Cake Wallet vs Wallet of Satoshi

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.

Wallet of Satoshi2.7Bitcoin-onlyWarning

The easiest Lightning wallet to start with, and a custodial one: the company holds your coins, and it has stopped offering that in the US and the EU.

Verdict: Cake Wallet

Cake Wallet rates higher on our rubric: 3.3 against 2.7 for Wallet of Satoshi.

Criterion: Editorial rating
Cake Wallet: 3.3
Wallet of Satoshi: 2.7

Cake Wallet and Wallet of Satoshi, 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 Wallet of Satoshi compared fact by fact from their reviews; a check marks the side a decidable criterion favours.
Fact	Cake Wallet	Wallet of Satoshi
Editorial rating	3.3 (favoured on this row)	2.7
Status	Available	Caution: see the review
Made by	Cake Labs	Living Room of Satoshi Pty Ltd
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	custodial in its default mode, meaning the company holds the keys, with a separate self-custodial mode where you do
Bitcoin-only	No	Yes
Runs on	iOS, Android, Windows, macOS, Linux	iOS, Android
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	The custodial service left the US on November 23, 2023 and the European Union at the turn of 2026
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

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

Wallet of Satoshi

What works

The fastest way onto Lightning there is: no channels, no liquidity management and no node to run
Free Lightning address that reads like an email, so anyone can pay you without scanning a code
Pays Lightning invoices and on-chain bitcoin addresses from the same box, detecting which you pasted
A self-custodial mode is offered everywhere, including in regions where the custodial one is not
No breach of its custodial infrastructure has been publicly reported

What to watch

Custodial in its default mode, so the company can freeze, lose or stop serving your balance
Left the US market on November 23, 2023 and has not announced a return
Withdrew the custodial service across the European Union at the turn of 2026, pushing EU users into self-custody
No published country list, so which mode you get is decided by the app rather than by a page you can read first
In-app buying runs through third-party partners whose country coverage changes without the wallet saying anything

Frequently asked questions

Is Cake Wallet or Wallet of Satoshi better?

Cake Wallet rates higher on our rubric: 3.3 against 2.7 for Wallet of Satoshi. 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 Wallet of Satoshi 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; Wallet of Satoshi is custodial in its default mode, meaning the company holds the keys, with a separate self-custodial mode where you do.

Is Cake Wallet or Wallet of Satoshi bitcoin-only?

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

Does Cake Wallet or Wallet of Satoshi carry a warning?

Wallet of Satoshi: Wallet of Satoshi pulled its app from US app stores and stopped serving US customers on November 23, 2023, then withdrew its custodial Lightning service across the European Union at the turn of 2026, as the MiCA transition periods and the DAC8 reporting rules closed in on custodial providers. EU users are offered the self-custodial mode instead. Wherever the custodial mode is still available, the company holds the keys, which is the risk to weigh before you put money in it.

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

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