Cake DeFi Reviews

Summary: The User experience is great, very easy to understand and navigate and the layout. Cake has provided me the easiest access to Liquidity mining and staking.

Positive: Easy to read and reliable rates.
Great rate of return on BTC.
Products range from instant liquidity, to locking up coins for 10 years.
Very transparent, providing weekly and monthly email updates on yields.
Great referral program too!

Negative: Make sure you understand the different products as there is all kinds of risks and rewards for ever product.

Summary: My personal experience with Cake Defi has been very good so far. Depositing crypto is fast and free of charge (except for ETH - there are one-off costs for the first transfer - after that it is also free of charge). Buying BTC with FIAT (via bank transfer or VISA) is also easy. However, you have to go through another KYC process with the service provider the first time you buy via bank transfer. In addition, the coins cost 5% more than the current market price. Therefore, this only makes sense for smaller amounts. Larger amounts should be bought on an exchange and then sent to CakeDefi.

Of course, the payouts take different amounts of time, depending on the network you choose. At peak times or on turbulent market days, the BTC and ETH networks are often heavily loaded. It can sometimes take a little longer. But the most important thing is that the coins arrive! Cake's service is not an exchange where you can quickly trade back and forth, but where you can stake the coins or invest them for liquidity mining in order to keep high "interest" on the coins. At the time of this review, the APY for staking is just under 75%, while for liquidity mining the APRs range from 20% (DOGE) to 64% (BTC, LTC, ETH etc.), depending on the coin. You invest in coins that you basically want to hold and don't want to/must sell today or tomorrow within minutes or hours. If you believe that your coin will increase in value in the long term, you can earn an additional return on top of the pure price gain. Staking pays out twice a day for DFI and once a day for DASH. The rewards for mining are paid once a day. If you register and invest at least USD50 worth of coins, you get USD20 worth of DFI coins "for free". Those who are recruited receive (as does the recruiter) an additional USD10 in DFI. The coins given as a gift are stored in the staking for 180 days and are then freely available.

In the meantime, there is also a good app for iOS (and probably also Android - I couldn't test it). In the app, the most important functions of the website (overview of assets, transactions, staking, liquidity mining, lending) are available.

A criticism often read refers to the fact that on the platform itself you can only switch your coins in the direction of DFI and not back. However, this is probably due to regulatory reasons, as otherwise the platform would act as an exchange and would have to register as such. However, you can either send your DFi to the DEFI chain wallet and exchange them on a decentralised exchange, e.g. Bitcon, or you can simply send the coins to a central exchange such as KuCoin or Bittrex.
If you just want to try it out and take the additional bonus, you can do so by entering a ref when registering. Mine is 693556. Other ref codes can be found quickly via Google. As I said, the advantage (win-win) is that both then get USD10 in DFI. But you can also just register without paying anything. Looking and watching costs nothing :-)

Why is it not yet enough for 5 stars? Some functions are still missing, like an integrated profit and loss account. But the developers are very active and continuously add new features. In addition, the community (Telegram, Reddit) is very active and helps. I am very sure that Cake will grow into the 5th star very soon.

Positive: - Very easy to use (beginner friendly)
- one-stop-solution for staking, liquidity mining and lending
- staking DFI (native DeFiChain-Currency) at about 70% APY
- staking DASH at about 5.4 % APY
- liquidity ming (pairing DFI with BTC, LTC, ETH, Doge, USDT, USDC, BCH) at rates around 60% APR
- iOS and Android mobile App
- strong community
- you can use staking and liquidty mining flexible or with a lock up ("freezer") for additional return
- lending of BTC, ETH, USDT and USDC at 6-7 % APY

Negative: - you cannot swap DFI to BTC, ETH etc. directly on the platform. You have to do it by sending them to your DeFi-Wallet and swap them on the DEX (decentralised exchange); workaround: send your DFI to an exchange which has DFI listed (example KuCoin) and swop them there
- quite high spread if you buy Crypto for fiat on Cake; better buy at KuCoin etc. and send Crypto to Cake Defi