Since launching 12 years ago, Bankless Times has brought unbiased news and leading comparison in the crypto & financial markets. Our articles and guides are based on high quality, fact checked research with our readers best interests at heart, and we seek to apply our vigorous journalistic standards to all of our efforts.
BanklessTimes.com is dedicated to helping customers learn more about trading, investing and the future of finance. We accept commission from some of the providers on our site, and this may affect where they are positioned on our lists. This affiliate advertising model allows us to continue providing content to our readers for free. Our reviews are not influenced by this and are impartial. You can find out more about our business model here.
How to Buy PancakeSwap (CAKE) Online in 2024
Cake is the native cryptocurrency for the PancakeSwap blockchain. PancakeSwap is one of the top decentralised exchanges (DEX) that runs on the Binance Smart Chain (BSC). This is the ultimate guide on PancakeSwap (Cake). We explore ways to buy cake, the factors to consider, and essential tips about payment methods.
What Is the Difference Between Buying and Trading PancakeSwap (Cake)?
Buying and trading are different in several aspects. Buying Cake tokens is preferred by holders who are looking at the long term. All trading platforms will make it easy to buy cake via another crypto or fiat currency. Trading enables users to avoid the hassle of owning and storing the Cake assets. Brokers provide a wide variety of trading options that traders utilize to make margins in the short or long term.
How to Buy PancakeSwap (Cake) Online
Investors can buy Cake using fiat currency on a few exchanges. The use of stablecoins and mainstream cryptocurrencies is the best way. There are two main methods to buy CAKE online:
Buying PancakeSwap (Cake) Using Fiat Currencies
Step 1: Find a Suitable Fiat to Crypto Exchange
There are not many exchanges or brokers that allow the direct purchase of Cake with fiat currencies. A good exchange will have reasonable fees, high liquidity, and KYC (Know Your Customer) requirements in line with anti-money laundering regulations.
Step 2: Sign Up and Fund Your Exchange Account
All exchanges will require you to open an account. An email and phone number and password combination is necessary for login. For you to make deposits and withdrawals, you may need to undertake advanced verification. A government-issued ID and a photo may be required. The process may take a few hours or several days, depending on the platform. After verification, you will need to fund your account. Mainstream exchanges will accept bank transfers, wire transfers, and credit and debit cards. Some readily acceptable fiat currencies on exchanges are USD, GBP, AUD, and CAD. How fast the funds reflect in your account will depend on the funding option. Credit and debit card transactions are faster.
Step 3: Make the Purchase
The purchase process is straightforward on most platforms. Simply enter the amount of money you wish to spend on the Cake tokens. Confirm and finalize the purchase.
Step 4: Storage
We recommend storing your Cake in an external wallet. Investors can also transfer their Cake to PancakeSwap, where they can trade and invest. Examples of exchanges that allow you to buy Cake for fiat are Binance, CEX.io, and Changelly.
Buying PancakeSwap (Cake) Using Cryptocurrency
Most crypto to crypto exchanges will require stable coins like Binance USD and Tether or major cryptos like Bitcoin or Ethereum for purchases. Here is a step-by-step guide on how to buy CAKE using cryptocurrency.
Step 1: Buy Crypto From Fiat to Crypto Exchange
Open an account in an exchange like Coinbase and Kucoin. Purchase BTC, USDT, or BUSD.
Step 2: Transfer Your Crypto
Download a wallet like Trust wallet, MetaTask, or SafePal. Transfer the crypto from the exchange to your wallet. Note that purchasing crypto on these wallets is possible using debit or credit cards, although expensive.
Step 3: Connect the Wallet to PancakeSwap
Follow these steps to connect the wallet to the Pancake ecosystem. Trust wallet is a compatible wallet that is capable of connecting to the PancakeSwap DEX.
-
Here is an example:
-
Download the wallet on the app store and log in.
-
On the tabs, select DApps and search for PancakeSwap.
-
The PancakeSwap logo will appear; click connect to establish the connection.
-
The PancakeSwap page will open.
-
Step 4: Swapping
Swapping involves exchanging your crypto in hand for Cake. After establishing the connection, click on DEX and select swap. Specify the crypto pair, e.g., BTC/CAKE, and click swap. Confirm the transaction details. The Cake tokens will be transferred to your wallet.
How to Trade PancakeSwap (Cake)
Some exchanges provide more than the basic buying and selling of cryptocurrency. Investors can also trade Cake using various options including spot trading, perpetual futures, and margin trading with extras like copy trading. For instance, Gate.io allows investors to trade futures for the CAKE_USDT pair. Here are the steps that will guide you to make a classic trade for CAKE. It involves placing an order for the CAKE tokens at a market or limit order.
Step 1: Find an Online Broker
A suitable broker will offer both advanced and standard trading instruments. Other things to look for are KYC verification, liquidity, funds management, and risk management. A good broker will allow you to make small deposits, leverage trading, and provide a learning hub. Some will offer the ability to copy trades from traders who have made consistent profits.
Step 2: Deposit Money
Fund your account with fiat or other cryptos. Most brokers will accept fiat currencies, including USD and GBP. Currency conversion may apply in case your local currency is not supported.
Step 3: Decide How to Trade
Traders do not have to own the underlying asset. Some popular trading methods include leveraging and margin trading. You can trade and leverage Cake on exchanges like Gate.io and Binance.
What Are the Different Ways to Pay for Cake?
Every exchange or broker offers payment options depending on partnerships and jurisdiction. There are standard methods that are available in most exchanges including bank transfers and wire transfers. Here are the most common methods to pay for Cake:
Credit /Debit Cards
They are offered by financial institutions such as banks and allow holders to use funds against an account.
- Allows for quick purchase of Cake
- Enables investors to take advantage of volatile prices
- Easy to use
- Acceptable across many exchanges
- Good security, especially with 3D secure Visa and Mastercard
- Associated with high fees, including deposit fees and interest for credit cards
- Transaction limits imposed by banks
- Lacks privacy
Cash
Purchasing CAKE with cash is not a popular option, although possible. The process will involve looking for vendors willing to sell Cake in person.
- Cash transactions involve face-to-face meetings, which essentially preserves privacy.
- Simple exchange process
- Avoid fees associated with exchanges and brokers
- Possibility of getting scammed in the absence of an escrow service
- Cash option not widely accepted
- Cash purchases may come at a premium due to differences in market rates
E-Wallets
Popular e-wallets include Paypal, Neteller, and Skrill. Users can fund their wallets through various means, including bank transfers.
- Fast deposits on some exchanges
- Easy to open an account and get started
- Simple and easy process for those used to paying through the e-wallets
- Higher fees compared to methods like bank transfers
Using Other Cryptocurrencies
This is the accepted method on crypto to crypto exchanges. Users will need to have a stablecoin like Tether, Bitcoin, or Binance USD to make the swap possible.
- Swapping crypto is free on most exchanges.
- Widespread adoption by platforms, including decentralised exchanges
- Transactions are fast compared to bank transfers and e-wallets
- Investors may avoid currency conversion charges
- It might be complicated for beginners
- May involve a longer process
Bank Transfers
Bank transfers are the most popular method of payment on exchanges and brokers. Investors need to link their bank account to the crypto exchange.
- Allows for significant transaction limits
- An easy and convenient method
- Widely adopted method
- It may take considerable time to fund the account
- Exposure to fraud risk due to sharing details online
What to Consider When Buying PancakeSwap (Cake)
As an investor, there are several factors to check before deciding to buy a cryptocurrency. We investigated the top factors to consider before purchasing Cake:
PancakeSwap Roadmap and Functionality: Long-term investors need to understand what the whole project is trying to achieve and evaluate the prospects. PancakeSwap is a major exchange that allows users to trade, earn and win crypto.
Competition: PancakeSwap is a DEX that is founded on the Binance Smart Chain. There is a lot of competition in the DEX space with heavy hitters like Uniswap, 1inch, and DyDx. New and existing platforms may erode the appetite for Cake tokens. On the plus side, there is a periodic burn on the cake tokens, which supports the token’s price.
Deposit Fees: These vary across exchanges depending on the funding method and region. Crypto and bank deposits are typically free or have minimal charges applied. Credit cards face the heftiest fees.
Trading Fees: These mainly depend on the business model of the exchange or broker. Some exchanges like Binance offer minimal trading fees. The charges can be fixed according to various tiers. Other exchanges consider the 30-day trading volume of an account and provide a tiered fee structure based on the trading activity.
Volatility: The volatility in market prices for crypto is well documented, with extreme movement in short periods. Cake tokens are no different, swinging an unbelievable 140% between July and August of 2021.
Short-term Holding: Due to the extreme market volatility that characterises Cake prices, short-term holders can rake in profits when the market swings positively. Presently the overall ROI stands at over +1500%. On the downside, this strategy is susceptible to loss of investment.
Availability on Crypto Exchanges and P2P Marketplaces: Cake investors should not worry because these tokens are available in most exchanges such as Binance, Kucoin, and Gate.io. Investors should note that it is hard to find Cake in P2P exchanges.
Is It Safe to Buy PancakeSwap (Cake) Online?
It is safe to buy Cake tokens online using regulated crypto exchanges.
Considering the many security breaches experienced on platforms, it is advisable to take some extra steps to guarantee the security of your data, funds, and Cake tokens. Here are a few ways to ensure your online purchase is secure.
Two-factor Authentication: On sign up, activate 2FA authentication. Codes can be sent to email or SMS. Another option is the use of the Google Authenticator App.
Use Secure Wallets: Storing Cake tokens in the crypto exchange is not recommended. Wallets like MetaMask and Trustwallet are compatible with CAKE tokens.
Ask for Help on Official Sites Only: Avoid getting scammed by asking for help on forums like Telegram.
Use a Secure Internet Connection: Investors should avoid accessing exchanges or wallets on public networks; otherwise, we recommend using a VPN.
Provide Only Mandatory KYC: Providing personal details on exchanges is compulsory in some jurisdictions. We recommend providing only what is compulsory to complete the verification process. Only buy CAKE tokens on reputable exchanges.
How to Store Cake
After buying Cake tokens, we recommend transferring them to a wallet off the exchange. Investors have to realize that exchanges may not be the best place to store Cake tokens. There are two broad-based categories of wallets:
Hot Wallets: Hot wallets are downloadable and connect to the internet. They make trading and spending crypto easy. Hot wallets can be further categorised as mobile, web, and desktop wallets. The downside is that hot wallets are vulnerable to attacks. The hot wallets for Cake tokens are trust wallet and Metamask.
Cold Wallets: Cold wallets are offline and more secure. They are less convenient for traders who want to trade Cake E frequently. The cold wallet option for Cake tokens is Ledger.
How to Sell Pancakewap (Cake)
After holding your Cake, either long or short term, you need a way to liquidate the tokens. See below for the best way to sell Cake tokens.
Cryptocurrency Exchanges
You can sell your CAKE tokens for other stablecoin or cryptocurrencies like Bitcoin and Ethereum. The selling process is similar to buying. The process involves:
Step 1: Register/login
Register/login into the account on an exchange, e.g. Binance or PancakeSwap.
Step 2: Transfer Your Cake Tokens
Transfer your Cake tokens from your wallet to the exchange.
Step 3: Swap
Swap the tokens with another crypto, e.g., Bitcoin.
Step 4: Sell
Place a sell order. This may be a limit order or market order.
Step 5: Confirmation
Confirm the transaction.
- High liquidity
- Fast deposits and withdrawals on some exchanges
- Easy to open an account and get started
- Attractive to beginners
- Available 24/7
- Withdrawal fees may apply
Brokers
Brokers offer spot trading, contract for differences (CFDs), and spread betting. CFDs allow investors to trade and sell CAKE without owning it. Users can customize their risks and profit margins.
- Quick sell options and execution
- Offers ability to customize the sell preferences
- A variety of selling options
- Risk management tools
- Commissions and fees apply
- Complicated for beginners
- Investment at risk due to market volatility
Is It Worth Buying PancakeSwap (Cake) Right Now?
You may be browsing the digital asset catalog and wondering whether Cake is a worthy investment. Digital assets are a risky investment due to the wild price swings. Cake Has immense potential both in the short and long term. Prices are likely to be fanned upwards by the continued burning of Cake tokens and the features in the PancakeSwap ecosystem. Investors should also consider investing and earning the Cake tokens on the PancakeSwap ecosystem. Data from the PancakeSwap website shows 2.8 million users and 31 million trades in the last 30 days. With around $1.4 staked and locked into the ecosystem, the figures look impressive.
Conclusion
Cake is an exciting altcoin that incentivises usage of the PancakeSwap ecosystem. Buyers can buy Cake with fiat currency or using cryptocurrency like Bitcoin. With the tips, buying guides, and considerations we have analyzed, investors should be better positioned to make an informed investment decision on Cake.
FAQs
Can I buy PancakeSwap (Cake) in any country?
Global exchanges like Binance, gate.io, and CEX.io offer users the ability to buy Cake tokens from anywhere globally.
Is there a limit to how many PancakeSwap (Cake) I can buy?
There is no limit to the number of Cake tokens you can buy. However, exchanges may place limits due to liquidity issues.
Can I buy PancakeSwap (Cake) without an ID?
Buying crypto from an exchange that does not require ID verification. The investor should then swap the crypto with Cake tokens on another exchange that is not strict on KYC. Another method is buying Cake tokens in person using cash without submitting your ID.
Can I buy PancakeSwap (Cake) instantly?
Yes, you can buy Cake tokens instantly.
What is PancakeSwap (Cake)?
Cake is the native token of the PancakeSwap ecosystem. It allows holders to participate in the governance of the PancakeSwap network, earn tokens, and stake crypto.
How does PancakeSwap(Cake) work?
It offers itself as an alternative to Ethereum-based DEX like Uniswap. Being a DEX platform allows investors to trade crypto through smart contracts. The PancakeSwap DEX utilises several liquidity pools to fulfill orders, unlike the order book or bid/ask systems.
