Due to the rising demand for exchanges that list smaller market cap altcoins and cryptocurrencies with potentially high short-term rewards, PancakeSwap is one of the most popular exchanges out there. PancakeSwap also offers its own cryptocurrency: CAKE. I will show you exactly how to buy PancakeSwap(CAKE) and also where to buy PancakeSwap(CAKE) in the easiest and most cost-efficient way possible.
Table of Contents
- What is PancakeSwap?
- How to buy PancakeSwap(CAKE)?
- How to Store PancakeSwap (CAKE)
- The Best Way to stay Up-to-Date with my Content
What is PancakeSwap?
As always, first a short introduction to what PancakeSwap is. PancakeSwap is an exchange that lists a lot of smaller altcoins than other exchanges like Binance or Coinbase. The huge advantage of PancakeSwap compared to UniSwap for example is, that it utilizes the Binance Smart Chain, which means you can trade using Binance’s own currency BNB.
Due to high Ethereum gas fees on UniSwap (at least until they release version 3 in Mai), I definitely prefer trading on PancakeSwap, utilizing my favorite exchange Binance to do my trades with BNB.
PancakeSwap also offers its own coin, CAKE. As the demand for altcoins is rising like crazy at the moment, you can also see that CAKE is growing into a worth-while investment.
I had originally invested in BNB back when it was 2$, one BNB is now worth 270$ +. This should give you some perspective on the potential CAKE has.
If you are interested in learning more about PancakeSwap, check out my huge Definitive Guide to PancakeSwap.
How to buy PancakeSwap(CAKE)?
Gladly, PancakeSwap(CAKE) is listed on our favorite exchange, Binance. That makes things very easy for us. We will sign-up for Binance, deposit some USD in exchange for USDT and use those USDT to buy CAKE. That means, we can buy PancakeSwap on Binance, with very little fees involved.
We are going to use USDT for our trade because USDT is a stable-coin, that means it is not subject to market volatility unlike something like Bitcoin or Ethereum. I avoid trading with ETH or BTC every time I can. To give you an example, you could buy 500$ of Bitcoin right now, and it would just be worth 450$ within half an hour. Not good, not what we want.
I always try to provide the most cost-efficient way to buy cryptocurrencies. Just follow the steps below, I’ll guide you through all the steps required to buy CAKE crypto.
Step 1 – Sign up for Binance
To be able to buy PancakeSwap on Binance, we need to sign up for Binance first. The process is straight-forward. I have some special conditions for you guys, if you use this link to sign up for Binance, you’ll get a Discount on your Trades.
You might need to go through a minor verification process that requires you to enter your legal address, birth date and name.
Just follow their onboarding process and make sure you enable 2-Factor Authentication for security. I like using Google Authenticator, avoid SMS Authentication.
Step 2 – Buy USDT on Binance
Once you are signed up and logged in, we can go ahead and deposit some USD to buy USDT. As I said, to be able to buy CAKE on Binance, we first need to buy some USDT.
Select Buy Crypto from the top navbar and select Credit/Debit Card, or Bank Deposit if you prefer that.
Next up, follow the sub-steps below:
1 – Change Coin to USDT
2 – OPTIONAL: Change deposit currency
3 – Enter amount of USD you want to deposit
4 – Double-check what you get in USDT (subject to minor fee)
5 – Click buy USDT and follow the prompts.
Now you are the proud owner of some USDT tokens.
Step 3 – Buy PancakeSwap(CAKE) on Binance
Alright, now we are ready to buy PancakeSwap on Binance!
Select Trade -> Classic from the top navigation bar.
Don’t be alarmed by what you see, I’ll guide you through each step to buy CAKE.
Type CAKE in the search bar on the right and then select the CAKE/USDT trading pair to buy CAKE.
Now find the Trade Window on the bottom.
First select Market to buy at the current market price, then enter the amount of USDT you want to spend for your CAKE and click on Buy CAKE to buy PancakeSwap.
And that’s it. This is how easy it is to buy CAKE Crypto on Binance!
How to Store PancakeSwap (CAKE)
Because you guys always ask me where to store your Cryptocurrencies, I will start to include those things in my tutorials.
As you all know, my favorite way of storing Cryptocurrencies is by using a hardware wallet. My wallet of choice is the Ledger Nano S. It’s simple and easy to operate. You can also choose a more sophisticated device from their shop if you’d like.
Unfortunately, you can’t store CAKE on the Ledger just yet. You can always check if a coin is supported by visiting their website.
Where to Store CAKE – Supported Wallets
Gladly there is a plethora of options available to you.
There are plenty of good options there. Some of which I know and trust are Metamask and Binance Chain Wallet.
Choose your favorite.