The Offer
- Crypto exchange CakeDefi is offering up to $135 in bonuses:
- 11% first-time deposit bonus when you complete your KYC (identity verification) and make your first deposit with us, applicable up to $1,000 (up to $110 bonus)
- $20 first time deposit bonus
- $5 bonus for completing learn and earn
- You also get a $11 bonus on referrals (meaning you get a total of $21 per referral as the standard bonus is $10)
The Fine Print
- The 11% first-time deposit bonus is only applicable to:
- Customers that have completed KYC verification and have not yet made a first deposit into their Cake DeFi account.
- Customers that have not completed KYC verification and have not yet made a first deposit into their Cake DeFi account.
- The first-time deposit bonus of 11% is applicable up to $1,000 first-time deposit. The maximum a user can receive as part of the 11% first-time deposit bonus is $110 (11% of $1,000) which will be paid in crypto and allocated to the Freezer for a minimum of 90 days. Users must allocate their first-time deposits into one of Cake DeFi’s product offerings for the duration of that period in order to receive the 11% deposit bonus after the 90 day period.
Our Verdict
I’m not that familiar with this exchange, so as always do your own research. The bonuses themselves seem easy to meet the requirements for though and quite profitable especially if you can refer some friends or family as well. We will add this to our list of the best crypto bonuses.
Does anyone know whether any crypto bonuses offered by these exchanges and apps can be churned?
Davis I’ve had Cake DeFi, Celsius, Nexo, Hodlnaut, BlockFi, WeBull, eToro, Voyager, Abra, and OKcoin.. and closed all the accounts after getting the bonuses. Now I’m just wondering which of these is worth wasting time for? Are any of these confirmed to be churnable?
Is the money worth the worry?
Fees are insane. DON’T DO THIS DEAL
For a first deposit for ETH, USDT, USDC or ERC20 token (address creation fee)
Since newly generated Ethereum addresses come at a significant cost to Cake DeFi, we charge a one-time address creation fee of $25
Cake DeFi charges a fixed withdrawal fee:
Dash: 0.003 DASH
DeFiChain: 0.2 DFI
Bitcoin: 0.0005 BTC (about $32)
Ethereum: 0.002 ETH (about $10
Tether: 90 USDT
Litecoin: 0.01 LTC (about $2)
Dogecoin: 5 DOGE
Bitcoin Cash: 0.001 BCH
USDC: 90 USDC ($90!!)
wow wtf lol
Here are the steps I did:
1. Bought 0.26892435 LTC on BlockFi for $50 by ACH from bank (no fee)
2. Transferred 0.26892435 LTC from BlockFi to CakeDefi (no fee)
3. Received 11.97343176 DFI ($30 then) from CakeDefi
4. Transferred 0.25892435 LTC from CakeDefi to BlockFi (0.01 LTC fee)
5. Sold 0.25892435 LTC on BlockFi for $47.14 and ACH’d back to bank (no fee)
So it was 11.97343176 DFI for $2.86. The DFI right now is worth about $40. As for going for a $1000 deposit in a non-stablecoin and holding for 90 days, that is a little riskier
Your step 1 and 5 are slightly wrong. While technically BlockFi doesn’t charge any fees, the price on crypto they give you is 1-2% higher. So really you are paying a 1-2% fee there each way ($2)
Also Litecoin isn’t eligible for this 11% bonus since they don’t accept it in their lending program, you’d have to use Bitcoin, USDC, Ethereum, or USDT, which all have high withdrawal/deposit fees.
You’re talking about this right https://help.blockfi.com/hc/en-us/articles/360051126151-How-is-the-trade-price-set-. It’s a plus or minus percent, and a small one, so it should average out to no fee or a small one. Regardless, it is easy to make a decent amount on the referral alone.
I’m ineligible for the deposit bonus so I haven’t looked into that too much. I think you can stake LTC-DFI for 3 months and earn 57.81% APY.
It doesn’t average out.
If you buy LTC on BlockFi, you’re buying it at 1-2% HIGHER than the price is on other exchanges.
If you sell LTC on BlockFi, you’re selling it at 1-2% LOWER than the price is on other exchanges.
The answer, as it is with most crypto transfer questions, is to use Gemini. 10 free transfers a month and fair fees with Active Trader.
Active Trade has 0.25% Maker/0.35% Taker fees.
Yes, I did the referral bonus last month. I don’t usually do crypto offers so the 1 free transfer is all I need.
This promo is written a little weird, but it should be the referral bonus with extra steps the referee can do to make more.
“Since newly generated Ethereum addresses come at a significant cost…”
Are they on crack? Generating Ethereum addresses is free. I can download Metamask and be up and running within 30 seconds for $0.
ERC-20 coins and bitcoin are expensive to move. Hence in their current form they will never be the winning cryptoCURRENCY. Maybe cryptovaluestore or cryptofintoy, but not currency.
I just took a quick look at 3 platforms I use – 96, 50, 16 to move USDC or Tether.
So yeah, gotta shop around or just go to DASH/litecoin/doge – which have done a decent job of evolving into currency.
Bitcoin is currently $0.09 for transactions (source: mempool.space)
CakeDeFi is charging $32 to withdrawal Bitcoin.
nice site, haven’t seen it before. Isn’t that per byte though? – and the average transaction is like 250 bytes – so like $22.50 at the slowest rate or $180 at the high priority (it was at 8sats/vb when I looked.)
No lol. I transact frequently and it’s $0.09.
Well I’ve got to update my opinion than. I went to centralized wallets years ago because of transaction costs (and convivence)
Thanks for the knowledge.
“Users must allocate their first-time deposits into one of Cake DeFi’s product offerings for the duration of that period in order to receive the 11% deposit bonus after the 90 day period.”
This means you’re risking your $1,000 deposit for 90 days and could lose some or all of it.
Yeah, that’s gonna be a no from me, dawg.
No
This is a Singapore based company founded in 2019. Hard to know how legit or sketchy they are, but this bonus would seem to be more risky than offers from more established companies.
Your may or may not qualify to be a customer, depending on your state, especially New York.
What worries me with the surge of these crypto bonuses is the KYC process. If one of these exchanges gets hacked, even though you have no crypto there, hackers could still get all your KYC documents. Which they could then use to hack into your Coinbase or any other kind of identity fraud.
Hackers already got those documents and SSN from government systems in the past. Move all cryptos of a soft/hard wallet.
Exactly why so many of us in the crypto space prefer decentralized exchanges over centralized ones.
Funny, the platform calls itself Cake DeFi yet is most definitely centralized.
so where does cake defi hold the kyc documents?
pizza
Is there one/some you recommend?
But KYC is verified through a third party, not through the exchange itself, and IME they all use the same third party.
I believe you’ll have to take a selfie with your ID for account verification. If the process has changed now someone please let everyone know so if that’s something you are not ok with you can pass on it 🙂
Is this available for NY?
I assume anything crypto-related is illegal for NY unless I personally see it on Coinbase. Saves a lot of time.
No, it’s in the FAQ somewhere.
This reminds me of 2013 crypto and not in a good way. Feels really scammy, no fdic obviously, and they force you to lock into a lending of a tether coin which is already controversial at a minimum for your deposit for 90 days. I think I’ll pass even if I’m probably being overly cautious on this one. Though Ive gotten burned in the past with quite a few of these crypto exchanges in the past so…..