Control your financial destiny with Bake. Bake is the most transparent, safe and easy way to get returns on your crypto investments. Our mission is to level the investment playing field by empowering anyone to control their financial destiny. Start my Bake journey → No crypto? No problem! Buy crypto with fiat currencies at low fees, or deposit coins from your external wallet. Build my crypto portfolio → Discover the perfect Bake service that’s right for you. Whether you are a newbie or a native investor, we have services for every appetite. Maximize my crypto wealth → Our services are powered by DeFi and are designed to help you effortlessly generate stable yields and cash flow from your crypto. Services at Bake Staking Join fully transparent staking pools and receive your rewards twice a day – perfect for long-term wealth creation. Up to 10.25% APY Liquidity Mining Deposit your favorite coins into shared liquidity mining pools and generate passive income with minimal fuss. Up to 29.3% APR YieldVault Our most beginner-friendly service. The simplest way to earn competitive returns on today's most popular crypto. Up to 9.95% APY Support for 31 different coins
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Is Bake legit?
Bake (bake.io) has a 4.0 out of 5 rating on OK.one, based on 339 user reviews collected here. It is listed under Money & Insurance and its reputation is good. 78% of reviews are 4 stars or higher and 18% are 1 star; The business has replied to 36% of negative reviews; 4 of them were added in the last 12 months. Last updated 2026-10-24.
Kenyon Smith to Cakedefi.com , I just signed up for your platform from the USA! Can I also verify my national ID card with your services. Instead of a driver's license that I do not have at the time . But I do have a valid national ID card from my home state of NEW JERSEY ! THANK YOU
Reply from Bake2021-10-26
Hey Kenyon,
thanks for your message and hope you are well.
The best thing is to write to our support, they will be happy to help you: https://cake.zendesk.com/hc/en-us/requests/new
Just started liquidity mining & staking, and all seems great. The true test will be March 2022 I guess. The mobile app is easy to use, provides all the info you need, simple & straightforward. We all try these things with some nervousness, but I always test with small amounts. Hopeful.
Reply from Bake2021-09-30
Hey Bobby,
thanks for your lovely feedback.
If you have any questions or ideas on how we can improve our service, please feel free to contact us at https://cake.zendesk.com/hc/en-us/requests/new.
Happy Baking 🍰
Cake Defi flaunts their 'transparency' when in reality they have a sneaky/dishonest way of showing that you're actually only getting 90% of the BTC you're paying for in ADDITION to the 1.99% Banxa fee.
For example when purchasing it asks if you want to buy x amount of BTC or x amount of USD. I suppose it's up to us to realise the 2 are the same price. I paid $10k USD which was instantly worth only $9,100 in BTC because Cake Defi "isn't an exchange and the rates are higher than on the market" as they claimed... please be warned and just buy on a proper exchange like Binance. Noob lesson learned.
Reply from Bake2021-09-28
Hey Lee,
thanks for your detailed feedback.
We'll be happy to take your experience and share it internally with the team on how we can better provide our service.
However, after you got your BTC, did everything work out as desired, or did you notice any other ambiguities there as well?
I am tired of writing this again and again but please answer. My 0.3371 dash withdraw is missing for 183 days. On the 03 August there is some problem on dash withdraws. And when I withdraw the dash you guys gave me a false transaction ID. On the transaction ID it looks like I withdraw my dash on 02 August and dash amount is also different. My withdraw looks like "complete" but there is no money. I am writing to you but you are not even answering. I think my problem will not be solved and my money will not come because no one cares. Please do something, review my withdrawal again and send my money.
Hi,
They rejected my identity verification. I am originally Iranian but been living in the UK and been using other networks/ banking facilities just fine. There is no Iran in the nationality to choose from in the website, and I cant change the fact that I was born in Iran but hold British residence permit. This is the discrimination for the honest citizens who have nothing to do with their government. I am not even living there to begin with. But I am still a person ( and human being) whose identity has been rejected!
Let's hope for a better future with no discrimination. Was't this the main purpose of crypto to bank the unbanked ?!
Reply from Bake2021-09-28
Hey,
thanks for your feedback.
Unfortunately, we are regulated and therefore we have to comply with their standard. However, we are very committed to adding more countries.
We would be happy to forward Iran to our lawyer so we can create an application.
Withdrew 0.00145 BTC worth £43 and after their fee (network fee was low 0.00000517 BTC) I was charged 0.0005 to withdraw, meaning I received £28.59
Beware it costs £15 to withdraw your money from this site, something that isn't very clear when they are asking you for money.
EDIT to answer feedback: You have a set fee for withdrawals at £15, the network cost was a fraction at the time as explained. I would suggest you not make money from transfers if you are not trying to. Charging a set £15 fee is making money, no matter what way you want to spin it.
Reply from Bake2021-09-28
Hey,
thanks for your feedback.
We are not interested in making profit from deposits or withdrawals, this depends on the particular blockchain and its fees.
The best example: DeFiChain: there you have no fees for creating the address as well as the withdrawal fee is low (in the cents range).
We also constantly adjust the fees, depending on the state of the blockchain. We clearly communicate how many fees you pay when you withdraw.
We are happy to take your feedback and discuss internally in the team how we can improve.
Update #2
Now they're frantically trying to get rid of critical reviews of their data stealing practices, and they marked this one as unverified. Well, they did steal my personal data and I'm intending to keep this review up for everyone to see.
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Update #1
To whoever replied from Defi:
1. The article you linked is by no means a detailed explanation of how you handle personal user data. It's basically a marketing leaflet only skimming the surface and providing any real information.
2. I'm not your customer until I become your customer. By refusing to register me (through your own fault, nonetheless) you also refused to acknowledge me as a customer, therefore you have no right to hold on to my personal data. You're petty data thieves, that's all you are.
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They collect A LOT of your personal information, including pictures of your ID, address, etc. Then they even want a bloody selfie made while your both hands are occupied. Finally, they keep rejecting the verification: the last time I was told I had to provide my full given name, but what I gave them was EXACTLY what was on my ID.
But it gets worse - there is no option anywhere on the website to close the account. Event to updated your email address you need to contact support using one of those dodgy widget-popup tools.
They flat out REFUSE to get rid of your personal information, even if you don't go through the validation process, or don't complete it. Their knowledge base doesn't say anything about how and where your data is stored. You have no idea who can access your uploaded ID and address info, and they keep dodging this question on Reddit.
What are you hiding, Cake DeFi? Who are you selling our data to?
Reply from Bake2021-09-28
Hey Michał,
thanks for your feedback.
Unfortunately, since we are regulated, we have to adhere to its standards.
We have written a detailed article on how we handle customers' data: https://support.cakedefi.com/hc/en-us/articles/4403978048793-How-we-handle-your-Data-at-Cake-DeFi
If you have any follow-up questions, please feel free to contact our support team, who will be happy to help you: https://cake.zendesk.com/hc/en-us/requests/new
Cakedefi.com is a cryptocurrency staking und Liquidity mining site.
In short: for a staking you need just one currency and it is over 100% APM in case of Defi coin, for liquidity mining further currency like Bitcoin or Ether, APM is bit smaller.
Right now the crypto is pretty down I think the time is right.
One tip - look for pay-out fees before you choose a currency to buy, for a smaller amounts they are costly.
I received pretty decent customer service via email. However, I'm not liking the liquidity mining, or Cake in general. It basically just pays you in DFI and then there is no way to turn your DFI into BTC or any other coin. AND there is no way to sell your DFI and deposit it into your bank account. So you have to get a separate account at some other 3rd rate exchange if you want to cash out any of your DFI.
1st rate - Gemini
2nd - coinbase and binance
3rd - everything else, including all the scammers
for the most part I'm quite happy with my experience. the largest problem I have is the amount of down time. maybe its just bad timing for me, I know there are lots of network upgrades going, but with all the craziness in the market I like to check on things several times a week in order to make sure I'm still in line with what I expected.
I have been pleasantly surprised with this group. They have actual customer service and have been prompt in responding to me thus far.
I don’t like that they’ve ended ETH and USDT deposits, especially since they didn’t mention that before signing up.
BTC and LTC mining has been good, staking is good, and their lapis service is a nice way to generate a return if you bet on upward trends.
Generally I like it, I only wish they’d let me deposit eth and usdt.
Reply from Bake2021-03-02
Dear Matt
Thank you for your wonderful feedback and support. We absolutely appreciate it!
Regarding depositing ETH and USDT, could you drop us a message at: https://cake.zendesk.com/hc/en-us/requests/new
and we'll see how we can assist you.
Thank you!
Regards,
Your Cake Team
Cake DeFi gives the opportunity to earn significant interest with crypto relatively worry free. If you do not want to invest a lot of time to get experience it is the right place to look after.
The defi exchange an the web site was build extremely fast for it's complexity. Most of the time it works very well. Sometimes there occur some hickups, but I never feared to lose my deposits. The community is very aware of the changes and the cake team usually resolves issues very fast.
If you look at the roadmap, there are a lot of interesting features to come. And the roadmap is defined for the next 10 years (!) Which I have not seen often in the cryptoverse...
best service. 24/7. super helpful and competent team. best possible transparency. super simple and clear platform. unbeatable returns in staking and liquidity mining. 1 point deduction for bad freezer program.
Put in a ticket (#12649) stating that I put in the initial $50 in crypto but because of market fluctuations it settled lower than the required minimum. Customer service stated there was nothing that could be done and I would have to place more money on the platform. This is disappointing to new users wanting to test out the platform without putting up a lot of money up front.
If you know how basic DeFi services work, you'll have no problem with Cake. I use it, and I like that it's relatively simple to get things done, it's quick and transparent.
I deducted one star because of how the UI or any documentation I read through, doesn't always tell you what happens when doing certain tasks; First, it doesn't explain that when you buy DFI, you can't sell them until you have 2FA turned on. Whilst that's nice and safe, it's something people should be told ahead of time. Second, there's no explanation of how the selling of DFI tokens work, so you have to sell tokens to find out. Again, a little heads up in the FAQ will help people there.
Other than that, I'm more than happy with the service.
