It uses an AMM (automated market maker) system, allowing users to efficiently and safely swap BEP-20 tokens. If you’re using Trust Wallet to store your CAKE tokens, then you’re able to trade your crypto directly from your wallet. Just connect your Trust Wallet to PancakeSwap.finance and you can start trading. If your computer’s IP address is located outside of the United States, then you can access Binance’s full-featured website.
Basically, users that want to use PancakeSwap get access to different services. This works in a similar way as a decentralized exchange but without an order book. Users can easily exchange their coins for others in just seconds and without having to be worried about the large fees and transaction times on the ETH network. Binance is an international cryptocurrency exchange platform that facilitates the easy buying, selling, and trading of decentralized currencies at competitive fees.
- As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe.
- You will need to connect your Ledger or Trezor to MyEtherWallet or MyCrypto.
- Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.
- So if you are interested in buying PancakeSwap (CAKE), read it till the end.
PancakeSwap is a Binance Smart Chain-based decentralized exchange (DEX) founded by unidentified developers who seem to like pancakes. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. There are a few factors you should consider before you buy CAKE tokens. This section addresses a few of these to help you make your decision.
Newsroom is your go-to source for in-depth news articles, helpful guides, and information in the crypto industry. Coin Insider is the authority on bitcoin, ethereum, ICO and blockchain news; providing breaking newsletters, incisive opinions, market analysis, and regulatory updates. Whether or not buying PancakeSwap will make you money depends on a number of factors, and every investment carries an element of risk. CAKE can be staked to earn more CAKE or other tokens, used to vote on PancakeSwap governance proposals, and even used to buy PancakeSwap lottery tickets.
Can I Mine PancakeSwap (CAKE) and Not Buying It?
Therefore independent research and decent knowledge will result in a good and successful investment. The PancakeSwap token (CAKE) has been performing well in 2021 with a market cap of $2,093,017,177,002 and a selling price of around $26.03 at the time of writing the article. The current circulating supply is 213,565,559 CAKE, according to Coinmarketcap. Moreover, it has no maximum supply making it a deflationary token. Today we have come up with a guide on how to buy PancakeSwap (CAKE) tokens.
The quickest way to get CAKE is to use your credit or debit card to purchase major cryptocurrencies straight on Trust Wallet. Join Pancakeswap and trade your existing cryptocurrency for CAKE coins. Other than Binance, you can buy PancakeSwap on other exchanges like HotBit, MXC, and Huobi Global. Apart from these exchanges, there are a few popular crypto exchanges with decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and with lower fees. No matter which cryptocurrency you invest in, you shouldn’t hold your funds on an exchange.
- This website is using a security service to protect itself from online attacks.
- Select your preferred payment method and follow the onscreen instructions.
- The moment you get notified of your transaction and your account balance shows the arrival of Ethereum, you will be ready to trade Ethereum for PancakeSwap.
- The LP tokens you receive will be linked to a specific liquidity pool.
Pancakeswap’s token is getting more well-known by the day, thanks to its reduced transaction costs and faster execution times compared to other DEXs. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. We may receive financial compensation from these third parties.
Can I Buy PancakeSwap With Cash?
If you want to buy CAKE using PancakeSwap you will have to follow the next steps. Once you have deposited funds to your Binance account, you would have to make some trades. If you deposited GBP, USDT, BUSD, BNB or BTC, you would not have to be worried about exchanging your funds for another digital asset. Before we start, we need to know what is CAKE and how it works.
Verify Your Coinbase Account
This liquidity is contributed by users, known as liquidity providers (LPs), who add equal values of both sides of a liquidity pool to increase the total amount of liquidity available. Users receive LP tokens that represent their share in that particular pool. These tokens need to be returned to retrieve their fraction of the pool. In return for providing liquidity, LPs receive a share of the transaction fees generated by any pools they contribute. There is a flat 0.25% transaction fee for makers and takers, which is shared among the liquidity providers.
How and Where to Buy PancakeSwap (Cake) — An Easy Step by Step Guide
After choosing where to store your crypto assets and making an account with Binance, you’re ready to make your purchase. Binance offers a few pairs you can trade CAKE tokens with, including CAKE-USDT, CAKE-BTC and CAKE-BUSD. Since Binance Smart Chain’s BEP-20 tokens haven’t even been out for a year, there aren’t many cryptocurrency the tradeallcrypto crypto broker: a reliable firm hardware wallets that support BSC tokens yet. The best hardware wallet that supports CAKE tokens is the SafePal S1. In order to buy CAKE tokens, you’ll need to make an account with Binance. Binance is the largest cryptocurrency exchange in the world, but some features are limited if you’re located in the U.S.
LENDING PLATFORMS
Now you need to select the amount of CAKE you want to purchase. For example, you can select 10 CAKE and exchange them for BUSD, BNB or any other coin you could have. Then you should only purchase the coin, confirm the transfer through your MetaMask and the transaction will then be processed. This is the first step that you should follow if you want to start trading CAKE.
Create and fund your account
This is the same procedure that we have when we want to purchase CAKE using the other exchange (Binance). However, there are a few differences with Binance considering that PancakeSwap is an AMM (we will go into details in the next sections). Now that you have set up your MetaMask account, you will be able to send BEP-20 tokens to this wallet. You can send Binance USD (BUSD) or Binance Coin (BNB), however, any BEP-20 tokens. This is the easiest way to start trading your coins to CAKE using PancakeSwap. I always try to provide the most cost-efficient way to buy cryptocurrencies.
Although a bit less secure, software wallets are easier to use and can be downloaded onto your computer or mobile device for free. If you want to use PancakeSwap, you’ll need a wallet supported by the protocol, which includes MetaMask, WalletConnect, Trust Wallet, MathWallet, and SafePal. It has a completely different network and structure than the regular Bitcoin.
