Metamask vs Coinbase Wallet- A Comparison To Choose The Better Wallet!
Here we compare MetaMask vs Coinbase wallet for those trying to choose which wallet is better. As the world of cryptocurrency is developing the need for a safer place to store digital currencies is also rising. Keeping digital currency safe is a top priority. So, they are not accessible to any other person except the owner. In this respect, exchanges and wallets are the two that come to our minds. Most people get confused about whether to store cryptos on exchanges or wallets.
In this article, we have discussed the Metamask vs Coinbase wallet. This article will make it easier for you to choose between both wallets. Stay with us throughout the Metamask vs. Coinbase wallet conversation if you wish to learn more.
Contents
An Overview-Metamask vs Coinbase Wallet
Storing large amounts of cryptocurrencies on an exchange is not safe because of the risk of hacking. However, wallets are specifically made to store cryptocurrencies. There are very secure methods enabled to keep the currencies safe in a wallet. The best two wallets for storing cryptos are Metamask and Coinbase. Both are popular wallets and are preferred choices by many people. But, for storing cryptos you need to choose one among both. We are here to help you with this dilemma of selection.
Metamask vs Coinbase Wallet – Comparison
| Information | Metamask | Coinbase Wallet |
|---|---|---|
| Logo |  |  |
| Rating | 4.5/5 | 4.5/5 |
| Platforms | iOS, Android, browser extension, Desktop version | iOS, Android, browser extension, Desktop version |
| Features | Beginner friendly, Compatible with hardware wallets | Built In Exchange, Beginner friendly, Mobile App is available, NFT support |
| Cost | Free | Free |
| Type | Browser wallet | Software wallet & browser extension |
| Security | Medium | High |
| Security Features | A constant code audit open-source wallet | 2-factor authentication, 98% of user money is kept offline in vaults. |
| Supported cryptocurrencies | All ERC-20 Tokens (Ethereum) | 500+ different assets |
| Released On | 2016 | 2018 |
| Types Of Transactions | Buy, sell, trade, send, receive, deposit, withdraw | Buy, sell, trade, send, receive, deposit, withdraw |
| Payment Methods | Wyre, Transak, bank card, Apple Pay, cryptocurrency | Bank account (ACH), bank card, wire transfer, PayPal, GooglePay, ApplePay, cryptocurrency |
Quick View- Metamsk vs Coinbase Wallet
What Is Metamask?
Metamask is a cryptocurrency wallet that supports all Ethereum-based tokens. The wallet was founded by Mr. Aaron Davis. This wallet is developed by a company that is solely directed to the Ethereum blockchain. It is available in the form of a mobile app and browser extension. The Ethereum wallet is accessible to users via various forms. With the help of Metamask users can connect with any decentralized apps (Ethereum-based). Metamask is considered one of the best wallets because it gives users access to Ethereum-based decentralized apps, gambling sites, gaming platforms, etc. This platform allows the users to store cryptos, manage keys, transfer Ethereum-based tokens, etc.
⚡ Metamask vs Coinbase wallet Note: Metamsk is compatible with hardware wallets and offers medium security.
Pros & Cons Of Metamask
Metamask is a crypto wallet that has both positives and negatives. Users should know both aspects of the wallet before selecting. Below we have mentioned the pros and cons of the Metamask wallet.
Pros
- User-friendly wallet
- Sign up process is not required
- Open source software
- Easy setup process
- Automatic account backup system
Cons
- Supports only Ethereum-based tokens and ETC-20
- The password reset option is not available
Why Use Metamask?
Metamask is a crypto wallet that supports the Ethereum blockchain through browsers like Firefox, Brave, and Chrome. The three main uses of Metamask are storage, swaps, and decentralized app access.
Metamask wallet stores Ethereum-based cryptocurrencies like ERC-20 and ERC-17. In the mobile app, users are allowed to navigate through multiple wallet addresses. The wallet has an advanced encryption system that stores private keys and passwords safely within the browser. This method gives the users extra control over the keys (private and public). New account holders are given private seed phrases that can be used to recover their accounts if they get locked out.
The wallet has a feature enabled where a peer-to-peer (P2P) system of token swaps is available for the users. The crypto swaps are managed by gathering information from Automated Market Makers, DEXs, etc. The wallet doesn’t need any intermediary or any other platforms for the swapping function. The users can swap cryptocurrency trades directly.
Metamask wallet allows its users to access ETH-based decentralized apps and games, NFTs, crypto lending products, etc. They can also transfer, stake, and receive cryptos within the Ethereum ecosystem. Recently Metamask allows its users to switch between the Ethereum and Binance wallets through Binance smart chain. Metamask started only with Ethereum but now gives access to many other blockchain networks.
⚡ Metamask vs Coinbase wallet Note: Metamsk is an easy-to-use crypto wallet and this wallet can be used by developers, artists, gamers, etc.
What Is Coinbase Wallet?
Coinbase is a cryptocurrency wallet that stores the crypto wealth of users. Coinbase pro is considered one of the safest wallets and people feel secure storing their assets. The wallet is the hot storage crypto wallet. It stores the majority of coins online, which also means it is prone to more cyber attacks. The wallet supports decentralized apps on BTC and ETH ecosystems. The company was founded in 2012. The wallet is user-friendly and reliable. The wallet also allows buying and selling of cryptos and fiat currencies. Coinbase uses Secure Enclave Technology, which is one of the most secure protection methods.
💡 Metamask vs Coinbase wallet Note: Coinbase guarantees high security. Coinbase supports decentralized apps on BTC & ETH.
Pros & Cons Of Coinbase Wallet
Coinbase Pro also has some advantages and disadvantages that the users need to know before choosing. Below we have mentioned the pros and cons of Coinbase.
Pros
- A well-funded company
- Backed by Coinbase exchange platform
- Uses two-factor authentication
- User friendly
- Only a small network fee is charged
Cons
- Not open source
- Poor customer support
Why Use Coinbase Wallet?
Coinbase is the most popular wallet for cryptocurrencies. The wallet is hot storage which means the majority of coins are stored online. Hot wallets are simpler and easier to use than cold wallets, however, hot wallets involve risk. Though Coinbase Pro has robust security and has not reported any hack cases. The wallet is free to use which means it does charge any fees to anyone for downloading and storing cryptos whether you are a Coinbase user or not.
However, it does charge a fee for transactions. The wallet is offered by Coinbase exchange, which is a well-known cryptocurrency exchange. The Coinbase wallet is very user-friendly. Users can safely store their cryptos in this wallet and the setup process is also very simple. Coinbase exchange wallet is most convenient for Coinbase exchange users because they can transfer their cryptos between these two platforms.
The users who have diverse crypto wealth then this platform is the best for them. This wallet supports most cryptocurrencies along with non-fungible tokens (NFTs) for storage. The Coinbase wallet also keeps various kinds of decentralized apps.
⚡ Metamask vs Coinbase wallet Note: Coinbase wallet is an open source wallet & can be used in most countries around the world.
Features Of Metamask vs Coinbase Wallet
Let’s compare the features of Metamask vs Coinbase wallet. It will give you a better idea about both wallets. Below we have discussed the security and supported cryptos of both wallets.
Safe & Secure
Metamask
This is a non-custodial wallet. Metamask has password generation by users on browsers, and biometric data on smartphones for protection. It also has a twelve-word seed phrase to be kept secret because it is very important for security. The passwords on this wallet are not recovered by technical support. Metamask uses very powerful seed phrases that are not easy to encrypt by hackers. However, Metamask has a risk of hacks, attacks by viruses, and malware. It is advised to the users to never share the seed phrase with anyone. Along with the wallet, it is also the responsibility of a user to secure their cryptos.
Coinbase
Coinbase wallet uses Secure Enclave technology for protection that secures the private keys. This wallet uses two-factor authentication and SMS authentication to access wallet. It also asks for a 4-digit security pin to access the wallet. The PIN unlocks the mobile app wallet and approves transactions. Coinbase does not have any hacking history till now and has a good record related to safety. This is a hot wallet that uses very safe and secure methods for protection. Users can trust this wallet related to the safety of their cryptos.
Supported Cryptocurrencies
Metamask
★ This wallet supports Ethereum-based tokens, Ethereum, Binance Smart chain tokens, and a few others.
★ Initially, the wallet only supported Ethereum and Ethereum-compatible tokens.
Coinbase
★ Coinbase wallet supports limited assets.
★ The cryptocurrencies supported are Bitcoin, Litecoin, Ethereum, Ripple, Chainlink, Bitcoin Cash, Ethereum classic, Lumen, etc.
★ However, it supports more cryptos than the Metamask wallet.
Final Verdict On Metamask vs Coinbase Wallet
Cryptocurrencies are digital currencies that are growing rapidly. Many people use cryptos for buying, selling, and staking cryptos. Cryptocurrencies are stored in wallets for keeping them safe and secure. Metamask and Coinbase are the best and preferred wallets among the others. When comparing Metamask vs Coinbase wallet, Metamask is better for the Dapps and on the other hand, Coinbase is better if you want more assets.
Both the wallets have some advantages and disadvantages, but overall you can say both are good and reliable. In comparison to Metamask vs Coinbase wallet, both wallets have good security systems and work in their own ways. It depends on one the user’s choice of features and functions for the selection among both.
We hope this article on Metamask vs Coinbase wallet helps you to know better about both wallets. This review article gave you an idea of the wallets so you can choose one according to your preference. Choose wisely and secure your wealth in a good place.
Frequently Asked Questions On Metamask vs Coinbase Wallet
Coinbase wallet is free to use, although it charges a fee of 1 to 4% on transactions.
Yes, Coinbase is a safe and secure crypto wallet. It doesn’t have any hacking history to date. It uses high-security procedures.
No, Metamask does not allow Bitcoin in its wallet. It is an Ethereum-based wallet and allows only those.
Yes, the wallet is safe to store cryptos. It uses strong encryption methods for security.
Coinbase wallet is for storing crypto assets and private keys. Coinbase exchange is for buying, selling, and staking cryptocurrencies.
The wallet has three main uses: storage, swap, and Dapp’s access.
References
- Coinbase (nd) Coinbase Wallet Available at: https://www.coinbase.com/wallet
- Metamask (nd) Metamask Available at: https://metamask.io/
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