MetaMask is typically designed for the Ethereum ecosystem. It was founded in 2016 by ConsenSys, an easy-to-use crypto wallet. Moving from just a plug-and-play add-on-wallet on browsers, MetaMask wallet has now formed itself as one of the most successful applications in the Ethereum ecosystem.
It enables its users to store and swap cryptocurrencies, get involved and interact with the Ethereum ecosystem. Thereby, hosting a bunch of rapidly growing dApps.
Although it is a popular wallet, MetaMask offers seamless integration with hardware wallets like Ledger Nano for added secure storage for user funds. Recently, it has become an important utility for blockchain newcomers, crypto gamers, token traders, and developers.
MetaMask offers a wide range of features making dealing with cryptocurrencies a seamless process. Mainly, it has 3 key functionalities: dApp access, swaps, and storage.
By decreasing the barrier of entry into the dApps market, MetaMask has formed gives an excellent solution to interact with dApps and tokens on the blockchain. Also, it introduces many people to the decentralized web with its easy-to-use interface.
Recently, it integrated a unique feature where users can conveniently swap tokens directly on the app instead of first connecting to a decentralized exchange like Uniswap. This functionality enables traders to enjoy the best liquidity deal at the lowest fees within the DeFi landscape.
Platforms and features
Metamask is a free mobile and web crypto wallet available for Android and iOS as a mobile app. It also gives you an option of a desktop version and a browser extension. Furthermore, to its availability on Firefox and Chrome browsers, MetaMask is available on Microsoft Edge and Brave browsers.
Relatable:BEST CRYPTO EXCHANGE WALLETS OF 2022
Users can have amazing experiences due to the availability of web browser integration in the form of plugins. Also, it offers users a key vault, token Wallet, secure login, and token exchange.
MetaMask can achieve a rating of 4.6 stars out of 5 based on over 22,100 ratings on the App Store. Google play has a rating of 4.6 stars out of 5 based on more than 85,000 ratings. Users worldwide have rated it as the best way to store cash other than cold storage wallets.
Pros and Cons of MetaMask
|This open source can be accessed through different browser networks.||Only supports ERC 20 and Ethereum tokens.|
|Easy to use and user-friendly interface and design||Easily exposed to hacking risk due to being an online wallet.|
|The control of private keys is preserved on the internet browser.||Lacks a password reset option|
|Supports all tokens on Ethereum. It offers integration with ledger devices||Highly limited technical support|
What is Coinbase Wallet?
Coinbase wallet is typically introduced to facilitate the storage of ETH and ERC20 tokens in the rapidly growing DeFi landscape. It is more focused on the safety and privacy of its users.
It implements features such as client-side encryption, where a user’s private keys are encrypted on their computers. As its non-custodial Wallet was developed by the Coinbase team, users can seamlessly swap assets between the Coinbase exchange and the Coinbase wallet.
The main functionality of Coinbase Wallet is to enable users to deal with their private keys. Also, one can store their crypto assets directly on their devices, thereby successfully eliminating the need for a centralized exchange. Moreover, it helps users to manage all their digital assets in a secure place with its super clean and simple UI.
Platforms and Features
The Coinbase Wallet is used for both Android and iOS. Its decentralized application can be accessed from your device’s browser as well. The desktop version of the Wallet is called a “self-custody wallet,” a type of wallet designed to enable users maximum control over their crypto.
Its incorporation with the Coinbase exchange platform gives security for crypto-enthusiasts and investors for storing their digital assets on this Wallet.
The Coinbase Wallet scored 4.6 out of 5 based on 115K ratings on the App store, while the Google Play store scored 4.1 out of 5 based on 51.1T reviews. The app is usually recommended for its high-end security features.
Pros and Cons of Coinbase Wallet
|Free registration and maintaining crypto coins at low fees||More centralized standalone Wallet|
|Easy to use interface and design||Limited browser compatibility|
|The company running Wallet is sufficiently funded so it can recover any stolen or lost digital assets.|
|Supports leading cryptocurrencies with top-notch security.|
Metamask Vs Coinbase Wallet
Coinbase wallet is usually preferred and considered a better choice if you are a beginner due to its security features, protection layers, and more options. Also, it gives a wide range of a list of supported tokens.
MetaMask is the best option to access more dApps, DeFi, and NFT applications. For developers working with Ethereum, the MetaMask wallet gives more affordable services than Coinbase.
Best Places for NFT
The best places to start buying or selling NFT are marketplaces like Rarible and OpenSea. If you are looking for the best Wallet for OpenSea NFT, it’s definitely MetaMask, as it doesn’t support Coinbase.
In the future, Coinbase Wallet will be compatible with most NFTs as the team behind Coinbase is slowly emerging its own NFT marketplace.
Best Wallet for Buying Cryptocurrency
Coinbase is the best option to buy crypto if you are a beginner as it’s an exchange wallet that is highly secured and intuitive. While, MetaMask is the best choice for someone focusing on Ethereum, as they can seamlessly access Ethereum dApps through their browser.
Wallet best to Exchange cryptocurrency
MetaMask is the best Wallet for exchanging cryptocurrency as it supports various blockchains, like Polygon, BNB Chain, and Avalanche, and offers users access to all the DeFi applications.
MetaMask and Coinbase are two different wallets with their own distinct and unique features. Both these wallets are non-custodial, but MetaMask is considered the most secure wallet to store your crypto investment.
You can also connect to Coinbase using MetaMask. Moreover, you can use MetaMask and Coinbase at the same time. Both MetaMask, as well as Coinbase wallet, have their own specific features. So, selecting the Wallet depends on users’ needs.