Over the past few years, Decentralised Finance (DeFi) has expanded significantly, with MetaMask and Coinbase Wallet leading the way in developing DeFi crypto wallets.
While Coinbase Wallet benefited immensely from appealing to customers more worried about security and privacy, MetaMask grew from a simple browser extension into one of the most well-liked Ethereum apps, bringing Web 3.0 closer to being a reality. These two wallets have dominated the market in the area of decentralised money.
Which wallet in MetaMask vs Coinbase Wallet—should you choose? Here is a quick comparison of the top two digital wallets.
What is a crypto wallet?
Users who purchase bitcoin from a platform like a cryptocurrency exchange or another one like it may decide to retain it there. When a person purchases a tiny quantity of bitcoin, it will first show up in their accounts, much like any other balance on a bank account.
Users will receive one of the fundamental types of cryptocurrency wallets when they purchase a cryptocurrency or other crypto asset. But, most crucially, extra layers of security will be offered by the wallets on the exchanges.
Financial institutions, for instance, are covered by insurance to prevent losses. However, these security measures do not permanently alleviate user concerns about securely maintaining their cryptocurrency assets. Therefore, they would need to search for suitable categories of cryptocurrency wallets here that can offer sufficient security and robust functioning. We will be focusing on the Main aspects of comparing factors for Metamask vs coinbase Wallet. Before that, let’s discuss what different types of wallets are there.
Most frequent types of wallets for holding crypto assets
These are the crypto wallets that people use widely. Hot wallets are always linked with the internet, with particular security concerns. Due to their internet connection, hot wallets are more functional and accessible than regular wallets. Despite being open to attacks from fraudsters and hackers, they are very user-friendly.
In essence, cold wallets are variations on bitcoin wallets designed for cold storage. The offline storage of customers’ bitcoins and other crypto assets is called “cold storage.” They serve as vaults for commonplace transactions. Unexpectedly, some cold wallets can connect to the internet while carrying out their fundamental tasks and adding new features.
It follows that users with many crypto assets would find it more convenient to use cold wallets rather than hot wallets. However, combining cold and hot wallets can be more advantageous for bitcoin users and traders.
For instance, while using a cold wallet to store most of your assets, the hot wallet offers better functionality and financial flexibility. As a result, a hybrid approach that combines the two types of crypto wallets may offer increased security and versatility.
Why Choose a Digital Wallet?
Whatever decision you select, a digital wallet is necessary for crypto transactions. Therefore, the ideal approach to begin any crypto-related endeavours is with a cosy, safe, and simple wallet.
The choice between Coinbase Wallet and Metamask ultimately comes down to personal preference. However, both offer the best features a high-quality digital wallet should have, so you’ll be happy with whichever one you choose.
Let’s Start the Final clash of Metamask Vs Coinbase wallets and find out which is a better crypto wallet. Before that, you can also read Our Blog: CryptoBlades: An Ultimate Guide To Best Blockchain Game.
What is MetaMask?
ConsenSys introduced MetaMask, a user-friendly Ethereum-based cryptocurrency wallet, as a full self-custody service in 2016. Originally built as a desktop extension, it now features a mobile version.
On both iOS and Android devices, users can download and utilise the wallet’s mobile application. In addition to the original Chrome and Firefox, the MetaMask browser extension is available on the Brave Browser and Microsoft Edge.
Many of MetaMask’s capabilities, including the ability to purchase, sell, and trade coins straight from its mobile app, increase the usability of Bitcoin. Other benefits of utilising Metamask include the following:
- Open source and non-custodial
- It supports all Ethereum tokens
- Accessible in well-known browsers like Mozilla Firefox and Google Chrome.
What is Coinbase Wallet?
Trust is essential for granting wallets access to your funds. Coinbase Wallet is still a viable option for your cryptocurrency wallet. The second-largest bitcoin trading platform, Coinbase, developed Coinbase Wallet. Many MetaMask users utilise Coinbase to convert cryptocurrency before transferring money to their wallets.
Coinbase can provide a more consistent user experience and support for exchanging assets between the exchange and wallet since it controls both the wallet and the exchange. Additionally, Coinbase is expanding its product line with future support for the NFT Marketplace, giving its users an even more seamless NFT purchase experience.
Coinbase Wallet also supports well-known networks, such as Bitcoin, Dogecoin, Litecoin, etc. Still, MetaMask exclusively supports Ethereum Virtual Machine (EVM) Networks, the hard forks off of the Ethereum blockchain. Therefore, more comprehensive network support could affect the game for some people depending on their needs.
Similarities between MetaMask and Coinbase Wallet
These two well-known cryptocurrency wallets have several characteristics in addition to their reputation as beginner-friendly wallets. Among them are:
- Cryptocurrency owners with accounts on these two services can access their accounts using different devices while protecting their private keys. That provides the defence against hackers.
- Ether (ETH) and ERC-20 tokens, which are Ethereum-based currencies, can be stored in MetaMask and Coinbase Wallet. Additionally, they give consumers access to DeFi services by providing interfaces for interfacing with Ethereum-based applications.
- Both connect users to Web3.0, a blockchain-based decentralised version of the internet. That is because they both work as browser extensions.
MetaMask vs Coinbase: Wallet integration and support features
Trust is essential and critical when granting wallets access to cryptocurrency assets, just as it is when selecting a banking institution for transactions involving real money. Although it is a newer company and receives less support than MetaMask, Coinbase Wallet is still a cryptocurrency wallet option.
The Coinbase platform, a publicly traded American company that runs the second-largest cryptocurrency trading platform in the world, is the creator of the Coinbase Wallet. In truth, many MetaMask users first transfer money to their MetaMask wallets before trading cryptocurrencies on Coinbase.
Coinbase Wallet offers networks for Bitcoin, Dogecoin, Litecoin, and other well-known cryptocurrency networks. At the same time, MetaMask exclusively supports networks for the Ethereum Virtual Machine, which are replicas of the Ethereum blockchain platform. Expanded network support could be a game changer for some customers, depending on their needs.
However, MetaMask is accessible via SaaS and is available for Android, iPhone, and iPad. Users can use it with any operating system and download it to their phones. Additionally, Metamask users can use it as a plugin for their browsers! Users of MetaMask are free to log in and manage their accounts whenever they choose, from any location.
MetaMask vs Coinbase: Customer Support
MetaMask and Coinbase offer online support, and customers can email their customer service representatives. However, even while this works for some people, it may use some improvements in terms of 24/7 live assistance since it would be better for new users to get prompt answers to their questions.
MetaMask vs Coinbase: Price Comparison and Gas Fee
According to the MetaMask website, users must pay 0.875 per cent of each transaction they perform to support the wallet’s ongoing development. Therefore, when making their initial transaction, each user should have a small quantity of Ethereum to cover the gas fee and other costs. The only fees associated with using the MetaMask wallet are those incurred during transactions.
On the other side, depending on the wallet and exchange services offered by Coinbase, it costs nothing to transfer money from one Coinbase wallet to another. Users may be assessed a variable fee depending on the payment method.
The blockchain network on which the transaction gets generated, not the wallet provider, is the only factor affecting gas prices. Compared to the Ethereum blockchain network, fees on networks like Polkadot and Solana, which Coinbase Wallet support, will be less expensive.
MetaMask vs Coinbase: Standout Features
The Coinbase Wallet’s most noticeable feature is its complete integration with Coinbase, one of the major cryptocurrency marketplaces in the world. In addition, the decentralised app browser in Coinbase Wallet also enables users to construct dApps without needing to approve each transaction.
MetaMask was only a browser extension until 2019, so it has grown considerably over time. Today, MetaMask is a complete cryptocurrency wallet with an integrated switching system. In other words, you can exchange tokens built on the Ethereum platform without having to connect to a decentralised exchange.
Can You Connect Coinbase to Metamask?
A MetaMask wallet does not support Coinbase account import.
Instead, you must transfer cryptocurrency from your Coinbase wallet to MetaMask. For instance, you must copy your MetaMask ETH address into Coinbase to send ETH from Coinbase to MetaMask. If you don’t have the correct address, you risk losing your ETH.
In reverse, you can use this process to move cryptocurrency from MetaMask to Coinbase. How long does it take to transfer money from MetaMask to Coinbase? Depending on the cryptocurrency and network congestion, it could take up to 30 minutes, but generally speaking, it shouldn’t. Don’t be concerned if it takes up to a day; Coinbase occasionally needs a little additional time to approve a withdrawal or deposit.
Which one to use: MetaMask vs Coinbase?
The good news is that both wallets have a large user base. Even if Coinbase Wallet is not supported as a first-class authentication method, you can still log in to supported apps via the wallet integration tool WalletConnect.
You can import a MetaMask wallet into Coinbase Wallet if you currently use one and want to switch. Contrary to popular belief, this is untrue. You are unable to import Coinbase Wallet at this time into MetaMask.
The recommendation is to choose MetaMask due to its widespread use in the online community unless you already adore and are thrilled about the constant single-platform experience that Coinbase delivers. As previously mentioned, if you change your mind, you can always import your MetaMask wallet into Coinbase Wallet.
Final Clash: MetaMask vs Coinbase Wallets
The Coinbase and Metamask wallets are undoubtedly two of the most used and well-known cryptocurrency wallets accessible now. Overall, both have benefits and drawbacks, and users should stick with Metamask if privacy and anonymity are their primary concerns. Coinbase is a fantastic choice, but privacy is not a significant worry if the customer wants something like a full-fledged platform.
However, there is always a chance of an outside breach or a malicious assault, just like with everything else connected to the internet. Therefore, it is advisable that if a user has a sizable amount of cryptocurrencies or other digital assets in their accounts, they should think about getting a hardware wallet or using a crypto exchange with a higher security level- like XBO.
XBO is looking for someone who can represent the company’s brand. The chosen individual can win $100,000 in addition to serving as the face of a cryptocurrency exchange! Hope you find our article Metamask Vs Coinbase wallet helpful in finding which wallet is better in 2022.