Cake wallet - Requesting honest reviews

[apogio]

Hello!

I wanted a multi-currency wallet because some people refuse to pay me in Bitcoin, so I need to accept more currencies.

I am surprised I couldn't see reviews for Cake Wallet.

I 've tried it for Monero (XMR) and Ethereum (ETH) and I kinda liked it. Now, I am at a point where I am asking the forum's reputable members to give me honest reviews about it.

I plan to edit the OP with details that will be discussed in this thread.

Supported Coins
Cake wallets supports the following coins, but it's not limited to them:

• Monero (XMR)
• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Polygon (POL)
• PTron (TRX)

Useful Information
Website | Github | Support Email

Is there a wallet software section in the altcoins board? If so, I could move it there, even though it supports Bitcoin as well.

[Hatchy]

you can check here on Reddit a few reviews on CW. I've been using Cake Wallet for a while now, and honestly, I haven't run into any issues. One of the main reasons I started using it was to convert my stablecoins into Bitcoin without having to deal with a centralized exchange. Cake Wallet seemed to fit perfectly and it's worked out great for that.

The only real hurdle I've found with Cake Wallet is that it doesn't use the BIP44 standard that a lot of other multicrypto wallets do. This means you have to create a separate seed phrase for each cryptocurrency you want to store which can be a bit of a pain since you need to keep each one securely backed up. It's not ideal, but it's a tradeoff. Onn the flip side, the fact that it's an opensource wallet really makes it stand out from the crowd.

[apogio]

you can check here on Reddit a few reviews on CW. I've been using Cake Wallet for a while now, and honestly, I haven't run into any issues. One of the main reasons I started using it was to convert my stablecoins into Bitcoin without having to deal with a centralized exchange. Cake Wallet seemed to fit perfectly and it's worked out great for that.

The only real hurdle I've found with Cake Wallet is that it doesn't use the BIP44 standard that a lot of other multicrypto wallets do. This means you have to create a separate seed phrase for each cryptocurrency you want to store which can be a bit of a pain since you need to keep each one securely backed up. It's not ideal, but it's a tradeoff. Onn the flip side, the fact that it's an opensource wallet really makes it stand out from the crowd.

Ok, thanks for the info.

So we mainly have two things here:

1. Cake wallet, unlike for example Exodus or Trezor Suite, require separate seed phrases for each coin.
2. You can use Cake wallet to convert between currencies.

Is the (2) easy to do? Does it use reputable exchanging services? Is there a chance of having coins blocked by the exchanging services?

[Mia Chloe]

~snip

Cake wallet is a fine wallet. I'll actually recommend it over many other multi coin wallets. I've never had issues of syncing or adjusting fees even with coins like LTC and many others. It also has a silent payment method which honestly is nice too. And before I forget, the interface is very decent and user friendly.
I recently started making use of it mainly for Monero and LTC. Only thing that is not too nice is their swap rate. Sometimes they charge a couple extra bucks.

[Hatchy]

Is the (2) easy to do? Does it use reputable exchanging services? Is there a chance of having coins blocked by the exchanging services?

I can't tell how reputable the exchanging services are, but they aren't many on the list. And you also have the option to either let the system select for you or you pick them manually from those listed.

As for it been easy, yes. But on my first time using the swap function, I literally wasted a few coins as I had to purchase some Tron up to about $10 just to serve as fee because I used the TR20 usdt. You should also know that the swap fee is seperate from the swap rate.. the exchange you are swapping with is going to give you at a rate, while your transaction would use the fee. But I guess you might be aware of that...

[apogio]

Cake wallet is a fine wallet. I'll actually recommend it over many other multi coin wallets. I've never had issues of syncing or adjusting fees even with coins like LTC and many others. It also has a silent payment method which honestly is nice too. And before I forget, the interface is very decent and user friendly.

The interface is a selling point, as far as I am concerned. It's very easy to navigate within the app and use it.

-snip-

Hmm some of the services listed there have been accused for being notoriously blocking users' funds, asking for KYC despite claiming to be totally KYC-free. Well, I wouldn't use this feature personally, but that's my opinion.


I initially wondered about this wallet because I 've seen it being suggested lately for its privacy orientation. Is it privacy focused indeed? I doubt, to be honest, because the DEXs it uses for exchanging coins aren't very private-friendly and they execute some weird KYC / AML policies.

[dkbit98]

I am surprised I couldn't see reviews for Cake Wallet.

Cake wallet is currently one of the best multi-coin wallets, and I am always recommending it as better alternative for exodus, coinomi and similar closed source wallets.
I really like Cake is supporting privacy, it has built in Tor, and there is Silent Payments for bitcoin, with Payjoin V2 coming soon.
They also support mweb Litecoin addresses, monero with few other coins, and it can be used on mobile and desktop devices.

PS
Be careful with third party exchanges, I never used this feature.

[BitMaxz]

I am surprised I couldn't see reviews for Cake Wallet.

It seems you are not using the mobile version? Which one you use the Linux version or the Macbook version?

Because if you  downloaded this directly from playstore you should be able to see  users reviews.

Currently based on some reviews it seems the wallet have some bugs the app freezes on some parts related to UI.
However, it seems it was fixed because there's a new version release just recently.
Overall reviews gives the app 4.6 ratings.

[apogio]

Cake wallet is currently one of the best multi-coin wallets, and I am always recommending it as better alternative for exodus, coinomi and similar closed source wallets.
I really like Cake is supporting privacy, it has built in Tor, and there is Silent Payments for bitcoin, with Payjoin V2 coming soon.
They also support mweb Litecoin addresses, monero with few other coins, and it can be used on mobile and desktop devices.

Thanks, very helpful. The idea for me is that I don't want to use Exodus for example, even though I have used it for trivial amounts in the past.

PS
Be careful with third party exchanges, I never used this feature.

Yeah, I have a bad experience, so I don't think I 'll ever use this feature.

Because if you  downloaded this directly from playstore you should be able to see  users reviews.

Currently based on some reviews it seems the wallet have some bugs the app freezes on some parts related to UI.
However, it seems it was fixed because there's a new version release just recently.
Overall reviews gives the app 4.6 ratings.

No no, I am talking about forum user reviews. Don't get me wrong, but I hold in higher regard the reviews that are posted and elaborated by the reputable members of the forum. But, of course, what the average users say is important as well.

[Lucius]

I personally tried the mobile version of this wallet and so far I haven't had any problems - I even used the swap option several times and everything went well. I also had a question for their customer service, which can be contacted directly from the wallet, and I received a response within 1 hour (maybe even less), which is definitely one of the good things.

Another handy thing is the ability to purchase virtual cards and gif cards directly from the app, and availability of course depends on the country you are in. All in all, I have no complaints about this app (mobile version) so far.

[dkbit98]

Thanks, very helpful. The idea for me is that I don't want to use Exodus for example, even though I have used it for trivial amounts in the past.

Just a small correction from my previous post regarding Cake wallet and Payjoin V2, this is already implemented and working!
This combination of Silent Payments and Payjoin V2 is making Cake the best privacy wallet for Bitcoin.
Cake is one of the first wallet with support for Paycoin V2 but I hope to see more wallet in future.

[apogio]

Just a small correction from my previous post regarding Cake wallet and Payjoin V2, this is already implemented and working!
This combination of Silent Payments and Payjoin V2 is making Cake the best privacy wallet for Bitcoin.
Cake is the first wallet with support for Paycoin V2 but I hope to see more wallet in future.

Since you seem to have good knowledge about it, do you also know anything about its devs? Are they good, are trust-worthy? Not that it plays a huge role, considering that Samourai's devs have been prosecuted despite everyone believed they were good, pro-privacy and trust-worthy.

[goldkingcoiner]

I used Cakewallet to swap small amounts of Monero and Litecoin to Bitcoin. It works very well and is as I understand it, the wallet is completely decentralized and non-custodial. But the swap system goes through a third party CEX so it cannot be considered as decentralized as an atomic swap. Also the wallet claims to be open source, the swap system is however closed source.

It's ok. 100x better than shitty closed-source wallets like Trustwallet, where you will lose your money because the UI is broken and extremely flawed (which happened to me - 6k gone).

[Pmalek]

Just for the record, Coinomi is making a comeback, and according to their developers, they are coming back as open-source. I have no idea if that is true, though. But it might be worthwhile to keep an eye on it. Their multicoin wallet used to be a good mobile option in the past despite being closed source. But then everything went downhill. If they can resume where they left of and fix their problems + become open-source, they might against be a great choice for a multicoin wallet.

One of the main reasons I started using it was to convert my stablecoins into Bitcoin without having to deal with a centralized exchange. Cake Wallet seemed to fit perfectly and it's worked out great for that.

Keep in mind that you can still use centralized swap services and custodial exchanges through Cake Wallet as shown on the screenshot in one of your posts. Unless you manually pick something like THORChain. Some of those exchangers have a terrible reputation.

[Kruw]

I can't tell how reputable the exchanging services are, but they aren't many on the list.

They aren't reputable at all - Cake Wallet partners with KYC scammers:

https://x.com/Kruwed/status/1869564255080718626
https://x.com/Kruwed/status/1924628783929123217

Cake is the first wallet with support for Paycoin V2 but I hope to see more wallet in future.

No they weren't, that's just a lie that SethForPrivacy told - https://x.com/sethforprivacy/status/1869112595652989074

BullBitcoin's wallet was the first to implement Payjoin v2 - https://x.com/francispouliot_/status/1873047834712518884

[dkbit98]

Since you seem to have good knowledge about it, do you also know anything about its devs? Are they good, are trust-worthy? Not that it plays a huge role, considering that Samourai's devs have been prosecuted despite everyone believed they were good, pro-privacy and trust-worthy.

I don't know anything about them, but everything is open source and released publicly.

I used Cakewallet to swap small amounts of Monero and Litecoin to Bitcoin. It works very well and is as I understand it, the wallet is completely decentralized and non-custodial. But the swap system goes through a third party CEX so it cannot be considered as decentralized as an atomic swap. Also the wallet claims to be open source, the swap system is however closed source.

And I think that Cake wallet is charging small fee for using this third party exchanges.
It's much better to use something like Orangefren aggregator to find best exchange rates, and have some guarantee that you wont be scammed if you exchange coins via Orangefren.

They aren't reputable at all - Cake Wallet partners with KYC scammers

I don't support KYC crap, but I am sick and tired of you constantly calling everyone a scammer, so yeah here it is, Kruw is officially working with international criminal scammers, enjoy reading:
https://www.secretservice.gov/sites/default/files/reports/2025-06/Public-Alert-Cryptocurrency-Mixing.pdf

[cygan]

since yesterday there is a new version of CW
the newly released 5.1.0 version includes among others the following new features:

• native tor integration - private connections are here
• european defi support - trade & earn across borders
• enhanced ux - because privacy should be simple

https://cakewallet.com/install/
https://github.com/cake-tech/cake_wallet/releases/tag/v5.1.0
https://blog.cakewallet.com/cake-wallet-releases-native-tor-integration-european-defi-and-enhanced-usability/

[cygan]

the latest version is now 5.1.1
the full changelog and the donwload files can be found here: https://github.com/cake-tech/cake_wallet/releases/tag/v5.1.1

[cygan]

since few days there is a new version of Cake wallet
the newly released 5.1.2 version includes among others the following new features:

• redesigned cake pay experience
• silent payments fixes for Bitcoin privacy
• enhanced dEURO savings interface
• new 'swall all' feature

https://blog.cakewallet.com/shop-easier-save-better-and-receive-privately-cake-wallets-newest-update/
https://github.com/cake-tech/cake_wallet/releases/tag/v5.1.2

[virasog]

~snip

Cake wallet is a fine wallet. I'll actually recommend it over many other multi coin wallets. I've never had issues of syncing or adjusting fees even with coins like LTC and many others. It also has a silent payment method which honestly is nice too. And before I forget, the interface is very decent and user friendly.
I recently started making use of it mainly for Monero and LTC. Only thing that is not too nice is their swap rate. Sometimes they charge a couple extra bucks.

Seeing some of the good reviews about the Cake Wallet, i am interested to shift some of the my funds to the Cake Wallet. Right now, I am using unstoppable wallet to store my altcoins. So if anyone has used both Cake and Unstoppable wallet which one is better to use in terms of security and easier to use with more features ? Also how is the conversation rate from stablecoins (usdt/usdc) to different altcoins and vice versa.
Also is cake wallet open source and non-custodial as that's the first ticks in the box for me, for using any wallet or moving my funds there.