How to buy Pancakeswap (CAKE) crypto? Guide

© Pancakeswap

Pancakeswap is one of the most widely used cryptocurrency trading and farming platforms in the world of decentralized finance. This is why we are going to explain to you below, how and where to buy Pancakeswap (CAKE) tokens. Contrary to a lot of popular belief, you will see that such an investment is not very complicated.

What is Pancakeswap and what is the CAKE token used for?

Before explaining to you how to buy Pancakeswap tokens, we would like to tell you a little more about this application and what it allows you to do.

Pancakeswap is an AMM (Automated Market Maker), just like Uniswap on Ethereum. However, Pancakeswap is not based on the Ethereum blockchain but on the Binance Smart Chain (BSC).

Simply put, Pancakeswap is a decentralized finance platform that will give you the opportunity to trade a lot of digital assets, but also to earn rewards through various methods.

Buy Pancakeswap here

Since its launch in September 2020, Pancakeswap has established itself as the reference decentralized application for exchanging BEP-20 tokens (the standard for tokens created on the Binance Smart Chain blockchain). To the point where the application currently manages several billion dollars worth of digital assets.

If you believe in the future of this blockchain, and therefore indirectly in that of Binance, which is its creator, investing in Pancakeswap is far from being a bad idea.

The Pancakeswap app has its own digital asset: CAKE. What should you know about it? First of all, it’s a BEP-20 type token. Then it’s a token that will reward those who use Pancakeswap.

Unlike Bitcoin, the total number of CAKE tokens is not defined. There is no limit and the number of tokens will increase over time to keep rewarding app users.

Now to control the supply in circulation, Pancakeswap uses a mechanism called “burn” (action which consists of removing part of the tokens from circulation). This mechanism makes it possible to withdraw from circulation, each week, several million CAKE tokens and thus to maintain or even increase the unit price of the token. You can find more information on this subject in the official documentation made available by the application.

How to buy Pancakeswap tokens?

After having been able to give you some interesting information about the Pancakeswap platform, we will explain how to buy CAKE crypto.

The first question to ask yourself before even investing is on which site to do such a thing. It is indeed not easy to navigate as there are platforms specialized in the exchange of digital assets.

We invite you to discover below, the platform that we consider to be the most suitable for buying Pancakeswap tokens.

Binance: the ideal cryptocurrency exchange platform

Pancakeswap being the most important decentralized finance protocol on the Binance Smart Chain, it seems more than wise to us to opt for the online broker Binance in order to invest.

The integration is indeed ideal and you will have no trouble buying / selling, but also transferring CAKE from or to your Binance account. That said, Binance has a lot of other advantages to claim.

It is, for example, the cryptocurrency exchange platform that has the most affordable fees. You will pay (at most), 0.1% fee for each purchase/sale of digital assets. It is also possible to lower these fees by purchasing Binance Coin – the platform’s own crypto – or by having a significant trading volume.

Binance is also known for its huge number of features. It is possible to benefit from it whether you use the service of the online broker via its mobile application or its website.

Among the interesting features, you will have the possibility to save your crypto-currencies (to earn interest), to participate in the launch of new projects in preview, to buy and sell NFTs, or to actively trade a large number of of digital assets. Speaking of trading, Binance is ideal. Leverage, analytical tools, it’s all there.

Finally, we must mention the diversity of assets offered by this online broker. By having an account on Binance, it will be possible to buy several hundred crypto-currencies. You will be able to buy Ethereum crypto as well as Bitcoin, or much less known assets that have greater growth potential. Suffice to say that there is something for all tastes and all types of investors.

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Tutorial to buy Pancakeswap (ticker: CAKE)

Now that you know our opinion regarding the crypto platform to use, we can detail the procedure to follow to buy CAKE tokens.

Rest assured, the process described below will only take you a few minutes. In addition, you will really have no problem carrying out each step, even if you do not have a lot of experience in this type of investment.

Step 1: Create an account on Binance

Opening an account on Binance is going to be the first thing to do. To get there, you only have to press the button available next. This will automatically take you to the form to create an account.

I open an account at Binance

Binance will ask you for an email address, a password, then to enter the code which will be sent to you by email. After that, you can consider your account open.

Now be aware that you will not be able to buy Pancakeswap (CAKE) tokens via Binance right away. Indeed to carry out this mission, you will first have to verify your identity.

Why is this a mandatory step? For the simple and good reason that Binance must meet the expectations of the authorities that regulate the financial markets. And verifying the identity of each investor is one of them.

Be reassured, however, this process will be as fast as possible. You will only have to give some information about yourself, as well as a copy of your identity document and proof of address. After a few hours or even a day, Binance will come back to you to confirm the verification of your identity.

Step 2: make a deposit

To buy Pancakeswap cryptocurrency, you obviously need to have funds available in your Binance account.

As such, the platform offers various methods including: deposit by credit card, Advcash (a partner service that offers the possibility of making a SEPA transfer), or even P2P bank transfer.

As far as possible, the advice we can give you is to opt for one of the first two methods mentioned. Indeed, P2P bank transfer involves risks (although minimal). Binance will also warn you about this if you ever opt for this option.

As soon as you have chosen the deposit method you are interested in, fill in the amount you want to deposit (and invest in the Pancakeswap crypto) then give the few information requested.

Deposit-funds-Binance
Deposit funds on Binance © Journal du Geek

The deposit method that will offer you the possibility of buying CAKE tokens the fastest remains the bank card. You will have access to your funds almost instantly.

Depositing via Advcash won’t take much longer though. You can expect to get your money within 1-2 days, which is quite standard for this type of deposit.

I deposit funds on Binance

Step 3: convert your euros into BUSD

What should you do to buy Pancakeswap (CAKE) now that you have access to your funds from Binance?

Well, since it’s not possible to directly exchange your euros against Pancakeswap’s cryptocurrency (because Binance does not offer a CAKE/EUR trading pair), you’ll have to be a bit tricky.

Before you can buy Pancakeswap, you will need to convert your Euros to BUSD. What is “BUSD”? This is called a “stablecoin” or “stable currency”. BUSD is a virtual currency created by Binance that is backed by the US dollar. So 1 BUSD is approximately equal to 1 USD.

To convert your euros into BUSD, go to the “Trader” menu and click on “Convert”. You will then have access to the interface below.

Convert Euro to BUSD Binance
© Binance

From there you just have to:

  1. Select the currency you wish to exchange (Euro)
  2. Choose the virtual currency you want to get (BUSD)
  3. Fill in the amount in euros that you want to exchange.

Binance will then show you the applied conversion rate. If the latter suits you, you will only have to confirm the exchange.

Step 4: Buy Pancakeswap (CAKE) tokens

With your BUSD in your pocket, you will now be able to buy Pancakeswap tokens (ticker: CAKE).

Go again to the “Trader” menu on the Binance site and click on the “Markets” option. This way you will have access to all the markets (and trading pairs) that Binance offers.

I buy CAKE on Binance

From the interface you can see below, it is also possible to buy FTT (FTX Token), Bitcoin, Ether, and several hundred other digital assets.

To find your way around easily, simply do a search for CAKE (Pancakeswap’s own cryptocurrency ticker). Then filter the results by clicking on “Spot Markets” (2) then “BUSD” (3).

You will thus see the trading pair allowing you to buy Pancakeswap tokens with your BUSD. All you have to do is click on “Trader” (4) to place your purchase order.

Trader Pancakeswap CAKE
© Journal du Geek

From the interface that you can discover below, it will finally be possible to buy Pancakeswap.

To do this, the first thing you will need to worry about is the type of buy order to place. Binance offers three options: Limit, Market, and Stop-Limit. Unless you already have quite a bit of trading experience, skip the third option.

The most judicious is to favor the Limit or Market option. Cryptocurrencies being very volatile, we believe that placing a limit order (Limit option) is more interesting. It will effectively prevent you from investing in Pancakeswap at a higher price than expected.

After selecting the type of buy order to place, you will only have to define the number of CAKE tokens you want to buy OR the amount in BUSD you want to invest. Validate the set by clicking on “Buy CAKE”.

Buy Pancakeswap CAKE Binance
Purchase of Pancakeswap tokens © Binance

All you have to do is wait a few seconds/minutes. This is generally the time it will take to execute your buy order. If it takes longer, do not hesitate to check the status of your buy order (from the trading interface).

If necessary, you can even cancel it to pass a new one.

To conclude, note that in order to sell Pancakeswap tokens, you can also go through the trading interface that we have just presented to you. The only difference with the purchase is that you will have to fill in the information in the column just to the right (the one corresponding to the sale of crypto-currencies).

Buy Pancakeswap here

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Editor’s Note


9.0/10


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