Cake wallet - Requesting honest reviews

[NotATether]

• european defi support - trade & earn across borders

Why

Who among here actually uses EUR stablecoins?

[apogio]

Why

Who among here actually uses EUR stablecoins?

I 've never heard of EUR stablecoins. What are they? I guess you 're talking about this one: https://coinmarketcap.com/currencies/euro-coin/. The market cap is $210M. I could never see a reason for USD Stablecoins to exist, apart from trading (for example on Hyperliquid DEX trading platform, or Binance's trading platform). I guess the EUR Stablecoin isn't a lot different, in terms of purpose and utility, is it?

[virasog]

Why

Who among here actually uses EUR stablecoins?

I 've never heard of EUR stablecoins. What are they? I guess you 're talking about this one: https://coinmarketcap.com/currencies/euro-coin/. The market cap is $210M. I could never see a reason for USD Stablecoins to exist, apart from trading (for example on Hyperliquid DEX trading platform, or Binance's trading platform). I guess the EUR Stablecoin isn't a lot different, in terms of purpose and utility, is it?

Maybe that is just a tactic to attract the European nations to use the cake wallet, but I really don't think it's anything useful and the targeted audience is very small. EUR stablecoins may be the cryptocurrencies backed by euro reserves,and one example that comes to my mind is EURC (issued by Circle). While the USD stablecoins that are dominated globally like USDT but EUR stablecoins marketcap is way less because they cater specifically to Eurozone users and businesses.

[pooya87]

From what I've seen the EUR stablecoins are just like any other token the copycatcoin creators created. They needed something that is not the repetition of previous projects (ie. multiple USD stablecoins) so they created a EUR one instead. As we can see the firs-mover aka Tether is dominating the stablecoin market...

[apogio]

Maybe that is just a tactic to attract the European nations to use the cake wallet, but I really don't think it's anything useful and the targeted audience is very small. EUR stablecoins may be the cryptocurrencies backed by euro reserves,and one example that comes to my mind is EURC (issued by Circle). While the USD stablecoins that are dominated globally like USDT but EUR stablecoins marketcap is way less because they cater specifically to Eurozone users and businesses.

From what I've seen the EUR stablecoins are just like any other token the copycatcoin creators created. They needed something that is not the repetition of previous projects (ie. multiple USD stablecoins) so they created a EUR one instead. As we can see the firs-mover aka Tether is dominating the stablecoin market...

All this unnecessary crap... Anyway, I guess it's obvious what they are, I just thought that since they weren't already established, that they would never become a thing. Imagine how many stablecoins are yet to come... GBP stablecoin, JPY stablecoin, CHF stablecoin etc...

[Pmalek]

All this unnecessary crap... Anyway, I guess it's obvious what they are, I just thought that since they weren't already established, that they would never become a thing. Imagine how many stablecoins are yet to come... GBP stablecoin, JPY stablecoin, CHF stablecoin etc...

Don't forget that banks and central banks will also look to create their own versions of tokenized assets and stabelcoins as the demand increases. If you can't beat them, join them, right?

Anyway, EURC and other EURO-pegged stablecoins is not something anyone should pay attention to unless they live in the EU zone. Even those in the EU don't have to care. We know that tether with its USDT has been banned in the EU for not being compliant with MICA regulations. Crypto traders in the EU can therefore use USDC or a EUR-pegged stablecoin if they prefer those. Both EURC and USDC have the same issuing company in Circle.

[apogio]

Anyway, EURC and other EURO-pegged stablecoins is not something anyone should pay attention to unless they live in the EU zone. Even those in the EU don't have to care. We know that tether with its USDT has been banned in the EU for not being compliant with MICA regulations. Crypto traders in the EU can therefore use USDC or a EUR-pegged stablecoin if they prefer those. Both EURC and USDC have the same issuing company in Circle.

I live in the EU, but it's definitely not something I 'll pay attention to. I 'll be honest though, I have used USDC in the past when I used to use CEXs. I was using it as a medium of exchange between cryptocurrencies, when I was trading (not something I am proud of because of the bad results I had). Well, back then, it was working well because Binance has made a cool and easy to use trading platform. So I don't neglect that some people may find these coins useful.

I just dislike the fact that it's too easy to create a coin and put value in it. Of course, if the coin is ignored, then there will be no value in it.

[pooya87]

All this unnecessary crap... Anyway, I guess it's obvious what they are, I just thought that since they weren't already established, that they would never become a thing. Imagine how many stablecoins are yet to come... GBP stablecoin, JPY stablecoin, CHF stablecoin etc...

Don't forget that banks and central banks will also look to create their own versions of tokenized assets and stabelcoins as the demand increases. If you can't beat them, join them, right?

This is what I think will eventually happen and it would be a good news if you ask me because centralized stablecoins issued by central banks will have less disadvantages compared to the same thing issued by some shady company like what we currently have. And they won't run the risk of being shut down overnight (eg. Tether could be shut down anytime).

But the problem is the slow development. I wrote something about it 3 years ago and I am surprised that we still haven't seen any major development in that regard: https://asktom.cf/index.php?topic=5394515.0

[Pmalek]

This is what I think will eventually happen and it would be a good news if you ask me because centralized stablecoins issued by central banks will have less disadvantages compared to the same thing issued by some shady company like what we currently have. And they won't run the risk of being shut down overnight (eg. Tether could be shut down anytime).

But the problem is the slow development.

Banks are slow in adopting new technologies because they don't like taking those risks. They work with their decades old systems and would rather continue to do so as long as they can. They are also heavily regulated and bringing in something like a bank-native stablecoin would require a lot of work and compliance on their part. Take SWIFT for instance. It's decades old but banks worldwide still rely on it for international payments in 2025.

The biggest motivation for banks to adopt new tech will be profit. Or the lack of it. If their profit margins start decreasing significantly to the point of it becoming a worry, they will act faster.

[Pmalek]

The newest 5.4.0 version of Cake Wallet introduces a new and interesting feature called Pay Anything.
Essentially, it allows you to send crypto to any address using any other cryptocurrency that you have. Cake Wallet uses its swap providers in the background to swap crypto A to crypto B and automates the swapping and sending process for you. There is a fee involved since you are using an instant swap service, so don't expect this to be free. Depending on how Cake Wallet swaps coins/tokens maybe you can be asked to undergo KYC as well.

If it's not to expensive, then it's a good feature to use in situations where you don't have the coin the receiver wants, and you don't want to move your crypto elsewhere to purchase it.

https://blog.cakewallet.com/cake-wallet-releases-pay-anything-making-crypto-work-the-way-you-think-it-should/

[dkbit98]

The newest 5.4.0 version of Cake Wallet introduces a new and interesting feature called Pay Anything.
Essentially, it allows you to send crypto to any address using any other cryptocurrency that you have. Cake Wallet uses its swap providers in the background to swap crypto A to crypto B and automates the swapping and sending process for you.

This is not bad feature to have but question is what happens if those background partners mark some transaction as risky.
If we are forced to perform KYC verification or they won't return coins, than I would not use this option.
And monero solves this because there are no ''risky'' coins, just saying.

[Pmalek]

This is not bad feature to have but question is what happens if those background partners mark some transaction as risky.
If we are forced to perform KYC verification or they won't return coins, than I would not use this option.

That's always a risk when you use third-party instant exchanges that allow themselves to block, reject, or simply confiscate your money due to X, Y, Z reasons. Looking at this screenshot from their website, Cake Wallet uses different swap providers. Among them is the likes of ChangeNOW. We know they can't be trusted. But there are better swap providers as well. Anyways, you can let the app choose an instant exchange itself or pick one from the list.

And monero solves this because there are no ''risky'' coins, just saying.

Or they are all risky because of the way monero works and preserves privacy.

[apogio]

That's always a risk when you use third-party instant exchanges that allow themselves to block, reject, or simply confiscate your money due to X, Y, Z reasons. Looking at this screenshot from their website, Cake Wallet uses different swap providers. Among them is the likes of ChangeNOW. We know they can't be trusted. But there are better swap providers as well. Anyways, you can let the app choose an instant exchange itself or pick one from the list.

I'd slightly rephrase your words, saying that I believe no exchange can be trusted. Literally none of them. I'm sick of the exchanges that are supposed to be KYC-free but suddenly they decide to ask for KYC data.

Is this the official latest list of exchanges that they use? https://docs.cakewallet.com/support/swap/

If so, just look at some of the reviews in kycnot.me and you'll understand what I'm saying:

Service	Review Link	Review Summary
exolix	https://kycnot.me/service/exolix	Shotgun KYC - May request KYC and block funds based on automated triggers.
sideshift	https://kycnot.me/service/sideshift-ai	KYC on authorities request - No routine KYC, but may cooperate with authorities, block funds or implement future KYC requirements.

[Kruw]

Among them is the likes of ChangeNOW. We know they can't be trusted.

I'd slightly rephrase your words, saying that I believe no exchange can be trusted. Literally none of them. I'm sick of the exchanges that are supposed to be KYC-free but suddenly they decide to ask for KYC data.

Cake's CEO knowingly partnered with ChangeNOW after finding out they seize funds:

[Pmalek]

I'd slightly rephrase your words, saying that I believe no exchange can be trusted. Literally none of them. I'm sick of the exchanges that are supposed to be KYC-free but suddenly they decide to ask for KYC data.

The "we are a no KYC service" has become a popular marketing gimmick that many exchanges and casinos in the crypto world use. A big majority likes to claim how you don't have to verify your identity, your privacy is protected with us, etc., etc. In reality, almost all of them mention in their terms or privacy policies many reasons why you could be asked to undergo KYC anytime. There are very few no-KYC services out there and all of them are or will be under attack because of their way of doing business in today's digital age where the governments fight terrorism, money laundering, and are protecting our children (not).

[Pmalek]

I took a second look at the swap providers that Cake Wallet has partnered with for its in-app swaps. Based on what I found, each one requires or may require KYC, conducts or may conduct AML checks, and could potentially freeze your crypto. This is based on what their privacy policies and T&Cs say and information provided by kycnot.me.

Cake's swap providers are:
- ChangeNOW
- SideShift
- Chainflip
- Exolic
- SwapTrade
- LetsExchange
- StealthEx
- XOSwap
- Trocador

If you have coins that may for any reasons by considered to be of "questionable origin" or even "dirty", Cake Wallet shouldn't be the place where you swap those.

[NotATether]

If you have coins that may for any reasons by considered to be of "questionable origin" or even "dirty", Cake Wallet shouldn't be the place where you swap those.

I have always wondered why people use the built-in swap feature of their wallets when there are so many other places you can exchange one coin to another without requiring KYC.

Maybe if you wanted to exchange Polygon for Binance Coin and have no idea how bridging works then that's fine, personally I still think it is some sort of witchcraft, but there is no reason to be doing 4-figure exchanges of BTC to ETH on any of those websites except for maybe Trocador (and StealthEx but then again, they asked me to remove their listing because it damages their KYC stance so there's also that).

[Lucius]

~snip~
I have always wondered why people use the built-in swap feature of their wallets...

Because it's easy and quick to do everything from one interface, especially for those for whom mobile wallets are the primary way to store and transact with cryptocurrencies. Of course, it would be better to use only those swap providers that do not have KYC, but for some smaller amounts, such swap providers built into wallets can also be useful.

I've used their services a few times and they didn't ask for KYC, but it was a few months ago and the amounts weren't large.

[Pmalek]

I have always wondered why people use the built-in swap feature of their wallets when there are so many other places you can exchange one coin to another without requiring KYC.

Personally, I haven't used any of the mentioned exchanges, but I could understand the appeal if they didn't give themselves the right to take your coins if they saw it fit. Cake Wallet is a good open-source alternative for a muticurrency wallet. Another one is Unstoppable Wallet. Crypto holders who don't own hardware wallets could use one of these two rather than relying on the many closed-source multi-coin wallets that have proven themselves as unreliable throughout the years. And since they have a swap service built-in, it's convenient and easy to perform a swap if you needed to instead of sending your crypto somewhere else and doing the swap there.

But if we had to put Cake Wallet and its swap partners against Unstoppable Wallet and the built-in ThorChain, I would rather use the second option.

[Z-tight]

I have always wondered why people use the built-in swap feature of their wallets when there are so many other places you can exchange one coin to another without requiring KYC.

Despite how convenient it could be for people who like to use the built-in swap feature of the wallet they use, it is not something i do, neither would i recommend it. Simply because you do not get to choose the exchange that your transaction will be routed through, and if you are like Exodus wallet users, then good luck to you if your swap is routed through N.Exchange. The chances are high that your swap may not go through, your funds confiscated and you have to wait months for their investigation to be completed.

I know Cake wallet is a far better wallet. However, i am sure users don't get to choose which exchange their tx would be routed through, right? So there are a few on that list that could confiscate your funds and request for kyc, so yeah...