PancakeSwap - decentralized cryptocurrency exchange review

📝 Overview
⭐ Reviews (5)

Fast speed and low fees are among the top priorities when exchanging cryptocurrencies. Decentralized cryptocurrency exchange Pancake swap has the above benefits and is always ready to help in the exchange of tokens on the Binance Smart Chain network.

In this article, we will look at the main features that a cryptocurrency exchange offers. Pancake swapand also learn how to use it.

PancakeSwap Website

About PancakeSwap cryptocurrency exchange
What features does PancakeSwap provide?
PancakeSwap Instructions
Conclusion

About PancakeSwap cryptocurrency exchange

Pancake swap is a decentralized (DEX) cryptocurrency exchange that runs on the Binance Smart Chain (BSC) network. The platform has its own CAKE token and is similar to Uniswap and SushiSwap, but unlike these Ethereum exchanges, Pancake swap fast transactions and low commissions due to work in the BSC network.

The platform was launched in early autumn 2020 by an unknown developer with the support of Binance. As early as February 2021 Pancake swap became one of the largest DeFi exchanges in terms of trading volume, and in March surpassed Uniswap in total funds blocked (TVL) - $ 4 billion against $ 3.73 billion.

At the time of writing the article Pancake swap is in the TOP-3 DEX exchanges according to the version CoinMarketCap.

The exchange has been audited by CertiK and is integrated with all of its security tools: Security Oracle, CertiKShield DeepSEA and The CertiK Virtual Machine. The results of the CertiK audit can be viewed at this page. The site also passed Slowmist security audit.

These checks make it clear that the service is not scam and has no obvious vulnerabilities, but they do not guarantee the security of the platform, which proves the hacking of the DeFi protocol and the lottery Pancake swapthat occurred after the CertiK audit. Therefore, be careful using any DeFi applications, including Pancake swap.

Connect to Pancake swap can be done with:

What features does PancakeSwap provide?

So that the article does not take up a lot of space, we decided to write about the possibilities of the exchange Pancake swap under the spoiler, so click on the "+" and get acquainted with the information.

Features of the PancakeSwap exchange
Trade section
- Swap. This is an exchange in the classical sense of the word. You can "swap" one coin for another with a minimum commission and maximum speed.
- "Limit". This feature allows you to choose the direction in which you are going to make an exchange and set the price of the order for which the exchange will work.
- "Liquidity. You have the opportunity to become a liquidity provider by receiving LP tokens, but before doing this, it is better to study what is Impermanent Lossto be aware of potential risks.
- "Perpetual". In this section, you can trade derivatives (futures).
- Farms. LP tokens can be invested in so-called "farms" to receive interest income.
- Pools. In this section, you can invest CAKE tokens in "syrup" pools and thus earn on staking. The reward for staking will be the currency of the selected pool. The reward can be withdrawn at any time by paying a transaction fee.
- «Trading Competition». If you are an active trader, you can participate in the traders' competition and compete for good cash prizes.
- "Prediction (BETA)". This is a new option that is currently in beta testing. It allows you to make money on predicting the BNB/USDT pair rate for a 5-minute period of time.
- Lottery. There is also a lottery on the platform, which takes place every 6 hours.
- "Overview". You can view new NFT collections, collections that are in demand at the moment, and new NFTs in this section.
- Collections. There is an opportunity to track NFT collections, see at what prices NFTs are sold and, if desired, buy.
- activity. In this section, you can track the NFTs offered for sale.

PancakeSwap Instructions

We have prepared a set of instructions for working with a decentralized cryptocurrency exchange Pancake swap for a quick start.

How to connect to PancakeSwap using Metamask as an example

1. Go to the site pancakeswap.finance.

2. Click on the "Connect Wallet" button.

3. Выберите Metamask or any other wallet.

4. Enter your password and click on the "Unlock" button.

5. Click on the "Next" button.

6. Click on the "Connect" button.

How to make an exchange for PancakeSwap on the example of Metamask

1. Go to the site pancakeswap.finance.

2. Click on the "Trade" tab, then "Swap".

3. Select the exchange direction and activate the token by clicking on the "Enable" button.

4. Click on the "Confirm" button.

5. Make an exchange (1-2 - Select the direction of the exchange; 3-4 - Enter the amount you want to exchange; 5 - Click on the "Swap" button).

6. Click on the "Confirm Swap" button.

7. Click on the "Confirm" button.

Ready! This is how the completed exchange transaction will look like in Pancake swap.

How to Connect the Binance Smart Chain (BSC) Network to Metamask
1. Go to extension Metamask.

2. Add a BSC network (1 - Click on "Ethereum Mainnet Network"; 2 - Click on the "Add Network" button).

3. Fill out the form with the following data and click the "Save" button.

For your convenience, we have given you the data so that you can copy:
- Name – Binance Smart Chain
- RPC URL - https://bsc-dataseed.binance.org/
- Chain ID - 56
- Currency symbol - BNB
- Block Explorer URL – https://bscscan.com
Ready! This is how your account will look like Metamask after the actions taken.

Conclusion

Today Pancake swap is one of the most actively developing cryptocurrency DEX exchanges. Due to the fact that the exchange operates on the BSC network, transactions are faster and require lower commissions, unlike competitors on the Ethereum network.

In case you need to exchange tokens on the BEP-20 network, then a cryptocurrency exchange Pancake swap would be a great option for this.

Write in the comments: have you used the cryptocurrency exchange Pancake swap... Share your impressions with our partners.

We hope this article was helpful to you. All successful and profitable investments!

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UdayAS8 13 July 2022 22: 50

I've heard alot of it but sadly i don't dare to try anything new cause almost everything is banned in my country and the idea of me losing some money due to the blockage terrifying me
Thanks for the article richie

A complaint
Akimskate 24 May 2022 22: 22

One of the top exchangers, especially when it comes to various shields

A complaint
Alex2601 23 May 2022 19: 17

Thanks for the info! Useful link, maybe someday it will come in handy!

A complaint
4difeer666 23 May 2022 16: 09

A pleasant exchange, but for all kinds of coins, as for trading or a wallet, it’s clearly not the same

A complaint
Managerruslan 23 May 2022 15: 19

If this exchange were a project, I would throw $ 200)
Everything is so well done

A complaint