How to Buy/Sell Cryptocurrencies using Dex Exchange – Hello Guys, In this blog i will tell you how you can buy/sell cryptocurrency using dex exchanges.
Dex(Decentralized exchanges) are cryptocurrency exchanges where you can trade(buy/sell) your crypto tokens on a peer to peer basis i.e no intermediary is required.
Decentralized exchanges allow users to trade cryptocurrencies without registering on the exchange(such as done on centralized exchanges).
Decentralized exchanges allow you to swap/exchange cryptocurrencies from one coin to another(for ex: you can swap from eth to usdt using uniswap). As you see you can swap/exchange cryptocurrencies on dex exchanges, so you need to have specific tokens that you want to sell in order to buy another token.
Each decentralized exchange works on specific blockchain network.(for ex: uniswap works on ethereum network and pancakeswap works on binance smart chain network). Corresponding to the network that each dex exchange works on you need to provide some fees(gas fees) to buy/sell or swap crypto assets on these dex exchanges. (For ex: on uniswap you need to provide some eth as gas fees and on pancakeswap being working on bsc network, you need to provide bnb as gas fees. You need to pay these gas fees seperately irrespective of the trade you are performing.
To trade on decentralized exchange you just need to have a crypto wallet through which you can directly interact with the decentralized exchanges.
If you don’t know how to create a crypto wallet you can read our blog here:
https://freecryptoloot.com/how-to-create-a-crypto-wallet/
Read the steps below to understand how to swap coins on binance smart chain network using pancakeswap:
- First of all create a crypto software wallet. If you don’t have a crypto wallet you can read our blog on how to create a crypto wallet given below.
- Now add some crypto coins like bnb, usdt, busd on your wallet as you would swap from this coins to some other coin.
- Now visit pancake swap site using trust wallet dapps or using metamask(extension installed in browser) and select trade from the menu and click on exchange(link provided below)
- Make sure you have connected to pancakeswap using binance smart chain network.
- Then in the first field select the cryptocurrency you want to sell to convert into some other coin.
- In the second field select the currency you want to buy or want to convert to.
- Then click on swap.
- Then confirm the transaction and pay the gas fees in bnb to complete the transaction.
- Now you have swapped cryptocurrencies using pancakeswap.
Disclaimer: Please do your own research before investing in crypto as has risk factors involved. Do not share your key phrase or private key of your wallet with anyone. Do not connect to unknown dex exchanges using your wallet, only connect to specific trusted dex exchanges only.
Thank you for reading the blog. If you have any doubts/suggestions regarding dex exchanges or anything related to crypto, feel free to contact us or comment down below. Also keep visiting our blog to get such useful crypto information, crypto airdrops or news related to crypto.
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