What is PancakeSwap?
It is an affordable and accessible DEX platform. PancakeSwap uses CAKE tokens and is famous because of the network’s low transaction fees and fast transactional speed.
Founded last year, PancakeSwap is housed on the Binance Smart Chain network (BSC), and its founders remain anonymous. This year has been good for the platform because their innovative ideas and strong branding methods resulted in their TVL rising.
PancakeSwap has a circulating supply of more than 226,000 000 CAKE coins and over four billion US dollars market capitalization. PancakeSwap currently has a price of USD 18.17.
If you want to purchase PancakeSwap, here is a quick step-by-step guide.
Step by Step Guide to Buying PancakeSwap (CAKE) on Trust Wallet
Download Trust Wallet
A wallet is essential when buying tokens. Wallets help you store private and public keys needed to buy Crypto. Trust wallet is an example of a wallet that integrates with PancakeSwap.
Others include MathWallet, TokenPocket, and Metamask, among others. Download Trust, and when you’re setting your password, make sure it is strong enough.
Add Assets to Your Trust Wallet
You need Crypto to purchase CAKE as fiat money cant get the job done. There are two ways to do this. Either send Crypto from an external wallet or purchase it using debit/credit cards.
Buy Cake through PancakeSwap
Once you have a fully funded Trust wallet, it is now possible to purchase CAKE tokens. Importantly, you should know that it is impossible to buy these tokens directly on Trust Wallet.
Therefore establish a connection between your Trust wallet and PancakeSwap to initiate the transfer process. Here are some easy steps to follow when connecting TrustWallet to PancakeSwap.
Tap on the “Decentralized Exchange” button and then “Swap.”
Press “You Pay” to choose the Crypto for swapping. Note that it should be the same one in your wallet.
Tap on “You get,” then select “CAKE.”
Then select “Swap” if the rates that are shown match yours. Press “confirm” to complete after some minutes.
Selling CAKE Tokens
There are two ways one can employ to sell CAKE tokens. One can either swap their tokens with another Crypto or sell them dir for fiat currency.
To swap CAKE with other cryptocurrencies, follow the steps given above. The only thing you should change is selecting CAKE on the “You Pay” section and then choosing the other Crypto on “You Buy” Additionally, transactions can get done on PancakeSwap, which has various options.
The other option, which is selling them for fiat, requires users to connect with a centralized exchange, for example, Binance.
Final thoughts
In summary, a user should decide to buy Crypto after taking a few steps. Steps include adequate research, investing with amounts one can afford to lose, staying informed, and diversifying one’s portfolio.
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