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How to Buy Pancakeswap (CAKE) in 3 Simple Steps

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PancakeSwap (CAKE)
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7 DAYS CHANGE
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Launched in September 2020 by anonymous developers, PancakeSwap is a decentralised finance (DeFi) protocol that enables users to exchange tokens on the Binance Smart Chain (BSC). It also provides opportunities to participate in the system and earn rewards, such as the project’s utility token, CAKE.

This guide will show you how easy it is to buy CAKE and join the exciting, new DeFi movement.

3 Steps to Buy PancakeSwap

1. Choose a broker or exchange

Selecting a platform that sells CAKE will be your first step towards purchasing it. There are quite a few to choose from but make sure to select one that you can navigate easily and provides all the features you need. You can start now with our recommended CAKE platform, shown below.

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Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
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2. Create and fund your account 

Go to create an account, fill in the details requested, and provide any necessary documents such as a photo ID and proof of address. Your account should be verified shortly, after which you can fund it. Go to make a deposit and you will be shown the payment options supported in your country. Select your preferred payment method and follow the onscreen instructions.

3. Buy PancakeSwap

You now have everything you need to purchase CAKE. Select the trading pair containing CAKE and your deposited currency, then create a buy order. A market order will purchase CAKE immediately at the current price, while a limit order will automatically purchase CAKE in the future once a specified price has been reached.

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Why trade PancakeSwap with a broker?

1

Fast and simple

Trades are instant and easy to execute

2

Pay your way

Brokers accept a range of payment options including credit/debit cards and even PayPal

3

No wallet needed

No need to set up and maintain a wallet—you can manage your crypto directly from your account

Buy PancakeSwap Today

What Is PancakeSwap?

PancakeSwap is a decentralised exchange (DEX) built on the Binance Smart Chain. It enables users to swap BEP-20 tokens, which are the type of tokens native to the Binance Smart Chain.

BEP-20 is a blueprint that enables developers to easily launch their own tokens, while swapping them on the more efficient Binance Smart Chain means lower fees for traders than Ethereum. Also, as PancakeSwap is a DEX, those fees are shared between its users, rather than going to a company like they would for a centralised exchange.

Users can provide liquidity to PancakeSwap by depositing the required tokens. They are rewarded for this with liquidity provider tokens. These liquidity provider tokens can then be staked in PancakeSwap’s farms to earn the protocol’s utility token—CAKE.

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.

Ways to Invest in PancakeSwap

Some investors like to hold onto their coins for the long term, while others prefer to turn a quick profit and sell. Choosing a strategy and a timeline depends on your own investment goals, and we’ll be examining how well-suited CAKE is to both these options below.

Buy and hold PancakeSwap

This strategy is fairly self-explanatory: you buy some CAKE and you hold onto it for a period of time. It’s the simplest strategy to execute and won’t require that you do any technical analysis. What’s more, if PancakeSwap is successful, there’s the potential to make a decent profit from holding CAKE.

There is also the opportunity to earn interest on your CAKE while you’re holding it. Holders can stake their CAKE in PancakeSwap’s pools to earn rewards in CAKE, or any number of other BEP-20 tokens on offer.

Best PancakeSwap wallets

Once you’ve bought your CAKE, you may wish to transfer it to a private wallet to provide an extra level of security and ensure you have full control over your tokens. The most secure type of wallet is a hardware wallet, such as Trezor, KeepKey, or Ledger. You’ll have to pay for these and they may take a bit of getting used to.

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.

Trade PancakeSwap

The volatility of CAKE’s price means that traders can also benefit from buying and selling it over shorter timeframes to make more frequent profits. This strategy will require more concentration and knowledge as traders often analyse charts and the markets to find the best times to buy and sell.

As they buy and sell much more frequently, traders may find private wallets less convenient as regularly transferring their tokens can be time-consuming and costly. Web wallets may therefore be the best option for traders—and your trading platform will generally provide one for free.

Should I Buy PancakeSwap Now?

You will have to decide this for yourself based on what you know about the project and the crypto market in general. The demand for CAKE is an important factor in determining its price and this is driven by the benefits of staking it and its other various utilities on the PancakeSwap platform.

The supply of CAKE is currently inflationary, which could put downward pressure on its price. However, CAKE from a number of sources, such as lottery tickets and PancakeSwap’s NFT Market, is burned, which means that enough activity on the platform could lead to CAKE becoming deflationary.

Ultimately then, the price of CAKE will be heavily influenced by the success of PancakeSwap. The fees charged on the DEX are much lower than those on the Ethereum-based alternatives, and additions such as the NFT Market have proved popular. Therefore, if PancakeSwap continues to innovate and provide new offerings for its users, the price of CAKE could react positively.

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Frequently Asked Questions

  1. As well as staking and voting on governance proposals, CAKE can be spent on profile creation, lottery tickets, minting NFTs, and taking part in initial farm offerings (IFOs).

  2. Put the tokens you want to swap in a wallet supported by PancakeSwap and click Connect Wallet in the top right corner. Once you’ve selected your wallet and followed the onscreen instructions to connect it, you can go to “Exchange” under “Trade”. Set the “From” currency as the token already in your wallet and the “To” currency as the one you wish to purchase. If you can’t find the token you want in the dropdown list, you will have to import it by pasting the contract address into the search box (you can find the contact address for a token on its CoinMarketCap page). Enter how much you want to exchange and click Swap.

  3. No. You don’t have to go through the KYC process or even give your name. All you need is a compatible wallet to get started.

  4. SYRUP is a token that functions as an IOU when you manually stake your CAKE to earn more CAKE. You will receive SYRUP tokens to represent your staked CAKE, and the SYRUP can be returned at any time to unstake your CAKE.

  5. The Binance Smart Chain, or BSC, is a programmable blockchain where decentralised apps (dApps) can be built and BEP-20 tokens can be created. It has similar use cases to Ethereum but is faster and cheaper to use. PancakeSwap is built on BSC and enables the swapping of BEP-20 tokens.

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