Cake Wallet is open source... you can verify the following yourself:

- Cake does not require an account.

- Cake provides nodes for convenience and, yes, they can track your IP and usage, which is why they advocate you point to your own node.

- For further privacy (IP obfuscation), TOR is fully supported and encouraged.

- For purchasing gift cards, only an email is needed as that's where the card is sent.

- Private keys are stored on the device and never shared... with anyone.

- Swaps are done through Trocador, a very popular service with an excellent reputation. Cake simply integrates their API.

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