Because it was formed on the Binance Smart Chain, CAKE is a BEP-20 token (BSC). It was created in September 2020 to compete with the monopolies of Ethereum-based (ETC-20) tokens, which had seized over the marketplace. CAKE is attracting more investors every day by providing improved financial and administrative benefits.

• The platform was launched in 2017 and it has been offering a wide range of services to users from all over the world.
• Binance, by far the most popular and largest crypto exchange platform, offers much lower trading fees than other crypto exchanges.
• You can start now with our recommended CAKE platforms, shown below.
• We may also receive compensation if you click on certain links posted on our site.
• All you have to do is create an account on CoinStats and search for CAKE in the search field on the top right-hand corner of the webpage.

You should use CAKE tokens to participate in network governance and earn token rewards by staking to the network. The platform lets investors trade cryptocurrencies through smart contracts, so there’s no need to trust a 3rd party to have custody of your funds. Also, trading on a DEX is anonymous, since you only need to connect your cryptocurrency wallet to trade crypto –– there’s no need to make an account with DEXs. To learn more about the leading cryptocurrency exchange platforms, read our blog Best crypto exchange platforms.

Create an Account on Binance

Yes, you can buy CAKE with BTC easily by using Binance to exchange Bitcoins for PancakeSwap. If you want to buy CAKE at the latest price, click on the Market tab, then enter the amount of CAKE you want to buy. The order should be done almost instantly and the coins will be how to invest in stocks added to your Binance balance soon. The transfer of Ethereum coins might take a little while to get into your Binance account. In order to buy Bitcoin (BTC) or Ethereum (ETH), which will later be exchanged into PancakeSwap (CAKE) – you have the make an account on Coinbase.

• Follow the simple and easy steps given below to buy PancakeSwap (CAKE) tokens in your wallet.
• PancakeSwap token, CAKE is a BSC native BEP-20 token launched in September 2020.
• It also provides opportunities to participate in the system and earn rewards, such as the project’s utility token, CAKE.
• Web wallets may therefore be the best option for traders—and your trading platform will generally provide one for free.

CAKE is a virtual currency that works on top of the PancakeSwap platform. CAKE holders can get access to a wide range of solutions provided by the PancakeSwap platform alongside other Decentralized Finance (DeFi) protocols. First select Market to buy at the current market price, then enter the amount of USDT you want to spend for your CAKE and click on Buy CAKE to buy PancakeSwap. Gladly, PancakeSwap(CAKE) is listed on our favorite exchange, Binance. We will sign-up for Binance, deposit some USD in exchange for USDT and use those USDT to buy CAKE. That means, we can buy PancakeSwap on Binance, with very little fees involved.

Select the Amount you Want to Purchase

In case you want to transfer everything, you can simply choose the “use max” option. So if you are interested in buying PancakeSwap (CAKE), read it till the end. The CAKE token from PancakeSwap is a BEP20 token that first debuted on Binance Smart Chain. CAKE’s principal purpose is to encourage people to provide liquidity to the PancakeSwap platform. Non-fungible tokens, which can be exchanged for CAKE or stored in a wallet, are also available to users.

How to buy Pancakeswap (CAKE) token on DEX?

PancakeSwap (CAKE) presently has a market cap of $4.6 billion, a trading volume of $391.6 million, and an available supply of 229,295,229. PancakeSwap has a locked liquidity worth of almost $5 billion. When you want to cash out of your investment, just send your crypto from your Trust Wallet to a crypto exchange that’s connected to your bank account. Trust Wallet is a multicurrency wallet which supports Binance Smart Chain tokens. The wallet is free to download on iOS and Android, making it an extremely accessible option for new or experienced crypto investors. The SafePal S1 is a multicurrency wallet, and it can support over 10,000 different cryptocurrencies.

Pros & Cons of Pancakeswap

When compared to the traditional exchange platform, this one definitely has several benefits and leverages. Aside from the fact that you can use the platform easily, you can also have more chances in getting rewards and more token. Feel free to reap all of the benefits from the platform, but the only way to get into it is through token purchase. As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe.

Step 3 – Buy PancakeSwap(CAKE) on Binance

To give you an example, you could buy 500$ of Bitcoin right now, and it would just be worth 450$ within half an hour. PancakeSwap (CAKE) is on the Ethereum network (ERC-20) so it can be stored using any ETH compatible wallet. 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. Coinbase is controlled by the US authorities and follows strict fiscal rules. However, some time and effort are invested, but this makes Coinbase the most trusted and reliable way to convert ordinary currency into cryptocurrency. Stay informed with the latest updates and insights from the world of cryptocurrencies.

PancakeSwap is also offering other solutions called Liquidity Pools and Pools. Basically, users can provide liquidity to different pools and be rewarded with CAKE tokens. This could also be a good way to earn CAKE tokens if you are a long-term believer in this project. There are many other exchanges in the market, but Binance became one of the largest and favourite among the top platforms to trade digital assets.

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.

PancakeSwap is a highly volatile asset capable of major price swings in a single day. Today CAKE is trading for $2.95, which is slightly up from yesterday’s trading price of $2.96. Additionally, on CoinStats, you can check PancakeSwap price and learn how to buy Pirate Chain. You can easily do this by adding a Chrome extension after installing it, open and create an account. These inexpensive fees are largely due to Binance Smart Chain’s Proof-of-Stake consensus model. Binance has created a clear article on how to connect your MetaMask to the Binance Smart Chain.

It’s not like you pay with cash and you get the PancakeSwap as the exchange. Find an exchange to buy, sell and trade CAKE by comparing deposit methods, supported fiat currencies and fees. PancakeSwap is emerging as the most secure decentralized finance protocol on the Binance Smart Chain. You can buy and hold CAKE crypto as a long-term investment, stake CAKE, or use it to provide trading liquidity to gain rewards.