PancakeSwap Crypto: CAKE Price Analysis and Review
Crypto converter PancakeSwap (CAKE)
CAKEPancakeSwap
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TRYTurkish LiraDecentralized exchanges often use internal tokens: as a rule, they are used for conducting exchange transactions. The second task of such coins is to provide access to additional platform features (farming, staking, voting for project development directions, etc.). The PancakeSwap exchange also has an internal token. Its ticker is CAKE. In the article, we will consider the main ways to buy this coin.
What is PancakeSwap
CAKE Token appeared on September 20, 2020, simultaneously with the launch of the PancakeSwap exchange. The developers of the token and the exchange still remain anonymous, although the well-known platform Binance actively supported PancakeSwap at launch.
Within PancakeSwap the use of CAKE is quite traditional: the token is required to conduct transactions on the exchange and can be used by holders as a service management cryptocurrency. At the initial stage of the development of the platform, it was assumed that CAKE would have unlimited emission, but in May 2022, the community supported changes to the project’s tokenomics. In particular, the emission of tokens was limited to 750 million coins.
Where to buy PancakeSwap
CAKE is a fairly popular coin: in addition to the native PancakeSwap, it is traded on many decentralized platforms, available through some payment systems and banks, such as Revolut, as well as on centralized exchanges, like Binance. We recommend using centralized exchanges to purchase CAKE, primarily for security reasons. Large trading platforms have international licenses and are required to pay attention to protection of user funds.
PancakeSwap Buying Instructions
The most profitable option for buying CAKE is to buy it on the centralized exchange. For example, let’s use the previously mentioned exchange Binance. To buy a PancakeSwap token on it, follow the step-by-step instructions:
Decide on the level of risk
Cryptocurrency investments are considered high-risk. If you are new to the crypto currency market, then it is important to remember the basic rules of the investor:
- Do not buy cryptocurrency for all of your free money;
- Don’t use borrowed money for investments if you are a beginner;
- Do not buy cryptocurrency with the last money;
- Invest only as much money as you can afford to lose.
Choose a crypto exchange
Centralized exchanges are considered the safest way to buy cryptocurrencies. The main task for the user is to choose a suitable one among a huge number of them. To decide on an exchange, you need to pay attention to several key indicators: the year of creation (the older the better), the availability of licenses, the amount of trading commissions and commissions for depositing and withdrawing cryptocurrencies and fiat, trading volumes, accessibility from the country of residence, real users reviews and so on.
Register an account
You can choose any suitable exchange for work: a detailed list of reliable exchanges is available on our website. After the site is selected, you need to create an account on it. To do this on Binance, you need to follow these steps:
- Go to to the official website of the exchange and press the yellow Register button;
- Select country of residence from the list and click Confirm;
- Click Create Personal Account (to create a personal account) or Create Entity Account (to register a business account);
- In the next window enter email and password and click Next;
- THe account is created.
Top up your account
To start trading on any site, you will need to replenish your account. Different exchanges provide different options for replenishing a deposit: using fiat currencies, cryptocurrencies, banking services, plastic and virtual cards, internal P2P exchanges, etc. The user always is able to choose the most appropriate option.
Binance is one of the exchanges that supports trading of pairs in a kind of crypto/fiat. So the user can replenish the deposit in fiat currency and directly buy crypto by it.
For example, let’s consider replenishing a deposit on the Binance exchange with the help of USDT cryptocurrency. To do this, you will need to make the following steps:
- Log into your Binance account and go to user menu (click profile icon for this);
- Select the Fiat and Spot section in your account;
- In the opened list select the currency for depositing, for example, USDT and click the Deposit button next to the currency icon;
- In the next window, fill out an request for replenishment by selecting USDT amount and blockchain type;
- Copy the address received from exchange and paste it into the corresponding field in your crypto wallet. Transfer USDT to this address;
- The account will be replenished.
Buy PancakeSwap (CAKE)
After the deposit on the exchange is replenished, you can buy the PancakeSwap token using the Binance Spot Terminal. To create an order to buy CAKE on Binance, you need to:
- Log into user account;
- In the upper horizontal menu on the main page, select Trade → Spot;
- In opened trading terminal, specify the currency pair in the search field, for example, CAKE/USDT;
- Under the price chart, select order type (Market – the order will be executed at the current price, Limit – the order will be executed at the set price) and fill out the form creating an order (fields Price and Amount);
- After creating an order, click Buy CAKE;
- The purchased amount of CAKE will appear on your deposit.
How to sell PancakeSwap
For selling CAKE we have also use trading terminal. The sequence of actions differs minimally: instead of a buy order a sell order is created and the button Sell СAKE is used to send the order.
Where to store CAKE
You can store CAKE on any wallets that support token storage. However, first you need to answer the question for yourself: what are you going to do with the available coins?
If the purpose of storage is active trading or use, then it is better to keep coins on hot wallets or on an exchange account. This way the tokens will always be available. In this case, you should pay attention to security: use strong passwords and two-factor authentication, store seed phrases in safe places and so on.
If long-term storage CAKE is meant (without use of coins in the short term), then it is worth considering the option of “cold” storage. Such wallets have no permanent connection to the network, characterize by enhanced security and are connected to the computer only at the time of transactions.
How to withdraw PancakeSwap to my wallet?
CAKE can be withdrawn to any crypto wallet that supports token storage. One popular storage option is Trust Wallet. This wallet can also be used to sell, buy and exchange CAKE. To withdraw CAKE from Binance to Trust Wallet, you need to:
- Log into user account on Binance;
- In your account, click on the profile icon and select Wallet → Fiat and Spot;
- Find CAKE in the list and opposite the token name find and click Withdraw;
- In the next window, find the Network field and specify the cryptocurrency blockchain (BEP-20 for CAKE). Then enter the address in Address for transferring CAKE from exchange to the wallet;
- To get the address, you need to go to the application Trust Wallet, (do not forget to pre-installed it on a smartphone);
- Click the Receive button;
- Find CAKE in the list of currencies and click on the image of the coin;
- The wallet will open a page with the address: you need to copy it or scan the QR-code;
- The copied address is pasted into the Address field on the Binance exchange;
- Withdraw CAKE to Trust Wallet.
FAQ
- Log into user account;
- In the upper horizontal menu on the main page select Trade → Spot;
- In the opened trading terminal specify the currency pair in the search field, for example, CAKE/USDT;
- Under the price chart, select the type of order, and then fill up fields Price and Amount;
- Click Buy CAKE.
However, do not think that someone knows for sure when it is better to buy any asset. The crypto market is unstable, and forecasts regarding it should be taken with a healthy dose of skepticism. It is also worth remembering that the responsibility for any investment decisions always lies with the investor. Everything written above applies, among other things, to buying the PancakeSwap coin.
