Buy PancakeSwap (CAKE)
What is PancakeSwap (CAKE)?
Today, the cryptocurrency market is one of the most mysterious and promising phenomena of the economic sphere, which attracts more and more people and makes them buy assets that appear in this industry every day.
Many have heard about cryptocurrencies and would like to start investing part of their funds in them right now. However, a number of questions arise: where and how to buy them, which digital assets to choose, how to ensure the safety of storing coins, etc.
If you are looking to invest in PancakeSwap or any other currency, your goal should be to gain enough knowledge to make informed decisions.
Consider the PancakeSwap exchange, popular among crypto traders and miners, and its CAKE / token, which appeared not so long ago, but have already earned the interest of users.
How PancakeSwap works?
PancakeSwap operates as a DEX ecosystem allowing users to trade BEP-20 tokens. Unlike other platforms powered by the Ethereum blockchain, PancakeSwap exists on the Binance Smart Chain, leveraging its fast execution speed and lower transaction fees. The DEX ecosystem also employs smart contracts that govern the conversion, trading, and placement of digital assets.
PancakeSwap is a decentralized exchange powered by Binance Smart Chain. In doing so, it offers users high staking returns and increased liquidity, but with faster transactions and lower fees than other popular DEXs.
EX - decentralized exchange.
DeFi - decentralized finance.
In addition to being a decentralized exchange, PancakeSwap offers its users several products:
- Farming is an investment strategy that revolves around getting the most out of cryptocurrency. Users farm tokens by blocking virtual assets in a liquidity pool or borrowing them.
- Cryptocurrency exchange. PancakeSwap provides traders with the ability to exchange cryptocurrencies using an automated market maker (AMM) solution.
- Stacking. Staking opportunities open up the opportunity for users to receive more CAKE tokens in addition to pharming.
- The CAKE token running on Binance's smart chain is the platform's native digital asset. Of the total CAKE supply, 60% of the token will be allocated to PancakeSwap miners, while 40% will go directly to the pool.
- It also has a lottery feature that allows users to buy tickets in hopes of winning a large CAKE amount.
- PancakeSwap offers gaming experiences such as betting on whether the price of Binance Coin (BNB) will rise or fall for a limited period of time.
What makes CAKE unique?
The PancakeSwap platform has created its own CAKE token, which is used to manage the project and reward project participants.
Binance Smart Chain is growing rapidly as developers take advantage of its lower fees and faster transactions. In June 2021, Binance reported that the platform completed approximately 4.9 million transactions in a single day, which is three times the amount that another popular platform has ever processed in a day. PancakeSwap is already very popular given the relatively young age of Binance Smart Chain.
Thus, using PancakeSwap, users can access tokens that are not available on centralized exchanges, paying less commission when exchanging them. Therefore, many analysts have assessed the project's prospects and will advise to buy CAKE for their portfolios.
If Binance's decentralized application (dapp) platform continues to grow and attract more developers and users, then PancakeSwap may well start an even tougher battle with competing exchanges over time.
How to Buy PancakeSwap (CAKE)?
Cryptocurrencies have become one of the most sought after assets in the market over the past few years thanks to the growth of all kinds.
If you want to dive into the exciting world of cryptocurrency investing, this article will give you some tips on how to do it. Investing in cryptocurrency can be a great way to make money quickly and easily. However, there are a few things you should know before you start to invest in PancakeSwap.
The first thing to start with is to understand the strategy. Determine on what investment horizon you enter this market, that is, ask yourself: "What kind of investor am I?"
Do you want to make a profit tomorrow, or perhaps you have a lot of free capital and are ready to invest for several years? The choice of place and investment instruments will depend on this.
Cryptocurrency trading platform
If you want to get results quickly, then the CFD trading method is suitable for you. This method is common among beginners and wholesale traders looking for relatively quick earnings.
Try it for free with a demo account!
You can do this kind of trading on the broker's platform. It is important to find a reliable partner for work, which will provide you not only a trading terminal, but also additional functions. A good broker will provide you with the following benefits:
- Many different assets. You will be able to try and trade stocks and commodities and currencies.
- Video training on various topics.
- Minimum deposit for trades, often as low as $1.
- Function of pending orders stop loss and take profit.
- Analytics on the platform in the form of different charts, indicators.
- Technical support around the clock.
- Communication with traders, etc.
What is CFD?
Contracts for Difference (CFDs) are a relatively complex financial instrument that is an agreement for the price difference between a broker and a trader. A trader who acquires such a contract for a cryptocurrency does not own it, but records the cost at which he acquired this coin. A trader can close CFDs at any time with the payment of a fee to the broker if the forecast turned out to be fair (bets on the growth and decline in the value of the cryptocurrency are allowed).
The growing popularity of CFD derivatives is associated with the ability to profit not only when the price of the digital currency rises, but also when it falls (long and short positions).
Other benefits of using OTC CFDs include:
- No link to an asset - it is stored on the trading account.
- Regulated financial product.
- High liquidity due to trading a derivative product without buying the underlying asset.
- Trading on margin - the broker invests only part of the funds.
- Portfolio hedging with compensation for losses due to capital gains.
- Trading CFDs using a trading platform without reference to a specific location, etc.
This is a common way to make money on cryptocurrencies. Many investors buy coins and wait for their value to rise. To buy CAKE you need to select an exchange. The most popular is Binance. You can buy PancakeSwap in the section with the corresponding name. Then we click on the item "Replenishment from the card", deposit money into the account, top up the balance, this currency, in fact, you will need a little later to buy cryptocurrency.
Then, after the purchase, you can leave the coins on the account on the exchange or transfer them to your pre-created crypto wallet, which supports the selected asset. It is simple to use them: you need to connect the storage medium to a computer with Internet access, enter the PIN-code and perform the necessary actions.
Trading is trading on an exchange. In simple words, you buy at a low price, you sell at a higher price. It is advisable to have experience in trading, so you can get a much larger income.
Trading - trading in cryptocurrencies is the operation of speculating on the movement of cryptocurrency prices or buying and selling basic coins through an exchange.
When you buy cryptocurrencies through an exchange, you buy the coins themselves. You will need to create an account on the exchange, deposit the full value of the asset to open a position, and store the cryptocurrency tokens in your own wallet until you are ready to sell them. You can also store coins on the exchange itself. The difference is security. Many experts will advise storing currency in a wallet, on a removable device.
How to start investing in PancakeSwap (CAKE) in the Philippines?
Since CFDs on cryptocurrencies are very popular today, due to their simplicity and efficiency, such services are offered by most of the well-known brokers. At the same time, each broker offers its own trading conditions, commission percentage, trading instruments and quality of service.
So to start to invest in PancakeSwap in the Philippines, you need to find a suitable licensed broker. By working with such a partner, you will be protected against fraud.
The first thing you need to do to start trading is to create a personal account.
Signing up is easier than you think, one click on the link - and you are in the system. Registration is carried out using e-mail or phone number. On the registration page, you will need to enter the necessary data and come up with a unique password.
After registering, download a convenient free application for working on a PC or mobile phone.
After registration, you need to open an account. You can use the demo version. A demo account is a great opportunity to practice trading before you start trading cryptocurrency for real money. Also, beginners may need a demo account when testing new functionality without risks, for example, margin trading.
When you register an account, you will automatically receive a large virtual sum. You can use it to buy PancakeSwap or other assets and analyse your strategy. Once you are ready, you can move on to live trading.
To open a real account, go to your personal account and select the account replenishment menu. Then choose a convenient way to fund your account, such as a card.
You can replenish your account at registration for any amount convenient for you, but not less than the minimum deposit set by the broker, usually about $ 5-10. More precisely, you can find out when registering, as the conditions may change.
In a real account you will be able to use margin trading. For example, buy PancakeSwap in the Philippines with borrowed funds if you do not have enough of your own. The definition of 'margin trading' - is a type of speculation in the stock or cryptocurrency market that involves a trader using borrowed funds provided by a broker or platform in their activity.
Keep learning and practising constantly. Good luck with your trading!