BlueWallet vs Cake Wallet

Comparing: two wallets
Decided by: Editorial rating
Last reviewed: 2026-08-25

BlueWallet4.2Bitcoin-only

Bitcoin-only phone wallet with real coin control and multisig vaults, whose Lightning side is custodial unless you run the server yourself.

Cake Wallet3.3

Open source Monero-first wallet with real bitcoin privacy tools, carrying a 2021 key generation bug that is still costing people coins.

Verdict: BlueWallet

BlueWallet rates higher on our rubric: 4.2 against 3.3 for Cake Wallet.

Criterion: Editorial rating
BlueWallet: 4.2
Cake Wallet: 3.3

BlueWallet and Cake Wallet, fact by fact

Every row is from the two reviews as of their review dates, with sources on each. A check marks the side a decidable criterion favours; rows without one are information, not a score.

BlueWallet and Cake Wallet compared fact by fact from their reviews; a check marks the side a decidable criterion favours.
Fact	BlueWallet	Cake Wallet
Editorial rating	4.2 (favoured on this row)	3.3
Status	Available	Available
Made by	BlueWallet	Cake Labs
Price	Free download	Free download
Who holds the keys	self-custodial on-chain, while a Lightning balance is only as self-custodial as the LNDHub server behind it	self-custodial, seed and keys generated and stored on your own device, with no account and no telemetry
Bitcoin-only	Yes	No
Runs on	iOS, Android	iOS, Android, Windows, macOS, Linux
Screen	Not stated	Not stated
Connectivity	Talks to public Electrum servers or one you run; Lightning needs an LNDHub server, yours or someone else's	Tor for all traffic, connection to your own node, Ledger hardware signing, and silent payments plus PayJoin on the bitcoin side
Released	BlueWallet dates itself to the 2017 fork wars; the iOS and Android apps followed	2018, launched as the first open-source Monero wallet on iOS
Countries on the maker's list	No published list	No published list
Last reviewed	2026-08-25	2026-08-25

Pros and cons, side by side

BlueWallet

What works

Bitcoin only, open source and free, from the App Store, Google Play or a direct download
Genuine coin control: label and freeze individual coins, batch sends, and speed up or cancel with RBF and CPFP
Signs for Coldcard, Passport, Jade, Keystone and other PSBT hardware wallets, and runs watch-only so keys never touch the phone
Multisig vaults for larger holdings, documented step by step by the project
Connects to your own Electrum server, so you do not have to hand your addresses to a stranger's
Plausible deniability storage for a forced-disclosure situation

What to watch

A Lightning wallet here is an account on an LNDHub server, and whoever runs it can move those funds
Running your own LNDHub means a VPS or a home node, which is far past what most phone users will do
Lightning funds are not covered by the on-chain recovery phrase and need a separate backup
A hot wallet on a phone, so device malware or an unlocked screen reaches what the app can spend

Cake Wallet

What works

Open source under an MIT license, with a public repository that is actively developed
Self-custodial with no account and no KYC, and, in Cake's words, zero data collection or telemetry
Genuine bitcoin privacy tooling: silent payments and PayJoin, plus Tor for all traffic and your own node
Handles Monero properly, which almost no other multi-asset wallet does
Ledger hardware wallet support, plus Cake's own two-factor option and biometric unlock
Reachable outside the app stores: direct APK, Accrescent, and Windows and Linux builds

What to watch

Bitcoin wallets created before v4.1.7 are permanently unsafe and have to be replaced, not just updated
The Milk Sad researchers traced sweeps of those weak wallets continuing into 2024, three years after the warning
The flaw was in Cake's own key generation code rather than a third-party library, and it ran through 2020 and 2021
Multi-asset by design, so it carries far more chains and far more code than a bitcoin-only wallet
Monero's privacy guarantees and much more transparent chains share one app, which takes care to use well

Frequently asked questions

Is BlueWallet or Cake Wallet better?

BlueWallet rates higher on our rubric: 4.2 against 3.3 for Cake Wallet. The rating follows the product rubric published on our about page; the rows above set custody, price and platforms side by side so you can check it.

Are BlueWallet and Cake Wallet free?

Yes, both are free to download. What differs is who holds the keys: BlueWallet is self-custodial on-chain, while a Lightning balance is only as self-custodial as the LNDHub server behind it; Cake Wallet is self-custodial, seed and keys generated and stored on your own device, with no account and no telemetry.

Is BlueWallet or Cake Wallet bitcoin-only?

BlueWallet is bitcoin-only; Cake Wallet supports other assets too. Multi-asset: Monero, bitcoin, Lightning, Litecoin, Ethereum, Solana, Zcash, Bitcoin Cash and more

The full reviews: BlueWallet and Cake Wallet, each with its sources, and every wallet we review.

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