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Two popular cryptocurrency wallets that are often compared are Trust Wallet and MetaMask. Both offer unique features that cater to different users, but which is better to use?
Introduction
Cryptocurrency wallets are crucial for managing digital assets. There are various types of cryptocurrency wallets, such as software wallets, hardware wallets, and paper wallets.
This article will compare the most popular software wallets — MetaMask and Trust Wallet.
As someone who has been active in the cryptocurrency industry for a couple of years, I often receive calls from friends and family asking me which crypto to buy and where to store it.
Especially during times like 2021 when the crypto prices are rising, these calls become more frequent. The other day I received a call from my cousin who wanted to start investing in cryptocurrencies.
I guided her to create an account and purchase some crypto through an exchange. Then she asked me if she should store her crypto in the exchange, but I disagreed.
I told her that the safest way to store crypto is in her personal wallet, not exchanges. Many crypto exchanges have collapsed recently, causing users to lose their investments. Whereas crypto wallets are highly secure and give you complete control over your crypto.
Crypto wallets are like physical wallets where you keep cash and cards, but instead of paper and plastic, they hold private keys that enable access to your cryptocurrencies.
Here are some points explaining the importance of crypto wallets:
- Security: Crypto wallets provide a secure way to store your digital assets. They use advanced encryption techniques to protect your private keys, which are used to access your funds.
- Convenience: With a crypto wallet, you can easily send and receive cryptocurrencies without worrying about deposit or withdrawal limitations like in central exchanges.
- Control: Crypto wallets give you complete control over your funds. You can keep your digital assets in your wallet rather than relying on a third-party service to hold them for you.
- Access: Some crypto wallets provide access to a wide range of DeFi protocols, allowing you to diversify your digital assets and take advantage of different investment opportunities.
Therefore I suggested my cousin to use MetaMask or Trust Wallet for storing her crypto, which are two of the most popular software wallets available. Then she asked me a question that led me to write this article. She asked which wallet is better to use: MetaMask or Trust Wallet.
Picking the right wallet is very important because different wallets provide different levels of security, credibility, supported tokens, and user experience.
So while comparing the two wallets for my cousin over the phone, I wrote down the key points in order to write this article once I got off the phone with her.
In this article, I will compare Trust Wallet with MetaMask based on various factors like security, interface, and supported blockchains.
Let’s find out which is the best wallet to use in 2023 — is it MetaMask or Trust Wallet?
MetaMask vs. Trust Wallet
Both MetaMask and Trust Wallet are compatible with multiple blockchains, making them versatile options for managing digital assets.
Even though hardware wallets are the safest method for storing your crypto, software wallets like Trust Wallet and Metamask are a better choice for beginners since they are sufficiently secure and free of cost.
The factors I will be considering while comparing Trust Wallet and MetaMask are security, interface, and supported blockchains.
MetaMask and Trust Wallet are free crypto wallets allowing you to store, send, receive, buy, and exchange cryptocurrencies and Non-Fungible Tokens (NFTs).
Both provide many common features, like allowing users to manage multiple wallets to keep their funds separate for security purposes; or an in-built decentralized application (dApp) browser, enabling users to interact with decentralized applications seamlessly.
Also, both MetaMask and Trust Wallet meet the required security standards. Although they are less secure than hardware wallets, they are still way more secure than centralized exchanges.
Lastly, Metamask and Trust Wallet provide various security features, including password protection, seed phrase backup, and fingerprint.
But which one is better for your needs?
Overview of MetaMask
MetaMask was created by ConsenSys, a blockchain software technology company Joseph Lubin founded in 2014.
MetaMask was first released in 2016 as a browser extension, and it quickly became popular among Ethereum users who wanted a secure and user-friendly way to manage their cryptocurrencies.
Since then, MetaMask has undergone several updates and improvements, and it now has a large and active community of users and developers who continue to work on improving the platform.
MetaMask is a software cryptocurrency wallet used to store, send, receive, buy, exchange, stake, or swap cryptocurrencies and crypto assets.
MetaMask is an extension for Chrome, Edge, Firefox, and Brave browsers and a mobile app available on iOS and Android.
By default, MetaMask supports the Ethereum blockchain and its growing ecosystem of decentralized applications (dApps). These include DeFi platforms, NFT marketplaces, and specific dApps like UniSwap and Compound.
However, MetaMask has grown to support a more extensive network than just Ethereum and its tokens. This includes all EVM networks like Binance Smart Chain (BSC), Avalanche, and Aurora, as well as EVM-compatible Ethereum Layers 2s (L2s) and sidechains like Polygon, Optimism, Arbitrum, and more.
Now let’s look at the pros and cons of MetaMask
Pros:
- One of the significant advantages of Metamask is its user-friendly interface.
- Many resources on MetaMask are available online that can guide you to find your way through different parts of the wallet easily.
- Popularity — over 30 million users worldwide
- Compatible with hardware wallets allowing you to take your wallet security to the next level.
- Integrated with every Ethereum and EVM-based dApp
Cons:
- MetaMask only supports the Ethereum network by default. So, if you want to add a custom blockchain, you’ll have to manually add it to MetaMask, which can be confusing for beginners.
You can visit ChainList through the MetaMask browser to easily add a new network.
- MetaMask doesn’t support Bitcoin and other non-EVM chains like Solana and Cosmos.
Overview of Trust Wallet
Trust Wallet was created by Viktor Radchenko, a software developer and entrepreneur passionate about blockchain technology and cryptocurrency. Radchenko founded Trust Wallet in 2017 to create a secure and user-friendly wallet allowing users to easily store and manage their cryptocurrencies.
Trust Wallet quickly gained popularity among users who appreciated its emphasis on security and privacy. In 2018, Trust Wallet was acquired by Binance, one of the largest cryptocurrency exchanges in the world. The acquisition allowed Trust Wallet to expand its reach and offer users even more features and capabilities.
Since its acquisition by Binance, Trust Wallet has continued to evolve and improve. It now supports a wide range of cryptocurrencies and blockchain networks, and it has a robust and active community of users and developers who contribute to its ongoing development. Radchenko remains involved with the project and continues to work on improving Trust Wallet for users around the world.
Like MetaMask, you can use Trust Wallet to transact and store Ethereum-based tokens as well as cryptocurrencies like Bitcoin and XRP. You can also interact with dApps directly through an open-source browser via their mobile wallet app.
Trust Wallet is a mobile app available on iOS and Android. They also recently released a browser extension that looks and feels very similar to MetaMask’s.
Now let’s look at the pros and cons of Trust Wallet:
Pros:
- Trust Wallet is an extremely versatile app that supports 65 blockchains and thousands of tokens.
- It provides extensive features like staking options where users can stake coins such as Cardano (ADA), Polkadot (DOT), and Solana (SOL) directly from the app to earn interest.
- Integrated with features from centralized exchanges such as Binance Pay, where users can directly initiate a transfer from their exchange account into their Trust Wallet without manually switching apps, pasting wallet addresses, or scanning QR codes.
Cons:
- The Trust Wallet browser extension is still very new and has not been as battle tested as MetaMask.
- It Doesn’t support integrations with hardware wallets yet.
Conclusion
At the end of my conversation with my cousin, I concluded with a few takeaway points that I will share with you now.
MetaMask is the best wallet for people who primarily use Ethereum and EVM chains or anyone who is just starting their crypto journey and wants a simple and secure app to use.
Plus MetaMask is compatible with most browsers, mobile phones, and hardware wallets. It is the most suitable option for you if you want to use your web-based wallet with a hardware wallet.
However, if you have a wide variety of crypto assets across different blockchains, including Bitcoin, you might want to consider using Trust Wallet.
Trust Wallet can be more beginner-friendly compared to MetaMask, as popular networks and tokens are already added by default.
Security-wise, both wallets provide high levels of encryption for your private keys. Also, when transacting crypto using Trust Wallet or MetaMask, you have to pay the network fee of the blockchain you’re using. These wallets provide in-built Swap systems that charge a swap fee separate from the network fee.
But I told my cousin that the battle between MetaMask and Trust Wallet is far from over. So deciding which is better eventually comes down to your needs and preferences, and you should try both wallets and see which you like more since they’re free anyway.
Thanks for staying till the end.
FAQs
What is a non-custodial wallet?
Non-Custodial wallets, also known as self-custodial wallets, are crypto wallets that give you complete control over your public and private keys and, subsequently, full control over your crypto wallet and assets. Trust Wallet and MetaMask are non-custodial wallets, whereas centralized exchange wallets are custodial.
What is a hot crypto wallet?
The crypto wallets always connected to the internet are called hot wallets, and all software wallets like Trust Wallet and MetaMask are hot wallets.
Can I have multiple wallets at the same time?
Yes, you can. You can use both MetaMask and Trust Wallet, and even within each wallet, you can create multiple wallets to separate your funds for various reasons.
Do Trust Wallet and MetaMask charge fees?
Self-custodial crypto wallets don’t charge any fees other than the network fee of the blockchain you’re using when transacting crypto. But the in-built Swaps of Trust Wallet and MetaMask charge users a swap fee.
Trust Wallet or MetaMask — which is better?
The answer completely depends on your needs and preferences. If your portfolio includes various crypto assets across different blockchains, you should use Trust Wallet. But if you are using Ethereum and other EVM chains, MetaMask is more suitable for you.
