How to Buy Pancakeswap: Invest in CAKE Tokens Today!

CAKE is the native governance token of Pancakeswap, the decentralized exchange platform known for its affordability and accessibility. With Pancakeswap becoming more popular by the day due to its lower transaction cost execution speeds compared to other DEX’s, its token is also gaining more visibility.

CAKE is a BEP-20 token, as it was created on the Binance Smart Chain (BSC). Established in September 2020, it was designed to challenge the monopoly of Ethereum-based (ETC-20) tokens that have taken over the market. Offering better financial and administrative benefits, more investors are flocking to CAKE by the day.

If you are looking at how to buy Pancakeswap in a few minutes, follow this quickfire guide.

How to Buy Pancakeswap: Quickfire Walkthrough to Buy CAKE in Less Than 10 minutes

Buying CAKE tokens is a straightforward endeavor. The token finds home amidst other products supported by its parent blockchain, Binance. With more people looking into how to buy CAKE, this quickfire guide was created to help you out in clear terms.

You can learn how to buy Pancakeswap by following this guide step-by-step.

• Step 1: Download Trust Wallet: You need a wallet to buy CAKE, and you should start by downloading the Trust app on Google Play or the App Store. Install the application and set it up by generating a PIN and a passphrase.
• Step 2: Search for CAKE: You’ll find a bar on the top right corner. That’s the search bar where you’ll input “CAKE.”
• Step 3: Add Cryptocurrency Assets to your Wallet: You need to make a deposit before you can transact. You can only do that by adding cryptocurrency assets to your wallet. You can add cryptocurrency to your Trust Wallet by sending from an external source or buying directly on the app.
• Step 4: Connect to Pancakeswap: Once you have your wallet funded, the next step is to link to Pancakeswap by clicking ‘DApps’ on your Trust Wallet. Next, pick Pancakeswap from the listed options and click ‘Connect.’
• Step 5: Buy Pancakeswap: You can now proceed to buy Pancakeswap by swapping it for the cryptocurrency currently stored in your Trust Wallet.

Always consider the risks involved when buying cryptocurrencies. Digital assets are highly speculative and volatile. 

How to Buy Pancakeswap – Full Step-by-Step Walkthrough

The quickfire walkthrough might be enough for a cryptocurrency trading expert to go by, but the same cannot be said for beginners. So if you are investing in cryptocurrency for the first time and you do not know your way around yet, read this full step-by-step walkthrough for a better understanding of how to buy Pancakeswap.

Step 1: Download Trust Wallet

The first step you have to take is to download Trust Wallet. You can get Trust Wallet on the app store compatible with your device. Install the app on your device and set it up by following the guide. 

You will be required to create a PIN. Ensure that your PIN is strong and cannot be easily guessed. After setting your PIN, Trust Wallet will generate a 12-word passphrase for you.

This passphrase is to help you recover your wallet if you forget your PIN or lose your phone. Due to its sensitivity, you should write it down and keep it out of the reach of others.

Step 2: Add Cryptocurrency Assets to Your Trust Wallet

You cannot buy Pancakeswap directly with fiat money but only through cryptocurrencies. Using this method, you can swap established cryptocurrencies for alternative coins such as CAKE. You can go about the process in either of two ways, and we have explained both methods below:

Send Cryptocurrency from an External Wallet

The first way to add cryptocurrency to your Trust Wallet is to transfer some established coins from an external source. This will be a great option if you have another wallet apart from your newly-created Trust. However, if you have never transferred funds from it before, follow our simple guide to get it done.

• Open your Trust Wallet and click on ‘Receive.’
• Select the cryptocurrency you want to transfer into Trust Wallet.
• Copy the unique wallet address displayed.
• Go to the other wallet.
• Open the box for the wallet address. Next, paste the address copied from Trust.
• Enter the volume of cryptocurrency you want to transfer.

Confirm the transaction and wait while your cryptocurrency is delivered to your Trust Wallet.

Buy Cryptocurrencies Using Credit/Debit Card

Another way to add cryptocurrency to your Trust Wallet is to buy such assets directly using your credit/debit card. Trust Wallet allows users to purchase cryptocurrencies directly on the wallet, and it is a straightforward process. If this is your first time doing this, follow the guide below:

• Open Trust Wallet and click on ‘Buy.’
• Choose an established cryptocurrency such as BTC, ETH, or BNB.
• Undertake the Know Your Customer (KYC) process. This process is to verify your identity so that you can transact with fiat money.
• To complete your KYC process, you have to upload a government-issued ID.
• Enter the number of cryptocurrency you want to buy.

Confirm the transaction and wait as your coins are delivered to your wallet.

Step 3: How to Buy CAKE through Pancakeswap

Having funded your wallet with cryptocurrency assets, you can now buy Pancakeswap tokens. We must raise an important point here that you cannot buy CAKE directly on Trust Wallet. To buy CAKE, you have to connect your Trust Wallet to Pancakeswap and exchange the established coin in your wallet for the token.

If this is your first time connecting Trust Wallet to Pancakeswap, follow this guideline to simplify the process.

• After connecting your Trust Wallet to Pancakeswap, click on ‘DEX.’
• Click on the ‘Swap’ button.
• Select ‘You Pay’ and choose the coin you want to pay with. The coin must be the same as the one in your wallet.
• Click on ‘You Get’ and pick CAKE from the options given. It will display the swapping rates between the established coin you are paying with and CAKE.
• Click on ‘Swap.’

Confirm your transaction, and your CAKE tokens will be delivered to your wallet in minutes.

Step 4: How to Sell CAKE

Once you know how to buy Pancakeswap, understanding the selling process is an easy task. You can sell CAKE tokens by following one of the two methods available.

First, you can sell by swapping your CAKE tokens for another cryptocurrency asset or for fiat money. We have explained the two methods here.

• To sell your CAKE by swapping for another cryptocurrency, the process is similar to buying the token. The difference is that you have to select CAKE in the ‘You Pay’ box and choose the asset you intend to buy in the ‘You Buy’ section. You can also do this on Pancakeswap, where you will have a variety of assets to choose from.
• The second option is to sell your CAKE tokens directly for fiat money. Sadly, you cannot do this on Pancakeswap, so you have to connect to a centralized exchange such as Binance. 

Binance is the network on which the CAKE token was created; therefore, the exchange supports the coin and several others. Send your CAKE to Binance, complete the KYC process, and you will receive the worth of your tokens in fiat money. You can then move the funds to your bank account accordingly.

Where Can You Buy CAKE Online?

Most of the transactions carried out in the cryptocurrency market occur online, and buying CAKE is not excluded. To buy CAKE, you must have a wallet and connect it to an exchange platform. The most suitable exchange platform for CAKE is Pancakeswap, the project from which the token was created.

Pancakeswap – Buy CAKE Through a Decentralized Exchange

Pancakeswap is a decentralized exchange that makes use of the Automated Market Maker (AMM) system. This system is known for eliminating the need for a third party intermediary and facilitating transactions directly between investors. When you invest using Pancakeswap, you can eliminate the limits set by centralized exchanges and brokers.

With CAKE being Pancakeswap’s native token, the asset thrives most on this platform. Here, you can buy, sell, stake, farm, and do various other transactions with the token. In addition, as an investor, you can invest your CAKE in liquidity pools and earn impressive returns on it. However, as profitable as the pools are, you have to trade with caution.

LP tokens afford holders many opportunities, from profits on their capital to reduced trading costs when they perform transactions on the platform. The profit you earn from Pancakeswap liquidity pools depends on how much cryptocurrency you invest and the duration of time the investment spends.

Holding CAKE also grants you the opportunity to enjoy most of the services offered by Pancakeswap. This includes access to the DEX’s SYRUP pools, yield farms, and NFTs, where you can earn more on your investments. Each feature comes with different directives, but most allow you to earn while making the most of your assets.

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