When it comes to cryptocurrency wallets, there are many options to choose from. With a crypto wallet, you can store, send, and receive cryptocurrency. This article will compare two of the most popular cryptocurrency wallets on the market: MetaMask and Coinbase.
We will outline the key differences between the two wallets and explore which crypto coins and marketplaces work with each wallet. We will also discuss custodial and non-custodial wallets and explain the benefits of each type.
A MetaMask wallet is a cryptocurrency wallet that allows you to store and use Ethereum-based tokens, including ERC-20 tokens and NFTs (ERC721 tokens). It is available as a browser extension that can be installed on Chrome, Firefox, and Microsoft Edge and as a mobile app.
With MetaMask, you can buy and sell tokens from your desktop browser or mobile device. Making a wallet on MetaMask is free, so you can create one and start trading crypto right away.
The lack of high-cost fees on MetaMask is a significant draw. While some wallets charge expensive fees to buy and trade crypto, MetaMask doesn’t. With its simple and clean user interface, MetaMask is an attractive choice for anyone interested in trading cryptocurrency.
- Access to a wide variety of cryptocurrencies, including smaller coins
- Users can buy and trade digital assets
- Works with most marketplaces that support Ethereum
- A fully-decentralized, secure wallet based on a 12-word “Secret Recovery Phrase.”
- With MetaMask, your private data is inaccessible to merchants or institutions.
The Coinbase wallet supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and many more cryptocurrencies. It is available as a mobile app and on the web. Coinbase wallet supports a wide variety of features and allows you to store digital assets such as NFTs.
The Coinbase wallet is a self-custody wallet, where your private keys are stored on your local device, giving you control over your cryptocurrency. Like MetaMask, the Coinbase wallet uses a 12-word recovery phrase for the private key.
Coinbase wallet offers top-notch customer service and a streamlined process that makes it easy to get started in the crypto world. Designed for mainstream audiences, the Coinbase wallet makes sending, receiving, and transferring coins and NFTs easy.
- Send, trade, and receive cryptocurrency with an easy-to-use interface
- Includes the ability to earn interest on your coins
- Robust customer support and help center
- Built-in support for browsing DApps and digital marketplaces
Custodial Wallets vs. Non-Custodial Wallets
All cryptocurrency wallets were designed to store cryptocurrency, most commonly Bitcoin or Ethereum. There are two different types of cryptocurrency wallets to choose from – custodial and non-custodial crypto wallets.
Custodial wallets are cryptocurrency wallets owned and managed by a third party. The third party is responsible for safeguarding your cryptocurrency and private keys. If something goes wrong with the custodial wallet, you run the risk of losing your cryptocurrency.
Non-custodial wallets are cryptocurrency wallets where you, and only you, hold the private key. This means that you are responsible for safeguarding your cryptocurrency. If you lose your private key, you will lose access to your cryptocurrency!
Metamask vs Coinbase Wallet: Side-by-Side Comparison
|Launch date||Nov 2021||2016|
|Built-in Exchange Platform||Yes||No|
|Supports ERC-20 tokens||Yes||Yes|
|Fees||Service Fees, Gas Fees||Gas Fees|
|Customer Support||Offers email support, a help center, and a phone service||Community forums and documentation|
|Supports Bitcoin, Dogecoin, Litecoin, Stellar Lumens, and Ripple network||Yes||No|
|Supports custom networks (Polygon, Fantom, BNB,…)||Yes||Yes|
|Creates Username of your wallet to receive crypto||Yes||No|
|Creates multiple wallets||No||Yes|
So Which is Better? MetaMask or Coinbase?
MetaMask and Coinbase are both excellent cryptocurrency wallets. They both have their pros and cons, but ultimately it comes down to personal preference.
If you’re looking for a user-friendly wallet with built-in customer support, Coinbase wallet is a great option. Its well-designed dashboard makes the process of trading coins easy for those who have never bought or sold cryptocurrencies. On the other hand, if you’re looking for more control over your private information, MetaMask is for you.
Privacy and security are two important factors to consider when choosing a cryptocurrency wallet. Even though Coinbase wallet is a non-custodial wallet, Coinbase still collects your private data.
If you need a more private cryptocurrency wallet, MetaMask is the preferred choice. Because MetaMask doesn’t collect your personal information, you can be sure that you remain anonymous during transactions.
Cryptocurrency wallets are becoming more popular, and the cryptocurrency market is constantly growing. MetaMask and Coinbase are two of the most popular wallets around, and for a good reason. Both allow users to buy and trade cryptocurrencies and other digital assets.
Ultimately, it depends on your needs as to which wallet is better for you. If safety is your main concern, then the Coinbase wallet may be a better option since they have strong customer support and industry-leading security. However, if privacy is your main concern, then a wallet like MetaMask may be a better choice.