Cake Wallet Review – Key Features, Fees, And Reviews

When you see a company like Cake Wallet, which has more than 250,000 users, it’s certainly worth checking. Since its registration in 2016, the company has steadily grown into a reputable firm.

According to the company’s presentation, they have been registered offshore in St. Kitts and Nevis, but also in the US. Does this make any difference if you will trust them or not, find out in this unbiased Cake Wallet review.

Legal Information and Safety 

As can be seen, this crypto wallet provider is operated by Cake Labs LLC. Also, Cake Labs operates another platform cakelabs.com, with other crypto-related services. In any case, when it comes to Cake Wallet and its safety, traders can relax. This wallet is non-custodial and that means the company doesn’t have any control over your money. Whether the funds or private keys, it’s all in the traders’ control. 

Consequently, the company is only responsible for providing access to decentralized networks and helping traders generate their keys. With this in mind, traders should know such companies are not required to be regulated.  

What Do Traders Say?

Since the company doesn’t manage your money there are very few things to worry about. Generally speaking, most of the Cake Wallet reviews on Reddit show the platform can be trusted. However, traders point out potential issues with key storages. Yes, the key protection is in your hands.

Thus, one time, if you download an app or update it with malware, your keys might be gone. That’s one of the biggest advantages of hot wallets. Luckily, such issues have not been reported so far. But to find out what other problems you can expect with investment firms, check our Phemex and WIEX reviews as well.

What Cryptocurrencies Are Supported?

Compared to some top-ranked exchanges, the Cake Wallet crypto offer is not that admirable. However, for traders who know what they want, it might be enough. Anyway, the supported networks are: 

• Bitcoin
• Bitcoin Cash
• Ethereum
• Haven
• Litecoin
• Monero
• Nano
• Polygon
• Solana

One of the key advantages is the open-source code that allows maximum transparency to users. Also, traders can set up individual wallets for every network, which is quite a big step.

What Platforms Does The App Support? 

As can be seen, the Cake Wallet download options are available for all operating systems except Windows. So, if you are using MacOS or Linux, you are covered. Also, if you are a fan of mobile trading, iOS and Android devices are backed up.

One of the key disadvantages of this platform is a remote node for XMR. Using public remote nodes can be highly risky due to phishing apps. So, bear that in mind when choosing your crypto wallet. Luckily, we have seen through Cake Wallet Reddit comments such activities were not recorded.

Is The Company’s Support Reliable?

Generally speaking, crypto exchanges rarely offer contact options such as phone numbers. Instead, they focus on other quick response features like Telegram or Live Chat.

Unfortunately, the operating hours of those services have not been disclosed. But on the positive side, the company has quite a solid guide written and possibly you don’t even need Cake Wallet support.

Transferring Fees

Important to realize is that the company doesn’t reveal any details about its service or transfer fees. Fairly, fees are mostly affected by the blockchain network. So, you’ll have to deal with it on the spot. In the past, some traders were complaining about hefty fees that were possibly affected by Bitcoin price changes.

All in all, those fees may vary depending on transaction size, market conditions, jurisdictional location, etc. On top of that, you shouldn’t forget exchange fees and fiat depositing fees where the company will take its own cut. Sadly, not disclosed how big it is.

Main Pros And Cons

Although the Cake Wallet Windows app is missing, we can credit them for providing the app for all other platforms. The app supports 10 languages, includes open-source code, allows card payments for buying crypto, and even offers gift cards for US citizens. 

On the other hand, with a non-transparent Cake Wallet price list for its services, you never know what to expect. Still, you can try it out. Unfortunately, the wallet is not compatible with hardware wallets or DeFi apps, and there’s potential privacy exposure due to remote node features.

Are Better Options Available?

When it comes to crypto exchanges, trading cryptos, and staking, surely yes. But still, this non-custodial crypto wallet is quite a solid solution for small sums of money. However, for big amounts, we always recommend using hardware wallets. Also, with crypto wallets, traders are limited only to crypto assets. That’s a huge disadvantage since we are all here for the same goal – profits. 

Instead, we recommend you explore the features of Funded Trading Plus prop firm based in the UK. With a profit split of up to 90% and funded programs of up to $200k, these investment options might be your next best choice. Most importantly, you are not risking your funds in the market but the company’s.

In the end, if you have proven methods, tools, or even AIs, this can be quite a profitable journey. Don’t limit yourself to only one option. Explore all the possibilities and find what suits you the most. Sign up with Funded Trading Plus today and get a chance to participate in generous promotions and giveaways. 

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