Preheat the oven to 180C/350F. Grease a 9-inch cake pan with cooking spray and set aside.
In a small bowl, mix together your dry ingredients. In a separate bowl, whisk together your eggs, sweetener, coconut oil, vanilla extract, and butter extract, until combined. Add your red food coloring.
Gently fold through your dry ingredients into the wet and mix until combined. Transfer the batter into the greased cake pan and bake for 25-27 minutes, or until a skewer comes out clean from the center.
Remove from the oven and allow the cake to cool completely, before frosting.
* If you'd like to make this without eggs (vegan), make a vegan vanilla cake and add red food coloring to it.TO STORE: Leftover red velvet cake should be stored in the refrigerator, as it can spoil very easily at room temperature. Be sure to cover the cake completely, and it will keep for up to 1 week. Before eating, allow it to sit at room temperature for 30 minutes.TO FREEZE: Place single slices of the cake in a container and store in the freezer for up to 6 months.