BakerySwap Review 2024

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BakerySwap is a decentralised crypto exchange and platform that operates on the BSC network. As a part of decentralised finance (DeFi), clients can complete crypto-to-crypto trades, earn rewards from staking in liquidity pools and purchase and mint NFTs.

But is the crypto firm safe? This review will evaluate BakerySwap’s many ways to trade, alongside fees, security protocols, payment methods and more.

Our Take

• BakerySwap offers interesting ways to trade crypto assets on the decentralised exchange and NFT marketplace, with 0.3% gas fees
• Clients can earn the exchange’s native BAKE token, among others, by playing in-house games
• The lack of a sophisticated trading platform is a let-down as it forces clients to plan their trades through third-party solutions
• BakerySwap’s business anonymity and lack of regulation is a major concern. Instead, we recommend considering a more established broker that offers crypto trading opportunities, such as FXCC or PrimeXBT.

Crypto Investing

Our experts were impressed with the various ways BakerySwap clients can trade and earn using cryptocurrency. The available options include:

Exchange

BakerySwap’s decentralised exchange allows clients to trade cryptocurrencies via a market execution model only, with trade orders processed immediately at the current market price.

On the downside, we were disappointed to find that BakerySwap does not support pending orders, meaning that traders cannot set their choice of price at which to execute the trade.

BakerySwap does support some transaction customisation through slippage tolerance and order expiration. Slippage is the difference between the order price and the price that you actually pay. If the slippage is over this tolerance level, the order is cancelled. This is key for crypto trading in particular as short-term volatility can sometimes lead to very high slippage, making the terms of trades much less favourable than initially expected.

You can also include a deadline whereby the order is cancelled if you find you have been waiting for confirmation for too long. The minimum time frame accepted for this is 60 seconds.

With over 60 crypto tokens to choose from, we found that exchanging your coins is a very simple process, as detailed below. Note that the supported crypto is subject to change. In the past, BakerySwap has accommodated trading in additional tokens such as BLP before discontinuing them.

How To Make A Crypto Swap

I found making a swap relatively easy after connecting my crypto wallet:

1. Go to the BakerySwap website and connect your crypto wallet
2. Under the ‘Trade’ tab, click ‘Exchange’
3. Choose the crypto you are selling and the crypto you wish to buy
4. Input either the amount you wish to buy or the amount to sell. BakerySwap will then calculate the corresponding quantity of crypto
5. Edit the transaction settings by clicking the gear icon in the top-right-hand corner of the page
6. If the price impact and conversion rate are satisfactory, confirm the order

Crypto Farming

DeFi platforms such as BakerySwap rely on liquidity pools to act as counterparties to all trades. These pools use smart contracts to automatically determine the correct amount of crypto to be swapped with another. Sufficient liquidity is required to facilitate the trade.

We found that BakerySwap incentivises clients to stake funds into these pools through yield farming. Also known as crypto farming, this involves depositing funds into pools for specific crypto-crypto pairs that facilitate transactions between the two tokens. In doing so, the pool accrues value through the taker fees paid by the trader. This continues until you un-stake (withdraw) your funds from the pool alongside these fees.

We liked that crypto farming provides a way for BakerySwap clients to generate a passive income from earning rewards for staking funds. The rewards are also scaled so that the fees you generate increase with stake size.

The image below is an example of a set-up for liquidity farming with BakerySwap for the pool of BETH and USDT.

How To Start Crypto Farming

To create a farming order, I only needed to follow a few simple steps:

1. On the BakerySwap homepage, click ‘Liquidity’ under the ‘Trade’ menu
2. Connect your wallet and then click ‘Add Liquidity
3. Select the cryptocurrency pairs you wish to stake
4. Specify the volume you wish to stake
5. Confirm the order to begin yield farming

NFT Marketplace

Our team found that BakerySwap operates an interesting marketplace where individuals can purchase and sell non-fungible tokens, or NFTs. These unique digital assets can be purchased by collectors for their artistic or novelty value, or as speculative investments by traders aiming to flip them later for profit.

I liked that I could customise my search on BakerySwap to find unique NFTs created by featured artists, partner shops and in-game digital assets.

Furthermore, we were impressed that BakerySwap aims to support artists that create their own digital assets and can then earn royalties through a process called ‘minting’. This allows artists to upload their projects onto the marketplace to be sold using the exchange’s native token BAKE.

To find out about upcoming events and new listing of NFT collections, visit the BakerySwap Gallery. Here, some of the most talented artists on the platform are advertised with expected release dates so you can purchase the highly sought-after assets when they drop.

There are three versions of the BakerySwap marketplace – V1, V2 and V3 – and each has different artwork on offer. This ranges from weapons images and One Piece mystery boxes to Bark and Ape NFTs.

Gamification

One of the ways to trade with BakerySwap that we found most engaging is through the in-house video games. The exchange hosts a variety of games on its platform that give you the chance to win prizes – a common feature on decentralised exchanges.

For example, the MPB x USM Land game rewards successful players with land in the Metaverse, which is claimed as a reward using NFTs. Another example is GameAce, which requires users to purchase specific game cartridge NFTs to participate.

BakerySwap Fees

Our experts were pleased that BakerySwap adopts a clear fee structure, making it simpler for traders to predict the costs associated with a crypto-to-crypto exchange.

For takers, there is a gas fee of 0.3%, which is paid to liquidity providers and to the exchange itself. We find this rate competitive across DEXs, for instance, UniSwap charges the same amount.

There are also NFTs of 0.01 BNB for clients that want to mint their own artwork.

Accounts

Although we recognise the benefits of having differentiated account types, we are fans of BakerySwap’s egalitarian, one-account-fits-all approach, which means there are no services hidden behind fees or memberships. As a result, all users with a crypto wallet have equal access to the exchange, yield farms, NFT marketplace and gamification service.

However, we would have liked to see support for a BakerySwap practice account. As there is no demo account on offer, there is no way for clients to practise trading crypto using simulated funds before trading with real capital. This is a serious drawback when you compare the firm with established crypto brokers.

Funding Methods

BakerySwap does not provide a crypto on-ramp service, so you cannot purchase crypto using fiat currency. If you plan on trading using BakerySwap, you need to connect a crypto wallet, and though this is relatively normal for decentralised exchanges, we do think the lack of fiat payment methods will be off-putting for many casual crypto traders.

Crypto Wallets

Crypto wallets are solutions that hold your tokens. These can be either ‘hot’ wallets that are online and easy to access or ‘cold’ storages that are offline but are typically safer.

For most crypto traders, it is most secure to hold digital assets in a hot wallet that links with BakerySwap to complete transactions and then return tokens to cold storage once they have finished trading.

The supported crypto wallets include:

• Binance Chain Wallet
• Infinity Wallet
• Marble Wallet
• Prema Wallet
• Now Wallet
• MetaMask
• SafeMoon
• Crossmint
• Fireblocks
• KryptoGo
• Sequence
• UniPass
• ApolloX
• BitKeep
• OneKey
• Ambire
• Zerion
• Vision
• Venly
• Bitski
• Paper

How To Connect Your Crypto Wallet To BakerySwap

I was pleased that connecting my wallet to BakerySwap only took me a couple minutes:

1. On the BakerySwap web page, click ‘Connect Wallet’ in the top-right-hand of the screen
2. Select your desired wallet. You may need to link using the third-party ‘Wallet Connect’ function
3. Scan the QR code on your screen using the crypto wallet mobile app
4. Begin trading

Regulation

As we expected from a decentralised exchange, BakerySwap is not regulated. We always urge caution when dealing with unregulated exchanges, since they do not have the same track record or reputation as crypto brokers such as eToro or IC Markets, for example.

In the absence of regulation, BakerySwap has commissioned an audit by CertiK, a prominent Web3 and DeFi platform auditor, to demonstrate its credentials as a reliable company. Overall, the report showed positive results with a security score of 84.64 out of 100, which puts the exchange in the top 10% of DeFi firms.

Additionally, Certik gave scores above 90 out of 100 for code security, market stability and operational resilience. There was, however, concern over the exchange’s fundamental health, which was only given a rating of 40/100.

Although our experts were generally pleased with this result, the last audit conducted was in 2020 and so we would like to see an updated result. We also cannot give this firm a high trust and safety score given its subpar regulatory status.

While trading with BakerySwap and similar firms, a reliable way to keep yourself safer from hacks is by withdrawing your funds to cold storage wallet immediately after completing your trades.

Trading Platforms

Our experts were disappointed to see that BakerySwap lacks a true trading platform akin to MetaTrader 4 or MetaTrader 5. Instead, you simply connect a wallet and begin trading through the broker’s website.

This is unfortunate as there is no way to analyse crypto pairs using graphs and price charts with technical indicators, patterns and objects. Moreover, there are no market insights or analytics, meaning you will need to develop your strategy and set up investments using third parties.

For instance, a trader might use CoinGecko and CoinMarketCap to collect tokenomics info on cryptos such as market cap and the current max supply in circulation. They could also use charting platforms such as TradingView to analyse price history and plan trades. So, it is possible to access all of the information needed to execute successful trades, though we feel this is a laborious process compared to the comprehensive trading platforms supported by rivals like OKX.

Mobile App

I was unhappy with the lack of dedicated mobile support as there are no apps for either Android or iOS devices. If you want to trade crypto with BakerySwap while away from your desktop, you will need to use the web browser on your mobile device.

However, you may be able to create your own app through the BakerySwap close script that is available through third-party sources online.

BakerySwap Leverage

We were disappointed to see no derivatives available through BakerySwap, meaning there are no opportunities for leveraged or margin trading.

Users looking for leveraged opportunities should consider brokers with CFD crypto trading.

Bonus Deals

BakerySwap does not run any promotional schemes. You can, however, earn prizes through the games hosted on the exchange, accessed via the ‘Gamification’ tab on the homepage. By taking part in these games you can potentially turn game tokens like SOCCER or POKER into crypto valuing more than 1 BNB.

Extra Tools & Features

Our team was let down by the lack of additional tools or features to support crypto trading. For example, we would have liked to see a detailed staking calculator to help estimate the APY and ROI for yield farming. Another helpful tool would have been an in-house wiki with guides and tutorials breaking down key terms and how to use the exchange. Finally, there is no support on the site for analysis or insights and so you will need to rely on third parties.

Overall, this makes the firm less attractive for beginners.

Customer Service

We were disappointed to find no conventional instant contact methods such as a live chat on the website or a phone number you can call. Additionally, there is no BakerySwap email address where you can speak to a member of the team. Again, this is bad news for newer traders who may need some assistance.

If you need support from someone at BakerySwap, you will need to contact the desk using Telegram, which requires a registered account to use.

For news and announcements regarding BakerySwap updates or new products, you can read the blog on Medium or follow the account on Twitter. Through these, you can find details such as a roadmap for future updates and pending NFT airdrops including their launch dates.

Company Details & History

BakerySwap was one of several gamified crypto trading exchanges created after the rise in popularity of UniSwap with its automated market maker (AMM) protocol. Around the same time, several other DApps that adopted this model, including PancakeSwap, ApeSwap and BurgerSwap.

BakerySwap was launched in 2020 by an anonymous founder without any whitepaper or any similar road plan. At the time of writing, the CEO of BakerySwap is still not known. These all raise concerns over transparency and safety.

Nevertheless, BakerySwap has grown to become a very popular choice in the DeFi trading market. At the time of writing, there are 100,000 holders of the BAKE token, which is used by clients to perform functions on the exchange.

To see information such as the BakerySwap factory contract/router address and BAKE token transaction addresses, see the BscScan and Etherscan websites.

Should You Trade With BakerySwap?

Overall, we think BakerySwap is a very basic DEX with a relatively limited offering. It is an attractice choice for alternative ways to trade crypto, including the simple liquidity pool farming process and the NFT marketplace. We also enjoyed the many games on the exchange that allow traders to earn BAKE in a novel way.

However, we were disappointed by the lack of beginner-friendly features such as support for fiat to crypto transactions with currencies such as GBP or USD, and by the lack of an education section. In addition, the lack of regulation does raise some serious security concerns. As a result, we recommend sticking with established crypto brokers.

FAQ

Article Sources

BakerySwap Website

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1. IG Index - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
2. Swissquote - Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.
3. Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

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