“Trade, earn, and win crypto on the most popular decentralized platform in the galaxy.”
- Largest Swap
- NFT's available
- Beginner Friendly
- Lot's of Spam coins available
Pancake Swap is the largest swap available for alt and meme coins.
History of PancakeSwap Exchange
PancakeSwap is an open-source decentralized exchange built on the Binance Smart Chain network. Pancakeswap was built and introduced by anonymous developers by forking SuhiSwap but since its on Binance chain, it offers lower transaction fees and faster transaction times.
The exchange introduced lower swap fees of 0.2% while other decentralized exchanges charge 0.3%. The PancakeSwap exchange has become very popular and is a strong competitor of other decentralized exchanges such as Uniswap and SushiSwap. .
PancakeSwap allows its users to farm and also earn additional income by providing liquidity. A user can also stake to earn a yield from his crypto deposits.
Who owns PancakeSwap?
PancakeSwap is an open-source project and the founders have chosen to remain anonymous. Ledger Prime is an investor in the project.
Regulations of PancakeSwap
PancakeSwap is a decentralized exchange and does not hold user funds. Decentralized exchanges have been subjected to regulations but largely operate freely in the majority of the countries across the world.
What Cryptocurrencies are available on PancakeSwap?
PancakeSwap is a decentralized exchange and supports all BEP-20 tokens that run on the Binance smart chain.
It also has a native token called the Cake (CAKE) token). CAKE can be used to earn free tokens in the Syrup pools, it can be used to farm and earn a yield which is a great source of passive income, it is also used as a governance token for voting purposes, it allows users to create a profile for minting NFTs, CAKE also allows users to participate in lottery and IFO sales.
What payment methods are available on PancakeSwap
PancakeSwap is a decentralised exchange meaning it requires cryptocurrencies for making a swap. Fiat currencies cannot be deposited for trading on the exchange. You will need to purchase cryptocurrencies through a centralised exchange (if you don’t have any) and then use the services offered by PancakeSwap.
PancakeSwap offers a range of products and caters to a diverse set of clients through its multiple offerings. It goes way beyond a simple decentralized exchange (DEX) and has branched out into a full-fledged DEX ecosystem. This is what makes it a powerful platform as it offers more than simply a swap token service. These services are described below.
Yield Farming: Users can choose to add liquidity and earn an additional source of income on PancakeSwap.
Pancake Lottery: Users can buy a lottery ticket using CAKE. Tickets cost $5 in CAKE and can be bought in batches of 100. Matching ticket numbers enables users to win rewards.
Prediction: Users can bet and predict on BNB/USDT prices and if the bet is correct, the user can win rewards.
NFT Marketplace: PancakeSwap’s recently launched NFT market allows users to collect PancakeSwap collectibles.
IFO: Initial Farm Offerings are similar to ICOs and users can use their CAKE to purchase newly launched tokens.
PancakeSwap Analytics: It is the analysis wing of PancakeSwap and provides detailed information about various tokens.
Staking on Exchange
PancakeSwap allows users to stake currencies through the Syrup Pools. Syrup pools allow users to stake their CAKE and other tokens to earn staking rewards. Its one of the best ways to earn an additional source of passive income.
Voting Activities: PancakeSwap allows users to vote for governance purposes and is run in a completely decentralized manner where users can vote to decide the future of the platform.
How to open an account on PancakeSwap?
You do not need to register an account on PancakeSwap since its a decentralized exchange. You can connect your cryptocurrency wallet and carry out the swap. The tokens will be received in the same wallet. Metamask is one of the most popular wallets for this purpose.
Steps to swap tokens on PancakeSwap:
- Head to the PancakeSwap site.
- Click on connect wallet and authorize your wallet such as Metamask when asked. You should already possess some BNB or other Binance chain tokens to perform a swap.
- Select the token you possess and wish to exchange for another token.
- From the drop down menu, search and select the token you wish to buy (for example, CAKE). The tokens will be received in the same wallet (in this case, Metamask).
Customer support of PancakeSwap
Unfortunately, PancakeSwap does not provide customer support. However, users should not face any major issues since its a decentralized exchange but the site directs users to contact the local telegram group to get their queries resolved.
Security of PancakeSwap
PancakeSwap has been audited by CERTIK. It has ensured further protection for its users by opting for CERTIK’s Shield Insurance. In addition, the pools and lottery divisions of PancakeSwap have been audited by Slowmist and Peckshield respectively.