How to buy on PancakeSwap? Exchange Review

PancakeSwap is on its way to dominating the decentralised exchange (DEX) space and making the process of trading cryptocurrencies as easy as taking a bite of syrup-drenched pancakes.

This is your official PancakeSwap guide!

The Decentralized Exchange (DEX) space is booming, with several projects developed in 2022 alone! A superstar in the DEX space is reserved for one of the most popular DEX projects on the Binance Smart Chain.

PancakeSwap is one of the most prominent DEX projects right now. The fact that it’s directly linked to the DeFi behemoth Binance is another star in the win column for the DEX project.

“Trade. Earn. Win. NFT.” It is the official tagline for PancakeSwap. 

This decentralised exchange market does not show signs of slowing down, and PancakeSwap is quickly becoming a worthy competitor to market leaders like UniSwap. PancakeSwap is the far more accessible and affordable option compared to its Ethereum-based competitor, and this is priming the project to swipe away the first-place crown before long.

Everything you need to know about PancakeSwap and how to use it to your advantage is in the article below!

What is PancakeSwap?

PancakeSwap is not an underdog in the decentralised finance (DeFi) industry. This industry replaces financial middlemen. DeFi platforms and projects allow users to buy past traditional brokers, insurance, and investment funds. This stage of the financial process is replaced by smart contracts that automate the financial process, improving the speed and security of financial transactions.

The primary feature of PancakeSwap is that it is built on the Binance Smart Chain compared to most of its DEX industry competitors built on the Ethereum blockchain network. This has benefited the project by dramatically decreasing transaction and development fees. This platform lets investors trade cryptocurrencies through smart contracts. This is a wonderful option for anyone with trust issues. You don’t need to trust the other parties or know their Twitter handle; the entire process is automated and will not run unless all parties fulfil their side of the agreement. The code handles the rest. You don’t need a DEX account; a PancakeSwap-compatible crypto wallet will suffice.

The best part of this technology is that it offers its investors unprecedented liquidity and convenience when they trade, buy, and sell their various cryptocurrencies. Instead of unnecessarily high transaction fees, investors can stake their cryptocurrencies in smart contracts to earn passive income from these fees instead.

How to buy on PancakeSwap: 5 easy steps

These are the 5 simple steps to buy PancakeSwap for the very first time:

•         Step 1: find the crypto exchange that suits you. It is essential to compare crypto exchanges before selecting one to buy PancakeSwap from.
•         Step 2: Create a crypto exchange account and link your compatible crypto wallet with your account.
•         Step 3: Deposit money into your crypto exchange. Your account needs to be verified before this step can be completed.
•         Step 4: Now for the fun part. You can buy as much PancakeSwap by using your appropriate crypto pairs. (Bitcoin or USDT)
•         Step 5: All that’s left to do is to store it securely!

Where can you buy PancakeSwap?

Exchange	Price	Volume	Action
Binance	$ 4.53	$ 6.44 M	Trade
KuCoin	$ 4.53	$ 237 K	Trade
Huobi Global	$ 4.53	$ 381 K	Trade
gate.io	$ 4.53	$ 357 K	Trade
CoinEx	$ 4.52	$ 21 K	Trade
AscendEX	$ 4.53	$ 142 K	Trade
Bybit	$ 4.54	$ 35 K	Trade
Indodax	$ 4.54	$ 8 K	Trade
Naijacrypto	$ 4.56	$ 4 M	Trade
PancakeSwap v2	$ 4.51	$ 2.61M	Trade

 

What are the top 5 reasons to start investing in PancakeSwap?

There are many compelling reasons to start your PancakeSwap journey right now! While this is not financial advice, consider it a friendly push toward building a better crypto portfolio.

1.        The constant revenue stream from trading fees:

The first thing to understand is that your 0.25% trading fee is divided. (1) 0.17% to the liquidity pool providers, (2) 0.03% to PancakeSwap treasury, and (3) 0.05% is used for CAKE’s buy-and-burn-back process. If you are a liquidity provider, you can get up to 68% of your trading fees back.

2.       Highest ROI:

By combining farm base rewards and liquidity rewards, you can multiply your rewards by trading PancakeSwap.

3.       High levels of security:

PancakeSwap has a high level of security compared to other DeFi yield farming protocols. There are inherent risks associated with funding smart contracts. PancakeSwap is given a heightened security level due to being audited by more than one security firm.

4.       Automated Staking:

Automation greatly benefits the projects they touch; this is especially true of the DeFi industry. This feature allows CAKE token holders to automatically re-stake their tokens to get the best annual percentage yield (APY) instead of having to re-stake it.

5.       Binance backs PancakeSwap:

PancakeSwap is built on top of the Binance Smart Chain, a fast and affordable alternative to DEX on Ethereum’s network. The fact that PancakeSwap is backed by the biggest crypto exchange in the world is a massive plus for CAKE lovers.

6.       *BONUS* PancakeSwap has its Lottery:

Much like the original lottery, each contestant can buy a lottery ticket as a CAKE token. This will receive a code that matches the winning code to receive the prize. The main prize pot contains 50% of the available CAKE tokens.

What are the best coins to buy on PancakeSwap?

PancakeSwap is a decentralised exchange protocol operating on the Binance Smart Chain. The crypto exchange hosts a wide array of diverse BEP-20 tokens for investors to choose from. These are the best tokens and coins to buy on PancakeSwap, in my opinion:

HI   

HI is the native token of a financial platform launched in 2012. This utility token is available to trade on PancakeSwap. This has been coined as a membership token that allows its holders to benefit from the “hi space”.

CAKE

CAKE is the lifeline of the DEX called PancakeSwap. It is a native governance token that can be used to purchase all of PancakeSwap’s products. It allows its holders to make governance proposals and vote.

ETH

The Ethereum blockchain network has become synonymous with cryptocurrency. Ether (ETH) is present in almost all cryptocurrency exchanges. Ether is a valuable coin for long-term investment and it is readily available on the PancakeSwap exchange.  

BUSD

BUSD is a 1:1 USD backed stablecoin. This stablecoin is one of the few that is approved by the New York State Department of Financial Services (NYDFS). This coin is as stable as the US dollar and offers its holders and BUSD investors a lower level of price volatility.

BNB

Binance Coin (BNB) was created in 2017 and has become one of the world’s most popular utility token. It is used to pay transaction and trading fees on the Binance and PancakeSwap exchange and other exchanges.

PancakeSwap is truly a trailblazer in the DeFi world, and the exchange platform has created a rich and diverse pool of valuable and useful crypto coins and tokens.