How To Buy A DeFi Coin On Trust Wallet

Have you been seeking how to buy a DeFi coin on Trust Wallet but are unsure how to proceed?

Worry no more, this article contains Step-by-step guidance on how to buy a DeFi coin on Trust Wallet with ease. Let’s define a Trust wallet for the sake of those who are hearing the term “Trust Wallet” for the first time.

What Is Trust Wallet

Trust wallet is a DeFi wallet that allows users to buy, sell, store, and send digital assets such as cryptocurrency or non-fungible tokens securely.

This wallet has been tested and trusted by millions of users, and it supports a variety of blockchain networks including Binance smart chain, Ethereum, Tron, Tezor, and many others.

This DeFi wallet is available on iOS, Android, and desktop web extensions. Trust Wallet supports over 4.5 million digital assets including Ethereum and Binance smart chain-based NFTs, as well as Ethereum and Binance smart chain-based NFTs.

Trust wallet is a non-custodial wallet, which means that users retain complete control over their private keys and digital assets.

Step-By-Step Guides On How To Buy DeFi Coins On Trust Wallet

It is too technical for a beginner in cryptocurrency and blockchain, purchasing the DeFi token of your choice will be extremely difficult. There are some things you should know before purchasing a DeFi token. This includes the following:

1. Before purchasing a DeFi token, it is always advisable to know the blockchain network your desired DeFi token you want to buy is built on, such as Ethereum, Binance smart-chain, or Tron e.tc, as this will ease your journey in purchasing a DeFi token.
2.  You must find a wallet that is truly Decentralized, and this wallet must support the Blockchain network on which your desired DeFi token is built, for example, a Trust wallet supports a variety of blockchain networks including Binance smart-chain, Ethereum, Tron, and others; Metamask wallet supports Ethereum chain and Binance chain.
3. If the DeFi token you want to buy is built on the Ethereum network or the Binance chain network, you should use a Trust wallet or Metamasks wallet to purchase it.

NOTE: Any DeFi token purchased must be on the same Blockchain Network as the DeFi wallet.To purchase a Defi token through a Trust wallet, first download and install the Trust Wallet app on your iOS or Android device.

Then, find a DeFi exchange that corresponds to your token blockchain network, such as Pancakeswap, which corresponds to the Binance smart chain network because the Pancakeswap DeFi exchange is built on the Binance Smart-chain Network.

Related: Best DeFi Trading Platform

How to get DeFi Coin On Pancakeswap

Let me walk you through the steps to obtain a DeFi token on Pancakeswap easily. First, select a wallet that is compatible with Pancakeswap; a Trust wallet is recommended in this tutorial.

• Create A Trust Wallet Account – If you have downloaded the trust wallet mobile app, create a trust wallet account and remember to save your wallet’s recovery phrase.

If your old device is damaged or otherwise, your recovery phrase allows you to restore your wallet on a new device anytime.

• Deposit A Bep-20 Token – When considering purchasing a token on Pancakeswap, it is recommended to deposit a Bep-20 token standard, as Pancakeswap is built on the Binance smart chain. Bep-20 is a Binance smart chain network token standard.

Users can deposit a Bep-20 token standard to trust wallet in two ways. The first option is to buy from a third party integrated into a Trust wallet using a credit card or to buy from a Cexs exchange such as Binance, Bybit, or others and deposit it into a Trust wallet.

It is also necessary to obtain a BNB token, which is required for the payment of gas or transaction fees, as Pancakeswap only accepts BNB as transaction fees.

• Visit Their Page Using Their URL – Because there are so many scam websites online, it is critical to use the correct URL when visiting their page. If you are not cautious, you may lose your money to scammers.

It is preferable to double-check that you are on the correct page, and their URL is “https://pancakeswap.finance.” If you’re using the mobile version, copy and paste Pancakeswap’s URL into your Trust wallet’s Dapp browser, or go to their website if you’re on a desktop.

When the Pancakeswap page is open, click the ‘Trade‘ button on the left-hand side of the page to go to the swap page.

• Connect Wallet To Pancakeswap – Before buying or swapping tokens on Pancakeswap, users must first connect their wallet to Pancakeswap. Otherwise, you will be unable to swap or exchange any token.

Click the ‘Connect wallet’ button and select your wallet from the list, making sure to select Trust Wallet if you’re using it. A password is required after selecting a wallet from the list; enter your wallet password and approve the connection.

• Choose A DeFi Coin To Swap – It is critical to choose the right DeFi token to trade because many people make the mistake of choosing the wrong DeFi token to swap.

Most DeFi tokens have similar names; if you are having difficulty identifying one, it is best to use the token’s contract address, which you can find on the official page of the webpage, or request the contract address from the token developer or CEO of the project.

You can also go to BSC scan and search for the name of the token; if you find it, copy the contract address and paste it into the ‘import contract address’ bar on Pancakswap.

• Select The Amount Of The Token & Click On Buy – You must select the amount of token you want to exchange, and it is essential that you have BNB in your wallet for transaction fees; otherwise, the transaction will fail.

After selecting a token to swap, a confirmation page will appear. If the required amount is correct, confirm it and proceed with your purchase order. When you finish, the DeFi token you exchanged will be automatically transferred to your wallet.