PancakeSwap Review 2023

PancakeSwap is a popular decentralized exchange created by Henry Cavill in 2020.

It runs on 2 different chains including Ethereum, BNB Chain.

PancakeSwap offers features such as nfts, liquidity mining, bridge, limit orders, prediction markets, lottery, yield farming, perpetuals, spot trading and more.

We rated PancakeSwap 5/5, based on it's features, security, and future prospects.

PancakeSwap Features

NFTs

This DEX sells NFTs that you can buy and collect. They're great for profile pictures, and in some cases could be used for staking. Though this depends on the DEX.

Liquidity Mining

PancakeSwap allows you to earn passive income by providing liquidity. You're given LP tokens in return, which are interest bearing. The interest comes from trading fees generated by PancakeSwap.

Bridge

Has a cross-chain bridge. So you can move your crypto between different chains.

Limit Orders

Limit orders are trades that execute at a specified price. They're great for executing trades while you're away from your computer. PancakeSwap handles the execution for you, and you may incur lower transaction fees than if you market buy/sell.

Prediction Markets

They offer prediction markets. Simply guess the direction of a token's price, and win crypto. This can be fun, and it's a user friendly experience. However, it's often better to simply trade on via the DEX.

Lottery

PancakeSwap hosts a lottery. Bet small, win big! Though, this is a risky option, gambling can be fun in moderation. Just don't go overboard. Only risk what you can afford to lose.

Yield Farming

Hosts incentivised yield farms. You can earn boosted rewards from staked LP tokens. This is a great way to earn more crypto. Projects put up tokens for you to earn, often for marketing efforts.

Perpetuals

Offers leveraged perpetual trading. Futures, but on the blockchain.

Spot Trading

This means you can buy and sell the real thing. Actual crypto. Not a futures contract or derivative.

PancakeSwap Fees

Trading Fees

All DEXs charge trading fees. PancakeSwap is no different.

Trading fees incentivise liquidity providers to provide liquidity to PancakeSwap. This enables people like you to freely trade between tokens without incurring too much slippage.

Withdrawal Fees

PancakeSwap does not charge withdrawal fees.

DEXs, generally, do not require you to deposit funds onto them. Therefore there is nothing to withdraw. This is one of the many great things about dencentralized exchanges. You get to be the sole custodian of your funds.

How to use PancakeSwap?

Get a crypto wallet that supports web3 on one PancakeSwap's of supported chains.
Deposit crypto into the wallet, ensuring you have tokens for gas
Navigate to PancakeSwap's homepage
Connect your wallet to the website
Goto Swap/Trade
Choose a token that you'd like to swap to
Finally, swap!

FAQ

Where can I buy CAKE ?

You can by CAKE direct from PancakeSwap. It is the native token of PancakeSwap, and they will therefore offer the most liquidity.

Is PancakeSwap safe?

Yes, PancakeSwap is safe to use. However, you should be aware that crypto trading carries inherent risk. dApps are vulnerable to exploits, so make sure to DYOR before investing.