Comparison of Pancakeswap vs dYdX [ 2024 ]

The best cryptocurrency exchanges compared by their commissions, products offered, security and much more. Here is the Pancakeswap vs dYdX comparison!

Your expert: Alejandro Borja

pancakeswap

Pancakeswap

  • Threenvest valuation: 4,4/5
  • Network: BSC
  • Security: High 4,9/5
  • Earns: Yes
Go exchange

Your expert: Xavier Tarrasó

dYdX

dYdX

  • Threenvest valuation: 4,4/5
  • Network: Ethereum
  • Security: High 4,7/5
  • Earns: Yes
Go exchange

Main points

Fees

0,25%
NFTs
Yes

Native token

Token CAKE
0,10%/0,05%

Fees

Yes
NFTs
Token DYDX
Native token

Recommended for

Beginners

Yes

Trading

Yes

Passive income

Yes

Buy and hold

Yes
No

Beginners

Yes

Trading

Yes

Passive income

No

Buy and hold


Comparison of fees

Rating

4.2 – Low fees on the Binance Smart Chain, affordable for most users, but some yield farming activities may incur higher costs.
4.0 – Competitive trading fees, especially for advanced trading features, but higher costs for gas fees on Layer 1.

Level

0,25%
0,10%/0,05%

Brief explanation

PancakeSwap operates with a straightforward fee structure designed to benefit its users and liquidity providers while maintaining the platform’s economic sustainability. The main commission on PancakeSwap is a flat 0.25% trading fee applied to all spot transactions. This fee is divided as follows: 0.17% is returned to liquidity providers as a reward, 0.03% goes to the PancakeSwap Treasury, and 0.05% is used for CAKE token buyback and burn initiatives​​. For perpetual futures trading, PancakeSwap charges 0.02% for maker orders and 0.07% for taker orders. Users who pay trading fees with CAKE tokens receive a 5% discount on these fees, resulting in effective rates of 0.019% for makers and 0.0665% for takers​​. PancakeSwap does not charge withdrawal fees beyond the mandatory network fees, which vary depending on network congestion. This fee structure is competitive within the decentralized exchange landscape, providing a cost-effective trading environment for users​​.
dYdX employs a competitive fee structure that benefits both low-volume and high-volume traders. For trading, the platform uses a maker-taker fee model. Maker fees, for orders that rest on the order book and provide liquidity, range from 0% to 0.02%, while taker fees, for orders that remove liquidity, range from 0.05% to 0.1% based on trading volume. Notably, dYdX offers zero trading fees for users with a 30-day trading volume below $100,000​​. Additionally, holding the platform’s native DYDX token can earn users up to a 50% discount on trading fees​​. For withdrawals, there are no fees for standard transactions, but a 0.1% fee applies for fast withdrawals​​. There are no deposit fees, making dYdX a cost-effective choice for active traders​​.

Pancakeswap

pancakeswap
Read pancakeswap review
  • Year Founded: Launched in 2020, PancakeSwap quickly established itself as a leading DEX on the Binance Smart Chain, showcasing robust growth and innovation in a short period.
  • Number of Users: Boasting a large user base, PancakeSwap demonstrates widespread trust and adoption within the cryptocurrency community, enhancing its credibility and network strength.
  • Security Methods: PancakeSwap employs rigorous security protocols including smart contract audits and secure asset management practices, ensuring user funds are protected against unauthorized access and fraud.
  • Trading Volume and Liquidity: High trading volumes and liquidity indicate a healthy trading environment, reducing slippage and providing better price stability for users engaging in transactions.
  • Reputation and Reviews: Positive feedback and strong reviews from the crypto community underline its reliability and effectiveness as a decentralized exchange, reinforcing trust among current and potential users.
  • Pros
  • User-friendly interface.
  • Low transaction fees.
  • Fast transaction processing.
  • Cons
  • Limited to Binance Smart Chain.
  • Higher risk of phishing scams.

dYdX

dYdX
Read dYdX review
  • Security methods: dYdX employs robust security protocols by enabling trading directly from users' wallets, ensuring that funds are not held on the exchange. This significantly mitigates the risk of hacks and unauthorized access.
  • Reputation and Reviews: dYdX has maintained a strong reputation in the decentralized finance community for providing advanced trading options with reliability. The platform is highly regarded in user reviews for its innovative approach and performance.
  • Transparency: As a decentralized platform, dYdX operates with a high level of transparency. Smart contracts that run the platform's operations are publicly available for auditing, providing clear insight into the mechanics of the exchange and fostering trust.
  • Trading volume and liquidity: dYdX supports substantial trading volumes, reflecting high liquidity which is crucial for executing large trades without significantly affecting the price. This also indicates a mature and active trading environment.
  • Year founded: Established in 2017, dYdX has several years of operation, during which it has continually developed and adapted to the evolving crypto market. This longevity contributes to its credibility and trustworthiness in the decentralized exchange space.
  • Pros
  • Advanced derivatives trading options available.
  • No intermediaries, enhanced security features.
  • Low transaction fees on Layer 2.
  • Cons
  • Complex for beginner traders.
  • Limited asset selection.

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Product selection

Native token

Yes, the native token is CAKE.
Yes, the native token is DYDX.

Earns

Yes, PancakeSwap offers various EARN methods including staking CAKE tokens, yield farming, and participating in Syrup Pools for additional token rewards.
Yes, dYdX offers EARN opportunities mainly through staking DYDX tokens for staking rewards and liquidity provider incentives.

NFT marketplace

Yes, PancakeSwap has an NFT marketplace where users can trade NFTs and participate in NFT-related activities.
No, dYdX does not have an NFT marketplace.

Cripto/debit card

No, PancakeSwap does not offer a debit card.
No, dYdX does not offer a debit card.

Company information

Full name

PancakeSwap
dYdX Trading Inc.

Regulation

No, PancakeSwap is not regulated by any specific financial regulatory authority.
No, dYdX is not regulated by any specific financial regulatory authority, although it operates under compliance with general regulations for financial products and services.

Year founded

2020
2017

Founder

The founding team remains anonymous, typical of many decentralized projects on the Binance Smart Chain.
Antonio Juliano

Payment methods

Transfers

Deposits: Cryptocurrency transfers; Withdrawals: Cryptocurrency transfers.
Deposits: Cryptocurrency transfers; Withdrawals: Cryptocurrency transfers.

Mastercard

No, PancakeSwap does not support direct deposits via Mastercard. It only allows transactions through wallet connections.
No, dYdX does not support direct deposits via Mastercard. It only allows transactions through wallet connections.

Wire transfer

No, PancakeSwap does not support direct deposits via wire transfer. It only allows transactions through wallet connections.
No, dYdX does not support direct deposits via wire transfer. It only allows transactions through wallet connections.

Card

No, PancakeSwap does not support direct deposits via credit card. It only allows transactions through wallet connections.
No, dYdX does not support direct deposits via credit card. It only allows transactions through wallet connections.

Comparative table

Pancakeswap FEATURES dYdX
The minimum trade amount is quite low, allowing users to make small transactions, which is ideal for new traders starting with limited capital.
Minimum Trade
dYdX allows relatively low minimum trades, suitable for both small and large investors, though not the lowest in the market.
PancakeSwap offers competitively low trading and transaction fees due to its operation on the Binance Smart Chain, which generally has lower costs than Ethereum.
Trading and Transaction Fees
dYdX offers highly competitive fee structures, especially on Layer 2, minimizing costs significantly for traders.
While offering a variety of BEP-20 tokens, its selection is less diverse compared to multi-chain DEXs, limiting exposure to a broader range of assets.
Number of Cryptocurrencies
The selection of cryptocurrencies is somewhat limited, focusing primarily on major assets which restricts diversity in trading.
Provides a solid range of crypto-to-crypto trading pairs, primarily focused on tokens within the Binance Smart Chain ecosystem.
Crypto-to-Crypto Trading Pairs
Offers a moderate range of crypto-to-crypto trading pairs, primarily focused on major cryptocurrencies, limiting options for altcoin traders.
The website provides essential information; however, the anonymity of the founders and specifics about operational strategies could be better detailed.
Website Transparency
The platform excels in transparency, with open access to smart contracts and clear, public documentation of its operational protocols.
PancakeSwap is limited to the Binance Smart Chain, restricting access to other popular networks like Ethereum, which may alienate some users.
Credit/Debit Card
dYdX operates primarily on Ethereum and has integrated Layer 2 solutions, enhancing speed and reducing costs, though it’s not available on multiple blockchains.
As a DEX, it does not offer custody services, relying on users to manage their wallets and keys, which can be a double-edged sword regarding security and ease of use.
Storage Offering
As a non-custodial exchange, dYdX allows users to maintain control over their private keys, though it doesn’t provide custody services itself.
Offers excellent staking and reward options, including high-yield farming and pools, making it attractive for users looking to earn passive income.
Staking and Rewards
dYdX offers some staking options and rewards, mainly focused on liquidity providers, but it’s not as extensive or diverse as some might prefer.
The PancakeSwap website is user-friendly with a playful design, making navigation easy and trading enjoyable, though it could include more educational resources.
Mobile App and Desktop
The dYdX website is user-friendly, well-designed, and offers all necessary information readily accessible, making it easy for users to navigate.
Customer service is primarily community-driven, accessible through social media and forums, which can vary in responsiveness and professionalism.
Customer Service
Customer service is adequate with support channels available, but feedback suggests there could be improvements in response times and support reach.
Deposits and withdrawals are executed directly through user-controlled wallets, offering high autonomy but requiring some technical knowledge for new users.
Deposit and Withdraw
Deposits and withdrawals are efficiently handled via smart contracts, although options are limited to cryptocurrencies with no fiat support.

Key features

Analysis tools

Price charts, liquidity pool analytics, yield farming calculators, and basic token statistics.
Advanced trading charts, order book depth, margin and leverage calculators, risk management tools, and historical trade data.

Mobile APP

No, PancakeSwap does not have a dedicated mobile app, but it can be accessed via mobile browsers.
Yes, dYdX has a mobile app available for both iOS and Android.

Security

PancakeSwap relies on Binance Smart Chain’s security infrastructure and has undergone several audits by reputable firms. The platform also uses community governance to enhance security and trustworthiness.
dYdX emphasizes security through extensive smart contract audits, multi-signature wallets, and robust risk management tools. The platform also utilizes Layer 2 scaling solutions to provide secure and cost-effective transactions.

Additional features

PancakeSwap includes features such as lottery tickets, prediction markets, and IFOs (Initial Farm Offerings) for new projects, along with a robust community governance model using the CAKE token.
dYdX provides Layer 2 scaling for faster and cheaper transactions, insurance funds to protect traders from extreme losses, and perpetual contracts for advanced trading strategies.

Anonymity

Yes, PancakeSwap supports anonymous trading through wallet connections on the Binance Smart Chain.
No, dYdX typically requires identity verification, especially for advanced trading features and higher withdrawal limits, due to regulatory compliance.

Key points

Available cryptocurrencies

Binance Coin (BNB), PancakeSwap (CAKE), Ethereum (ETH), Bitcoin (BTC), Tether (USDT), and a wide range of BEP-20 tokens.
Ethereum (ETH), Bitcoin (BTC), dYdX (DYDX), Tether (USDT), USD Coin (USDC), and other popular ERC-20 tokens.

User-friendliness

PancakeSwap is beginner-friendly, offering a simple interface and a wide range of functionalities, including liquidity pools and farming. The gamified elements and the large community support make it welcoming for new users, though its many features might initially seem overwhelming.
dYdX is designed for more experienced traders, offering advanced trading options like margin trading and perpetual contracts. While its user interface is clean and professional, the complexity of its trading tools might not be suitable for beginners.

Value for money

PancakeSwap provides great value with its low fees on the Binance Smart Chain and opportunities for earning through staking and yield farming. Its extensive range of features and community incentives make it a cost-effective choice for DeFi users.
dYdX delivers significant value, especially for advanced traders looking for margin trading and perpetual contracts. Despite being on Ethereum, its sophisticated tools and zero gas fees on Layer 2 trades make it a worthwhile investment for serious traders.

Countries of operation

Available globally, primarily used in regions supporting Binance Smart Chain.
Available globally, with some restrictions in countries like the US due to regulatory concerns.

Best for

Suitable for a wide range of users, from beginners to experienced DeFi enthusiasts. Its low transaction costs, diverse earning opportunities through staking and farming, and user-friendly interface make it a versatile platform for all types of investors.
Geared towards advanced traders and institutional investors who require sophisticated trading tools like margin trading and perpetual contracts. Its robust platform is ideal for those seeking high leverage and advanced order types.

Account

Trading

PancakeSwap is one of the leading DEXes on the Binance Smart Chain, known for its high liquidity and wide range of supported tokens. It offers features like yield farming and lottery, attracting a broad user base. Nevertheless, it still faces competition from Ethereum-based DEXes regarding token availability and security.
dYdX stands out for its advanced trading features, including margin trading and perpetual contracts. It is built on Ethereum, providing a secure and decentralized trading environment. The platform is ideal for experienced traders but might be overwhelming for beginners due to its advanced tools and higher transaction fees.

Deposit and withdrawal

PancakeSwap facilitates deposits and withdrawals through Binance Smart Chain-compatible wallets like MetaMask, Trust Wallet, and Binance Chain Wallet. The low transaction fees on BSC make it cost-effective for users. The process is straightforward, but users must manage their private keys and ensure their wallets are secure.
dYdX supports Ethereum-based wallets like MetaMask for deposits and withdrawals. Users need to deposit funds into the platform to utilize advanced features like margin trading. While dYdX offers high security and control, Ethereum’s high gas fees can make the deposit and withdrawal process expensive, especially for smaller transactions.

Account opening process

PancakeSwap operates on the Binance Smart Chain and allows users to trade by connecting wallets such as MetaMask, Trust Wallet, or Binance Chain Wallet. No account registration is needed, facilitating quick access. Users need to handle their own wallet security and ensure they have BNB for transaction fees.
To use dYdX, users connect their Ethereum-based wallets, such as MetaMask or Ledger. The platform requires a deposit of funds to enable trading features like margin and perpetual contracts. While the setup is straightforward and secure, new users might find the process complex due to Ethereum’s transaction fees and the need for initial deposits.

KYC required?

No, KYC is not mandatory for using the platform.
Yes, KYC is mandatory for certain features and higher withdrawal limits.

Customer Service

PancakeSwap’s customer service relies on its active community support via Telegram, Twitter, and other social media platforms. The platform also provides extensive documentation and FAQs. While the community is generally helpful, users seeking direct and immediate support may find this model insufficient.
dYdX provides support through its help center, which includes detailed documentation, FAQs, and troubleshooting guides. The platform also engages with its community via Discord and Twitter. While the available resources are thorough, the absence of direct customer service might be challenging for users needing quick, personalized assistance.

Security

PancakeSwap relies on Binance Smart Chain’s security infrastructure and has undergone several audits by reputable firms. The platform also uses community governance to enhance security and trustworthiness.
dYdX emphasizes security through extensive smart contract audits, multi-signature wallets, and robust risk management tools. The platform also utilizes Layer 2 scaling solutions to provide secure and cost-effective transactions.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I highly recommend PancakeSwap for those venturing into the world of decentralized finance. Its user-friendly interface, coupled with low transaction fees and robust reward systems, makes it an excellent choice for both beginners and seasoned traders. However, be mindful of its limitations to the Binance Smart Chain and prepare to manage your own security through secure wallet practices.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert interacting frequently with various trading platforms, I find dYdX to be an exceptional choice for traders looking to delve into advanced trading options like derivatives and leverage within a secure, decentralized environment. The platform’s robust security measures and transparency make it a trustworthy option. However, I recommend it primarily for seasoned traders due to its complexity and focus on advanced financial instruments. Newcomers to cryptocurrency trading might find simpler platforms more suitable to start with.

View all comparisons against pancakeswap

View all comparisons against dYdX

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong, any exchange can have problems.

Neither Threenvest, nor the author, are recommending you to invest with this article.

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Comparison of Pancakeswap vs dYdX [ 2024 ]

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