- PancakeSwap is a decentralized exchange launched in 2020 for trading BEP20 tokens on the Binance Smart Chain.
- It offers LP (liquidity provider) tokens known as FLIP and allows users to farm tokens called SYRUP and CAKE. Users can also earn CAKE tokens as rewards by depositing LP tokens.
- CAKE tokens can be used to participate in a lottery with a random combination of numbers, and the jackpot equals 50% of the liquidity pool.
- To buy CAKE in Australia, it is recommended to choose a secure and trusted crypto exchange such as CoinSpot and follow the steps of signing up, verifying the account, depositing funds, going to the buy section, selecting the desired amount of CAKE, confirming the purchase, and storing the tokens securely in a personal wallet if preferred.
This decentralised exchange was launched in 2020 and is used for exchanging BEP20 tokens on the Binance Smart Chain. An automated model, used by PancakeSwap, allows people to trade against a liquidity pool. The pools are filled by people who receive LP tokens from depositing their funds into the pool.
The LP (liquidity provider) tokens this decentralised exchange uses are also known as FLIP. Not only that but it also allows users to farm tokens known as SYRUP and CAKE. Users can also get rewarded with CAKE tokens by depositing LP tokens. The reward tokens can be un-staked with no holding time.
Speaking of CAKE tokens, they can also be used to enter a lottery. Lottery sessions last 6 hours and a single ticket for them is 10 CAKE tokens. It comes with a combination of 4 different numbers from 1 to 14. The combination is always random and in order to win the lottery, all the numbers from the combination need to match the winning ticket.
The jackpot at this lottery equals 50% of the liquidity pool. Believe it or not, there are over 125,000,000 CAKE tokens in circulation right now and there is no maximum supply data available.
If you believe in the potential of CAKE (PancakeSwap), then we can show you how to easily invest and get your hands on some in our step-by-step guide.
Where to buy CAKE (PancakeSwap)?
CAKE is a very popular coin, and a large cryptocurrency by market capitalisation, so you will be able to find it at many crypto exchanges in Australia. The biggest factor is that you choose an exchange that is safe and legit, so you don't get scammed. We recommend you choose an exchange from our list of the best crypto exchanges for Aussies, as they are all tested by us, and we can confirm they are secure and trusted.
In this guide of how to buy CAKE (PancakeSwap), I will include screenshots from my personal CoinSpot account, so you can also open an account with CoinSpot if you want to easily follow along. The reason I choose CoinSpot as my cryptocurrency exchange is for the following reasons:
- Over [CS]+ different cryptocurrencies supported, including CAKE
- Most secure and trusted crypto exchange in Australia
- Largest Australian exchange with more than 2.5 million users
- Staking on [CSst] coins
- Live Chat support
- NFT marketplace where you can buy NFTs using any cryptocurrency you like
Exchanges where you can buy CAKE
How to buy CAKE (PancakeSwap)?
7 easy steps
Buying CAKE (PancakeSwap) in Australia is really easy, all you have to do is follow along with these simple steps, and you will have your own CAKE in no time.
1. Sign up with a crypto exchange
The first step is to open an account with your crypto exchange of choice. If you haven't decided, have a look at this guide on the top crypto exchanges in Australia (click here). Or if you want to use my recommended exchange, which I will use for my screenshots, open an account with CoinSpot. You can also read my CoinSpot review first before you decide.
To sign up with CoinSpot, click this link and you will be taken to a page like the screenshot below. Click Register in the top right corner, then fill out your email, create a password, click to prove you’re not a robot, then click Create Account.
2. Verify your account
After creating the account, you need to verify your account. Click on the "Complete Verification" button and continue with any steps that show up. You need to verify your email, and then then enter your identification details and finally upload a copy of your driver license. It can take a while for your verification to be finalised, so you can have a look around your CoinSpot account and get comfortable with the interface.
3. Deposit money into your account
Once your account is verified, it's time to deposit AUD into CoinSpot. In the top left of the account, you will see the "Deposit Funds" button. Click on that, and you should see the deposit page (see screenshot below). You can use whichever method you like from that list, but my recommendation is POLi. Funds are deposited instantly and there is no charge incurred. Type in the amount you want to deposit, select your bank, and then click the "Continue to POLi" button to finalise your deposit.
4. Go to the Buy section in your account
Once your money is in your CoinSpot account, you are ready to buy some CAKE (PancakeSwap). Click on Buy/Sell in the menu along the top, then search CAKE. Click on Buy CAKE and you will see the purchase screen, like the screenshot below. The price of CAKE is shown clearly in the middle of the screen.
5. Select how much CAKE you want to buy
Select how much AUD you want to spend on CAKE, then click the Buy button. You will see a pop-up which confirms how much you are spending, the fee, and how many coins you will receive.
6. Buy CAKE (PancakeSwap)
When you have checked that all the information is correct, you can click Confirm Buy to finalise your transaction. Congratulations, you are now the proud owner of some CAKE!
7. Store your CAKE safely
Now that you have made your purchase of CAKE (PancakeSwap) you can find it in your CoinSpot wallet by clicking on Wallets at the top of the screen. You can see how much CAKE you own, and the value in AUD. You can leave your CAKE in CoinSpot, which is the most secure crypto exchange in Australia. If you prefer to be even safer, you can send your CAKE to a personal wallet. You can click here to read about the best crypto wallets for Australians.
Frequently Asked Questions
Yes, it is perfectly legal to buy, sell and own CAKE (PancakeSwap) in Australia.
If you choose a trustworthy and secure cryptocurrency exchange, it is safe to buy CAKE in Australia. CoinSpot is the #1 top crypto exchange in Australia, and you can be assured that it is safe to buy CAKE (PancakeSwap) using their platform.
If you want to buy other cryptocurrency such as Bitcoin, Dogecoin or Ethereum, you can follow the same steps above, but in Step 4, type in the coin you want to buy instead of CAKE.