How & where to buy Pancakeswap (CAKE) online

One of a new generation of decentralised exchanges, PancakeSwap is also one of the most distinctive. Use this guide to learn about how and where to buy the CAKE cryptocurrency.
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Updated: Jun 28, 2022
Tip: our preferred broker is, eToro: visit & create account

This beginner’s guide explains everything you need to know about PancakeSwap. Get a quick history of the platform, take a look at the coin’s future prospects, and find out where’s best to buy some.

What are the best exchanges to buy CAKE on?

If you’re ready to dive in with a broker, use one of the platforms in the table below. They have been comprehensively vetted and approved by our experts so that you can be confident they’re the best platforms around. Otherwise, scroll down to keep reading about PancakeSwap.

1
Min. Deposit
$ 1
Promotion
User Score
10
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Payment Methods:
Credit Card, Debit Card, Payeer, SEPA, Western Union, Wire Transfer, Yandex Money
Full Regulations:
2
Min. Deposit
$ 0
Promotion
User Score
9.1
All swaps are custody-free, with no registration needed
Convert 500+ crypto assets instantly
Best exchange rates among the whole cryptocurrency market
Start Trading
Payment Methods:
Full Regulations:
3
Min. Deposit
$ 10
Promotion
User Score
9.0
Combines a user-friendly platform and low fees
Largest digital asset exchange in the Netherlands  
Trade over 50 digital assets and pay a maximum trading fee of 0.25%
Start Trading
Payment Methods:
Credit Card, Debit Card
Full Regulations:

How to buy PancakeSwap online – a step-by-step guide

Step 1. Find an exchange

A cryptocurrency exchange offers a wide range of coins and lots of ways to swap between them. As PancakeSwap is relatively new, it’s only available on a few exchanges at the moment, and here are two of the top ones that let you get CAKE coins:

  • Binance: Binance offers hundreds of cryptocurrencies and has the largest trading volume of any exchange. It adds new coins all the time, and offers lots of useful learning material to beginners, including a ‘lite’ mobile app. Sign up with Binance >
  • Kucoin: Kucoin also boasts a lot of helpful advice and information for beginners. It also specialises in lesser-known coins as part of its range of more than 200 tokens in total. Join Kucoin now >

Step 2. Sign up and fund your account

To use a centralised exchange like either of the options above, you need to create an account and deposit some funds. To sign up you have to provide some contact details and a form of ID, while you can make deposits in either fiat currency (like GBP or USD) or cryptocurrency.

You can also get CAKE on the PancakeSwap exchange itself. To use decentralised exchanges you don’t need to sign up or deposit money, you just need a cryptocurrency wallet to get started.

Step 3. Purchase

Now that you’re ready, the next step is to go ahead and get your coins. Go to your exchange platform and search for the coin’s ticker symbol. For PancakeSwap, you should use CAKE. Then choose which currency to swap for it from the list of options. If you’re using USD to pay for the coins, choose the USD/CAKE pair, enter how much you want, and execute the trade.

Step 4. (Optional) Get a suitable wallet

A wallet is a piece of software that keeps your coins secure, away from an exchange. They are almost all free and easy to use, and are a great option for anyone who intends to hold their coins for a long period of time. Here are two of the top wallets around:

  • Guarda Wallet: Guarda is an online wallet that can be accessed through a browser or by downloading a desktop app. It comes with an integrated exchange, so you can trade coins straight from your wallet. Sign up with Guarda today >
  • Trezor: Trezor is a hardware wallet, a USB-like device that keeps your coins in ‘cold storage’ (offline) so that they’re protected even if you plug it into an infected computer. Get Trezor now >
1
Min. Deposit
$ 1
Promotion
User Score
10
The world's largest cryptocurrency exchange with over 2bn daily users
Innovative trading platform offering enormous range of crypto coins
Supports over 60 methods of payment including PayPal
Start Trading
Payment Methods:
Credit Card, Debit Card, Payeer, SEPA, Western Union, Wire Transfer, Yandex Money
Full Regulations:

How to trade PancakeSwap – a step-by-step guide

Step 1. Find a broker

To trade cryptocurrency successfully you need a regulated broker that charges low fees. Brokers often charge for trades, so making lots of moves can be expensive if you have to pay a lot each time.

One drawback of brokers is that they usually only offer the largest and most popular coins, so an altcoin like PancakeSwap might not be available. Try eToro or Plus500 first, and check back often to see if it’s been added.

Step 2. Deposit money

Brokers only accept deposits in fiat currency. You have to fund your account before trading, and many platforms offer some form of first time deposit bonus. Again, the most important thing to beware of is fees, as brokers sometimes charge for deposits and withdrawals as well as for trading.

Step 3. Decide how you’d like to trade

Most short term traders use contracts for difference (CFDs) to speculate on the price of assets. A CFD is an agreement whereby a buyer makes money based on the difference between the price of a coin when they get the CFD compared to when they sell it. They also work the other way: you can offer a CFD for sale if you think the price is going to go down.

Step 4. Start trading 

Before you start trading for real, think about using a demo or virtual account to practice. Every good broker offers one as a feature of your account and it means you can make trades with fake money to get used to the market.

Trading itself isn’t too complicated, you just have to decide whether you think a coin is going to go up or down in value. That determines whether you should buy or sell the asset.

There are ways to make it more advanced, although these are generally left to more experienced users. You can trade with leverage, which means making big moves by putting down a portion of the total trade as a deposit and borrowing the rest from your broker. This can lead to big wins, but it’s risky as it can cause big losses too.

1
Min. Deposit
$ 10
Promotion
User Score
10
Up to $240 bonus!
Build a diversified portfolio with crypto, stocks, and ETFs — all in one place.
Trade on the world's leading social trading and investing platform
Start Trading
Payment Methods:
Bank Transfer, Wire Transfer
Full Regulations:
CySEC, FCA
Cryptoasset investing is unregulated in some EU countries. No consumer protection. Your capital is at risk.

Still undecided?

You should always take your time before deciding on any investment, and cryptocurrency is no different. Here we have summarised PancakeSwap’s pros and cons, and you can find more useful information below.

Pros

  • Already one of the most popular exchange platforms
  • Lots of opportunity to earn extra money from CAKE
  • You can spend the coin on NFTs, lotteries, and many other features through PancakeSwap

Cons

Finally, here are three more questions to help you decide whether to invest in PancakeSwap.

1. Is it a good time to buy PancakeSwap?

It could be if you think the future looks bright for cryptocurrency in general and decentralised exchanges in particular. Otherwise, it depends on what sort of trader you are and on what the current price is.

A short term focus usually means you want to brush up on some analytical skills so that you can study price charts and graphs. They can help you time your entry into the market. If you need more help, then the latest predictions from our team of analysts can be found below:

2. What problem does PancakeSwap solve, and what are the coin’s investment prospects?

It makes buying and selling cryptocurrency cheaper by taking away the middleman. Instead of a company taking a cut and governing the rules on who can trade, it lets you buy and sell instantly, paying less in fees each time.

PancakeSwap launched itself into the top five decentralised exchanges in the world within a few months of launch. Usually the coin’s prospects are tied to the success of the underlying platform, it has previously hit all-time highs during crypto bull runs, when total volume on the exchange is highest.

The challenge could be whether the coin can grow in value outside of the busiest periods. As well as whether every decentralised exchange can be successful, or whether the likes of Uniswap, Mdex, and PancakeSwap itself can all rise together. Check in with how the market is doing using the links below:

Uniswap (UNI/USD), PancakeSwap (CAKE/USD), and Osmosis (OSMO/USD) are some of the best cryptocurrencies that you can get at the end of September 2022. Uniswap is an automated, Ethereum-based cryptocurrency exchange that features its own native cryptocurrency token known as UNI.  PancakeSwap is a decentralized exchange…
If you are curious about investing in or buying automated market maker (AMM) cryptocurrencies, PancakeSwap CAKE/USD, 1inch 1INCH/USD, and Sushi SUSHI/USD are some of your best options. There are a lot of developments at PancakeSwap, specifically within the…
PancakeSwap CAKE/USD is a decentralized exchange (DEX) that is known as an automated market maker (AMM). What this essentially means is that it features no order books, no bid or ask the system, and no limit or market orders. All users need to do is trade…

3. Do you want to hold PancakeSwap for the long term?

That depends on how soon you want to see returns, your mindset, and the state of the market at the moment. To help you decide, here are a couple of final considerations depending on what type of trader you are.

Considerations for a long term investment strategy

The broader crypto market is important when it comes to an exchange. If you think total trading volume is going to keep rising, then you want to find an exchange and get some coins straight away. If you want some more security, get a wallet to store them in.

Considerations for a short term trading strategy

Short term strategies are based around technical indicators that flag when the data suggests you should buy. Brush up on your analytical skills and then find a broker that charges low trading fees.


Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.