Cryptocurrency adoption has swiftly increased over the past few years. And the recent collapse of the renowned U.S banks has also urged many investors to add some cryptocurrencies to their portfolios. It ultimately raises the need for crypto wallets because third-party service providers can offer the ultimate security for their funds. This article is focused on comparing the features of Metamask vs TrustWallet and understanding which is better.
Software wallets are considered an effective choice for most investors as they offer excellent security and convenience. The best part is that these wallets usually have an easy-to-use interface. Thus, anyone can store their cryptos in these wallets even if they’re beginners.
Metamask vs TrustWallet
Metamask and TrustWallet are the leading names in this category. The users can consider their personal preferences to decide which wallet may better suit them.
Metamask is one of the leading cryptocurrency wallets that was introduced in 2016. It was initially introduced as an Ethereum wallet but now supports a wide range of cryptocurrencies. The users can install it in the form of a browser extension to store, send, and receive cryptocurrencies securely.
Easy Setup Process – The users can create a Metamask account with a few simple steps.
Supports Multiple Cryptocurrencies – The users can store a wide range of digital assets including Bitcoin, ERC-20 tokens, and more.
Support for DApps – Metamask can be connected to multiple DApps with a few simple steps. The users can then directly purchase products and services from these DApps.
Swapping Cryptocurrencies – The user can quickly swap several cryptocurrencies within the wallet without having to use a third-party service.
Integration with Hardware Wallets – It’s easy to connect Metamask to hardware wallets like Trezor and Ledger for the secure transfer of funds.
User-friendly Interface – With its user-friendly interface, anyone can easily send and receive cryptocurrencies within minutes.
Integration with Popular Browsers – Metamask is available on popular browsers like Chrome, Firefox, Brave, and more.
Strong Security Measures – Metamask uses two-factor authentication along with a backup phrase to keep the user’s account safe.
Limited Support for Non-Ethereum-Based Cryptocurrencies – Although Metamask supports a wide range of cryptocurrencies, it offers limited features of non-Ethereum-based cryptocurrencies.
Lack of Support for Fiat Currency – The users can only transfer digital assets to this wallet but they can’t purchase cryptocurrencies using fiat currencies.
Metamask enables users to store their private keys locally on their devices. It also provides a secure backup phrase that users may need to recover their wallets if they forget the password. Moreover, it offers two-factor authentication to provide an extra layer of security.
TrustWallet is also quite popular among crypto investors. It was introduced in 2017. TrustWallet provides support for multiple blockchains including Ethereum, Binance Smart Chain, and more. The users need to install an application on their mobile devices to access this wallet.
TrustWallet offers a range of features and functionalities, including:
Easy Setup Process – Creating an account is quite easy. The users just need to provide the basic information to set up an account on TrustWallet.
Support for Multiple Cryptocurrencies – TrustWallet doesn’t only support ERC-20 tokens but it can also handle BSC tokens.
Interaction with Decentralized Applications – The users can connect their TrustWallet wallet to a DApp by simply visiting the DApp’s website.
Built-in Decentralized Exchange (DEX) – TrustWallet has its own decentralized exchange where users can swap several crypto tokens with a reasonable fee.
Integration with Binance Exchange – Binance is the most popular cryptocurrency exchange that offers trading facilities for a wide range of cryptocurrencies. The users can easily connect their TrustWallet account to Binance Exchange to enjoy its benefits.
User-friendly Interface – The users can quickly understand its interface to send and receive cryptocurrencies.
Low transaction fees – TrustWallet charges relatively low transaction fees compared to other software wallets.
No Integration with Desktop – Connecting a TrustWallet account to a DApp can be a bit difficult because it’s not integrated with desktop browsers.
TrustWallet provides an extra layer of security by allowing users to set up biometric authentication or a six-digit PIN. The users can also store their private keys locally on their devices. Moreover, the users can connect their TrustWallet account to a hardware wallet like Ledger.
Unlike Metamask, TrustWallet supports a wide range of blockchains including Ethereum, Binance Smart Chain, and more. Although Metamask also supports multiple cryptocurrencies, TrustWallet has an edge over it because TrustWallet supports multiple blockchains.
TrustWallet has an integration with the Binance exchange. It also has its own built-in exchange for crypto swapping.
In terms of availability, Metamask has an edge over TrustWallet because it’s available on all popular browsers and can also be accessed through mobile devices. On the other hand, TrustWallet is only accessible through a mobile application.
Metamask offers faster transaction facilities during periods of high network congestion by allowing users to customize their transaction fees. TrustWallet might be a suitable option for those who are looking for relatively low transaction fees. But they’d have to compromise on transaction speeds during periods of high network congestion.
Metamask and TrustWallet are reliable and secure software wallets for storing and managing cryptocurrencies. While Metamask offers easy integration with popular browsers, support for hardware wallets, and a wider range of features for Ethereum-based tokens, TrustWallet provides an edge in terms of supporting multiple blockchains, integration with the Binance exchange, and lower transaction fees.
As discussed earlier, users can consider their personal preferences to decide which cryptocurrency wallet better suits their needs. If you have any questions about Metamask vs. TrustWallet, feel free to get in touch with us. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.