Cake Wallet vs Exodus

Comparing: two wallets
Decided by: Editorial rating
Last reviewed: 2026-08-26

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

Exodus2.8

The best looking wallet on this list, from an NYSE listed company, with closed source apps and swap rates starting at 0.5%.

Verdict: Cake Wallet

Cake Wallet rates higher on our rubric: 3.3 against 2.8 for Exodus.

Criterion: Editorial rating
Cake Wallet: 3.3
Exodus: 2.8

Cake Wallet and Exodus, 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.

Cake Wallet and Exodus compared fact by fact from their reviews; a check marks the side a decidable criterion favours.
Fact	Cake Wallet	Exodus
Editorial rating	3.3 (favoured on this row)	2.8
Status	Available	Available
Made by	Cake Labs	Exodus Movement, Inc.
Price	Free download	Free download
Who holds the keys	self-custodial, seed and keys generated and stored on your own device, with no account and no telemetry	self-custodial, keys generated and encrypted on your own device
Bitcoin-only	No	No
Runs on	iOS, Android, Windows, macOS, Linux	iOS, Android, Windows, macOS, Linux, Browser extension
Screen	Not stated	Not stated
Connectivity	Tor for all traffic, connection to your own node, Ledger hardware signing, and silent payments plus PayJoin on the bitcoin side	Not stated
Released	2018, launched as the first open-source Monero wallet on iOS	2015
Countries on the maker's list	No published list	No published list
Last reviewed	2026-08-25	2026-08-26

Pros and cons, side by side

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

Exodus

What works

One recovery phrase carries the same wallet across desktop, mobile and a browser extension
Pairs with a Trezor or a Ledger, so it can be a friendly front end for keys held offline
Buying built in through XO Ramp with card, bank transfer, Apple Pay or Google Pay
Publicly listed on the NYSE as EXOD, so the company behind it files real financials
Device passkey locking, with no password to reuse or leak

What to watch

The wallet apps are closed source, so you cannot rebuild what you install and compare it to published code
In-app swap rates start at 0.5% and that cost is a spread inside the quote rather than a visible fee
Settled with OFAC for $3.1 million in December 2025 over 254 apparent violations of the Iran sanctions program, with staff found to have suggested VPN workarounds to users in Iran
A hot wallet unless you pair hardware, with keys on an internet connected machine
Bitcoin gets no special treatment in a wallet that advertises over a million assets

Frequently asked questions

Is Cake Wallet or Exodus better?

Cake Wallet rates higher on our rubric: 3.3 against 2.8 for Exodus. 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 Cake Wallet and Exodus free?

Yes, both are free to download. What differs is who holds the keys: Cake Wallet is self-custodial, seed and keys generated and stored on your own device, with no account and no telemetry; Exodus is self-custodial, keys generated and encrypted on your own device.

Is Cake Wallet or Exodus bitcoin-only?

Neither: both support assets beyond bitcoin. Cake Wallet: Multi-asset: Monero, bitcoin, Lightning, Litecoin, Ethereum, Solana, Zcash, Bitcoin Cash and more. Exodus: Bitcoin among the million-plus assets Exodus advertises, including Ethereum, Solana and stablecoins.

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

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