You may have heard about Cake DeFi. This website will teach you all there is to learn about Cake DeFi. The purpose is to give you a general idea of how the platform works and what products are available. In theory, you should be likely to invest with Cake DeFi and understand how it works with your money or cryptocurrencies if you follow this guide.

Cake DeFi
Cake DeFi

Cake DeFi is a ground-breaking idea for bringing cash flow to cryptocurrency holdings. The platform was launched more than a year ago to be a one-stop-shop for easily producing yield – not just on crypto assets, but on a variety of financial services as well.

Its goal is to serve as a portal for millions of customers to obtain high yields on their assets simply and securely. Institutional investors or technically skilled crypto traders are usually the only ones who can get such returns. On the other hand,  Cake DeFi is here to break down these barriers.

What is CakeDeFi?

Cake DeFi is a centralized (custodial) cryptocurrency platform that allows users to deposit their coins and earn high APYs through lending, liquidity mining, staking, and other investment options.

Depending on the investment program (staking, lending, liquidity mining, etc.) you’re in and the cryptocurrency you invested in, the platform pays anywhere from 5% to 100% APY.

What is Cake DeFI
What is Cake DeFI

Cake Pte Ltd, a Singapore-based business with registration number 201918368M, owns Cake DeFi.

The company claims to be a member of the Singapore Fintech Association (SFA) as well as the Singapore Association of Cryptocurrency and Blockchain Enterprises and Start-ups (ACCESS).

That information is confirmed by a simple search on the SFA website (+1).

Investor Signup

Cake DeFi, like most other crypto platforms, has a guided signup procedure because it is a regulated platform. The registration procedure is simple and quick. After providing the needed papers, you may usually begin investing within a few hours, or at most 1-2 days.

Cake DeFi
Cake DeFi

You must have a valid photo ID and upload recent selfies. The whole thing is for KYC (Know Your Customer) and anti-money laundering purposes. Simply follow the steps till they are done. You may then get started straight away.

To offer the service on its platform, Cake Defi takes a 15% fee. This 15 percent may be saved if you do it yourself on the Defi Blockchain. 

Cake DeFi Sign-up Bonus
Cake DeFi Sign-up Bonus

Get $70 as a gift: If you sign up with Cake DeFi, use this referral code or click the link to signup and get $50 worth of DFI as a Sign-Up Bonus: Click here to signup

If you deposit $50, you get another $20 as a first deposit bonus.

Payment Transactions on Cake DeFi

Of course, you must first put cryptocurrency(s) into your wallet before you may invest in Cake DeFi. You have three possibilities for this:

Payment Transactions on Cake DeFi
Payment Transactions on Cake DeFi

Buying cryptocurrency by fiat money

BTC, DFI, and ETH are the only cryptocurrencies that can presently be purchased using fiat money on Cake. Money can be deposited via a Visa credit card, a SEPA bank transfer, the iDEAL payment service, or Sofort. Processing costs apply to Visa and Sofort.

This method is undoubtedly simple, particularly when getting started or if you want to do it “fast.” Cake, on the other hand, does not specialize in cryptocurrency trading and so does not always offer the best rates or charge a premium for it.

Exchange/swap of coins

The so-called swap is another option to deposit bitcoins. You may swap one coin for another here. In DeFi projects, this function is a standard technique. At the end of the day, you utilize the liquidity pools created by Cake’s liquidity mining.

  • Transfer via blockchain into the wallet

The last method of depositing cryptocurrency into your Cake account is likely to be the one you utilize the most. Of course, you may deposit bitcoins on Cake’s blockchain and subsequently invest in the items.

Where to buy DFI?

DFI is still available for purchase in a limited number of places. The DeFi Chain network is not yet connected to major exchanges like Kraken or Binance. The DeFi Chain team, on the other hand, is trying to link more and larger Exchanges.

Bittrex and Kucoin are the two largest and most popular cryptocurrency exchanges. You may also deposit euros and purchase DFI there. However, keep in mind that the liquidity is reduced while exchanging euros for DFI. As a result, pricing may be somewhat lower than when purchasing using BTC or USDT.

Where to buy DFI?

DFI is still available for purchase in a limited number of places. The DeFi Chain network is not yet connected to major exchanges like Kraken or Binance. The DeFi Chain team, on the other hand, is trying to link more and larger Exchanges.

Bittrex and Kucoin are the two largest and most popular cryptocurrency exchanges. You may also deposit euros and purchase DFI there. However, keep in mind that the liquidity is reduced while exchanging euros for DFI. As a result, pricing may be somewhat lower than when purchasing using BTC or USDT.

What are the Interest Rates at CakeDeFi?

CakeDeFi’s yield equates to yearly interest rates that range from beautiful to absurd. While 5% is almost 25 times what you’d get if you deposited cash at a high-street bank, it’s a drop in the bucket compared to some of their claimed rates.

BTC / DFI        APR 83.54%

ETH-DFI          APR 79.82%

USDT-DFI       APR 94.13%

LTC-DFI          APR 88.87%

BCH-DFI         APR 85.67%

DOGE-DFI      APR 23.83%

How to make Payouts from Cake DeFi?

Cake returns are a little more difficult to payout than they are to deposit. Cake does not let you exchange your cryptocurrencies for fiat currency. In most situations, you’ll need to use a crypto exchange. Similar to when depositing through blockchain, you may transfer your coins back to a crypto exchange. You should be able to trade them for fiat currency or other cryptocurrencies there. You must, of course, utilize one of the Exchanges that now handle DFI when sending DFI.

How does Cake DeFi make money?

So far, Cake Defi experience has revealed that the company’s business strategy is founded on two pillars:

  • Aggregation of cryptocurrencies.
  • Staking fees and liquidity mining.

Cake combines the cryptocurrency that its clients lend into larger blocks and brokers them on for a fixed time in the aggregation process.

Cake DeFi Funds Freezer
Cake DeFi Funds Freezer

Cake pays back a modest service charge from your staking and liquidity mining rewards, as you’ve previously read. The second half of Cake’s revenue comes from them.

Cake DeFi Staking
Cake DeFi Staking

What happens if Cake DeFi declares bankruptcy?

If Cake DeFi gets into major problems, it may spell doom for you as well. Cake is a centralized platform, and like any other organization or platform, it has flaws. You relinquish control of your bitcoins when you use Cake’s services. Depending on the circumstances, your coins may be lost in the worst-case situation.

How secure is Cake DeFi?

There is no such thing as perfect assurance. However, we believe Cake DeFi to be far more respectable and safe than many other cryptos or P2P platforms owing to Julian Hosp’s name recognition, the (for crypto) strong openness and visibility on social media channels, the company headquarters in Singapore, and the very substantial community in DACH.

What Makes CakeDeFi Different?

CakeDeFi is highlighted by the fact that they are not DeFi. They’re a centralized staking platform masquerading as a DeFi initiative. They also have a complicated pricing structure that appears to charge clients twice. That distinguishes CakeDeFi, but not in a good way. 

Is CakeDeFi Legit?

Both yes and no. They are not a real DeFi platform, but the Singapore regulatory authorities granted them a temporary license exemption, which helps to legitimize their operation. Their logo implies decentralized finance, however, this is a misnomer. CakeDeFi has my trust for competence and compliance, but not for what they promote.

The fact is that you have the worst of both worlds here: a centralized, unregulated platform.

Does Cake DeFi have a Bonus or Referral Program?

Yes, there is a Cake Defi referral code. You can sign up to Cake DeFi through our link (Click here to signup with our link)and receive $50 in DFI as a gift. It only says $20 on the home page, but you get a total of $50. You may also recommend friends and acquaintances if you are enrolled.

Cake DeFi offers a referral program in which you may earn 0.25 percent to 1% of the total amount your referrals invest on the platform. 

A verified referrer has completed KYC and made a minimum investment of $50 on the site.

  • You receive 0.25 percent of their total platform investment for 1–2 qualifying referrals.
  • You earn 0.5 percent for 3–5. You receive 0.75 percent for 6–9 recommendations, and 1 percent for 10 or more referrals.

Every Monday, when your number of referrals and their total investment vary, the referral bonus is computed and paid in DFI.

The best part is that you may earn this 0.25 to 1% referral bonus year after year as long as your referrals stay on the site.

Cake DeFi Bonus
Cake DeFi Bonus

Cake DeFi withdrawals

Withdrawals from Cake DeFi policy might take up to 72 hours to complete, according to the company’s rules.

According to the team, they are obligated by law to analyze and identify every questionable behavior, which increases the time it takes to process withdrawals.

Existing users, on the other hand, claim that withdrawals are generally handled within 24 hours in most situations.

Cake DeFi Withdrawal
Cake DeFi Withdrawal

So, before we get into the end of this overview, let’s take a quick look at Cake DeFi’s advantages and disadvantages.

Pros

  • They have their blockchain, indicating that they are here to build and stay.
  • The platform is supported by a legitimate company and founded by people who can be verified.
  • Promotes openness and strives to meet the standard.
  • APYs are attractive, and there are multiple ways to earn money.
  • A long-term business model. A closer examination reveals that their profits and bonuses are both justifiable and long-term.
  • Cake DeFi keeps an emergency fund called “the Secret Cookie Stash (SCS)” to protect users’ funds from future losses due to hacks, exploits, and other issues.

Cons

  • Their marketing systems may start to sound and look like those used by Ponzi schemes and HYIPs.
  • The founder has a history of involvement in contentious projects.
  • Earning high APYs from their coin and participating in lockup is required.
  • Cake DeFi’s base lending APY is lower than the industry average.
  • Cake DeFi, unlike similar platforms, does not allow you to borrow Cake.

Is there a CakeDeFi Forum to exchange Information?

There are various places where you can exchange ideas with other investors and gain Cake Defi experience:

  1. Reddit
  2. Bitcointalk
  3. Trustpilot

Conclusions

Cake DeFi is a platform that allows users to put their cryptocurrency to work and earn incentives. Its liquidity mining and staking programs provide among of the market’s highest APYs and APRs.

However, when compared to what rivals provide, their loan program’s basic APY is relatively low. Overall, I think the platform is worth investigating. But only to the extent that I believe is practical and comfortable for me.

What has your Cake DeFi experience been like? How was out Cake DeFi review? Please share your thoughts in the space below. And you can read our other blogs about Pi coin and Binance.

Get $70 as a gift:

If you sign up with CakeDeFi, use this referral code to get $50 worth of DFI as a Sign-Up Bonus: Click here to signup

And If you deposit $50, you get another $20 as a first deposit bonus.

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