Cake Defi reviews
Summary:
Cake Defi is rated with 4 stars on a scale of 1-5. That is the result of 1 experience reports. The average rating of Crypto investment on Crypto Review is 4 stars. All Crypto investment reviews are currently composed of 1 experience reports. We have also put together Cake Defi alternatives for you.
Submit experience report
We look forward to an honest and authentic report.
Cake Defi Review #1
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 80%, 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 twice a day. If you register and invest at least $50 worth of coins, you get $20 worth of DFI coins "for free". Those who are recruited receive (as does the recruiter) an additional $10 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 here 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 $10 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.