Pancake Swap is one of my favorite apps/websites to earn money from crypto. I’m quite new to Yield Farming and I’m still learning the ins and outs of using Pancake Swap and I’d like to share here on my blog my journey in using this platform. For this blog, I’d like to share how to transfer $BUSD from Pancake Swap to Binance.
Before we continue, I just want to remind you that I’m not a financial advisor and this should not be treated as financial advice. As I have said earlier, I’m just sharing my journey in crypto investing.
If you need financial advice, please consult a professional financial advisor before you invest your hard-earned money in any type of investment. And always Do Your Own Research (DYOR) as well.
Anyway, let’s get back to the topic…
Why Do I Transfer $BUSD and not $Cake?
Well, actually you can transfer any crypto from Pancake Swap to Binance as long as they are also available in Binance.
However, I transfer $BUSD as a personal preference since I know that I’ll be converting whatever I transfer to $BUSD anyway once it’s in Binance. So I thought, why not convert it right before I transfer?
Well, it’s just me, and I also only transfer a small amount so I don’t feel that much the cost difference if there’s any.
If you’re going to transfer a larger amount, then might as well check which is the most cost-efficient way for you to do this.
How to Transfer BUSD from Pancake Swap to Binance
Here’s a step-by-step guide on how I transfer BUSD from Pancake Swap to Binance. Please bear in mind that this information is only valid as of the time of writing and the process might be different by the time you see this article.
A lot of things in crypto are getting updated quite fast recently due to the continuous developments.
1. Log in to Pancake Swap via Your Browser Wallet (Metamask, etc)
Metamask is not the only compatible wallet. as of the time of writing, there are other wallets that can be used to access Pancake Swap. As of the time of writing, here are the compatible wallets:
- Binance Chain Wallet
- SafePal Wallet
I don’t have any experience in using the other wallets though since I only use Metamask (I added Binance Smart Chain on Metamask). But for sure, you will find other online tutorials on how to use the other wallets to access Pancake Swap.
2. Swap Your Crypto/Token to BUSD
I earn $CAKE by staking my LP tokens on Pancake Swap. And I usually transfer the $CAKE that I earned to either Binance or to Pancake Bunny.
For this blog, I’ll be showing you how I transfer my $CAKE earnings to Binance (after swapping it to $BUSD).
In order to swap your crypto/token to BUSD, you have to go to ‘Trade’ and then to ‘Exchange’ which you can see on the left-hand side of your screen.
Choose the crypto/token that you want to swap from and the crypto/token that you want to swap it to.
In this example, I’m swapping $CAKE to $BUSD. By the way, please do note that the market price fluctuates every now and then and the amount/price that you see here will definitely be different by the time you see this article.
And also, please do note that there are corresponding gas fees for every transaction on Pancake Swap (swapping, transferring, etc) and the gas fees are paid in $BNB so be sure to have enough $BNB before you make any transactions on Pancake Swap.
Swapping takes just a few seconds if the Binance Smart Chain is not congested. However, be aware that there are certain days when it really takes a while.
You should be able to see on your Metamask wallet the amount that you have swapped if it’s successful (in this example – $BUSD).
3. Log in to Binance and Search for the Crypto/Token that You Want to Deposit
Now that we have completed swapping $CAKE to $BUSD, we can now proceed to transfer it to Binance. Log in to your Binance account and then go to ‘Wallet’ and then to ‘Fiat and Spot’ (Deposit and Withdrawal).
And then search for the crypto that you want to deposit. Since we are transferring $BUSD from Pancake Swap, it also means we are depositing $BUSD to Binance.
4. Get the $BUSD Deposit Address from Binance and Paste it on Metamask
Based on the screenshot above, click on ‘Deposit’ and it will show you your $BUSD Deposit Address for Binance. Copy that and paste it on Metamask.
The area covered in red is where you will see the address that you need to copy. Above that, make sure that you choose BEP20 (BSC) as the network.
Please be aware that this is how I transfer from Pancake Swap to Binance via Metamask. I don’t know if this is the same network to use if you’re going to use a different wallet (probably, but please check other information online just to be sure).
After copying the address, go to Metamask and search for the crypto that you want to transfer, in this example, $BUSD, and click on it. After clicking, you will see the option to ‘Send’ or ‘Swap’. Click on ‘Send’.
This is where you’re going to paste the address that you copied from your Binance account.
After pasting the address, other options for the transfer will appear including the option to choose the amount of crypto that you want to transfer. For this example, I transferred all $BUSD, so I just clicked on ‘Max’ and then ‘Next’.
A confirmation page on Metamask wallet will appear and just click on ‘Confirm’ and it will process the transfer.
And that’s it! For this transfer, it took a minute and a few seconds (less than two minutes) before the $BUSD that I transferred appeared to my Binance account.
Your Binance app(if you’re using the app) will also notify you once the transfer is successful.
Do a Trial Transfer First
Always do a trial transfer first (transfer a small amount) before transferring a big amount. The reason why I didn’t do a trial transfer anymore is that I’ve done that before already and I have made a couple of transfers in the past.
But if it’s your first time to transfer crypto/token, from Pancake Swap to Binance for to any other exchanges or wallets, always do a trial transfer first.
Always Check the Accuracy of Details
Once you have confirmed the transfer and some information is incorrect, especially the recipient and the network, then you might lose your crypto/token forever! Please always be careful with these details!
Follow Binance Smart Chain on Twitter
I follow Binance Smart Chain on Twitter so I can stay updated with every issue if there would be any. Transfers from Pancake Swap to Binance usually only take a couple of minutes but in the past, I’ve experienced waiting a little bit longer.
And since I follow Binance Smart Chain on Twitter, I just checked their recent post and saw that they were experiencing congestion during that time which was the main reason why the transfer I made got delayed.
Be Wary of Scammers
In case you suspect that there might be some problems with the transfer, do not post your question publicly on social media as you will definitely attract scammers that are pretending to be customer service staff of the relevant app. I highly suggest that you send the relevant app a direct message on Twitter.
Please always be diligent in checking the correct Twitter handle because scammers have designed their Twitter pages to mimic what the real one looks like.
Don’t Give Your Wallet’s Seed Phrase to Anyone
Pancake Swap, Metamask, and Binance will never ask for the seed phrase of your wallet nor any other information that will breach the security of your crypto holdings.
So, if someone that you’re talking online asked for this, DO NOT GIVE IT TO THEM (LOL! I’m not shouting, I just want to emphasize this).
Sometimes when we encounter an issue that directly affects our finances/money, we tend to forget all the reminders that we have read in the past possibly due to panic, etc.
Just don’t give your wallet’s seed phrase to anyone or any info that will compromise the security of your crypto account/s.
Transferring crypto/tokens from one wallet to another or to an exchange can be complicated at first. But once you get the hang of it then it will be very easy in the succeeding transfers.