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Frequently Asked Questions
Bitvavo makes PancakeSwap as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is PancakeSwap?
PancakeSwap is a decentralized exchange that allows users to trade crpyotcurrencies without an intermidiary. Built by anonymous developers, it is similar to Uniswap, but it run on the Binance Smart Chain rather than on the Ethereum network. PancakeSwap has an automated market maker that matches user trades against liquidity pools. The main use of the CAKE token is to particpate in PancakeSwap governance.
How to buy PancakeSwap?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store PancakeSwap. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store PancakeSwap?
Storing PancakeSwap and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store PancakeSwap without any technical knowledge. Here is a brief overview of the existing wallet options to store your PancakeSwap:
Hosted wallets are wallets where the private keys to your PancakeSwap are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your PancakeSwap online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your PancakeSwap. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your PancakeSwap, and if malicious parties have access to your device, your private keys (and therefore your PancakeSwap) can be stolen.
A hardware wallet is a physical device on which you can store your PancakeSwap offline. It is one of the safest ways to store your PancakeSwap, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your PancakeSwap is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive PancakeSwap. Once you have purchased PancakeSwap on Bitvavo, you can choose to send your PancakeSwap from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.