How to Buy Pancakeswap

PancakeSwap (CAKE) cryptocurrency ranks at 125 place by capitalization. It’s 22 July 2024 on $491,466,310 year. Circulating supply: 235,478,515. Maximum supply – 450,000,000. The price of CAKE for today – $2.090 with trading volume of $41,828,554 for 24 hours. The maximum price of PancakeSwap was registered on 30 April 2021 year and was – $43.96. The lowest price of CAKE, $0.19444, was registered on 3 November 2020.
PancakeSwap (CAKE)
$2.090 +0.96% ↑
24h price change
$0.020000
Capitalization
$491,466,310
24h trading volume
$41,828,554
on the official website

How to Buy Pancakeswap Price in USD: Convert to US Dollar

CAKE
PancakeSwapCAKEPancakeSwap
BitcoinBTCBitcoin
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USD
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on the official website
Data updated 7/21/2024

    Decentralized 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.

    In addition, PancakeSwap and the CAKE token operate on Binance Smart Chain (BSC) using the BEP-20 standard protocol.

    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.

    How to buy PancakeSwap
    Rumor has it that the creators of the exchange love pancakes, that’s why they are mentioned in the name of the service

    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.

    In addition to increased security, centralized exchanges have high liquidity of traded assets and a large number of available options for buying cryptocurrency: by fiat money (USD, EUR) directly in the trading terminal, bank transfers, Visa/Mastercard, P2P and other services.

    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

    The first step is to decide how much risk you can afford.

    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.

    Exchange
    Website
    BTC trading volume, 24h
    1Binance
    Binance
    BTC trading volume, 24h
    81.16
    2WhiteBIT
    WhiteBIT
    BTC trading volume, 24h
    66.53
    3HTX
    HTX
    BTC trading volume, 24h
    4.237
    4Gate.io
    Gate.io
    BTC trading volume, 24h
    4.168
    5Bybit
    Bybit
    BTC trading volume, 24h
    4.069

    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:

    1. Go to to the official website of the exchange and press the yellow Register button;
    2. Sign up on Binance
      Sign up on Binance
    3. Select country of residence from the list and click Confirm;
    4. Select country of residence
      Selecting your country of residence
    5. Click Create Personal Account (to create a personal account) or Create Entity Account (to register a business account);
    6. In the next window enter email and password and click Next;
    7. Personal account registration
      Registering a personal account
    8. THe account is created.
    More detailed registration instructions can be found in Binance exchange overview.

    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.

    However, first you need to make sure that pairs with the desired cryptocurrency are traded on the exchange for the selected fiat currency. You can find this out by entering the terminal and writing down a currency ticker (USD, EUR, GBP, etc.) in the search field. Then you will see which cryptocurrencies you can buy by fiat. For example, the ticker symbol for CAKE/GBP says that you can buy CAKE by British Pounds.

    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:

    1. Log into your Binance account and go to user menu (click profile icon for this);
    2. Select the Fiat and Spot section in your account;
    3. In the opened list select the currency for depositing, for example, USDT and click the Deposit button next to the currency icon;
    4. USDT deposit top up
      Depositing USDT
    5. In the next window, fill out an request for replenishment by selecting USDT amount and blockchain type;
    6. Copy the address received from exchange and paste it into the corresponding field in your crypto wallet. Transfer USDT to this address;
    7. The account will be replenished.
    8. Deposit request window
      Deposit request window

    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:

    1. Log into user account;
    2. In the upper horizontal menu on the main page, select Trade → Spot;
    3. Search for the desired currency pair
      Finding the right currency pair
    4. In opened trading terminal, specify the currency pair in the search field, for example, CAKE/USDT;
    5. 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);
    6. After creating an order, click Buy CAKE;
    7. Buy Order Form
      Form for creating a buying order
    8. 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.

    Sell order form
    Form to create a sell 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.

    Hardware crypto wallets
    Hardware crypto wallets

    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:

    1. Log into user account on Binance;
    2. In your account, click on the profile icon and select Wallet → Fiat and Spot;
    3. Enter Fiat Wallet and Spot
      Entering the Fiat and Spot wallet
    4. Find CAKE in the list and opposite the token name find and click Withdraw;
    5. CAKE and Withdraw string
      CAKE and Withdraw
    6. 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;
    7. Applying for CAKE withdrawal to wallet
      Making a CAKE withdrawal request
    8. To get the address, you need to go to the application Trust Wallet, (do not forget to pre-installed it on a smartphone);
    9. Click the Receive button;
    10. Receive CAKE to Trust Wallet
      Receiving CAKE in Trust Wallet
    11. Find CAKE in the list of currencies and click on the image of the coin;
    12. The wallet will open a page with the address: you need to copy it or scan the QR-code;
    13. The copied address is pasted into the Address field on the Binance exchange;
    14. Withdraw CAKE to Trust Wallet.

    FAQ

    How to buy PancakeSwap?
    One of the most convenient and secure places to buy CAKE are centralized crypto exchanges, such as the well-known Binance platform. To buy CAKE on Binance, you need:

    1. Log into user account;
    2. In the upper horizontal menu on the main page select Trade → Spot;
    3. In the opened trading terminal specify the currency pair in the search field, for example, CAKE/USDT;
    4. Under the price chart, select the type of order, and then fill up fields Price and Amount;
    5. Click Buy CAKE.

    Where can I buy PancakeSwap?
    You can buy CAKE on various services: cryptocurrency exchanges, using payment systems and bank transfers and so on. Centralized exchanges are considered the most reliable way in terms of user protection and the best exchange rate.
    Should I buy the PancakeSwap coin?
    The decision on whether or not to buy this or that coin is taken by the investor himself. Technical and fundamental analysis can help with this. However, it takes time to learn them. A beginner in the crypto market can rely on forecasts of analysts, successful traders and insiders of the crypto community in their decisions.

    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.

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    Agatha Redich
    Agatha Redich
    Articles author, editor
    Articles author and website editor. Works with texts for over 12 years. Among Agatha’s clients: Rossman, Zara, Bosch, ING Bank, Lexus and others. Crypto journalist since 2018. She wrote more than a hundred articles about cryptocurrencies and the crypto market. Agatha's professional credo is to reveal complex topics in an accessible and simple way.
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    Emil Rabin
    Emil Rabin
    Site expert
    Cryptocurrency expert and financial analyst. Emil has working experience in Bain and KPMG, collaborated with PayPal and Revolut, organized more than 30 educational events about blockchain and cryptocurrencies in Eastern Europe. An expert of the TGDRatings.com portal since 2022.
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