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If you’ve been in the trading world for a while, you probably have a plethora of cryptocurrencies in your portfolio. However, there are other coins aside from BTC and ETH, you should diversify your portfolio as much as possible.
PancakeSwap (CAKE) is a great coin to do this, but you must learn everything about it before investing in it. In this article, you’re going to be learning the right way to buy CAKE tokens. Keep reading to find out.
Table of Contents
Where to Buy CAKE Token?
If you want to buy CAKE tokens, the first thing you need to do is find the crypto trading service that suits you better. However, there are several crypto trading venues out there, and not all of them are as reliable as they should be to ensure you’re complete safety.
That’s why we created this handy list with the best and most popular crypto trading services you can choose from. Take a look at them.
- Cryptocurrency exchanges. These are digital marketplaces where you can buy and sell cryptocurrencies. Some of the most popular are Kraken, Binance, and Gemini.
- Payment Services. These are payment processors that allow you to receive digital currency payments and obtain an equivalent amount of fiat currencies. People tend to use them to secure their transactions, but you can still trade crypto from wallet to wallet.
- Brokerages. These are middleman companies that connect crypto buyers with sellers and facilitate the trading process.
How to Buy CAKE Token on eToro
CAKE Tokens have become highly demanded in the last couple of years, and you can find several brokerage services that help you trade this PancakeSwap native coin.
However, the best way to ensure successful trading is to find the right brokerage service for you with low fees, high-security standards, and a high diversity of exchanges.
It is one of the first companies to include social and copy-trading into its services. You can start trading on this platform for only $10, and it gives you access to several cryptocurrencies to expand your portfolio as much as possible.
Another fantastic option is NAGA. It offers a wide variety of cryptocurrencies, but its educational options aren’t as developed as other platforms, which makes it more useful for experienced traders who want to dive right into the trading world.
These brokerage services are 100% safe, as they are authorized by several tier one regulators. Therefore, you don’t have to worry about your account getting hacked or deleted. You can check out the rest of the features on the tables below.
Step 1: Open an Account
You can go to the main page and click on ‘create account’ to fill out the main application form. It will require you to fill in only the basic information, which only takes a couple of minutes.
Step 2: Upload ID
After completing the first step, you have to upload your identification documents to comply with the KYC and AML regulations. eToro will verify the documents and open your account to trade on the stock market. Here are the documents that you need to submit for verification:
- Utility bill
- Driver’s license or a valid passport
- Bank account statement
Step 3: Make a Deposit
To fund your account, just go to “Deposit” option and choose the specific features of how you want to invest your money, for example, the amount and payment method.
Step 4: Search for CAKE
how to search for CAKE on the eToro platform
Step 5: Buy CAKE
How to Buy CAKE Token with PayPal?
PayPal has many limitations, which is why one of the most popular ways to buy PancakeSwap with it is by buying BTC and converting it into CAKE tokens. This is done through a P2P marketplace such as Paxflux, and you need to follow several steps to achieve it.
Firstly, you need to open an account in an exchange platform such as Binance and a P2P marketplace. Then, you can buy the BTC and transfer it to your wallet to then convert it into PancakeSwap (CAKE).
However, if this process seems too much for you, EToro allows you to buy all types of cryptocurrencies using your PayPal account, which is why it is the brokerage service we recommend the most.
How to Buy CAKE Token with Credit Card?
On the other hand, some people may be interested in buying CAKE tokens with their credit cards, and the procedure to do this is a bit different than the previous one.
You also have to create an account on a trading website or brokerage service, but you need to make sure it accepts credit cards and fiat currencies exchanges. Then, after you link your account to your card, you can start trading your fiat currencies for CAKE tokens, which are going to be stored directly in your wallet.
This process can also be easily made with the previously mentioned brokerage services, as all you have to do is click on your credit card, insert the amount you want to spend, and click the CAKE option to confirm the transaction.
One of the most important things to do when investing in cryptocurrencies is to know how to keep your portfolio safe. That’s why we created this quick guide with all the tips you need to avoid being hacked.
- Use cold wallets, which aren’t connected to the internet and aren’t vulnerable to cyberattacks due to their encrypted keys. It is known that the crypto world has been vulnerable to several cyberattacks, and nothing ensures you that your money is going to be returned if you use traditional wallets. This is why you should always take this extra security step to protect your investment.
- Only access your wallet through a secured internet connection and a VPN. If you use any public internet connection, you can easily get hacked by the network owner or anyone who connects to it. Furthermore, VPNs are probably the best way to ensure your identity is as hidden as possible, and you can even log in through an alias so no one can trace your transactions back to you.
- Use multiple wallets to have backups in case one of them gets hacked. Hopefully, it isn’t going to happen, but having all your eggs in one basket is extremely dangerous and could make you lose your investment.
- Change your passwords once every few months to ensure no one can guess it. Be aware of phishing, and don’t click any suspicious links.
Alternate Ways to Buy CAKE Token
Pancake Swap (CAKE) is a rather particular cryptocurrency, so there aren’t many ways to buy it. You can mine it through its official website, which ensures completely transparent transactions and allegedly is the best way for new traders to begin their crypto journey.
However, if you want to buy it, there are two main ways to do it, which are the previously described. You can purchase CAKE through your credit or debit card or by using other cryptocurrencies. There is no way to buy CAKE without ID or registration.
Some open-source ATMs use specialized technology to interact with DeFi exchanges, including CAKE tokens. This allows a direct exchange from crypto to traditional currencies with extremely low fees per transaction.
However, these ATMs aren’t as widespread as we wish they were, so you can only find them in specific zones of certain countries. Therefore, the most effective way to trade your CAKE tokens for fiat currencies is through digital platforms.
Mainstream brokerage services are the future of crypto trading, as these are the most effective way of buying cryptocurrencies and expanding your investment portfolio. All you have to do is log into one of these services by filling in the survey on the website with all your data. Then, you’re going to receive a call from a certified broker who’s going to guide you through all the procedures of the platform.
These platforms take security very seriously, which is why you’re going to have to verify your identity. Usually, you have to provide a minimum investment that tends to range around $250.
Don’t worry, as this investment is going to be used for trading your first cryptocurrencies. However, at first, you usually get the chance to practice your investment tactics. This is fantastic, as strategies tend to change depending on which cryptocurrency you’re buying, and CAKE tokens have special tricks that you should learn before investing in them.
This is the most popular way to buy CAKE tokens, which is also how most traders invest in cryptocurrencies. All you have to do is log into one of these famous P2P trading websites and interact with thousands of traders to acquire your desired cryptocurrencies with your credit or debit card.
Some of the most famous platforms to do this are Binance, KuCoin, BitYard, etc. If you want to find out which one suits you better, you should check out their features, safety protocols, fees, and verifications. Don’t forget to pay special attention to users’ reviews to ensure the best possible quality.
After reading this review of the native token of PancakeSwap, you know everything you need to expand your portfolio with CAKE tokens. However, please don’t take this as investment advice, as this is merely educational information, and you should always evaluate the pros and cons of every cryptocurrency on your own.
If you want more reviews like this, please don’t hesitate to check out the rest of this page and learn more about the crypto world.
WeInvests is a financial portal-based research agency. We do our utmost best to offer reliable and unbiased information about crypto, finance, trading and stocks. However, we do not offer financial advice and users should always carry out their own research.Read More