Buy PancakeSwap (CAKE)
What is PancakeSwap (CAKE)?
Cryptocurrency is virtual money, which, unlike fiat money, has no physical expression. The unit of such currency is 'coin', which means 'coin' in English.
A key feature of digital currency is decentralization- the absence of any internal or external administrator. Therefore, banks, tax, judicial and government authorities cannot influence the transactions of crypto-asset users. This is possible because all data with cryptocurrency wallets and transactions are stored in a blockchain.
Over the last 5 years, the capitalization of all digital currencies has grown from $100 billion to $2 trillion, a 20-fold increase. It is now one of the fastest-growing markets in the world, attracting many new entrants - from start-ups creating new blockchain projects to large investors who have begun to use cryptocurrencies in their strategies.
How PancakeSwap works
PancakeSwap is a DEX (decentralized exchange) and AMM (automated market maker) type platform based on Binance Smart Chain, allowing anyone to exchange BEP-20 tokens efficiently and securely. The platform is similar to Uniswap in that it enables decentralized trading using liquidity pools.
PancakeSwap is the largest decentralized application in the Binance Smart Chain and is seen by many as a project with infinite potential. As such, the platform is very popular and currently has over USD 4 billion in blockchain liquidity.
The platform is attracting more and more people who are not satisfied with the terms of traditional centralized platforms. PancakeSwap is also being chosen by users who want to invest in new coins that have not yet managed to get listed on conventional exchanges.
Clients of the decentralized platform speak of the user-friendly interface, broad functionality and high level of security. All transactions are processed via the client's wallet, which means that no funds need to be transferred to another account before they can be processed.
PancakeSwap has proven to be very secure. Firstly, it's DEX is non-custodial, meaning the platform doesn't store your assets with its large online wallets. For this reason, DEX is much safer than centralized exchanges.
In addition, the platform has taken some actions to promote its image in terms of security. For example, the PancakeSwap team invited a well-known cybersecurity firm to conduct an independent audit.
The audit confirmed that the platform's security was up to corporate standards. This action also gave PancakeSwap the opportunity to add even more features.
What makes CAKE unique
Like competing platforms, PancakeSwap has its own native token, CAKE. It is actively traded on various exchanges and has a capitalization of $5.2 billion. CAKE has been strengthening since February 2021. As of August 2021, it is worth $18.5, although it started trading at 19 cents. The record high for the exchange rate is $44. Investors who had time to initially invest in this coin have made good money on it.
The CAKE token is issued by the PancakeSwap decentralized exchange and is used by it for transactions and its products, such as exchanges, pharming, predictions and lotteries, etc. The developers plan to expand the functionality of the coin in the near future.
CAKE's price performance is another reason for the increased attention from speculators. This is why many traders buy PancakeSwap for a quick resale at a higher price. They also use CFD counter-traders.
Following the above CAKE price predictions, PancakeSwap could be a good investment that could offer good returns to investors looking to add it to their crypto portfolios.
Where to buy PancakeSwap?
If you are new to digital assets, you need at least to know the basics of the market. Cryptocurrencies are extremely volatile assets, so it is important to handle them with extreme caution. However, you can make a relatively safe profit if you follow certain rules.
There are three main ways to make money in cryptocurrencies - trading, mining and investing. Each has its own specifics.
If you plan to make money from cryptocurrency, you will also need to determine how you plan to participate in the market. Some investors prefer to invest for a long time, while others want to make some kind of profit in as little as an hour.
A more popular method of making money from digital currency is investing. You can invest in PancakeSwap for a long or short term. Which one is better is up to you. You need to understand how much time you are willing to invest, how much start-up capital you have and how much knowledge you have.
To buy CAKE for storage, you will need the services of an exchange. For example Binance has proven to be an excellent intermediary for buying cryptocurrencies.
It's important to find an exchange or platform that is safe, offers high-yield investment opportunities and supports your long-term goals. While some crypto exchanges are backed by large financial institutions, most remain completely independent. Therefore, it is important to do your due diligence and research each potential platform and its trading practices.
How to Buy PancakeSwap (CAKE)?
Another alternative for making money on currencies is to trade CFDs. You can try this out for free on a demo account. Just go ahead and sign up and try it out!
A CFD on cryptocurrencies is a standard CFD where the underlying asset is a digital currency: Bitcoin, Ether, Lightcoin, etc.
Digital currency CFDs were one of the first derivatives in the digital currency market for a reason. The market and its participants needed a tool that could meet both speculation, investment and hedging needs. Thanks to the volatility of this market, you can profit with CFDs regardless of whether the value of an asset rises or falls.
Cryptocurrency CFDs also have a number of other advantages:
- Minimum entry. To trade cryptocurrency CFDs, you need minimal funds - much less if you trade cryptocurrencies directly. About $1 is enough to make your first trade.
- Leverage. Working with a cryptocurrency CFD allows you to take advantage of all the marginal trading opportunities.
- Diverse strategies. You can capitalize on short-term market moves with intraday trading or go for longer trades. You can execute strategies of any size: from small amounts to large ones.
- Independent on the direction of the market. With a crypto-CFD you can both long and short, i.e. you can profit regardless of whether the market goes up or down.
To buy PancakeSwap in Nigeria with a CFD contract, you need a good brokerage platform. It will not only provide you with a professional terminal, but also give you useful features that will help you analyze the market and make better trades.
Such features include:
- Video instructions on the platform. You will find plenty of tutorials for beginners on various topics.
- Analytical tools, charts and popular indicators.
- Real time price feeds and live chart.
- Pending stop loss and take profit orders function.
- News and economic calendar.
- Minimum threshold to enter the platform, etc.
Cryptocurrency mining is the process of issuing new cryptocurrencies and confirming new transactions through computer calculations. Sometimes also referred to simply as "coin mining". Cryptocurrency mining is a business that involves buying and maintaining equipment, renting premises and so on. To start this business you will need to invest in powerful equipment, acquire knowledge and build a wallet.
How to start investing in PancakeSwap (CAKE) in Nigeria?
So, to invest in PancakeSwap in Nigeria you don't need a huge capital, the modern market adjusts to all players, and you can start to trade with a few dollars.
The first thing you need to do is register on the broker's platform. It's free and quick!
Registering will allow you to become familiar with the platform, its tools, interface and assets. Since the platform offers you not only cryptocurrency, but is multi-asset, you can try trading anything. Stocks, options, currency pairs, etc.
After registration, create an account. You have the option of starting to trade immediately with the minimum deposit set by the broker, which is normally only a small amount of approximately $10. But you can also try trading without any deposit first.
Cryptocurrency trading is not something extremely difficult to learn, you just need to know the basic principles and practice certain trading techniques for a long time until you understand how it works. If you're a novice trader, a good way to invest in cryptocurrency is to open a demo account, which will allow you to trade virtual money just like in real life. This will allow you to learn how the market behaves, and if you follow the tips in this article, you can make good profits in the future.
A Live Account
To open an account with a broker, you will need to make a minimum deposit into your account. To do so, go to your Personal Area and select the appropriate menu. There are a number of ways to deposit, the most popular is with a debit card. You will also be able to withdraw profits from this account later on.
The bigger the amount in your account, the better the chance of earning a good profit. But if you are a newbie, start with a comfortable amount and gradually increase your account as you gain experience.
You can trade different assets on the platform and use different strategies. You can buy PancakeSwap, Bitcoin and other digital currencies without buying the asset itself. You can also buy stocks, commodities, currencies, etc. Diversify your portfolio and practice as much as possible, good luck!