Cake DeFi Reviews

Cake DeFi
( 1 reviews )

Cake DeFi is a decentralized finance application, which allows users to trade decentralized currencies, buy stocks, lend crypto.

The company offers users the ability to earn up to 7% interest, stake crypto in order to earn up to 50% annual yields, and perform other financial services all within a simple user interface.

The platform was founded by blockchain entrepreneur and former professional athlete, Julian Hosp, and is based out of Singapore.

How Does it Work?

Cake DeFi is a crypto lending platform that wants you to invest your cryptocurrency with them as opposed to it just sitting around.  They claim to help you generate income by lending to reputable institutional partners, fully insured and risk-free.

Technically, Cake DeFi may be safer than other similar platforms because it is built on the native blockchain layer.

The majority of DeFi applications are built on Ethereum, but Cake DeFi is not built on top of Ethereum, eliminating the need for an “on-top” application layer.

The company states that Cake DeFi’s technology also improves upon existing applications, such as UniSwap, which uses an external tool like, MetaMask to operate.

Cake DeFi’s decentralized exchange is not a website, but is instead an application that runs directly on your computer. 

Cost/Price Plans

Cake DeFi offers one of the highest lending rates in the industry with up to 7% per year for lending crypto on the platform.

Staking has also massively grown over the last couple of years due to its attractive reward structure; starting with as little as $1, users are able to receive up to 60% APY on their Proof of Stake coins.

Customer Service

If you would like to ask a question to Cake DeFi customer service or view other frequently asked questions, you can visit: support.cakedefi.com/hc/en-us/community/topics.

If you want to email Cake DeFi directly and get a response from a customer representative, send an email to [email protected]

Online Reviews & Complaints

According to Crypto Studio, advantages of using Cake DeFi include a high return on lended currency, relative to industry standard, as well as the option to use the platform in multiple languages.

Some disadvantages of using Cake DeFi include that interest is paid to users in 4-week intervals, that there is a web application without a mobile experience, and that in order to earn the maximum interest, savers have to become members of the Cake Confectionary and deposit high amounts of DFI tokens.

Online user reviews are also mixed for the service.  One of the biggest points of contention is when it comes to withdrawing your coins from the platform.  

Some users have complained that you get DFI coins in return, in which case you would have to move those to a decentralized exchange service where you can switch them to a coin of your choice.

Another common complaint has been in regards to the customer service, which some users have found unable to resolve their issues or in other cases unresponsive.  Further, some users claimed that they were quoted misleading returns.

One more issue to note is that many of the positive reviews found online are from users promoting their own referral sign up codes, this makes it difficult to assess the validity of their positive reviews.

Competitors and Alternatives

Other companies that offer decentralized financial services include Celsius, BlockFi, and Nexo.

Celsius claims to have paid over $45 million in total rewards to their customers over time, and currently offers an interest rate of 8.88% to 10.02% for investors.

It's possible to borrow cash on Celsius for an interest rate of 1%. Celsius has over 1 million users. Celsius allows users to buy coins, earn yield, borrow, and transfer with no fees. The product also offers a mobile experience through their mobile app.

BlockFi trading allows users to buy, sell, and trade a variety of crypto assets and store them in one convenient place. The BlockFi Interest Account, allows users to earn up to 9.5% APY, and interest accrues daily and is paid monthly.

The BlockFi Rewards Visa® Signature Credit Card allows users to earn up to 3.5% back in Bitcoin on every purchase made. Earn up to 3.5% back in Bitcoin on every purchase. This card is reputedly the world’s first Bitcoin credit card.

On Nexo, the annual interest rate paid to users is 12%. Nexo enables users to invest in cryptocurrencies at the touch of a button and earn interest that compounds each passing day.

The Bottom Line

Cake DeFi is a unique decentralized finance platform built upon native blockchain. It is reportedly safer than other similar platforms because it operates on native code eliminating a middle layer, making Cake DeFi less susceptible to hackers.

Some of the positive features of the company are that it specializes in offering liquidity mining, crypto staking, and crypto lending options.

Liquidity mining is made easier with shared liquidity mining pools on Cake DeFi. They advertise annual percentage rates (APR) for mining as 57.39% for Bitcoin, 45.23% for Ethereum, 55.9% for Litecoin, and 21.9% for Dogecoin.

With respect to staking, users can bake masternodes and earn staking rewards in real time. Users can join fully transparent masternode pools and earn staking yields of up to 54% in real-time, without the complexity of running nodes themselves.

For crypto lending, a base APY for lending is now guaranteed. Bitcoin lending APY up to 6%, and Ethereum lending APY is up to 7%, according to them.

While the service may seem like an easy way to put your coins to work, be sure to get answers to all your questions particularly in regards to deposit/withdrawal fees.  

You should also be aware of all the risks involved with market fluctuations, the value of your deposits, and particularly the value of DFI coins themselves.

If you have any experience with Cake DeFi or their services, please leave your reviews below.

See Also:  Should You Be Investing in Cryptocurrency Right now?

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Cake DeFi Customer Reviews

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Poor platform
March 9, 2022

The worst platform ever. Impossible to complete the KYC, I can't confirm my address because the information is written there is in Cyrillic. Poor customer service, when I asked to delete my data they refused and suspended my account. Think twice before deposit funds there. NOT recommended!