Buy PancakeSwap (CAKE) - how to invest in PancakeSwap in Kenya

What is PancakeSwap (CAKE)?

This year, despite all the difficulties, can already be considered a breakthrough year for cryptocurrencies. For the first time, Bitcoin was recognized as a legal tender at the state level; interest from institutional investors is steadily increasing. In particular, some of the largest electronic payment systems are already actively working with cryptocurrencies.

We can confidently say that crypto, as an asset, is gaining popularity. The number of users is growing. Despite the constant surges in the exchange rate, the number of people willing to invest in digital currency has almost doubled in the first six months of 2021. And of course, volatility encourages traders to seek to buy PancakeSwap (CAKE) or another currency and make money from reselling it.

Choosing a cryptocurrency
Choosing a cryptocurrency

Where do PancakeSwap come from?

The platform was launched on September 20, 2020 by unknown developers with the support of Binance. In February 2021, PancakeSwap became one of the largest DeFi exchanges in terms of trading volume.

In the summer of 2021, PancakeSwap entered the top 3 decentralized exchanges.

PancakeSwap is a representative of decentralized cryptocurrency exchanges (DEX). They are the most secure and confidential, since they are created on the blockchain, protected by cryptography and do not require the presence of human operators in their work. Despite the fact that PancakeSwap was only founded in 2020, it has already gained a lot of popularity in DeFi.

How PancakeSwap works?

The platform is interested in that it allows users to quickly and, most importantly, inexpensively carry out operations with cryptocurrency. The low cost of transactions is achieved due to the fact that it works on the basis of the Binance blockchain (Binance Smart Chain or BSC for short). Commissions on it are an order of magnitude lower than those of competitors. Also, users can add cryptocurrency pairs themselves by creating liquidity pools.

What makes CAKE unique?

As with all DEXs, PancakeSwap has its own CAKE token, which is used for commissions and rewards for platform participants.

CAKE is the native token of the PancakeSwap decentralized exchange for exchanging BEP20 tokens on the Binance Smart Chain.

Analysts' forecast for CAKE is simple - it is growth in the long term. The main task of the site creators is to build its correct tokenomics. It was important to make sure that it does not depreciate with the growth of the project (more operations and funds in pools - more rewards). Therefore, the emission of CAKE is limited, and most of the coins entering the service are burned.

How to Buy PancakeSwap (CAKE)?

There are many ways to make money from crypto: mining, investing and trading are the most popular and widely known. And while making money by mining requires you to invest a lot of money in equipment and at least some cheap electricity, for trading and investing you just need to register on an exchange or brokerage platform and play the course.

Popular cryptocurrency
Popular cryptocurrency

In trading, there is a whole set of rules and laws that you need to follow to "stay in the game". You must understand basic technical and fundamental analysis, get acquainted with trader's tools, keep abreast of important news, which can dramatically change rate of cryptocurrency.

Simply put, a trader's entire job comes down to two "buy" and "sell" transactions. To trade and invest in cryptocurrency, people use digital currency exchanges and brokerage platforms for CFD trading.

Where to buy PancakeSwap?

A crypto exchange is a platform (website) where you can trade cryptocurrency. Buy CAKE, sell bitcoin etc. In this case, you are buying the asset itself. You can re-sell it after a short period of time, for example after a week or a month, or you can buy and keep it in your wallet for a long time. In this way you can invest in PancakeSwap or any other currency. After buying on the exchange, you can store the digital currency in your pre-made crypto-wallet or leave it in your account on the exchange.

The main advantage of cryptocurrency wallets is the ability to exchange fiat currency for bitcoins or any other cryptocurrency on special online platforms. Another advantage is that the exchange takes place in a fraction of a second.

One of the most popular and sought after exchanges is Binance. It features a large set of assets for trading, security and clear interface, has been around since 2017 and has gained user trust and good reviews.

Basically - a crypto exchange brings together users who want to trade cryptocurrency. The moment you place a sell order and someone else places a buy order, the platform brings you together and helps you execute the trade. The exchange most often charges a commission for this work.

Trading platform

Another popular place to make money from digital currency is an online brokerage platform. This method is good because you do not need to buy the asset itself and hope that it will rise in value. You can profit from both the rise and fall in the value of the cryptocurrency or any other asset. This trading is called CFDs.

You can try trading for free, with a free demo account, it's easy to use, and you don't lose anything.

When you trade a CFD, you do not own the underlying asset you are investing in, as you receive (or pay) the difference in price between the value of your contract at the time you open and the time you close your position.

A CFD ("contract for difference") is a contract made with your broker to take advantage of the price difference between the price you open and the price you close a trading position.

CFDs are leveraged financial products that allow you to use margin trading to profit from increased exposure to the market. Every time you want to open a trading position, you must set aside a portion of the total value of that position as collateral, which is margin. As a result, you can invest more money than you have in your trading account.

Take a video tutorial on the platform
Take a video tutorial on the platform

In addition to a professional trading terminal, the platform offers you a huge range of features to make your trading easier and more efficient and bring you money. Here are some of the features:

  • About 100 different assets including cryptocurrencies, stocks, currency pairs, commodities, funds etc.
  • Minimum threshold for trades. You can make a trade even on $1.
  • Free analytical tools: the most popular indicators and charts you will find in the live chart settings.
  • Video tutorials on various topics.
  • News and economic calendar.
  • Preferred Stop Loss and Take Profit Orders.
  • Support Service.
  • Mobile App and much more.
Stop loss and take profit functions for your convenience
Stop loss and take profit functions for your convenience

Many are wondering, Is it safe to invest in PancakeSwap in Kenya online? Most experts will tell you yes. Hackers can indeed hack into websites and steal users' data. But you need to choose a reliable platform or exchange to work with that cares about their reputation and user security.

How to start investing in PancakeSwap (CAKE) in Kenya? 

So, there are different ways to buy PancakeSwap in Kenya. You can buy the asset itself through the exchange, or you can buy a CFD without buying the asset itself. There are various reasons why traders like to trade CFDs rather than buying and selling cryptocurrencies.

The most common reason for choosing to trade CFDs is that many people are afraid of the technical side of cryptocurrencies. Also, a trade on a broker trading platform is executed immediately, while on a exchange - depending on the coin and the capacity of the blockchain - it can happen that trades get stuck for a couple of hours or days in the blockchain, that traders cannot benefit from rapid market changes.

Registration of the platform
Registration of the platform

To start trading on the broker's platform, you first need to register and create a personal account. 

On the home page, click on the "register" menu and fill in the required fields. It's simple and free and takes just a couple of minutes. This will allow you to start getting to know the platform and get a feel for how things work.

Demo account

If you are new to the market, you might want to start with a demo account. This is just like a normal trader's account, but you don't need to deposit any funds. When you open such an account, you will automatically be credited with an amount which you can use to buy assets.

How to open a demo or a real account
How to open a demo or a real account

This account has some drawbacks. You don't actually spend any time trading, but because the account is virtual you won't make any profit, as it too will remain virtual. So you don't spend anything, but you don't earn anything either. That's why experts advise you not to stay on a demo account, and once you have acquired the skills and the terminal becomes clear to you, start with a small deposit and try real trading, because you are here to make money!

Real Account

When you want to trade for real, go to your Live Account:

  • Find the menu "Deposit Funds".
  • Choose a convenient way to fund your account (mostly choose the card).
  • Fill in your fields.
  • Fill in the first deposit. It should not be less than the minimum deposit set by the broker. As a rule it is about $10. But you can deposit more, it is at your discretion.
Deposit replenishment
Deposit replenishment

Once you have money in your account, usually this happens fast, you can start betting at least $1 and gradually increase your deposit. You can try different assets by selecting them in the menu.

While trading cryptocurrency CFDs, you can benefit from fluctuating cryptocurrency prices quickly and with high leverage. However, because you do not directly own cryptocurrencies, you must trust the brokers you use to trade CFDs, both in terms of payouts and prices. Make sure you choose the right CFD broker.

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