In order to buy $CAKE on PancakeSwap, you’ll first need to get access to the Binance Smart Chain (BSC) via MetaMask.
The Binance Smart Chain is a centralized version of Ethereum that runs on Binance’s servers. On the Binance Smart Chain, the main currency of the apps is the Binance Coin (BNB). Similar to Ether, the Binance Coin is used to trade and pay fees. To acquire BNB, you’ll need to go to Binance US to exchange your USDC, USDT, ETH, or BTC for BNB. Alternatively, you can reach out to us, and if we like you, we can give you a little bit of BNB to play with.
Once you’ve purchased some BNB from Binance US, then you’ll want to transfer the BNB to your MetaMask wallet. You can copy your MetaMask address by clicking on the Account 1 label in the dialog below.
You’ll then transfer your BNB coin from the Exchange to your MetaMask account address.
When the BNB arrives in your MetaMask wallet, it will take a bit of time, you’ll want to navigate to PancakeSwap. PancakeSwap is the leading Automated Market Maker and yield farm on the Binance Smart Chain. For our purposes, we’ll leverage PancakeSwap to exchange BNB for $CAKE and to create a liquidity pool of BNB and $CAKE.
On PancakeSwap, you’ll need to connect your MetaMask wallet to get going. Click on the Connect button in the upper right hand corner.
Next, click on the MetaMask icon to login with the MetaMask account that you configured in our previous post.
Once you’re connected, your address on BSC will appear in the upper right corner.
Next, we’ll need to buy some $CAKE with the BNB that we acquired from Binance US. Navigate to the Trade\Exchange menu item on the left hand navigation bar. On the Exchange, view select BNB as the From token and $CAKE as the To token.
You don’t want to use all of your BNB when providing liquidity as you will need the BNB to pay gas fees.
When you hit the Swap button, you’ll receive the Confirm Swap dialog. In this scenario, we’re going to exchange 0.0713 BNB for 1.14 $CAKE. Go ahead and click on the Swap.
MetaMask will pop open. You will be prompted to Confirm your trade. The amount of the transaction will be the amount of BNB that you’re going to exchange plus gas fees.
Click Confirm. You’ll have the $CAKE in your MetaMask Wallet once the transaction is written to the BSC blockchain.
Unfortunately, you won’t be able to see the $CAKE in your wallet. You’ll need to navigate back to MetaMask. On the MetaMask Assets tab, you’ll need to scroll down to the Add Token button.
The Add Token view will display in MetaMask. Click on the Custom Token, and paste the following address
into the Token Contract Address.
When you navigate back to the Assets tab, you should see the $CAKE.