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US$50 in DFI from CakeDefi (US$50 Deposit Required)

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Refering to the older post by Sarinella here about CakeDefi.

CakeDefi is giving more bonus to celebrate Tokyo Olympic kick off.

From July 22, 2021 10:00 AM UTC to August 8, 2021 10:00 AM UTC, each successful (verified identity and $50 deposit) referral earns the referrer $25, and the referee $50. Get medal bonuses the more you refer. Refer to table below. All bonuses in DFI.

Since it has been good to me I would help spread the new Olympic deals. I know there has been controversial discussion regarding crypto world. Be wise for your investment!

Have a read on their terms, as this $50 in DFI will be locked for staking for 180 days.

Edit:
What I did in the past and what I've been doing I will summarise here
1. I use BTCmarkets (Melbourne based exchange) to buy crypto asset. I used LTC or XRP due to cheaper transfer fee and faster confirmation
2. I then transfer these LTC/XRP to KuCoin (Crypto Exchange). From there I will purchase DFI. Why didnt I use KuCoin at the first place? Simply because BTCmarkets offers better rate from fiat to crypto.
3. From KuCoin then I transfer to CakeDefi for staking/freezing purpose. KuCoin used to charge 1 DFI for transfer, but now is 0.1 DFI.

I understand it is not a very straightforward and lot of steps, but hey I want the most out of my hard earned $$ that I am willing to do this process. Banxa API in CakeDefi platform allows you to purchase BTC that can be swapped to DFI, but I have made a comparison that my aforementioned is still cheaper :)

Referral Links

Referral: random (43)

US$10 bonus for referrer and US$30 referee with US$50 Deposit.

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closed Comments

  • +3 votes

    By the name of this post, I thought I'd get some free cake from this so called bakery Cakedefi

    •  

      Nope, you'll just convert your dollars to rugpull and scam tokens which quote unrealistic returns (the legality of these stated returns is currently being tested in various jurisdictions).

  •  

    Looks more CeFi than DeFi being a registered business

  • +2 votes

    bugga, was looking for cheap cheesecake

  •  

    Wow I looked for some cake but got served another crypto.

  •  

    Even with this bonus deal, I can't recommend this to anyone. It's been going down over the last few months, making the bonuses irrelevant, even when bitcoin has stayed about the same. At the same time, you get emails from them telling you how your investment has gone up X% when it is not even true. If you're willing to take a gamble/lose what you invest, fair enough. It might come good, however proceed with caution

    • +1 vote

      According to the previous deal below, the previous deal’s OP said the deposit is not locked up and you can withdraw the deposit anytime. So you can put in the initial deposit, wait to get the referral bonus and then withdraw the deposit. Essentially the referral bonus given in DFI is free money. Is this right?

      https://www.ozbargain.com.au/node/595691

      • +2 votes

        Yes, your deposit is accessible whilst the bonuses are locked up for a set amount of time. However, whether this is free money is another question. For a start, the value of your deposit fluctuates according to the value of DFI. Even including the so called staking returns and bonuses, the $USD value of my investment is currently at 2/3's of what I put in a few months ago. Admittedly, DFI has a connection to bitcoin and bitcoin itself went down a lot over this time, however DFI continued going down over the past several weeks even when bitcoin stayed about the same. All I'm saying is be very careful and do not be swayed by the bonuses. What happens with this product and your investment remains to be seen

        •  

          This. The tokens on these exchanges are very volatile (especially those paid as reward or "interest") and it should be viewed as gambling rather than investing.

  •  

    Passport required for signup? :(

  •  

    Pretty sure when I looked into this platform, it was $70 to 'set up' an ethereum address. lol.

    • +1 vote

      Do not use ETH or USDT deposit from them. It's crazy how they charge the initial fee. Unless you have significant investment that is worth paying the fee for.

      •  

        So depositing the other coins such as BTC is better as these would have lower fees?

        • +1 vote

          In my experience standard BTC transfer protocol has higher gas fee. So I would recommend to transfer DFI straight away from other exchange. I have updated my post above on how I did it

          •  

            @leonardoryan: With BTC, on top of it’s protocol gas fee, is there the initial fee charged by CakeDefi like what you mentioned with ETH and USDT?

            • +1 vote

              @ilovefullprice: I can confirm at this time CakeDefi does not charge initial fee for BTC, BCH, DOGE, and LTC deposit.

              They charge one off $25 for ETH, USDT, and USDC opening wallet. However, they have second option that you can transfer with no fee if you can send these coins through DeFiChain network. So far I have hot found any exchange that support this protocol.