Bakinsky was born in Riga, Russian Empire in a family of middle class merchant as Ludwig Markovich Bernheim.

In 1910 he finally received permission to live in Kazan, but due to persecution from authorities Bakinsky was forced to emigrate once again.

On October 28, 1917, he was arrested by junkers and cossacks along with other members of a newly created local revkom.

After occupation of Ukraine by German Armed Forces (April 1918), Bakinsky directed formations of the Eastern Front and as a staff member of Jukums Vācietis until 1919.

Later he was a member of organizational bureau in formation of the Congress of Eastern Nations in Baku, headed the transportation trade union of the Azerbaijan Railways.

From 1926 to summer of 1927 Bakinsky is a member of the Chief Concession Committee, later a director of abroad operations for the People's Commissariat of Trade of USSR.