How to buy GMR crypto and other tokens on Binance Smart Chain
To buy GMR crypto or other tokens on the BSC (Binance Smart Chain), you need to have your coins already on the network. Once your crypto is on the same network, you need to find a “DeFi” (Decentralized Finance) provider that uses BSC and swaps for your desired crypto. PancakeSwap is one of these swap providers that we have experience in using. On PancakeSwap, all you have to do is connect your wallet, import the token address, and buy your desired token.
What is the BSC
Long story short, Binance Smart Chain is another crypto blockchain just like Polkadot, Ethereum, and others. BSC was created to decrease the fees of trading and make fast transactions, alongside other reasons. Binance Smart Chain is similar to Ethereum but is also different. If you wish to know more about BSC, Binance has an excellent explanation of all the technical stuff on their chain.
How to trade on the BSC
The easiest method for getting crypto on BSC is to withdraw BNB from Binance to a BSC wallet. If you’re not sure what wallet to go with, we recommend you check out Trust Wallet. Trust Wallet supports multiple chains, including BSC. Once you have your crypto there, you’re able to make trades on PancakeSwap and other DeFi platforms by importing the contract address.
If you do not have a Binance account, there is a tool by them allowing you to swap your crypto from one chain to another.
If you do not have crypto, you can check out our article on buying crypto.
How to use Trust Wallet to buy GMR and other cryptos on BSC
- Receive Funds
Once you have installed Trust Wallet, you will need to transfer your crypto to it before making trades.
Once you have your money, you will need to head over to the DApps tab, where you will see many different decentralized applications running on various blockchains.
- Visit pancakeswap.finance
At the top of the DApps tab, you will be able to type “pancakeswap.finance” to get to Pancakeswap, which we will be using to buy GMR or other cryptos.
- Change networks
You will most likely be using the Ethereum chain in the top right because it is the default option. Press the Ethereum logo in the top right and change it to “Smart Chain.” Once you have selected Smart Chain, the website will most likely automatically detect the wallet. If not, just press the “Connect Wallet” button in the top right and select Trust Wallet.
- Press Trade
We needed to scroll down to see the Trade button on our device, so if you do not see it right away, you will have to scroll down slightly.
- Add token
Once you’re on the exchange screen, you will have to add the token, press the “select a currency” option. On the next screen, you will need to paste the contract address into the field. To buy GMR, you will need to paste this address:
Please double-check all contract addresses before buying – there are fraudulent addresses out there. On the GMR website, you can press “how to buy” at the top to see the official contract to verify.
Once you’ve pasted the key GMR (GAMER) token contract address, press import, and Trust Wallet will bring you to a warning message explaining that there are fake tokens that can pose as others. Press the empty box to indicate that you understand the risks and press import.
Now you’re able to swap for the token. Before spending all your money on one token, make sure you leave some BNB for transaction fees. You will need this to continue to trade. We recommend you have at least somewhere around $10 in your wallet as BNB, just in case.
If you’re not able to buy the token go into the settings in the top right and adjust your slippage tolerance. Crypto prices change all the time, and if you place an order but the price has changed since then, you will not be able to receive the currency. If you adjust slippage, it will increase the chances of purchase. You will have to figure out the percentage that works for you. It’s often ok to go up to 5%, sometimes having to go over 10%.
If you go back to the wallet and refresh, you should see that you’re now an owner of the GMR token. Congrats!