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How to buy PancakeSwap (CAKE)
Learn how to buy PancakeSwap (CAKE) in our step-by-step guide.
PancakeSwap (CAKE) is in the top 1,000 cryptocurrencies by market cap, valued at $725,154,248.
PancakeSwap is a highly volatile asset capable of major price swings in a single day. Today CAKE is trading for $2.91, which is slightly up from yesterday's trading price of $2.95. PancakeSwap's seen a decrease of -15% over the past year.
So before you buy PancakeSwap, make sure you understand these unique risks as well as its legal, regulatory and tax status here in the US.
If you're ready to get started, read on for step-by-step instructions and a list of platforms you can buy PancakeSwap.
How to buy PancakeSwap in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
- Compare crypto exchangesThe easiest way to buy PancakeSwap is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a depositOnce verified, you can deposit USD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
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Buy PancakeSwap
You can now exchange your funds for PancakeSwap. On beginner-friendly exchanges, this is as simple as entering the USD or CAKE amount you want to purchase and clicking "buy".
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Secure your PancakeSwap
Consider transferring your CAKE to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy PancakeSwap
Find an exchange to buy, sell and trade CAKE by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
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How we keep this PancakeSwap guide up-to-date
- CAKE price data is regularly updated through data feeds so you always have the latest information.
- PancakeSwap performance data is regularly updated using automated comparisons.
How do I find the best places to buy PancakeSwap?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy PancakeSwap?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading PancakeSwap.
- This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
- Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing CAKE with your local currency then you will need to pass KYC.
- Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy PancakeSwap?
Once you've created an account, you will need to deposit funds to buy CAKE with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to to buy CAKE:
- Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
- Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
- Cryptocurrency: You can usually purchase CAKE by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for CAKE on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy PancakeSwap?
The easiest way to buy CAKE is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Best PancakeSwap wallets to store your CAKE
You can keep your CAKE on the exchange you purchased it on, or move it to a personal wallet:
- Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
- Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your CAKE below.
Trezor Model T Wallet
★★★★★ 4
Price (USD)
$179
Supported assets
9,000+
Ledger Nano X Wallet
★★★★★ 4.6
Price (USD)
$149
Supported assets
5,500+
SafePal S1 Wallet
★★★★★ 4
Price (USD)
$49.99
Supported assets
30,000+
Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.
Is PancakeSwap a good investment?
Below are the aspects you should consider before investing in CAKE:- Operational framework: PancakeSwap employs an automated market maker (AMM) model instead of a traditional order book to allow users to trade assets. Additionally, to receive steady returns as well as a portion of future trading fees, users are required to deposit their funds in a set pool. Incentives are distributed in the form of CAKE tokens which can later be reimbursed in exchange for BETH as well as various other cryptos.
- Recycled source code: It is not uncommon for many decentralized applications (dApps) to share the same source code with a few minor tweaks here and there. For example, SushiSwap is an out-and-out copy of the popular DeFi platform UniSwap. In the same vein, PancakeSwap is by and large a more refined iteration of SushiSwap, with the project featuring a similar UI and design scheme.
- Interoperability: Since Binance Smart Chain (BSC) is compatible with the Ethereum Virtual Machine (EVM), it allows for all of the dApps that have been built atop it to be interoperable with a wide range of Ether-based wallets including MetaMask, MEW, etc.
- Fee model: When making use of the platform, participants are required to pay a flat 0.2% fee as part of their individual transactions. Of this figure, 0.17% is set aside for liquidity providers with the remaining amount being burned by the protocol.
- Novel product offerings: In addition to its various yield farming options, PancakeSwap also comes pre-built with a platform for Initial Farm Offerings (IFOs) as well as an NFT marketplace where users can buy/sell a wide range of tokenized assets including synthetic shares for assets like Tesla, Google, Netflix, etc.
Today's PancakeSwap price versus ATH
Compare today's price of PancakeSwap ($2.91 USD) against its all-time high (ATH) price of $43.96 on April 30, 2021. The closer the bar is to 100%, the closer CAKE is to reaching its ATH again.
Current price: $2.91
All time high: $43.96
How do I trade, convert or sell PancakeSwap?
You can convert or sell your CAKE with the same exchange you bought it through:- Sign in to the exchange you have CAKE on.
- If you store your PancakeSwap in a digital wallet, compare crypto exchanges to convert or sell it on.
- Choose Sell or Convert and place a sell order.
- Choose the amount of CAKE you'd like to convert or sell.
- Confirm the sell price and fees and close your sale of PancakeSwap.
- Complete your transaction and move your CAKE to a wallet for storage.
How to buy other cryptos
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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