Cake Wallet: A guide to the wallet for Monero and other cryptocurrencies

Cake Wallet is a free, open-source wallet that lets you securely store, send, and receive Monero. In addition to XMR, it also supports BTC, ETH, LTC, TRON, SOL, and more.

In this guide, you'll learn what it is, how it works, and why it's ideal for those who value control over their keys and anonymity.

Overview

Cake Wallet is a simple, secure, and one of the most popular options for storing Monero and Bitcoin.

When using Cake Wallet, you don't need an account, identity verification, or a phone number. No one can freeze your account or prevent you from using your funds. This means you hold your assets yourself – this is called a non-custodial wallet.

Cake is available for iOS and Android and allows you to buy Monero directly within the app or exchange it for other coins.

There are also versions for Windows and Linux. They are available in the v5.6 release branch.

First, let's consider the security of this wallet.

What are the security features and functions here?

This is a wallet trusted by over 1 million users, judging by the number of installations, and it has all the necessary features.

In terms of functions, there is a built-in exchange (Swap) allowing you to convert one cryptocurrency to another within the app, and the ability to buy assets with fiat money via credit cards, SEPA transfers, or Apple Pay.

The app also offers additional services: Cake Pay for buying gift cards, the Nano GPT platform for accessing AI models (ChatGPT, Claude), an address book, detailed transaction history, and a Coin Control function for manually managing transaction outputs.

Let's move on to practice. For this, we'll download and install the wallet.

How to download and install?

The wallet is available for download both on the App Store and on Google Play. However, those who value maximum privacy can use platforms like F-Droid or Aurora Store. Aurora Store is a Google Play store but with anonymous login without linking to an account. Install Aurora Store, find the Cake Wallet app with the icon of a piece of cake – and click Install.

You can also always download the APK from the GitHub repository. And Windows and Linux users can find the release in the 5.6.1 branch.

In the app stores, you'll see the wallet with ratings of 4.7 out of 5 – not a bad rating. So, install and open the app.

As you can see, you'll be prompted to register: at the bottom of the screen, set a secure PIN code and confirm it again.

How to create a new wallet?

After that, you'll see a choice: create a new wallet or restore an existing one.

We'll choose the Create new wallet option, i.e., start from 0. Next, select the cryptocurrencies you want to use in your wallet. This is not critical – you can always add them later.

Here you can also choose a wallet name and the seed phrase format between Polyseed (standard for Monero) and Legacy (25 words, outdated format).

So, we'll use Polyseed with 16 words and select English.

How to make a backup?

Next is an important step in setting up any wallet – correctly saving the seed phrase. The seed phrase is like the password to your entire crypto vault.

Click I understand. Show me my seed. You will be shown your words, which you need to write down on paper. Store the phrase offline only: not in email, not in notes, not on devices. Write down the words in the correct order, double-check three times, and hide them in a safe place!

Next, confirm the selected words (e.g., the 12th word is ivory) and don't return to the phrase again.

After confirming the seed phrase, everything will be ready to use, and you'll see a zero balance. The next step is to fund the wallet with cryptocurrency.

How to use it?

For using the wallet, you have access to functions such as storing, sending, and receiving cryptocurrency, as well as buying and exchanging it. The menu for managing the wallet is available at the bottom.

Let's start with addresses.

How to create an address?

To create an address, click the Receive button. Select the coin, and you'll be shown its address and QR code for funding.

You can also create sub-addresses within one wallet, which is useful for separating activities, especially in cryptocurrencies like Bitcoin where addresses are public, unlike anonymous Monero.

You can also create an unlimited number of wallets and use not only Monero.

How to fund it?

There are several options for funding. First, you can buy cryptocurrency directly in Cake Wallet using the built-in purchase function (on-ramp) – this is simply great. In the lower right corner, click Buy, select the amount in fiat and the cryptocurrency you want to purchase – XMR, Bitcoin, ETH, Litecoin, Doge, or any other. You need to enter the amount, choose a payment method, and select the coin.

However, the purchase function depends on your region and is not available everywhere. Also, fees and spreads will take a significant portion of your money. Therefore, it's easier to fund with cryptocurrency. For example, transfer funds from an exchange.

Let's transfer some ETH from the crypto.com exchange. But since we only have an XMR wallet in Cake for now, go to the Wallets section in the lower left corner. Then create a new wallet, select Ethereum, and continue. Set a name – for example, ETH – and repeat the same process as with Monero: save the seed phrase and confirm the words.

To fund Cake Wallet with cryptocurrency (e.g., ETH for subsequent exchange to XMR), follow these 3 steps:

1. In Cake Wallet, select the desired token (Ethereum, Bitcoin, Monero, etc.) and copy your wallet address.
2. On the exchange (e.g., Crypto.com), go to withdraw funds. Select Ethereum (or another needed currency) and click Send.
3. On the exchange, paste the copied address from Cake Wallet into the destination field and confirm the transaction details.

You will see the balance of the funded coin. After funding (for example, we have 0.0808 ETH), you can proceed to exchange.

How to perform an exchange?

In the Swap section, select the amount to convert – for example, 0.04 ETH. You will receive approximately 0.026 XMR.

Specify the recipient's address: paste, scan a QR code, or select from the address book. Confirm the exchange and save the deal ID. After confirmation, the transaction will be sent.

Now wait for the XMR to be credited – this will take time while the Ethereum and Monero networks process the transfer. For now, the balance hangs in the Unconfirmed status. If funds are only shown in the lower balance, wait a few minutes for incoming transactions to receive more network confirmations.

The exchange process between different blockchains (e.g., ETH to XMR) can take significant time – from 20 minutes to an hour or more!

How to withdraw?

To withdraw funds, click the Send button. Enter the recipient's address and amount.

The fee is small (~0.00012305 XMR ~ 0.05 USD), but Monero is typically not used for speculation, but precisely for privacy. In the transaction settings, the fee priority can be left on automatic for a balance between cost and speed.

There is also an additional option here – Coin Control. It is designed for experienced users who want to manually manage transaction outputs (UTXOs).

What advanced settings are available?

In the settings, you can configure connection and synchronization with blockchain networks, manage the address book, and in the Security and Backup section – enable biometric authentication, require a PIN after a period of inactivity, or display the seed phrase again. You can also create an encrypted backup of the wallet file.

Other functions include signing and verifying messages, setting up two-factor authentication (2FA), and in the Privacy section – enabling the use of the Tor network or prohibiting screenshots. This is so that malicious applications cannot record your screen.

In the Show Seed/keys section, you can check your recorded phrase once more. You also have the option to create a backup with a separate password. In Display Settings, you can set your preferred currency, for example, euros or $.

What are the drawbacks of this wallet?

The first drawback is the multitude of seed phrases for different coins. This is because Cake Wallet does not use the BIP44 standard.

Technically, instead of a single derivation path (BIP44), the application creates a separate seed phrase for each cryptocurrency, as confirmed by the developers and users themselves:

“The only real hurdle Ive found with Cake Wallet is that it doesnt 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…”

There is also a risk of attacks via malware on the smartphone. Compared to isolated hardware wallets, Cake Wallet looks like a wallet that could be the next target in crypto-hacking attempts. In other words, it's a hot wallet, with all the ensuing vulnerabilities.

Other drawbacks include weak cross-platform support. There is no browser extension, and the PC version is only available in the GitHub release.

Well, and regulatory risks haven't been canceled. Authorities have long had their eye on anonymous cryptocurrencies. Consequently, possible pressure from authorities on Monero could complicate exchange for fiat or even ownership of XMR.

Conclusion: is it worth using?

In conclusion, let's note the key functions of Cake Wallet: it gives full control, being non-custodial; allows easy recovery of access via a seed phrase; focuses on privacy with support for Tor and own nodes. It also has a built-in cryptocurrency exchange, offers an intuitive interface for both beginners and advanced users.

Cake Wallet is primarily focused on Monero – the core of privacy in cryptocurrency. Why should you use Monero? Anyone who once understands how simply Monero works will wonder why they ever used PayPal or other systems at all. Monero truly belongs to you, there are no arbitrary blocks, the system is private and anonymous, without surveillance from companies or authorities, and also fast and economical, without expensive fees. While PayPal gains more control over your money, Monero returns financial freedom to you!

In the end, we recommend Cake Wallet as an excellent option for beginners and for working with Monero, advise not to store all crypto-assets on centralized exchanges, and consider using it together with hardware wallets for increased security.

However, whether to use this wallet or choose one from the comparison ranking – the final answer is always up to you. Have a great day! Your editor – Maksim Anisimov for the site bytwork.com.

Technical support:

• support@cakewallet.com
• Telegram: official support bot.