- >Best Cryptocurrency Wallets 2024: Comprehensive Wallet Reviews
- >Metamask vs. Trust Wallet
Metamask vs. Trust Wallet
There is no denying that DeFi (decentralized finance) wallets are a crucial addition to achieving an intuitive, secure, and accessible DeFi ecosystem. Decentralized crypto wallets are getting increasingly popular, and there are various options available for users to choose from. Two of the favorites in this space at the moment are MetaMask and Trust Wallet.
While these two crypto wallets perform the same function for the vast number of tokens built on blockchain, they feature differences in several ways.
For instance, MetaMask strictly only supports tokens and cryptocurrencies built on Ethereum’s blockchain. Trust Wallet, on the other hand, features supported storage and interaction with assets on multiple blockchains apart from Ethereum making it a more versatile option of the two.
This is an important distinction as it will determine your choices in the types of cryptocurrencies or tokens you can store on either crypto wallet. To figure out which of these two best suits your needs, here is a comparison of the most important features to consider on both MetaMask and Trust Wallet.
MetaMask Overview
The MetaMask Wallet is by far one of Ethereum’s simplest and most popular applications. Designed to make storage of Ethereum-based crypto assets as easy as browsing the web, MetaMask brings convenience to the Ethereum ecosystem while taking away the risk that comes with centralized custody of crypto assets.
MetaMask was founded in 2016 by ConsenSys and developed its mobile app in 2019. This is a non-custodial wallet meaning private keys associated with the tokens in the wallet are stored with the user’s device and the wallet interacts directly with the Ethereum network without the need for intermediaries. Upon installation, the user gets a file with private keys coded into a seed phrase. This gives the user full control over the funds.
- User interface is easy for beginners to grasp
- Portal into a variety of Ethereum dapps
- Hardware wallet integrations
- Available on mobile and as a browser extension
MetaMask Pros & Cons
Pros
Open-source and non-custodial
Easy to use and supports all tokens on Ethereum
Available on popular browsers
Cons
It is a hot wallet
Only supports Ethereum’s blockchain
Trust Wallet Overview
Similar to MetaMask, Trust Wallet is a Web 3.0 wallet with support for a variety of tokens and digital assets built on Ethereum’s ecosystem and beyond. This is a decentralized crypto wallet that comes with a mobile app as well as support for more than 100,000 digital assets.
Trust wallet was founded in 2017 by Viktor Radchenko (a US-based Ukrainian software developer) and had since been operating as a non-custodial cryptocurrency wallet.
By design, the private keys in Trust Wallet are saved on a users’ device. This means all transactions happen directly through interactions with the various supported blockchains with no third parties involved.
- Highly respected multi-crypto wallet that launched as an open-source project
- Stake coins like Binance Coin, Kava and Cosmos to earn interest
- Options to buy cryptocurrency directly in wallet
- Supports NFTs and in-browser dApps
Trust Wallet Pros and Cons
Pros
Supports ERC20 and ERC 223 tokens
Non-custodial and free to download
Comes with a mobile app for convenience
Encrypted security
Cons
Not ideal for the storage of large crypto funds
Still one of the lesser known crypto wallets
Beginner Friendliness
Both Trust Wallet and MetMask come with a beginner-friendly user interface.
Setting up your wallet with MetMask, for instance, can be done with a few easy steps. All you need is to download the browser extension and set it up to get started in a matter of minutes. Trust Wallet is also simple to use and comes with a mobile app that is available on iOS and Android devices.
Trust and Security
Both MetaMask and Trust Wallet offer secure storage of cryptocurrencies and tokens. To keep these funds safe, both platforms support security practices that prevent vulnerabilities like phishing attacks or seed phrase hacking.
Unlike most centralized custody solutions, both Trust Wallet and MetMask do not support 2FA as they both don’t store user data. Two-factor authentication (2FA) is a mechanism used to help users install a second verification method into their accounts or wallets.
Fees
Comparing the fees involved in storing funds on both wallets, MetaMask does not charge any additional fee. The only cost incurred is gas fees for transactions.
Similarly, Trust Wallet doesn’t charge any fees and is free to use. There are also no subscription charges.
Supported Cryptocurrencies
Both Trust Wallet and MetaMask support a variety of cryptocurrencies on the Ethereum ecosystem. However, Trust Wallet takes the lead in this respect as it supports all ERC20 tokens as well as thousands of other different assets spread across 33 supported blockchains.
MetaMask only supports the storage of Ethereum-based tokens, and the only way to store Bitcoin or foreign tokens on MetaMask is through wrapped derivatives such as WBTC. You can also store STORM, DAI as well as the many tokens in Ethereum’s ecosystem on MetaMask.
Standout Features
Trust Wallet’s most outstanding feature is its support for multiple blockchains and support for the storage of 250,000 digital assets. This gives the wallet’s user plenty of room to maneuver through the crypto space with easy storage and asset management. Trust Wallet also stands out for its built-in exchange feature that lets users instantly exchange tokens or even buy crypto with a card.
While MetaMask, on the other hand, also comes with a pretty reliable security system, it features significant limitations when compared to Trust Wallet. Not only is MetaMask limited to Ethereum, but you also need to connect to a DeX to swap any tokens. Its most outstanding feature is the fact it has an intuitive user interface that makes it easy to use decentralized applications across the Ethereum ecosystem.
CryptoVantage Verdict: Trust Wallet Offers More Crypto Options
With multiple options available for DeFi wallets, users have a wide range of choices to pick from, depending on the features they prioritize in their crypto wallet.
While MetaMask has been around longer and enjoys a dedicated following, Trust Wallet is gaining traction just as fast among users who prefer a flexible non-custodial wallet that supports more blockchains.
Both wallets are easy to use, but Trust Wallet perhaps stands out given its integration with other cryptos and third-party exchanges.
