DeFi (decentralized finance) wallets are unquestionably an essential component of a successful, safe, and open DeFi ecosystem. Decentralized crypto wallets are becoming more and more common, and users have a wide range of alternatives. MetaMask and Trust Wallet are currently two of the most popular options in this area. Although these two cryptocurrency wallets serve the same purpose for the vast majority of tokens created using blockchain technology, they differ in several ways.
For instance, MetaMask mostly only supports cryptocurrencies and tokens created on the blockchain of Ethereum. The more adaptable of the two is Trust Wallet, which offers supported storage and interaction with assets on several blockchains aside from Ethereum. This is a crucial distinction since it will influence the kinds of cryptocurrencies or tokens you may store on either cryptocurrency wallet. Here is a comparison of the most crucial features to take into account on MetaMask vs Trust Wallet so that you can determine which of these two best meets your needs.
Overview of MetaMask
One of the simplest and most popular applications for Ethereum is, without a doubt, the MetaMask Wallet. MetaMask was created to remove the risk associated with centralized custody of crypto assets while making the storing of Ethereum-based crypto assets as simple as browsing the web. This convenience benefits the Ethereum ecosystem.
ConsenSys founded MetaMask in 2016, and its mobile app was created in 2019. This wallet is non-custodial, which means that the user’s device stores the private keys associated with the tokens in the wallet and that the wallet communicates directly with the Ethereum network without the need for middlemen. The user receives a file with private keys encoded in a seed phrase upon installation. The user now has total control over the money.
Overview of Trust Wallet
A Web 3.0 wallet with support for some currencies and digital assets based on Ethereum’s ecosystem and beyond, Trust Wallet is comparable to MetaMask. This is a decentralized cryptocurrency wallet that supports over 100,000 digital assets and has a mobile app. Trust wallet was established in 2017 by Viktor Radchenko, a Ukrainian software engineer living in the United States.
The Trust Wallet’s private keys are stored on a user’s device by design. This indicates that there are no third parties involved and that all transactions take place directly through communications with the several supported blockchains. Let’s have a look at Metamask andTrust wallet Pros and Cons.
- Open-source and non-custodial
- Simple to use and supports all Ethereum tokens
- Available on popular browsers
- It is a hot wallet
Trust Wallet Pros
- Supports ERC20 and ERC 223 tokens
- Non-custodial and free to download
- Has a mobile app for convenience
- Encrypted security
Trust Wallet Cons
- Not ideal for the storage of large crypto funds
- Still one of the lesser-known crypto wallets
MetaMask vs Trust: Which is more accessible?
Trust Wallet vs MetMask includes user interfaces that are simple for new users to utilize. For instance, setting up your MetMask wallet takes only a few simple steps. All you have to do to get going is download the browser extension and set it up. The mobile app for Trust Wallet is easy to use and is compatible with iOS and Android smartphones.
Security and safety
Cryptocurrencies and tokens may be safely stored using MetaMask vs Trust Wallet, respectively. Both systems include security procedures that guard against flaws like phishing attempts or seed phrase hacking to keep these payments secure.
Both Trust Wallet and MetMask do not allow 2FA, unlike the majority of centralized custody solutions, because they do not both hold user data. Users can add a second verification method to their accounts or wallets using two-factor authentication (2FA), a technology.
When comparing the costs associated with holding money on MetaMask vs Trust Wallet, MetaMask doesn’t tack on any extra charges. The only expense incurred is the gas fee. The same is true with Trust Wallet, which is cost-free to use. Additionally, there are no subscription fees.
On the Ethereum ecosystem, many cryptocurrencies are supported by MetaMask vs Trust Wallet. The best wallet in this regard is Trust Wallet, which furthermore supports hundreds of other assets dispersed over 33 supported blockchains in addition to all ERC20 tokens.
The only method to store Bitcoin or other non-Ethereum-based tokens on MetaMask is through wrapped derivatives like WBTC. MetaMask, unlike Trust Wallet, only enables the storage of Ethereum-based tokens. On MetaMask, you may also store STORM, DAI, and the other tokens that make up the Ethereum ecosystem.
The compatibility for several blockchains and the storage of 250,000 digital assets is Trust Wallet’s standout feature. This allows the wallet’s user plenty of room to move about the cryptocurrency world with simple asset management and storage. Additionally, unique to Trust Wallet is its built-in exchange feature, which enables users to instantaneously trade tokens or even purchase cryptocurrency using a card.
On the other hand, Trust Wallet has several advantages over MetaMask in terms of security. MetaMask is only compatible with Ethereum, and to exchange any tokens, you must be connected to a DeX. The fact that it offers an easy-to-use user interface that facilitates the adoption of decentralized apps throughout the Ethereum ecosystem is its most notable feature.
Which wallet is better or which offers better services is a question that cannot be answered with certainty. Analyzing MetaMask vs Trust Wallet provides various features and services. They support a variety of networks and cater to various cryptocurrency kinds. We must distinguish between them based on our study since they are wallets per smart contract via the blockchain.
Every user has distinct preferences for the features and services they want from their preferred exchange platform and wallet. Users should compare the features of each app side by side and make their own decisions after considering the Metamask vs Trust Wallet. Users may choose the wallet that is most appropriate for them after determining which features meet their specific demands.