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Cake Wallet vs Rainbow

How Cake Wallet vs Rainbow compare on our ratings, wallet specs, funding, pros and cons.

Cake Wallet4.3/5
VS
Rainbow3.3/5
Feature
Cake WalletVisit
RainbowVisit
Ratings
Our score4.3/53.3/5
User ratingNo reviews yetNo reviews yet
Security4.53.0
Ease of use4.04.0
Chain support4.02.5
Features4.04.0
Privacy5.03.0
Specs
KYC required NoNot disclosed
Wallet typeMobile, DesktopMobile, Browser extension, Web
CustodySelf-custodialSelf-custodial
ChainsBitcoin, Ethereum, Solana, Arbitrum, Base, Polygon, BNB Chain, Tron, OtherEthereum
PlatformsiOS, Android, macOS, LinuxiOS, Android, Chrome
Open source YesNot disclosed
Hardware wallet support YesNot disclosed
In-app swaps Yes Yes
StakingNot disclosed Yes
Buy crypto in app Yes Yes
Security featuresPIN protection, Encrypted backups, Tor routing, Bitcoin Silent Payments, Coin control, Replace-by-FeeSelf-custody
Recovery without a seed phrase NoNot disclosed
Built-in dApp browser NoNot disclosed
Perpetuals trading No Yes
Company
Founded2018—
Headquarters—United States
InvestorsNot disclosed6th Man Ventures
Strengths and weaknesses
Pros
  • Fully open source under the MIT license
  • Self-custodial design requires no user account creation or identity verification
  • Built-in Tor routing conceals IP addresses when broadcasting transactions
  • Integrates hardware signing devices alongside an air-gapped phone signing option
  • Self-custodial key control
  • Supports Ethereum and Arc
  • Swap costs appear before confirmation
  • Combines wallet and prediction markets
Cons
  • Native in-app bridging is restricted to USDT across Ethereum, Polygon, and Arbitrum
  • In-app exchange rates and fiat purchases carry external third-party provider fees
  • Fee customization and bumping tools are unavailable on Solana, Tron, and Arbitrum
  • Requires users to manage seed phrase backups without automated social recovery
  • Perpetuals add liquidation and Hyperliquid counterparty exposure
  • Swap fees vary and network charges still apply
  • Fee-on-transfer token swaps can be blocked
  • Self-custody leaves seed-phrase loss with the user
Best forMonero and privacy-focused asset holders, Users routing transactions through Tor, Mobile users pairing hardware walletsMobile Ethereum wallet users, Crypto and prediction-market traders, Users trading perpetuals

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