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How to use PancakeSwap DEX

All you need is a credit card to buy, sell, and swap crypto at this decentralized cryptocurrency exchange

How to use PancakeSwap

What is PancakeSwap?

PancakeSwap is the most widely used decentralized crypto platform. The service is used by more than 2.2 million customers per month, who make more than 26 million trades. PancakeSwap claims to have more than 3.4 billion euros staked in contracts – that is, total value locked, or TVL.

The PancakeSwap platform allows trading of any crypto on the Binance smartchain. 

PancakeSwap implements an automated market maker architecture, which relies upon user-supplied liquidity pools to support crypto swaps. That’s why it offers users passive income for staking tokens.

In addition to swapping, trading, and staking, PancakeSwap supports NFTs, initial farm offerings, yield farms, syrup pools, and other features.

The PancakeSwap’s native cryptocurrency is called CAKE. Users can buy CAKE at PancakeSwap, earn it from participating in farms and syrup pools, or win it in an on-site lottery. Of course the best way to purchase CAKE is to buy it at Kriptomat.

Launched in 2020 by anonymous developers, PancakeSwap allows holders of CAKE tokens to vote on governance proposals.

year

Year Established: 2020

blockchain

Blockchain: bnb

Start using PancakeSwap DEX now

Here’s the fast, easy way to get started with the PancakeSwap DEX: The Kriptomat DEX Onramp.

1. Set up a MetaMask wallet

MetaMask is a crypto wallet that is implemented as a browser extension on PCs and an app on mobile devices. Visit Metamask.io and select “Download” and you will receive the proper version for the device you are using. Follow the instructions to complete the installation. Create a wallet and password. Set up the wallet to use the Ethereum mainnet. 

Now you can use the MetaMask Account Details menu to display the numeric code that is your MetaMask wallet address for the Ethereum mainnet.

2. Purchase Ethereum and transfer it to your MetaMask wallet

Your PancakeSwap journey requires that you have some Ethereum. Simply use the tool at the top of this page to specify how much Ethereum you wish to purchase and where it should be sent – to the MetaMask wallet address you acquired in Step 1. Visa and Mastercard support mean you can complete this process in minutes. (If you have a Kriptomat account, you can acquire and send Ethereum in the normal way.)

3. Connect your MetaMask wallet to PancakeSwap

Navigate to PancakeSwap, click on the Connect button in the upper-right corner, and follow the instructions on your screen to link your MetaMask wallet to your PancakeSwap account.

4. Begin trading

Now that you have funded your MetaMask wallet and linked it to the DEX, you are ready to begin executing transactions at PancakeSwap.

It’s just that easy!

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