Cake Wallet
Cake Labs
Cake Wallet is a non-custodial self-custody wallet born in 2018 around Monero (XMR), the leading privacy-focused cryptocurrency, and later extended to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), stablecoins such as USDT and other assets. It is available on iOS, Android, Linux and Windows, is 100% free and fully open-source: the code is published on GitHub and anyone can inspect it. Private keys stay on the user's device, protected by a seed phrase. Cake integrates a built-in exchange that lets you swap the supported assets directly from the app via third-party providers: the swap fee is not published as a fixed percentage because it depends on the provider and market conditions at the time of the swap, and is shown before confirmation. With over 1.75 million reported users, a strong privacy focus (especially for Monero) and no account or KYC for basic wallet use, Cake is a reference choice for anyone wanting to manage XMR alongside the major cryptocurrencies. It also includes Cake Pay for spending crypto.
Data & conditions
| Fund custody | Self-custody (funds in your control) |
|---|---|
| Type | Software (hot wallet) |
| Source code | Open-source |
| Recovery | Seed phrase (mnemonic Monero a 25 parole per XMR; BIP-39 per le altre catene) |
| Bitcoin-only | No |
| Supported chains | Monero, Bitcoin, Ethereum, Litecoin |
| Built-in swap | Yes |
| Built-in staking | No |
| dApp browser | No |
| WalletConnect | Yes |
| Hardware wallet support | Yes |
| Segment | B2C |
| MiCA / License status | Nessuna (wallet self-custody non-custodial) |
Strengths
- One of the few mainstream wallets with first-class Monero (XMR) support; 100% open-source and free; cross-platform (mobile and desktop); built-in exchange with no account or KYC for basic use.
- Self-custody: funds stay in your wallet — the platform cannot touch them.
- No KYC: usable without identity verification.
- Open-source, verifiable code.
- Self-hostable: you can run your own instance or node.
Weaknesses
- The swap fee is not a fixed published percentage and depends on the third-party provider; the breadth of features (Monero + multiple chains) can confuse a beginner; the built-in exchange relies on external services.
- No notable sovereignty drawback documented.
Verdict
Score 4.3/5, very strong profile. In its favour: one of the few mainstream wallets with first-class Monero (XMR) support; 100% open-source and free; cross-platform (mobile and desktop); built-in exchange with no account or KYC for basic use. The trade-off to weigh: the swap fee is not a fixed published percentage and depends on the third-party provider; the breadth of features (Monero + multiple chains) can confuse a beginner; the built-in exchange relies on external services.
On the Sovereignty lens the score is 4.9/5 (outstanding): the strength is fund control (5.0/5), while censorship resistance (4.8/5) is the weak link.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Does Cake Wallet really support Monero?
Yes. Cake Wallet started in 2018 precisely as a Monero (XMR) wallet and offers full support for it, one of the few mainstream wallets to do so. Today it also handles Bitcoin, Ethereum, Litecoin, stablecoins such as USDT and other assets.
How much does a swap on Cake Wallet cost?
The app is free. The in-app swap between assets relies on third-party providers: there is no fixed published percentage, because the fee depends on the chosen provider and market conditions at the time of the swap. The exact amount is shown before you confirm the operation.
Is Cake Wallet open-source and custodial?
Cake Wallet is 100% open-source (code on GitHub) and non-custodial: private keys stay on your device, protected by the seed phrase, and no company has access to your funds. Basic wallet use requires no account or KYC.
Sources
- Official service page Piattaforme · Monero · Btc · Eth · +6 Data verified on Aug 3, 2026
- github.com Sovranita.open source · Repository Data verified on Aug 3, 2026