In this post, we will talk about the latest about PancakeSwap and the mania surrounding it. There are many with different opinions, and there’s a need to clear this confusion and provide an elaborate explanation of what’s going on.
The recommended way to buy Pancakeswap in Australia is: Swyftx
What is PancakeSwap?
PancakeSwap is a type of crypto exchange that’s decentralised and uses the Binance Smart Chain (BSC). It enables users to farm tokens in return for liquidity—which is also a norm for other food-themed DeFi goods in today’s market like Pickle Finance and SushiSwap.
It is important to note that since PancakeSwap is based on BSC, users can only acquire incentives, trade tokens and add liquidity through BEP-20 compliant assets.
CAKE is the original crypto of the PancakeSwap ecosystem, with its main objective being to boost liquidity providers. This currency lacks a max supply cap, albeit little sums are burned frequently to cut down its total supply pool, thus preventing dilution of its value.
Factors to Consider When Buying PancakeSwap
- Operational framework: PancakeSwap utilises an automated market maker (AMM) system in the place of the conventional order book to enable users to exchange assets. Furthermore, users are obliged to deposit their money in a set pool to get stable returns and a part of upcoming trading fees. Incentives are dispensed in CAKE tokens that can be refunded later in exchange for BETH or any other cryptos.
- Interoperability: Binance Smart Chain (BSC) is Ethereum Virtual Machine (EVM)-compatible, enabling all the inbuilt dApps to be interoperable with various Ether-based wallets like MEW and MetaMask.
- Fee model: There is a flat 0.2% fee for participants using this model, with the fee included in their transactions. 0.17% is reserved for liquidity providers, and the protocol burns the remaining 0.8%.
- Recycled source code: it’s common for decentralised applications (dApps) to have identical source code with a few insignificant tweaks. For instance, SushiSwap is an out-and-out duplicate of the known DeFi platform UniSwap. PancakeSwap is also a refined iteration of SushiSwap, displaying similar features of the design scheme and UI.
- Novel product offerings: PancakeSwap comes with many pre-built platforms alongside the various yield farming options. These pre-built platforms are for Initial Farm Offerings (IFOs) and the NFT marketplace where clients can trade a variety of synthetic shares for assets like Netflix, Google and Tesla—all these assets are tokenised.
Where To Buy Pancakeswap
1. Swyftx—The #1 Option for Buying Pancakeswap
Swyftx is a platform that allows crypto investors to trade crypto tokens—it is a cryptocurrency exchange. Unlike many other exchanges, Swyftx only trades cryptocurrencies, unlike the Australian Securities Exchange (ASX).
Swyftx will be introduced in the UK and Canada later in 2021. However, the company has progressed tremendously since its inception in 2019—becoming the most sought after crypto exchange in New Zealand and Australia.
Currently, Swyftx is not available for residents outside the two countries, but you can access its services if you have a New Zealand or Australian ID. Besides, companies in Australia can apply for Swyftx Business Account.
Swyftx provides a good number of smaller altcoins like ABN, Nano, Quant, XDC, Dogecoin and Computer (ICP), Pundi X, Shibu Inu, and many other NFT-related coins. XCD is not accessible for now.
Buying Pancakeswap With Swyftx
- Account creation: the process of creating a new crypto trading account is simple and free; fill out your details—phone number, email, password and agree to the set terms and conditions.
- Verify Identity: the verification process for your phone number, email, and ID is straightforward and quick, and it is done online without uploading any documents.
- Send Deposit: You are required to send funds to your Swyftx account immediately after its verification. The payment methods include POLi pay, OSKO, PayID, or Bank transfer.
- Start Trading: Begin buying, selling and trading after the clearance of your deposit. Swyftx account has over 260 digital currencies and tokens.
Pros
- The signing up, verification, and trading process are straightforward, and users can create a new account and begin trading within a day.
- There are no recurring membership fees; the spreads and fees are low; thus, clients can trade crypto at market prices.
- Swyftx is an easy to use and transparent crypto exchange with over 350,0000 users globally.
- Swyftx has an unmatched range of beginner materials for crypto learners, covering every concept, feature and topic.
- Cryptocurrencies are kept in Swyft’s integrated wallets, although customers can also deposit cryptocurrencies directly to cold or hot wallets.
Cons
- It can take a long time for users to familiarise themselves with the platform.
2. CoinSpot—Best for Wide Range of Coins
Coinspot is an Australian(Melbourne) based cryptocurrency exchange that offers a secure site for trading cryptocurrencies. Clients can sell or buy Bitcoins immediately, trade the open market to venture and earn potential profits.
Coinspot is a legalised company licensed under Casey Block Services Pty Ltd ABN 19 619 574 186, with the trade name Coinspot. The Australian financial sector regulates its exchange to warrant the proper operations and conduct with the money provided by investors.
Like any other crypto exchange service, you’ll need to create an account with Coinspot before you can start trading on the platform. Visit the Coinspot official website, fill in your details, and hit the Create Account button to begin the trading process.
Once that’s done, you’ll receive an email requiring you to verify your email address. Verification of the email address takes just a few seconds, and you should be done in no time. Next, you’ll need to log in to your account and begin trading.
Buying Pancakeswap With Coinspot
- Create a new Coinspot account, then verify your account.
- Deposit AUD into the account.
- Move to the top of the page and click the “Buy/Sell” button.
- Click on “Buy BTC”.
- Indicate the sum of AUD you’d like to trade for BTC and click “Buy”.
- Countercheck the details and click “Confirm Buy”.
- You’ve completed the purchase of Bitcoin >> Go to BTC Wallet.
Pros
- You can use the POLIipay system or an Australian Bank account to make direct deposits.
- The fee is transparent—during checkout, there are no hidden fees.
- It’s the ONLY Australian exchange that allows the use of AUD to purchase a huge range of alternative coins.
- It has a good affiliate program that reimburses 25% of fees your affiliates incur during an exchange.
Cons
- Hefty fees between 2%-3% that’s not commended for massive amounts above $1000
- It is limited to Bitcoin deposits—no sale for alternative coins.
- There’s no insurance in most cases.
3. Cointree—For Conversion Flexibility
Cointree is an Australian based cryptocurrency trading platform that was established in 2013. The platform was established to provide a fast and secure way to trade cryptocurrency. This Australian-based exchange has over 80,000 registered users, with 250 million transactions.
The platform has over 160 digital currencies that can be traded at competitive charges of between 0.5% – 0.9%. With Cointree, users can deposit AUD and convert them into digital assets such as Erethreum, Cardano, Erethreum, XRP etc.
To maintain the privacy of their customers and to keep funds secure, Cointree has employed various security measures. For example, Cointree includes two-factor authentication, encryption of wallet and SSL certification, limiting the number of hacks.
The regulations of the Cointree platform require users to verify their accounts so as to minimise fraud. Users with basic accounts can access the platform’s features, but they cannot deposit funds or trade using the platform.
Buying Pancakeswap With Cointree
- Visit the platform’s website and sign in to your account.
- Next, click on Navigate at the top of the website.
- Select the digital asset you want to buy.
- Input the amount of cryptocurrency you need.
- The number of digital assets you will receive plus the charges will then be calculated.
- Select your preferred method of payment (e.g. POLi, PayID, cash deposit or bank transfer).
Pros
- Opening an account is easy.
- Many digital assets are available.
- Excellent customer service
- Secure and safe
Cons
- Long verification process—takes 24 – 48 hours.
- Deposits can only be made using one fiat currency.
4. Binance—Best When Looking for Lower Fees
Binance is a reputable cryptocurrency exchange platform that is well known for its liquidity and trading volume. The platform has a simple user interface and is suitable for beginners. Furthermore, Binance boasts competitive fees, a wide range of crypto pairs, and excellent customer service, among others.
This excellent crypto exchange platform is an international company hence offers exchange in multiple countries. The platform also supports the majority of digital currencies, and its liquidity is excellent.
Creating an account and maintaining a wallet on Binance incurs no cost. However, there are charges you have to pay to use a Binance account. For example, you’ll be charged when they make deposits, buy or sell, withdraw between assets, and make withdrawals to an external wallet—with the fees covering the cost of providing the infrastructure for trading and making the trading environment safe.
Binance appeals to many users since it is available globally, supports many fiat currencies and offers a variety of ways one can transfer funds into your account. There are also various options for traders to fund an account, such as bank transfers, Credit/Debit cards, cash deposits, SEPA and wire transfers.
Buying Pancakeswap With Binance
- The first step is to visit Binance official website to begin creating your account.
- Click [Mobile] and enter your phone number, then create a password for your account. Read through the terms of service and click Agree. Next, you’ll need to click on [Create Account] and verify your account
- During the verification process, you will receive a code on your phone, which you will be prompted to enter—input the code within 30 minutes. If you don’t get the code, click on [Resend] or use the voice verification alternative.
- Completing the steps above means that you have successfully created a Binance account.
- You can enhance your security by clicking [Go to a Dashboard] and enabling Two-factor verification, including withdrawal between phone and google verification.
- To begin trading, Login to your Binance account by clicking [Buy Now] on your homepage.
- Binance allows you to buy digital currency using different fiat currencies. Enter the amount you wish to spend, and the system will automatically generate the amount of cryptocurrency you can buy. Click on the continue icon to get to the next step.
- In this step, you get to select your preferred method of payment. If you wish to buy with a Credit/Debit card, click on the [Visa/Mastercard] option, then click continue.
- You will be required to give your credit information.
- Once card information has been added, click continue.
- Ensure that all the payment details are accurate and confirm the order in less than a minute—crypto gets recalculated based on the current market price. Click [Refresh] to see the new order amount.
- After completing the steps above, you will be redirected to the OTP transaction page. Verify the payment, after which you will be able to see the purchased crypto in your wallet.
Pros
- Rapid and non-rapid buy fees are low
- Coin selection is large
- A wide array of extra services
- More than 50 digital currencies are available
Cons
- Unavailable in seven U.S states.
- Cryptocurrency pairs are few.
5. Digital Surge—Best for Ease of Use
Digital surge is a digital currency exchange platform based in Australia that provides a straightforward way to trade cryptocurrency. The platform is simple to make the crypto experience a breeze for its users, especially those just getting started.
Digital Surge is located in Brisbane and is made up of a close-knit team dedicated to building confidence and transparency in the crypto trading community. To bring awareness to the community, Digital Surge usually takes part in many community events.
The platform supports over 270 assets hence offering one of the broadest digital currencies that users can trade. With digital Surge, you can trade rapidly as they have instant deposits and withdrawals for AUD.
On the platform, each of the cryptocurrencies is listed alongside their buying and selling price in AUD. The platform also indicates the changes in the last 24 hours and allows you to add your favourite coins to your wishlist for quick access.
The maximum fee for trading cryptocurrency on the digital surge platform is 0.5%, making it one of the cheapest trading platforms in Australia. Other reputable trading platforms, such as Coinspot and BTC, charge 1% and 0.85% fees, respectively.
That said, Digital Surge is one of the cheapest platforms to trade digital currency that offers value for your money. If you are trading large amounts of over $1 million in a day, the fee can be reduced to 0.1% per trade for a month. For large amounts, the spreads usually average 0.4% for every transaction for the 270 cryptocurrencies.
Buying Pancakeswap With Digital Surge
As part of the registration process, you will be required to provide your email address. Once you verify your email address, you can log in to your account and begin trading.
The platform has a unique feature that allows users to pay any Australian bill or Credit card statement using Bitcoin. To make a Bitcoin payment, users have to have the BPAY details of the biller.
Pros
- Ideal for beginners as it has a simple and intuitive interface.
- Has a low and transparent fee structure.
- The registration process takes a few minutes.
- You have access to trigger orders, recurring purchases and price notifications.
- Reliable customer service.
Cons
- Customers can only make deposits in AUD.
- You cannot fund your account with a Credit card.
- BTC-AUD and ETH-AUD are the only spot markets available.
Buy Pancakeswap in Australia With Swyftx—Our #1 Recommended Crypto Exchange
Trading on the Swyftx platform offers a modern and fresh trading experience with a customised interface that is tailor-made to suit the needs of each investor. Users can switch between dark mode and light mode and a demo account to trade without risk.
Besides, verification takes only a few minutes, and users can begin trading cryptocurrency immediately after verification. The verification process requires you to provide details such as your name, ID information and email address.
But that’s not all—you can access Swyftx using your desktop or mobile, making it suitable for beginners and intermediate investors. To navigate the platform, use the sidebar to access features such as wallet, charts, asset list, and others.
If you’re looking forward to purchasing PancakeSwap in Australia, Swyftx is the #1 option we recommend you choose.
