Cake Wallet vs Trust Wallet

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

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

Trust Wallet2.9

Use the phone app, think twice about the extension: an attacker published a malicious build of it on December 24, 2025.

Verdict: Cake Wallet

Cake Wallet rates higher on our rubric: 3.3 against 2.9 for Trust Wallet.

Criterion: Editorial rating
Cake Wallet: 3.3
Trust Wallet: 2.9

Cake Wallet and Trust 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.

Cake Wallet and Trust Wallet compared fact by fact from their reviews; a check marks the side a decidable criterion favours.
Fact	Cake Wallet	Trust Wallet
Editorial rating	3.3 (favoured on this row)	2.9
Status	Available	Available
Made by	Cake Labs	Trust Wallet
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 on your own device and never held by Trust Wallet
Bitcoin-only	No	No
Runs on	iOS, Android, Windows, macOS, Linux	iOS, Android, 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	2017
Countries on the maker's list	No published list	228
Last reviewed	2026-08-25	2026-08-25

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

Trust Wallet

What works

Keys are generated on your device, and Trust Wallet's terms describe it as non-custodial software rather than an account
The mobile apps were untouched by the December 2025 browser extension compromise
Trust Wallet published a dated timeline that names its own leaked publishing key as the way in
It decided to reimburse affected users voluntarily and put the process in writing
One app holds bitcoin alongside Ethereum, Solana and hundreds of other chains

What to watch

An attacker shipped a malicious build of the Chrome extension directly to users, so installing it means trusting a publishing pipeline that has failed once
Trust Wallet counts 2,520 affected addresses against over 5,000 reimbursement claims, and reviews them case by case with no published deadline
Keys sit on an internet connected phone, so this is a hot wallet: savings belong on a hardware wallet instead
Bitcoin is one chain among hundreds, and the interface is built around tokens and dapps rather than around bitcoin
The Earn feature is unavailable in 33 countries and territories, including the United States, the United Kingdom and most of the European Economic Area

Frequently asked questions

Is Cake Wallet or Trust Wallet better?

Cake Wallet rates higher on our rubric: 3.3 against 2.9 for Trust 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 Cake Wallet and Trust Wallet 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; Trust Wallet is self-custodial, keys generated on your own device and never held by Trust Wallet.

Is Cake Wallet or Trust Wallet bitcoin-only?

Neither: both support assets beyond bitcoin. Cake Wallet: Multi-asset: Monero, bitcoin, Lightning, Litecoin, Ethereum, Solana, Zcash, Bitcoin Cash and more. Trust Wallet: Bitcoin alongside Ethereum, Solana and hundreds of other chains and tokens.

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

More comparisons

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