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 * PancakeSwap's Perpetual Trading, powered by ApolloX v2 ...
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   Investment analysis, reviews, scores, and ratings of PancakeSwap (CAKE).
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PANCAKESWAP REVIEW 2023: FEES, PROS, CONS, AND FEATURES

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PANCAKESWAP REVIEW 2023: FEES, PROS, CONS, & FEATURES

Last Updated: June 28, 2023 Written By: Chisom Maduonuorah Contributor Edited
By: Shannon Ullman Managing Editor


OUR TAKE ON PANCAKESWAP


THE BOTTOM LINE:

PancakeSwap is a decentralized exchange that lets you trade with lower fees than
many rival exchanges. It also lets you earn interest on your crypto assets by
staking or lending them. However, its main drawback is that it only supports
tokens hosted on the Binance Smart Chain. PancakeSwap also does not offer a
mobile app version of the platform.


PROS

Intuitive interface You control the private keys to your tokens Supports staking


CONS

No mobile app You can’t trade BTC and other non-BEP-20 tokens No native crypto
wallet Learn More Via PancakeSwap’s Website 4.6 Cost 0.25% Support BNB, BUSD,
USDT +More Availability Worldwide Token

In this article, we’ll take you deep into the details on PancakeSwap, the
well-known decentralized exchange. Let’s dive into the platform and its trading,
lending, and NFT features.


WHAT IS PANCAKESWAP?

PancakeSwap is an exchange that lets you swap Binance Smart Chain tokens with
ease. The exchange is decentralized, meaning users keep control of the private
keys to their tokens when transacting on the platform. This way, you’ll still
have your tokens even if anything goes wrong with PancakeSwap, unlike when using
centralized exchanges.

Minimum Trade Amount Trading Fees Trading Pair Options Supported Assets Can You
Use Your Crypto Wallet? Mobile App? Customer Service $1 0.25% BUSD/USDT,
USDC/BUSD, WBNB/USDT, BTPD/USDT, and 3,000+ others BEP-20 tokens (BNB, BUSD,
USDT, USDC, and many more) Yes MetaMask, Binance Smart Wallet, Trust Wallet, and
many others No Telegram channel


PANCAKESWAP IS BEST FOR:

Users who prefer trading without intermediaries and keeping control of their
tokens People who aren’t comfortable with giving up identifying information as
required by centralized exchanges People who want to trade with lower fees;
PancakeSwap takes a flat commission of 0.25% on every trade, much smaller than
many rival exchanges Users who want to earn interest on their crypto assets by
staking or lending them; PancakeSwap lets you add tokens to liquidity pools (see
below) to earn rewards or lend tokens to other users, who’ll repay with interest


KEY FEATURES OF PANCAKESWAP


SPOT TRADING (SWAPS)

Spot trading means buying or selling cryptocurrencies at a specified market rate
(“on the spot”). You can swap BEP-20 tokens such as ETH , BNB, and CAKE with
ease. Note that you must first connect an existing wallet holding the tokens you
want to swap — PancakeSwap doesn’t support fiat currency.


YIELD FARMING

Yield farming is a way to earn interest on your crypto assets by depositing them
into liquidity pools. Assets in such pools are staked to earn rewards, which are
distributed proportionally to each contributor. Likewise, pools can lend their
assets and share the interest proportionally.

PancakeSwap gives you access to different pools known as “farms” with interest
rates upwards of 10%. For instance, the exchange offers a dedicated “Syrup” pool
for staking CAKE tokens. You can lock up your tokens for a fixed period, or you
can choose a more flexible option where you can redeem your assets at any time.
But be aware that flexible staking offers fewer rewards than fixed staking.


INITIAL FARM OFFERINGS (IFOS)

Initial Farm Offerings (IFOs) give users early access to new tokens being added
to PancakeSwap. To participate, you’ll need to swap CAKE tokens for iCAKE, which
is the exclusive currency for buying new tokens from farm offerings. This
feature lets users get in on the ground floor of new tokens and reap potential
profits.


LOTTERY

PancakeSwap runs frequent lottery programs that give users a chance to get large
amounts of CAKE tokens. You can buy tickets for the lottery using CAKE tokens,
and each ticket costs roughly $5 worth of CAKE. After paying, you can pick a
ticket number manually or choose a random one. If you’re the lucky winner, you
can win CAKE tokens worth hundreds of thousands of dollars.


PREDICTIONS

PancakeSwap runs a prediction market that lets users bet on the price movements
of token pairs. For instance, for BNB and CAKE, you can bet on which price will
be lower or higher at a specified future time by adding tokens to the prize
pool. If you’re on the winning side of a bet, you can earn rewards of multiple
times what you added to the prize pool.


PANCAKESWAP NFTS

Non-fungible tokens are cryptographic records on a blockchain that no one can
replicate, and they’re often used to represent digital art. PancakeSwap offers a
marketplace where you can buy and sell NFTs hosted on the Binance Smart Chain.

NFTs may appreciate in value like normal crypto tokens depending on demand, so
you can buy one and sell it for a higher price in the future.


CRYPTOS LISTED ON PANCAKESWAP

BCH BTCB BNB BCH ADA ATOM DOGE ETH DOT + more


SUPPORTED WALLETS ON PANCAKESWAP

MetaMask Binance Smart Wallet Trust Wallet MathWallet and many others


PANCAKESWAP FEES

Exchanges must earn revenue to sustain their operations, so they charge fees to
users, and PancakeSwap is no exception. You can expect to pay fees on any
exchange for spot trading and futures trading.

Action PancakeSwap Fee Spot Trading 0.25% Withdrawal None Perpetual Futures
Trading 0.02% for makers and 0.07% for takers. The taker is the buyer and the
maker is the seller.


TRADING FEES

Whenever you make a token swap (spot trade) on PancakeSwap, you’ll pay a 0.25%
fee, broken down into:

Trading Fees 0.17% Paid to liquidity pools as a reward for providing liquidity
0.0225% Goes to the PancakeSwap treasury 0.0575% Sent towards CAKE buyback and
burn


WITHDRAWAL FEES

PancakeSwap doesn’t charge fees for withdrawals like most decentralized
exchanges. But note that you can only withdraw tokens to your crypto wallet —
you can’t convert to fiat to send to a bank account.


PERPETUAL FUTURES MARKET FEES

Perpetual futures are futures contracts without an expiry date. PancakeSwap
charges 0.07% of the value of the trade to the taker who initiates the trade and
0.02% to the maker who fulfills the trade.

Market Fees Percentage Maker 0.02% Taker 0.07%


PANCAKESWAP SECURITY AND SAFETY FEATURES

Security is paramount for every exchange for every platform that facilitates
trading. PancakeSwap’s security features include:

Security is paramount for every exchange for every platform that facilitates
trading. PancakeSwap’s security features include:

SSL encryption : A protocol that encrypts any data transferred between your web
browser and PancakeSwap’s servers. This prevents hackers from intercepting your
data. Bug bounty : PancakeSwap offers sizable rewards to users that find and
report any security flaws on its platform. Audits : PancakeSwap has passed
security audits from companies like Slowmist and Certik.

However, note that PancakeSwap suffered a hack in March 2021, engineered through
the platform’s DNS service provider.


PANCAKESWAP AVAILABILITY

PancakeSwap isn’t available in some countries due to regulations, mostly as a
result of sanctions by the United States. These countries include Iran, Cuba,
Iraq, North Korea, Sudan, Syria, and Belarus.


HOW DOES PANCAKESWAP COMPARE TO OTHER EXCHANGES?

Two prominent PancakeSwap rivals are  Uniswap  and Coinbase , so let’s see how
it stacks up against them.


PANCAKESWAP VS. COINBASE

Coinbase is a centralized exchange with significantly higher fees than
PancakeSwap. It supports fiat deposits and withdrawals, while PancakeSwap
doesn’t.

PancakeSwap Coinbase Minimum Trade $1 $2 Spot Trading Fee 0.25% 0.10% to 0.60%
Mobile App No Yes Fiat Currencies? No Yes Supported Blockchains Binance Smart
Chain-only Bitcoin, Ethereum, Polygon, Binance Smart Chain, Ripple, and many
others Crypto Wallet Support Yes (MetaMask, Trust Wallet, Binance Smart Wallet,
etc) Yes, including the native Coinbase Wallet Read Our Coinbase Review


PANCAKESWAP VS. UNISWAP

Uniswap is a decentralized exchange that only supports tokens hosted on the
Ethereum blockchain. It has slightly higher fees than PancakeSwap.

PancakeSwap Uniswap Minimum Trade $1 No minimum Spot Trading Fee 0.25% 0.30%
Mobile App No No Fiat Currencies? No No Supported Blockchains Binance Smart
Chain-only Ethereum-only Crypto Wallet Support Yes (MetaMask, Trust Wallet,
Binance Smart Wallet, others) Yes (any Ethereum wallet) Read Our Uniswap Review


HOW TO SIGN UP FOR PANCAKESWAP

Step 1: Head to https://pancakeswap.finance/ and click the Connect Wallet button
on the top-right corner.

Step 2: Select the type of wallet you want to connect, e.g., MetaMask or Binance
Wallet.

Step 3: You’ll be redirected to the URL of your wallet platform to approve the
connection.

Step 4 : Approve the connection, and you’ll be redirected to the PancakeSwap URL
and signed in using your wallet. Now you can start trading on PancakeSwap.


WHAT IS THE CAKE TOKEN?

CAKE is the native token of the PancakeSwap exchange built on the Binance Smart
Chain (BEP-20). Owners can swap their CAKE tokens for other ones or stake their
tokens to earn rewards.

This token is designed to increase liquidity on the PancakeSwap exchange by
encouraging users to stake or lend their holdings or participate in the lottery
program. There are over 146 million CAKE tokens in existence out of a maximum
supply of 750 million. It has a market capitalization of over $3 billion.


FINAL THOUGHTS ON PANCAKESWAP

PancakeSwap is one of the biggest decentralized exchanges globally, with nearly
$4 billion in user funds. You can use it to easily trade tokens hosted on the
Binance Smart Chain. It takes just a few steps to sign up on the platform if you
have an existing crypto wallet. Afterward, you can swap tokens, or stake and
lend them to earn interest. You can also participate in lottery and prediction
markets to earn PancakeSwap’s native CAKE tokens.

This exchange has an intuitive interface and offers one of the broadest set of
features you’ll find in a decentralized exchange. However, it only supports
tokens hosted on the Binance Smart Chain, or BEP-20 network. You can’t trade
some popular tokens like Bitcoin and Litecoin.


FREQUENTLY ASKED QUESTIONS


CAN PANCAKESWAP BE TRUSTED?

Yes, PancakeSwap is a trusted exchange with nearly $4 billion of funds held by
1.7 million users.


HOW MUCH DOES PANCAKESWAP COST?

It doesn’t cost any money to sign up on PancakeSwap, and the exchange has
relatively low fees. But you’ll pay a 0.25% commission on all your crypto
trades.


IS THERE STAKING ON PANCAKESWAP?

Yes, PancakeSwap gives users access to many staking pools.


WHAT IS THE PANCAKESWAP MINIMUM AMOUNT?

The lowest amount you can trade on PancakeSwap is $1 worth of any tokens.


WHAT ARE THE PANCAKESWAP WITHDRAWAL FEES?

There are no withdrawal fees on PancakeSwap.


WHAT IS THE SLIPPAGE TOLERANCE ON PANCAKESWAP?

The slippage tolerance for PancakeSwap trades is between 0.5% and 1%.

Chisom Maduonuorah Contributor Chisom Maduonuorah is a writer passionate about
tech startups, venture capital, the global stock markets, and emerging financial
markets like cryptocurrency. When not writing, you can find him staring into the
sky pondering what life is about. Read More Shannon Ullman Managing Editor
Managing editor working to make crypto easier to understand. Pairing editorial
integrity with crypto curiosity for content that makes readers feel like they
finally “get it.” Read More


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