In today's world cryptocurrency has taken a significant place in the finance sector. Andit is required for you to have a crypto wallet to manage your crypto balance and store public and private keys. Crypto wallets play a significant role in the blockchain network, crypto ecosystem, and in the investor's or traders' journey to sell, buy, store, and stake available cryptocurrencies.
There are various types of Crypto wallets available in the market and you can easily see various content comparisons among different crypto wallets available on the internet. And today we will talk about crypto wallets such as Coinbase and MetaMask Wallet, two of the most popular and secure crypto wallets with various unique features and benefits.
In our further content, we will do a comparison of MetaMask and Coinbase Wallet on the basis of the pros and cons, crypto assets supported, security, and fees.
Difference between MetaMask Wallet and Coinbase Wallet:
MetaMask Walletis a well-known Ethereum-based and self-custodial wallet that allows its users to store and manage, broadcast transactions, send and receive only Ethereum-based cryptocurrencies, and securely connect to decentralized applications. It was founded by ConsenSys and launched in the year 2016 and offers a browser extension or mobile app which can be used to interact with dApps (decentralized apps).
On the other hand, the Coinbase wallet is also a type of self-custodial wallet that allows its users to maintain complete control over their digital assets. Along with that, it allows users to store, manage, and trade a wide range of available Cryptocurrencies on its platform. It was founded and launched by two men: Fred Ehrsam and Brian Armstrong on June 2012.
On the basis of Pros Cons:
MetaMask Wallet Pros:
- It is an open-source and self-custody wallet.
- User-friendly interface that makes it convenient for users to navigate.
- Available as an extension of popular web browsers including Chrome, Firefox, Opera, Brave, and Edge.
- Compatible with other wallets.
MetaMask Wallet Cons:
- It only supports Ethereum-based blockchain.
- Store users private keys on their devices.
- Absence of 24/7 live customer service.
Coinbase Wallet Pros:
- It is a non-custodial or self-custody wallet.
- Easy to use interface.
- Offers 24/7 live customer support service.
- Supports more than 250 cryptocurrencies including Bitcoin, Polygon, Litecoin, ERC-20 tokens, and many more.
Coinbase Wallet Cons:
- Slow response or bad customer service.
On the basis of Crypto assets supported:
A comparison of MetaMask Wallet and Coinbase Wallet on the basis of crypto assets supported states that, MetaMask only supports Ethereum and all ERC-20 Ethereum-based tokens. On the other hand, Coinbase Wallet supports more than 500 crypto assets including Ethereum (ETH), Polygon, Bitcoin, Solana, Litecoin, Ethereum and ERC -20 tokens, and many more.
On the basis of security:
Whenever cryptocurrency traders or investors use any platform for cryptocurrency, one of the first thing they look at is its security features. Both MetaMask Wallet and Coinbase are considered highly secure and safe in terms of security as they both take security measures very seriously. MetaMask is a type of decentralized wallet that allows its users to safely manage their private keys. And perform various security measures to protect their user's funds such as password protection, 2FA (two-factor authentication), and do not keep the user's personal information and custody of private keys.
On the other hand, the Coinbase wallet is a non-custodial or self-custody cryptocurrency wallet which means no one can access your crypto except you. Along with that, it offers two-step verification, biometric security, and cold storage to protect its users funds.
On the basis of the fee:
A comparison of MetaMask Wallet and Coinbase Wallet on the basis of fees states that both of these wallets are free to download and use. But MetaMask charges a trading fee of 0.3% to 0.85% during the withdrawal of assets. On the other hand, Coinbase charges a fee of 1% during the conversion and withdrawal of assets.
In our above content, we have covered topics such as an introduction to MetaMask Wallet and Coinbase Wallet. Along with that, we have covered a comprehensive comparison of MetaMask and Coinbase Wallet on the basis of pros and cons, supported crypto assets, security, and fees. Both of these wallets are free to download and use and offer an easy and secure way to manage digital assets. They both are the best options to choose but users should have to consider their needs and requirements while choosing between them.