The entrance of cryptocurrency came with a frenzy in the money world. Everyone was curious to know what crypto was, and years later, cryptocurrency is still big and growing, attracting more crypto enthusiasts by the day. With this much buzz that has stubbornly refused to slow down, investors tend to get caught up in the crypto hype while skipping the basics.
Some readily invest hundreds of thousands in a currency without knowing how wallets work, what private keys do, and who manages their accounts. However, that is a risky move for any form of investment that has drawn the attention of scammers.
In 2021 alone, fraudsters made away with £10.5 billion of stolen cryptocurrency. That alone should be cause for alarm for you as a crypto investor to familiarize yourself and learn more about wallets before investing in crypto. Let’s look at MetaMask vs. Trust Wallet vs. Coinbase Wallet to understand the best wallet for you.
MetaMask, Trust Wallet, or Coinbase Wallet – Which Suits Me Best?
Here is a comparison table for MetaMask vs. Trust Wallet vs. Coinbase Wallet:
1. MetaMask – Best for Users Only Interested in Ethereum
MetaMask Wallet will only support and manage Ethereum-based tokens. MetaMask is one of the most straightforward Ethereum wallets around. Users who prefer MetaMask are only interested in buying Ethereum-based assets.
2. Trust Wallet – Best for Users Interested in a Wide Range of Crypto
Trust Wallet offers over 1 million cryptocurrencies across blockchains, which is a wide variety to choose from for someone who wants to buy many cryptocurrencies
Trust Wallet wins if you want to earn interest and manage your crypto assets through a mobile wallet. You will prefer Trust Wallet compared to its competitors.
3. Coinbase Wallet – Best for Beginners
Coinbase Wallet has a simple, attractive interface perfect for users with little to no crypto experience. Also, with Coinbase, you only need one account to manage all your assets.
1. What Is MetaMask?
MetaMask is an Ethereum crypto wallet that enables users to access the world of Web3, decentralized finance (DeFi), and NFTs(Non-fungible Tokens). It’s one of the most straightforward Ethereum wallets to use, and you can set it up in minutes. You will need Chrome, Firefox, or a Chromium-based browser to begin. Download and install the MetaMask browser extension.
After installation, click the “Get Started” button to create your new wallet with MetaMask. To send crypto, click “Send,” fill in the recipient’s address, enter the amount to send, and select a transaction fee. MetaMask allows you to manually adjust the transaction fees in the “Advanced Options” tab. Then click ‘Next” to confirm or reject the transaction.
To interact with a dApp of smart contracts, you will use the “Connect to Wallet” button on your platform. You will be asked whether you want the dApp to connect to your wallet. DApps automatically connect to MetaMask, and once they securely connect, you can interact with the dApp and its features.
- MetaMask supports DeFi, Web 3, dApps, and NFTs.
- Direct token swap.
- Available on both mobile and desktop devices.
- Supported connection to Ethereum blockchains.
- Pay with card, mobile payments, and bank transfers.
MetaMask Wallet is very common among crypto users, and with over 30 million monthly users, this wallet has earned a good reputation.
The MetaMask browser extension is easy to install and set up across devices. As a user, you don’t have to manage your private keys. You only need your 12-word seed phrase to manage transactions.
No Sign Up with Personal Information
All you need to do is download the desktop version or mobile application and sign up without giving out personal information.
Create multiple wallets
Users can create multiple wallets across blockchains, enabling them to dedicate wallets for different transactions.
MetaMask is well-integrated with dApps which are designed to function with the wallet. This makes it easy to send Ether in and out.
MetaMask is a simple browser extension, and it sends requests to nodes outside your computer instead of you having to download the Ethereum blockchain.
No Password Reset Option
MetaMask is a non-custodial wallet, and technical support cannot help users recover their passwords or seed phrases. You can only restore your wallet by using the 12-word seed phrase.
Limited Technical Support
MetaMask users have limited support channels and can only get help through the self-help portal, the community bulletin board, or email. The support team is also unable to assist with lost passwords, seed phrases, missing transactions, or stolen crypto.
Doesn’t Support Bitcoin
Bitcoin is the world’s largest cryptocurrency. However, the MetaMask wallet does not support or store Bitcoin.
2. What Is Trust Wallet?
Trust wallet is a diverse non-custodial cryptocurrency wallet that supports over 1 million different cryptocurrencies across blockchains. Trust wallet is a mobile wallet that primarily works on smartphones where users can buy cryptocurrency, send & receive coins, and buy & sell NFTs.
Trust wallet functions like a bridge connecting individual blockchains through their nodes. Each blockchain has its public addresses where all crypto is encrypted and stored. Trust Wallet is a non-custodial wallet that does not hold or control crypto but gives a user access.
Trust wallet supports cryptocurrencies like Bitcoin, Ethereum, Ethereum Classic, Binance Coin, or Ravencoin. It gives you full cryptocurrency management functionalities. Trust Wallet can buy, sell, and swap different coins, blockchains, and other digital wallet assets.
- Multi coin support.
- Trust Wallet enables interest on digital assets.
- Can stake up to 12 tokens like BNB, Cosmos, and Tezos.
- Trust Wallet supports decentralized apps(dApps).
- Trust Wallet allows credit cards.
Trust wallet app makes your coins work for you by staking your digital currencies with a flexible interest rate. It gives you a validated proof-of-stake (PoS) certification, enabling you to earn interest on your digital currencies.
The Trust wallet mobile application interface is easy to operate and navigate. New users can begin buying and selling various cryptos while keeping tabs on their transaction history.
Trust Wallet is a multi-coin wallet. It supports a wide range of cryptocurrencies and NFTs on various blockchains like Bitcoin, the Ethereum blockchain, and the BNB (Binance Smart Chain).
Local Key Storage
Trust Wallet stores private keys locally instead of in the cloud, where they would be more vulnerable.
Trust Wallet is an open-source wallet that is completely transparent and can be accessed freely by users.
No Desktop Support
Trust Wallet is only available through mobile devices, unlike other wallets that support multiple devices. You need the mobile application to use Trust Wallet, a deterrent to users who want to manage their crypto assets from desktop devices.
Susceptible to Attacks
Trust wallet is susceptible to social engineering and phishing attacks from scam decentralized app websites, Facebook messenger, or fake customer support websites, which may lead to the user losing crypto assets.
Cannot Recover Account
You cannot recover your account through Trust Wallet customer support in case of a lost password or seed phrase. An account can only be recovered using your 12-word seed phrase.
3. What Is Coinbase Wallet?
Coinbase wallet is a non-custodial cryptocurrency wallet that enables users to buy and store a wide variety of crypto assets, access decentralized apps (dApps) across multiple blockchains, and store Non-fungible Tokens (NFTs). Coinbase wallet lets you receive, send, and store Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and ERC-20 tokens while also giving you access to dApps on the Ethereum network.
Coinbase wallet is a multi-coin wallet, Ethereum wallet, and Ethereum browser that allows you to browse the decentralized web. Once you have set up your Coinbase Wallet, you can make transactions and see your transaction history through its simple interface.
To send crypto, log in to the Coinbase Wallet app, select “Tokens” and the token you want to send, then select “Send.” Enter the number of tokens and the recipient’s address, and click “Continue” to complete the transaction. To receive crypto, log into your wallet, click “Tokens,” select the number of tokens, then click “Receive.” You can then share your address or the generated QR code with your sender.
- All private account keys and crypto assets are directly stored in user devices instead of a centralized exchange or brokerage.
- Supports 44,000+ crypto assets across multiple blockchains.
- Users can earn interest on their crypto assets.
- Supports fiat currencies.
- Users can swap and receive Ethereum-based tokens and Polygon-based tokens directly within the app.
Easy to Use
Coinbase wallet has a simple, easy user interface that is beginner-friendly.
Supports Different Cryptocurrencies
Coinbase Wallet supports many cryptocurrencies like Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, Litecoin, Polygon, Stellar, Ripple Network, and Ethereum Layer-2 solutions like Arbitrum and Optimism.
Coinbase Wallet charges low fees compared to other wallets.
Access to Apps
It has access to decentralized apps across multiple blockchains.
Coinbase Wallet has a Secure Enclave feature and biometric authentication for secure login, making it one of the safest cryptocurrency wallets.
Code Is Not Open-Source
Code for Coinbase Wallet is not open-source, making it inaccessible to users.
Poor Customer Support
Coinbase Wallet does not have the best customer support for its users.
1. What Is A Crypto Wallet and How Does It Work?
A cryptocurrency wallet is a software application on a desktop computer or mobile device that acts as a wallet for your cryptocurrency. A crypto wallet provides the interface to access your crypto and stores the passkeys you need to use for your cryptocurrency exchanges.
A crypto wallet contains a public key, the wallet address, and private keys that only you can use to sign your cryptocurrency exchanges and manage transactions. The core functionality of a crypto wallet is to send and receive crypto.
There are two main types of wallets; custodial wallets and non-custodial wallets. Custodial wallets are hosted by a 3rd party that stores your keys for you, while non-custodial wallets let you secure the keys for yourself.
Wallets are further categorized into hot wallets and cold wallets. Hot wallets have a connection, while cold wallets do not have a connection.
To send crypto, log in to your account, enter a recipient’s wallet address and choose the amount to send. Then sign the transaction with your private key, pay the transaction fees, and send. To accept crypto, the sender follows this method, you accept the payment, and the transaction is complete.
2. What Factors Do I Need to Consider in Choosing A Crypto Wallet?
There are different types of wallets to choose from, with each wallet having varying features. Here are some factors to consider when looking for the best crypto wallet:
Software Vs. Hardware Wallets
Software wallets are virtual and based online, while hardware wallets are physical offline devices. Software wallets store your keys on the internet. Most offer multiple security levels and backup methods to keep your crypto safe.
Software wallets are cheaper than hardware wallets which can cost a hundred dollars more. However, hardware wallets are more secure because storing your private keys offline makes them inaccessible to cybercriminals.
Hardware wallets are also void of system malfunctions, server crashes, and technological issues that could make you lose your private keys.
The main focus of a crypto wallet should be security. A wallet should be able to keep your funds safe by storing your private keys securely. A strong password should have additional features like two-factor authentication and multi-signature if you use a software wallet.
A backup feature like a seed phrase is also essential as it should help you recover all funds stored in case of a technical malfunction or you forget your login information.
If you settle on a hardware wallet, look for one with a CCEAL5+ certified Secure Element chip. It’s the chip used in passports and credit cards. It securely stores your private keys. You should also have a recovery seed phrase to help you access your crypto assets if you lose or break your wallet.
Open Vs. Close Source Crypto Wallets
Open-source crypto wallets allow anyone to view their software. These wallets enable users and developers to quickly discover flaws and report or fix them, securing the wallet more. Closed source crypto wallets’ codes are only accessible by developers, preventing attacks and imitators.
Crypto Wallet Fees
Crypto wallets charge different fees for transactions like depositing, withdrawing, buying, or staking crypto. Before choosing a wallet, check and compare their network fees to pick the one that suits you. Some wallets allow you to adjust the fees you pay to blockchain miners or validators. For instance, you can choose a quick transaction but pay higher fees and vice versa.
Some crypto wallets support different coins, while others support only one token. Wallets focusing on one coin have better features concerning that specific coin.
However, as you become more familiar with crypto, you may venture into more tokens. While you can own multiple crypto wallets for your private keys, this means more passwords, seed phrases, and wallet information.
Managing many wallets can be overwhelming, which is why having a wallet that supports various coins is good.
The cryptocurrency world has users with different crypto skill levels, from beginners to intermediates to pros. Crypto wallets are different when it comes to ease of use. Some wallets have an easy user interface with easy navigation, while other wallets are complex to navigate. Choose a wallet based on your skill level to avoid frustration and complications.
To choose the best crypto wallet, you don’t need the best of everything. All you need is a wallet that fits your needs, whether it’s easier accessibility or low costs. With our comparison of MetaMask vs. Trust Wallet vs. Coinbase Wallet, you can compare the different wallets to find the best wallet that suits you.
- MetaMask Wallet is a crypto wallet and gateway to Ethereum chain apps that only support Ethereum.
- Trust Wallet is a hot wallet that offers a wide range of cryptocurrencies through mobile devices.
- Coinbase Wallet is an easy-to-use crypto wallet that can store all types of digital assets.
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