Yield Farming with Binance Smart Chain Guide

This is Yieldwatch. It keeps tabs on where you’re making money on the Binance Smart Chain or BSC. The image you see there is my account. I started this with around $300 or so about 2 months ago. Granted the price of $CAKE has gone up 150% since I bought it but you can get some nice gains and this walkthrough will show you all that you need to know. First thing we need to do is make sure we have all of the tools to get the job started.

1. A Coinbase account
2. A Kucoin account or Binance.com (NOT .US) account (Binance will require VPN)
3. Trust Wallet on your phone or Metamask on PC
4. $BNB ($CAKE is optional)

So with Step One you’ll need a Coinbase account. You’ll have to go through a lengthy setup and KYC (know your customer) process. You may have to scan your drivers license depending on how much money you’ll be using. Signing up with my link get’s us both $10 free $BTC when you buy at least $100 of cryptocurrency. From here you’ll need to buy some crypto to send to Kucoin and I have 2 recommendations to get the best price.

1. Buy EOS – Sending with EOS is free and fast! If you send BTC then you’ll have to pay transaction costs that could be several dollars worth of BTC and you’ll have to wait for several minutes.
2. Don’t buy ETH to send or anything on the Ethereum chain. Fee’s are way too high at the time of this post. It could cost you tens of dollars to send the smallest amounts!
3. Use Coinbase Pro – You can save even more on purchasing fees if you use their exchange. It is a few extra steps but it’ll cut your fees in half or more.

Now you have to wait. Yes. You have to wait 3 days before Coinbase will let you withdraw your funds. It’s the longest 3 days of your life because you have to watch the market fluctuate. You can still trade the EOS on the exchange if you like in the meantime while you’re waiting for your funds to clear from your bank.

Step two is setting up a Kucoin account and buying BNB. The setup process is much shorter with Kucoin because there is no KYC needed as long as you’re not sending/withdrawing more than $2000 at a time. You’ll just have to verify via phone or email and you’re good to go. Since you bought EOS you’ll need to find that in the wallet to make your first deposit.

1. Click Assets in the top right corner
2. Click Deposit
3. Select the currency you bought on Coinbase
4. Copy the address (VERY IMPORTANT – if you used EOS then make sure you copy the address and the memo.)
5. Go back to Coinbase or Coinbase Pro and click Send or Withdraw and paste the address (and memo!)
   1. Funds should show up in seconds or minutes depending on which currency you chose.
6. Move your funds from your Main Account to your Trading Account
7. Now you sell your coins to one of the trading pairs in Spot Trade. I recommend $USDT because you can buy $BNB and $CAKE with $USDT.
8. Buy $BNB with the BNB/USDT spot trade (if buying $CAKE don’t spend it all on $BNB)
   1. I recommend keeping around $10 worth of $BNB in your Trust Wallet or Metamask wallet so you will need to buy at least that much. Keep in mind there will be a small withdrawal fee at the end.
9. Send your coins back to your Main Account to have ready to send to your wallet.

Step three is setting up your personal wallet. I am going to use Trust Wallet because it is easiest but it is only on the phone. If you’re using Metamask check out this guide on setting up your Metamask for Binance Smart Chain. There are also videos on my Odysee channel that will show you how to set this up as well.

1. Download Trust Wallet
2. Go through the setup. You will need to write down your seed phrase or keep it where you can find it and no one else will see it. This is the only way to recover your funds THIS IS IMPORTANT SAVE YOUR SEED PHRASE.
3. After setup click BNB
4. Click Receive
5. Click Copy
6. Go back to Kucoin and send BNB from your Main Account and paste the address.
7. When you receive the funds in your wallet click BNB again
8. Click More
9. Click Swap to Smart Chain
10. Choose the amount you want to swap
11. Click settings
12. Click Wallets
13. Click Binance Smart Chain

Now your funds will be showing in your Binance Smart Chain wallet! Seems like a lot of steps but setting up Metamask is even more complicated! You’re all set to go and start yield farming on the cheap. Click the Dapps button and you can see some of the more popular sites that are on the BSC. I highly recommend getting acquainted with Pancake Swap. Even if you don’t plan on staking on their site you’ll probably need use their site to swap for other currencies. Each one of these sites will prompt you to let them access your wallet. This is 100% safe. It only lets them view what is in your wallet and only you can confirm any fund transferring from your wallet to any platform. If a site asks for your seed phrase, DO NOT POST YOUR SEED PHRASE.

Check out the videos that I have posted on Odysee for further information on using Pancake Swap. I will have more videos in the future on my channel explaining other Dapps on BSC.

If this guide helped you make some money feel free to send me a tip 🙂

BSC Address 0x9992031847B43b2Bf0930cC0feaE6CEF7FDA90b6