On the crypto market, there are numerous emerging coins, each with its own distinct features and values. As more people begin to invest in these coins, their popularity grows. This demonstrates the enormous potential it possesses. People can now reap the benefits of these coins as the value of assets such as Bitcoin (BTC), Ether (ETH), and Ripple/XRP has increased. If you can’t decide between the two wallets, this side-by-side MetaMask vs Coinbase Wallet comparison will help you decide which is better.
Investors must ensure that their crypto coins are secure regardless of the investment they make. This will prevent them from losing a lot of money in the long run. There are numerous methods for safeguarding your crypto coins. You can keep them in a cryptocurrency wallet.
A cryptocurrency wallet is a type of digital storage device that safeguards private keys. It enables users to spend, receive, and spend cryptocurrency in a secure manner. There are numerous online cryptocurrency wallets, but two stand out: MetaMask and Coinbase. If you’re having trouble deciding which wallet is better, this side-by-side MetaMask vs Coinbase Wallet comparison can help.
What is MetaMask?
MetaMask, a browser extension linked to the widely used Ethereum blockchain, functions similarly to an Ethereum wallet. This wallet gives users access to the Ethereum ecosystem as well as a variety of decentralized apps (dApps). Users can gain access to MetaMask’s vault in order to secure their coins and obtain their wallet address.
ConsenSys, an Ethereum software technology company, was founded in 2016 by Aaron Davis. It is now regarded as one of the best Ethereum wallets for gaming platforms and decentralized exchanges (DEX). It had over a million users by 2021.
What is Coinbase?
Coinbase Wallet is a mobile wallet that allows you to store money in both custodial and self-custodial settings. It is widely regarded as one of the best mobile wallets available on both the Android and iOS app stores. Coinbase.com can be replaced with Coinbase Wallet.
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While the former is a cryptocurrency exchange that stores the user’s private key on a server, the latter does so on the user’s smartphone. Coinbase Wallet is also available as a desktop browser plugin for Google Chrome and Brave.
MetaMask vs Coinbase Wallet: Integration & Support Features
When granting wallets access to crypto assets, trust is essential. It is also important when choosing a bank for money transactions. Coinbase Wallet, while newer and less well-supported than MetaMask, can still be used as a cryptocurrency wallet.
Coinbase Wallet was developed by Coinbase, an American publicly traded company that operates the world’s second largest cryptocurrency trading platform. Before transferring money to their MetaMask wallets, many MetaMask users use Coinbase to trade cryptocurrency.
Coinbase is available on almost every platform, including Mac, iPhone and iPad, Android, Windows, and Windows. It is available on almost all platforms, making it simple to use for a wide range of users. Users can access their cryptocurrency accounts from their computers using Coinbase’s web browser extension. Users can also use the browser to connect their wallets.
Because they control both the exchange platform and their users’ wallets, Coinbase can provide a consistent and permanent user experience as well as support for asset trade between users. Coinbase Wallet intends to expand its NFT Marketplace support. This will provide its customers with a consistent NFT-purchase experience.
MetaMask only supports Ethereum Virtual Machine networks, which are hard clones of the Ethereum blockchain platform. Coinbase Wallet is compatible with Bitcoin, Dogecoin, Litecoin, and other popular cryptocurrency networks. Depending on the user’s requirements, expanded network support may be an option.
MetaMask is available for iPhone, iPad, and Android. It is also available as a SaaS solution. MetaMask is available for download on any phone and can be used with any operating system. Users of Metamask can also use it as a browser plug-in! MetaMask allows users to access and manage their accounts from any location, at any time.
MetaMask vs Coinbase Wallet: Usability
The Coinbase Wallet as well as MetaMask were designed to be easy-to-use. These two wallets are great for beginners who want to use decentralized applications in a simple way and have easy access to their self-contained wallet.
Coinbase Wallet, for example, integrates easily with the main Coinbase app. This allows users to quickly transition to self custody. MetaMask, which is known for its simplified transaction process, is one of the most popular Ethereum applications.
You don’t need to KYC to download the app or use it. All you have to do is to set it up and begin managing your asset storage.
MetaMask vs Coinbase Wallet:
Similarities
These two well-known crypto wallets are not only beginner-friendly, but also share many common features. These features include:
- Crypto holders who have an account on either of these can access their accounts from separate devices while keeping their private keys secure. This protects against hackers.
- MetaMask (ETH) and Coinbase Wallet (ERC-20 tokens), both Ethereum-based coins, can be held in each wallet. These interfaces allow users to interact with Ethereum-based apps, and provide access to DeFi services.
- Both of them can be used as browser extensions and allow users to connect with Web3.0, a decentralized, blockchain-based version of the internet.
Differences
Although they may share some similarities, MetaMask is different from Coinbase in many ways. Here are the differences between them that investors need to know in order to decide which one is better:
- MetaMask, unlike Coinbase, is an open-source wallet. MetaMask codes can be inspected and supported by the community, so users can suggest tweaks. Coinbase allows users to contact customer service for any concerns.
- MetaMask only supports Ethereum, while Coinbase supports many other cryptocurrencies such as Bitcoin Cash (BCH), Ripple(XRP), Dogecoins (DOGE), and Bitcoin (BTC).
- MetaMask protects its users’ private keys by using a hard drive. Coinbase Wallet, on the other hand, uses 2-factor authentication and time-based passwords (TOTP).
These are some of the most important information crypto holders need to know about these two trusted crypto wallets. No matter which option was chosen in the MetaMask or Coinbase comparisons users may think is better, it is certain that any one of these wallets will protect their assets.
MetaMask Pros and Cons
Pros:
- Non-custodial, Open-source
- All Ethereum tokens supported
- It is simple to use
- You can use the most popular browsers
Cons:
- It’s a hot wallet
Coinbase Wallet Pros & Cons
Pros:
- Self-custodial wallet
- Coinbase’s international exchange team designed this website
- Mobile App for Android and Apple
Cons:
- It’s not as secure as it seems.
- The most centrally located standalone wallet
After we’ve weighed the wallets, let us start the MetaMask Vs. CoinbaseWallet comparison with the first point.
MetaMask vs Coinbase Wallet: Price Comparison
On their website, MetaMask states that they will charge 0.875% of each transaction to users in order to fund the wallet’s development. To pay the transaction fee and other expenses, each user should have some Ethereum. The MetaMask wallet has no hidden fees, and users are only charged for transactions.
Depending on the Coinbase wallet and exchange services, transaction fees are charged. Transferring money from one Coinbase wallet to another is completely free. Trading on the Coinbase platform may also incur variable fees. This variable cost can vary depending on the payment method selected by the user.
Gas costs are determined by the blockchain network on which the transaction is made, not by the wallet provider. Fees for networks like Polkadot and Solana, both of which are supported by Coinbase Wallet, will be lower than fees for Ethereum’s blockchain network.
MetaMask vs Coinbase Wallet: Conclusion
The final decision will be based on the needs and preferences of the user. While MetaMask and Coinbase Wallet are nearly identical, there are some minor differences. MetaMask is a web-based platform that makes it simple to run dApps, whereas Coinbase Wallet integrates with hardware wallets such as the Ledger Nano.
Despite its integration with multiple blockchains, Coinbase Wallet cannot connect to every dApp in the Ethereum ecosystem. At the moment, this is the largest DeFi ecosystem.
The most important considerations when selecting a wallet are accessibility and convenience, especially if your goal is to securely store crypto assets.
