Biswap is a decentralized exchange (DEX) on the BNB Smart Chain (BNB Chain) designed for low-fee token swaps, yield farming, and staking. This guide — How to Use Biswap: Step-by-Step Guide for Beginners — gives a concise, practical walkthrough: set up a wallet, fund it, connect to the platform, swap tokens, add liquidity, and farm rewards safely.
Quick overview: What is Biswap and why use it?
Biswap is a user-facing DEX that uses automated market-making (AMM) technology to enable non-custodial trades and on-chain liquidity. It offers swaps, liquidity pools, yield farming, staking, limit orders, and launchpad features—usually at lower fees than Ethereum-based DEXs because it runs on the BNB Smart Chain.
At its core, Biswap uses an AMM model, where liquidity providers deposit token pairs into pools and traders swap against those pools. This model differs from order-book exchanges and is central to how you’ll interact with the platform.
Biswap sits inside the broader world of DeFi, offering permissionless access to yields and token swaps without intermediaries. For users coming from Ethereum, Biswap’s lower transaction fees and fast block times can be a practical reason to use the platform for BNB Chain assets.
How to Use Biswap: Step-by-Step Guide for Beginners
Step 1 — Prepare a compatible wallet
Choose a wallet that supports BNB Chain, such as MetaMask or mobile wallets using WalletConnect. MetaMask is a common choice for beginners.
Actionable steps:
- Install MetaMask (browser extension or mobile app).
- Create a new wallet and securely store the seed phrase offline.
- Set a strong local password.
Why this matters: Your wallet controls your keys and funds. Losing the seed phrase means losing access.
Step 2 — Add the BNB Smart Chain network
MetaMask defaults to Ethereum. To use Biswap, add BNB Smart Chain:
- Network Name: BNB Smart Chain
- RPC URL: https://bsc-dataseed.binance.org/
- Chain ID: 56
- Currency Symbol: BNB
- Block Explorer: https://bscscan.com
Actionable takeaway: Switch MetaMask from Ethereum to BNB Smart Chain before using Biswap.
Step 3 — Fund your wallet with BNB for gas
You need BNB to pay transaction fees. Fees on BNB Chain are usually low, but keep a buffer (e.g., $2–$10 in BNB).
You can:
- Buy BNB on a centralized exchange and withdraw to your wallet.
- Bridge assets from other networks (expect extra fees).
Step 4 — Connect your wallet to Biswap
Open Biswap and click Connect Wallet. Choose MetaMask or WalletConnect and approve the connection.
Security tip:
Always verify the domain is https://biswap.net/ before connecting to avoid phishing.
Step 5 — Make a token swap on Biswap
On the Swap page:
- Select the token you want to sell and the token you want to buy.
- Enter the amount and review estimated output, fees, and price impact.
- Set slippage tolerance (typically 0.1–1% for liquid pairs).
- Click Swap and confirm in your wallet.
Why slippage matters:
If the price moves beyond your tolerance before confirmation, the swap may fail or execute at a worse rate.
Step 6 — Add liquidity to a pool
Providing liquidity lets you earn trading fees and potential rewards.
How to add liquidity on Biswap:
- Go to Liquidity.
- Choose a token pair and deposit equal-value amounts.
- Approve tokens if prompted.
- Supply liquidity and confirm.
Key risk: Impermanent loss — if token prices diverge, your pooled value can underperform simply holding the tokens.
Step 7 — Stake LP tokens in Biswap Farms
After adding liquidity, you receive LP tokens. Stake them in Farms to earn BSW or other reward tokens.
Steps:
- Open Farms.
- Select the farm matching your LP token.
- Approve and stake LP tokens.
- Harvest rewards periodically or auto-compound if available.
Step 8 — Explore staking, limit orders, and launchpads
Biswap also supports:
- Single-token staking
- Limit orders (execute swaps at target prices)
- Launchpads / IFOs for new token sales
Each feature has its own rules—always read pool details before participating.
Security checklist and best practices
Use these controls to reduce risk when using Biswap:
- Verify URLs: Only use https://biswap.net/
- Small test transactions: Try small amounts first
- Protect your seed phrase: Never share or enter it on websites
- Hardware wallet: Recommended for larger balances
- Check approvals: Revoke unused token approvals regularly
Pros & Cons of using Biswap
Pros
- Low transaction fees vs Ethereum DEXs
- Broad feature set: swaps, liquidity, farms, staking, limit orders
- Attractive farming yields and community campaigns
Cons
- Smart contract risk inherent to DeFi
- Impermanent loss for liquidity providers
- Higher price impact on low-liquidity pairs
Troubleshooting common issues
Transaction pending or failing?
- Increase gas limit slightly (don’t overpay excessively).
- Adjust slippage for volatile tokens.
- Confirm your wallet is on BNB Smart Chain.
Funds not showing after a swap?
- Check the transaction hash on BscScan.
- Ensure the token contract is added to your wallet.
- Verify you interacted with the correct token.
Practical examples
Example 1 — Quick swap
Swap $50 USDT for BNB with 0.5% slippage. Confirm output and fees, then approve in MetaMask. Expect confirmation within seconds to minutes.
Example 2 — Provide liquidity
Deposit $200 BUSD + $200 of a mid-cap token. Stake the LP tokens in a farm to earn BSW rewards; harvest weekly or compound.
Final tips for beginners
- Start small while learning the interface and fee behavior.
- Save transaction hashes for tracking and taxes.
- Follow official Biswap announcements for updates and audits.
Conclusion
Biswap is a practical entry point into DeFi on BNB Smart Chain, especially for users who value low fees, fast execution, and a wide range of yield options. By starting with small transactions, managing slippage and approvals carefully, and understanding risks like impermanent loss, beginners can use Biswap effectively and safely. As you gain experience, Biswap can serve both as a daily swapping tool and a platform for more advanced liquidity and farming strategies.
FAQ
Q: Do I need KYC to use Biswap?
A: No. Biswap is non-custodial and does not require account creation or KYC.
Q: What fees does Biswap charge?
A: Trading fees are distributed to liquidity providers and incentives. Gas fees are paid in BNB and are typically low.
Q: How do I reduce impermanent loss?
A: Choose low-volatility pairs (e.g., stablecoin–stablecoin), provide liquidity short-term, or use single-asset staking.
Q: Can I recover tokens sent to the wrong address?
A: Generally no. Blockchain transactions are irreversible. Double-check addresses before sending.
Q: Is using Biswap legal in the U.S.?
A: Using DeFi protocols is generally legal, but users must comply with tax and reporting obligations. Consult a tax professional.
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