If you’ve used Uniswap, then you’re probably familiar with the at times outrageous gas fees for transactions. Fortunately, there are ways around these expenses. One of the most popular methods is by trading on the Binance Smart Chain. In this article we will explain how to configure Binance Smart Chain (BSC) for your Metamask wallet.
If you’re unfamiliar with Binance, it’s a blockchain ecosystem like Ethereum for smart contracts. Meaning developers can come and build their own cryptocurrencies on the Binance Smart Chain. So, like Ethereum the BSC is it’s own DeFi ecosystem with liquidity pools and decentralized exchanges to trade on. The main advantage of trading on the Binance Smart Chain are the incredibly low transaction fees which can save traders a fortune.
How to setup BSC on MetaMask
One way of trading on the BSC Network is through your MetaMask Hot Wallet. In order to use Metamask, you need to download and setup your Metamask wallet in your browser or on your phone. You can find more information on how to install your Metamask here.
Once the Metamask is installed we will now configure your Metamask with BSC: When you open your Metamask you should see “Ethereum Mainnet” at the top like in the picture below.
You need to click on the icon in the top right hand corner where a drop down menu will appear. Find “settings” and click on it. Next you’ll want to scroll down close to the bottom where you’ll see “networks” like in the picture below.
Then you’ll want to click “add network”.
You’ll then want to enter in all of the required fields which you see.
It doesn’t matter what you name the network. That is entirely up to you. However, it might be good to name Binance Network or something that you can remember easy. In order to get the information to fill out these other fields you will have to know if you want to configure the Mainnet or the Testnet. You will likely want to use the Mainnet as the Testnet is made for developers.
Mainnet Details (Binance)
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Please visit this article from Binance Acadamy to find out more about this step: Connecting MetaMask to Binance Smart Chain.
Once you filled in this information, your Metamask is now configured with the Binance Smart Chain. Please note that the BSC is not Ethereum based. The underlying asset is Binance Coin (BNB). This means that you will need to purchase BNB before you can purchase coins on the BSC network. You can acquire your BNB on Binance.
The disadvantages of trading on Binance Smart Chain
No ecosystem is perfect. Ethereum is much safer to use than Binance. Unfortunately, there are a lot of risks trading on BSC, so it’s important to learn about these risks before trading.
For example, Pancackeswap, BSC’s number one DEX (decentralized exchange) has many fake impersonators who have created mock Pancakeswap sites. What happens is you can go to a site that looks just like Pancakeswap and you connect your wallet. But once you connect your wallet to a fake website your wallet will likely be immediately drained. Always make sure you’re going to pancakeswap.finance and nowhere else. It’s always recommended to double check before you connect your wallet.
Even experts have been scammed this way. One of the most common ways people get scammed in this way is by finding the website from a fake Telegram group. Just always make sure you are only going to the website listed in this article and nowhere else.
Final thoughts
Now that you configured Binance Smart Chain (BSC) for your Metamask you are ready to start trading. You can now connect your Metamask with Pancakeswap, enter the Token ID and buy it. Learning how to trade on BSC can be a great alternative to using the Ethereum Network. Just make sure to be very cautious to avoid scammers.
If you enjoyed this article, you might also want to check out The Future Of Crypto Is Bullish: Here’s Why.
Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.
