{"id":8882,"date":"2023-06-06T00:15:00","date_gmt":"2023-06-06T08:15:00","guid":{"rendered":"https:\/\/www.cultofmoney.com\/?p=8882"},"modified":"2023-07-03T06:45:53","modified_gmt":"2023-07-03T14:45:53","slug":"cake-defi-review-fees-features-pricing","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/cake-defi-review-fees-features-pricing\/","title":{"rendered":"Cake DeFi Review: Fees, Features, &#038; Pricing"},"content":{"rendered":"<p><span><img decoding=\"async\" alt=\"Cake DeFi\" data-id=\"8891\" width=\"360\" data-init-width=\"1200\" height=\"188\" data-init-height=\"628\" title=\"CultOfMoney_AllSizes_Cake_DeFi_Review_03_1200x628\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2023\/06\/CultOfMoney_AllSizes_Cake_DeFi_Review_03_1200x628.jpg\" data-link-wrap=\"true\" data-width=\"360\" style=\"aspect-ratio: auto 1200 \/ 628;\" data-height=\"188\"><\/span><\/p>\n<p>If you\u2019re looking for a gateway into the world of cryptocurrency or a new place to buy, store, and earn from your crypto holdings, you may want to know about <a href=\"https:\/\/cakedefi.com\/\" target=\"_blank\" rel=\"noopener\">Cake DeFi<\/a>.<\/p>\n<p>Cake DeFi is a <a href=\"https:\/\/www.cultofmoney.com\/kyc-aml-crypto-exchanges\/\" style=\"outline: none;\">decentralized finance (DeFi)<\/a> company that can act as an important part of your crypto portfolio, particularly if you\u2019re looking to earn interest from staking without going through the hassles of running your own digital wallet.<\/p>\n<p>Here\u2019s a closer look at how Cake DeFi works so you can decide if it\u2019s a good fit for your unique crypto-investing needs.<\/p>\n<h2 id=\"t-1685966420723\">What Is Cake DeFi?<\/h2>\n<p dir=\"ltr\"><strong>Note<\/strong>: <em>This DeFi platform is not open to users in the United States.<\/em><\/p>\n<p dir=\"ltr\">Cake DeFi is a cryptocurrency platform that specializes in crypto staking and other yield-generating products. The company began in 2019 and is based Singapore. It aims to be a one-stop platform for your cryptocurrency with strong levels of transparency to keep customer assets as safe as possible.<\/p>\n<p dir=\"ltr\">As of 2022, the company claimed over one million users from 190 countries. In 2021 alone, the company paid $230 million in cryptocurrency rewards from <a href=\"https:\/\/www.cultofmoney.com\/what-is-staking-crypto\/\">staking<\/a> and other DeFi investment activities.<\/p>\n<p dir=\"ltr\">As the size of your account grows, you may qualify for the VIP program. VIP users pay lower fees and earn other benefits, like additional rewards and yield rates.<\/p>\n<h2 id=\"t-1685966420724\">Cake DeFi Features<\/h2>\n<p dir=\"ltr\">The main reason to use Cake DeFi is to put your crypto to work in some form to generate yield. Alternatively, you can also borrow against your crypto holdings to access more capital.<\/p>\n<p dir=\"ltr\">If you sign up for Cake DeFi, these are the main features that you have access to on the platform:<\/p>\n<ul>\n<li><span><strong>Buy &amp; Sell Crypto<\/strong>: Cake DeFi works with 12 popular digital assets, including <a href=\"https:\/\/www.cultofmoney.com\/what-is-bitcoin\/\">Bitcoin<\/a>, Ethereum, Dogecoin, <a href=\"https:\/\/www.cultofmoney.com\/how-to-invest-in-litecoin\/\">Litecoin<\/a>, Polygon, and several stablecoins.<\/span><\/li>\n<li><span><strong>YieldVault<\/strong>: YieldVault lets users deposit eligible currencies to generate high yields with on-chain transactions. The system is fairly complex and relies on the DUSD <a href=\"https:\/\/www.cultofmoney.com\/usdc-vs-usdt\/\" style=\"outline: none;\">stablecoin<\/a>.<\/span><\/li>\n<li><span><strong>LiquidityMining<\/strong>: With LiqudityMining, your staked assets are combined in a liquidity pool with other crypto users. Currencies are used to add liquidity to exchanges, and you earn a reward for participating.<\/span><\/li>\n<li><span><strong>Staking<\/strong>: With staking, you can place your currency in a pool supporting the <a href=\"https:\/\/www.cultofmoney.com\/blockchain\/\">blockchain<\/a>, and earn a portion of blockchain rewards, currently around 4% to 12% APY depending on your currency.<\/span><\/li>\n<li><span><strong>Borrow<\/strong>: Using your cryptocurrency portfolio as collateral, you can borrow DUSD. Interest and origination fees apply.<\/span><\/li>\n<li><span><strong>Freezer<\/strong>: The Freezer program is unique and stands out from other cryptocurrency investment offerings. It provides cash flow or compound returns for you in return for \u201cfreezing\u201d your crypto assets for anywhere from one month to ten years. The Freezer interface makes Staking and Liquidity Mining with added features you normally get from investing in stocks or bonds.<\/span><\/li>\n<li><span>\n<p dir=\"ltr\"><strong>Learn &amp; Earn<\/strong>: With the learn program, you can learn about different cryptocurrencies and get paid in free crypto rewards for passing a short quiz.<\/p>\n<p><\/span><\/li>\n<\/ul>\n<p><span><img decoding=\"async\" alt=\"Learn and Earn Cake DeFi\" data-id=\"8900\" width=\"702\" data-init-width=\"907\" height=\"245\" data-init-height=\"316\" title=\"Learn-and-Earn-Cake-DeFi\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2023\/06\/Learn-and-Earn-Cake-DeFi.png\" data-link-wrap=\"true\" data-width=\"702\" data-height=\"245\" style=\"aspect-ratio: auto 907 \/ 316;\"><\/span><\/p>\n<p>As with other DeFi products, Cake DeFi enables you to enter risky transactions with risky holdings.<\/p>\n<p>While we love crypto and hope you earn enough to buy a Lamborghini, there\u2019s a serious risk of losses. Never invest more than you can afford to lose in cryptocurrency.<\/p>\n<h2 id=\"t-1685966420725\">Cake DeFi Pricing &amp; Fees<\/h2>\n<p>Cake DeFi may help you earn a yield, but the company also has to make money somehow.<\/p>\n<p><strong>Here\u2019s a look at pricing and fees at Cake DeFi so you know what to expect<\/strong>:<\/p>\n<ul>\n<li><strong>Deposit Fees<\/strong>: CakeDeFi doesn\u2019t charge any deposit fees. You can fund an account with any supported crypto and Cake DeFi won\u2019t charge a fee on those deposits.<\/li>\n<li><strong>Reward Fees<\/strong>: When you earn rewards through staking, you pay 10% of your earnings to Cake DeFi as a fee. For DFI, DASH, and MATIC, you pay 15% of the rewards you earn as a fee.<\/li>\n<li><strong>Withdrawal Fees<\/strong>: As with many other crypto platforms, you have to pay a fee to liberate your currency to your <a href=\"https:\/\/www.cultofmoney.com\/category\/crypto\/wallets\/\" style=\"outline: none;\">external hardware or software cryptocurrency wallet<\/a>. You pay a flat fee for each currency you withdraw in that currency. Withdrawal fees cover blockchain fees, plus a little more for Cake DeFi.<\/li>\n<li><strong>Borrowing Fees<\/strong>: If you use cryptocurrency as collateral for a DUSD loan, you pay 5% APR plus a 0.5% origination fee.<\/li>\n<\/ul>\n<p>Fees are also required for swaps. They\u2019re not publicly listed, but you can see your specific fee before entering a transaction. VIP users save on swap fees among other costs.<\/p>\n<h3>cakeELITE Program &amp; Pricing<\/h3>\n<p>cakeELITE is a subscription membership program. Monthly members pay $9.99 per month and get a 2x rewards boost and priority email support. For $1,000 per year, Yearly plan members earn 2.5x rewards and have priority support through email or WhatsApp.<\/p>\n<p><span><img decoding=\"async\" alt=\"cakeELITE\" data-id=\"8903\" width=\"600\" data-init-width=\"700\" height=\"416\" data-init-height=\"485\" title=\"cakeELITE\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2023\/06\/cakeELITE.png\" data-link-wrap=\"true\" data-width=\"600\" style=\"aspect-ratio: auto 700 \/ 485;\" data-height=\"416\"><\/span><\/p>\n<p>With large accounts, these add-ons could make sense. But for the typical crypto users who is speculating with a small portion of their assets, you can skip paying extra for cakeELITE.<\/p>\n<h2 id=\"t-1685966420726\">Cake DeFi Alternatives<\/h2>\n<p>While Cake DeFi isn\u2019t a traditional exchange, it offers competing features with several top exchanges and other DeFi companies.<\/p>\n<p>However, the DeFi landscape changes quickly, so you\u2019ll always want to keep close tabs on anyone holding your crypto outside of a wallet you control. Additionally, you can explore other Cake DeFi alternatives if you want to shop around for different <a href=\"https:\/\/www.cultofmoney.com\/best-crypto-staking-providers\/\">staking providers<\/a> and lending rates.<\/p>\n<p><strong>Here&#8217;s a breakdown of some of our top CakeDeFi alternatives<\/strong>:<\/p>\n<table data-rows=\"5\" data-cols=\"4\">\n<thead><\/thead>\n<tbody>\n<tr>\n<td>Cell<\/td>\n<td><span><img decoding=\"async\" alt=\"CakeDeFi Alternative: Nexo\" data-id=\"5143\" width=\"140\" data-init-width=\"1244\" height=\"49\" data-init-height=\"432\" title=\"Nexo logo\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/12\/Nexo-logo.png\" data-link-wrap=\"true\" data-width=\"140\" style=\"aspect-ratio: auto 1244 \/ 432;\" data-height=\"49\"><\/span><\/td>\n<td><span><img decoding=\"async\" alt=\"CakeDeFi Alternative: Binance\" data-id=\"2652\" width=\"169\" data-init-width=\"2854\" height=\"47\" data-init-height=\"792\" title=\"Binance logo\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Binance-logo.png\" data-link-wrap=\"true\" data-width=\"169\" data-height=\"47\" style=\"aspect-ratio: auto 2854 \/ 792;\"><\/span><\/td>\n<td colspan=\"1\" rowspan=\"1\"><span><img decoding=\"async\" alt=\"CakeDeFi Alternative: Crypto.com\" data-id=\"3376\" width=\"169\" data-init-width=\"257\" height=\"49\" data-init-height=\"75\" title=\"Crypto.com logo\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Crypto.com-logo.png\" data-link-wrap=\"true\" data-width=\"169\" data-height=\"49\" style=\"aspect-ratio: auto 257 \/ 75;\"><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p><strong>Supported Coins<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">40+<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">350+<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p style=\"text-align: center;\">250+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Staking Rewards?<\/strong><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p><strong>Best For<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Easy staking and yield generation<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Overall crypto exchange<\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\">\n<p>Crypto rewards card and earning programs<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\">Cell<\/td>\n<td rowspan=\"1\" colspan=\"1\"><\/td>\n<td rowspan=\"1\" colspan=\"1\"><\/td>\n<td colspan=\"1\" rowspan=\"1\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>You can also check out our list of the <a href=\"https:\/\/www.cultofmoney.com\/best-cryptocurrency-exchanges\/\" style=\"outline: none;\">top cryptocurrency exchanges<\/a> here. For other DeFi options where you can earn interest from cryptocurrency, here\u2019s our list of the best <a href=\"https:\/\/www.cultofmoney.com\/best-crypto-savings-accounts\/\" style=\"outline: none;\">crypto savings accounts<\/a>.<\/p>\n<h2 id=\"t-1685966420727\">Cake DeFi Account Opening<\/h2>\n<p dir=\"ltr\">Opening an account is similar to doing so with many other cryptocurrency exchanges. You\u2019ll need to set up a username and password and some personal information to open a fully functioning account.<\/p>\n<p dir=\"ltr\">Once you verify your email, you must submit additional information to unlock all features. The site uses three <a href=\"https:\/\/www.cultofmoney.com\/kyc-aml-crypto-exchanges\/\">Know Your Customer (KYC)<\/a> verification levels. At Level 0, you can explore the platform but can\u2019t transact. Level 1 verification opens up all features with a $10,000 monthly withdrawal limit. At Level 2, you can withdraw without limits.<\/p>\n<p><span><img decoding=\"async\" alt=\"Cake DeFi KYC\" data-id=\"8911\" width=\"550\" data-init-width=\"650\" height=\"546\" data-init-height=\"645\" title=\"Cake-DeFi-KYC\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2023\/06\/Cake-DeFi-KYC.png\" data-link-wrap=\"true\" data-width=\"550\" style=\"aspect-ratio: auto 650 \/ 645;\" data-height=\"546\"><\/span> <\/p>\n<p>A phone number, copy of your ID, picture of you holding your ID, birthday, and other personal information are required for Level 1 and Level 2 verification.<\/p>\n<h2 id=\"t-1685966420728\">Safety &amp; Security<\/h2>\n<p dir=\"ltr\">Cake DeFi doesn\u2019t have any history of hacking or major customer losses. As with all crypto platforms, there\u2019s always some risk when you <a href=\"https:\/\/www.cultofmoney.com\/not-your-keys-not-your-coins\/\" style=\"outline: none;\">don\u2019t hold the keys to your crypto<\/a>.<\/p>\n<p dir=\"ltr\">If Cake DeFi runs into trouble, you may be unable to withdraw. Hopefully, however, they stay far away from what happened with FTX and other <a href=\"https:\/\/www.cultofmoney.com\/most-common-crypto-and-nft-scams\/\">crypto scams<\/a>.<\/p>\n<p dir=\"ltr\">To keep your account safe, follow online best practices for account security. That includes a unique password that\u2019s not used on any other account. Two-factor authentication is required for many transactions, such as withdrawals.<\/p>\n<p dir=\"ltr\">And, of course, don&#8217;t hold all of your digital crypto eggs in one basket. You want to diversify your portfolio with different tokens, but also hold them on your own wallet where you have control.<\/p>\n<h2 id=\"t-1685966420729\">Cake DeFi Support &amp; Customer Service<\/h2>\n<p dir=\"ltr\">Past customers are happy with their Cake DeFi experience. On <a href=\"https:\/\/www.trustpilot.com\/review\/cakedefi.com\" target=\"_blank\" style=\"outline: none;\" rel=\"noopener\">TrustPilot<\/a>, the site holds an impressive 4.8-star rating with about 1,700 reviews. While most reviews are very good overall, the few complaints are serious, such as not being able to withdraw or access account funds.<\/p>\n<p dir=\"ltr\">The only way for most users to reach the company is through an email support form. Some VIP users with high account balances get faster responses. If you reach one of the top VIP tiers, you can get live chat support through WhatsApp.<\/p>\n<h2 id=\"t-1685966420730\">Pros &amp; Cons<\/h2>\n<p><strong>Pros:<\/strong><\/p>\n<ul>\n<li><span><strong>Transparency<\/strong>: Unlike some murky companies, Cake DeFi publishes regular reports showing what\u2019s happening with its financial holdings.<\/span><\/li>\n<li><span><strong>Multiple Ways To Earn<\/strong>: Cake DeFi provides several options for earning interest. Varying degrees of risk applies, so research each method thoroughly before clicking the button to start.<\/span><\/li>\n<li><span><strong>Full Cryptocurrency Ecosystem<\/strong>: You can buy bitcoin, ether, DeFi (DFI), and Euro Coin directly on the platform, then manage your entire crypto portfolio from the same login.<\/span><\/li>\n<\/ul>\n<p><strong>Cons:<\/strong><\/p>\n<ul>\n<li><span><strong>Centralization Risks<\/strong>: If someone else holds your crypto outside of your wallet, there\u2019s a risk of being unable to withdraw or liquidate in the future.<\/span><\/li>\n<li><span><strong>Steep Fees<\/strong>: Rewards earned on the platform are subject to a 15% fee. That\u2019s a big chunk of your earnings paid to Cake DeFi before they hit your account, so keeps this in mind when signing up.<\/span><\/li>\n<li><span><strong>Access<\/strong>: Users in the U.S. can\u2019t join Cake DeFi and verify their accounts. Even with a VPN, you wouldn\u2019t be able to meet KYC requirements for withdrawals and other transactions.<\/span><\/li>\n<\/ul>\n<h2 id=\"t-1685966420731\">The Bottom Line<\/h2>\n<p dir=\"ltr\">In conclusion, Cake DeFi offers a comprehensive platform for <a href=\"https:\/\/www.cultofmoney.com\/how-to-invest-in-crypto\/\">cryptocurrency investors<\/a> looking to diversify their holdings and generate yield through various DeFi strategies.&nbsp;<\/p>\n<p dir=\"ltr\">With its transparent approach, multiple yield-generating products, and a full cryptocurrency ecosystem, it is an attractive option for users in the 190 countries it serves. However, it&#8217;s essential to consider the inherent risks involved in using any DeFi platform, including the possibility of not being able to withdraw or liquidate funds and the steep fees on rewards.<\/p>\n<p dir=\"ltr\">Despite these drawbacks, Cake DeFi has received positive feedback from its users and maintains a high rating on TrustPilot. Although it is not available to users in the United States, those who can access it may find it a valuable addition to their cryptocurrency investment toolkit.<\/p>\n<p dir=\"ltr\">As always, investors should carefully research and assess the risks involved before participating in any DeFi platform, including Cake DeFi, and only invest what they can afford to lose.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cake DeFi is a decentralized exchange and staking platform where users can buy, sell, swap, stake, and earn yield on their deposits.<\/p>\n","protected":false},"author":12,"featured_media":8885,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[669],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/8882"}],"collection":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/comments?post=8882"}],"version-history":[{"count":34,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/8882\/revisions"}],"predecessor-version":[{"id":9251,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/8882\/revisions\/9251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media\/8885"}],"wp:attachment":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media?parent=8882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/categories?post=8882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/tags?post=8882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}