized exchange and its features.
• Creating a Metamask Account: Setting up the non-custodial wallet used to interact with PancakeSwap.
• Adding Binance Smart Chain to Metamask: Configuring Metamask to connect to the network where PROM tokens reside.
• Funding the Metamask Account with BNB: Purchasing and transferring BNB tokens for transaction fees.
• Connecting Metamask to PancakeSwap: Authorizing Metamask to access your wallet when using the exchange.
• Finding the PROM/BNB Trading Pair: Navigating PancakeSwap to locate the trading market for PROM tokens.
• Swapping BNB for PROM: Placing a trade order to exchange BNB for the desired amount of PROM tokens.
• Confirming the Transaction: Reviewing and acknowledging the transaction details before submitting.
• Storing the PROM Tokens: Selecting a suitable storage method for your PROM tokens.

Detailed Guide

1. Understanding PancakeSwap

PancakeSwap is a decentralized exchange built on the Binance Smart Chain (BSC) network. It allows users to trade, farm, and stake cryptocurrencies without the need for intermediaries. The platform offers a user-friendly interface and various features tailored to both experienced and novice cryptocurrency enthusiasts.

2. Creating a Metamask Account

Metamask is a non-custodial wallet that enables you to store and manage your crypto assets. To create a Metamask account:

• Visit the official Metamask website and download the extension for your browser.
• Click "Create a Wallet" and follow the on-screen instructions.
• Set a strong password and store your secret recovery phrase securely.

3. Adding Binance Smart Chain to Metamask

PancakeSwap operates on the BSC network, so you need to configure Metamask to interact with it:

• Click the Metamask logo in your browser toolbar and select "Settings."
• Choose "Networks" and click "Add Network."

• Enter the relevant network details for BSC:

  • Network Name: Smart Chain
  • New RPC URL: https://bsc-dataseed.binance.org/
  • Chain ID: 56
  • Symbol: BNB
  • Block Explorer URL: https://bscscan.com/

4. Funding the Metamask Account with BNB

Before you can swap for PROM tokens, you need to have BNB in your Metamask wallet to cover transaction fees:

• Purchase BNB from a cryptocurrency exchange or exchange office.
• Send the BNB to your Metamask wallet by copying your wallet address and initiating a withdrawal from the exchange.
• You now have sufficient BNB to interact with PancakeSwap.

5. Connecting Metamask to PancakeSwap

To connect Metamask to PancakeSwap, follow these steps:

• Visit the PancakeSwap website and click the "Connect Wallet" button.
• Select "Metamask" from the list of available options.
• Click "Next" and your Metamask wallet will be connected to the exchange.

6. Finding the PROM/BNB Trading Pair

To find the PROM/BNB trading pair:

• In the PancakeSwap interface, click "Trade" > "Exchange."
• In the "From" field, select "BNB."
• In the "To" field, search for and select "PROM."

7. Swapping BNB for PROM

To swap BNB for PROM tokens:

• Enter the amount of BNB you want to exchange in the "From" field.
• The corresponding amount of PROM tokens to receive will be displayed in the "To" field.
• Adjust the amount of PROM tokens if desired.
• Click the "Swap" button.

8. Confirming the Transaction

Before confirming the swap:

• Review the transaction details, including the amount of BNB, PROM tokens, and transaction fee.
• Ensure the network selected is Binance Smart Chain.
• Click the "Confirm Swap" button.

9. Storing the PROM Tokens

After the swap is successful, your PROM tokens will be deposited into your Metamask wallet:

• Click the "View in Wallet" button to view your PROM tokens.
• You can choose to store your tokens in Metamask or transfer them to a hardware wallet for increased security.

FAQs

• What is the minimum amount of PROM I can buy?

The minimum amount of PROM you can buy varies depending on the liquidity pool and the price of PROM at the time of your purchase. Check the PancakeSwap interface for real-time information.

• What are the fees associated with buying PROM?

PancakeSwap charges a 0.2% trading fee on each swap. Additionally, your Metamask wallet will display a network fee, which is paid to the network for processing the transaction.

• How long does it take to buy PROM?

The time it takes to buy PROM on PancakeSwap depends on the network congestion. In general, transactions can take anywhere from a few seconds to several minutes to be processed.

• Can I buy PROM using a credit card?

PancakeSwap does not directly support credit card purchases. However, you can purchase BNB using a credit card from a cryptocurrency exchange and then use the BNB to buy PROM on PancakeSwap.

• Where can I get more information about PancakeSwap and PROM?

You can find more information on PancakeSwap's official website and on the PROM coin website. Additionally, there are various cryptocurrency communities and forums where you can engage with other users and ask questions.