This article was last updated on June 10, 2022
Crypto wallets are one of the most important parts of maintaining a secure portfolio of assets. They allow you to store and transfer currencies, tokens, and various other assets while providing greater security. However, not all are the same, and some have more features than others. This means that choosing the right wallet often depends on your personal needs and preferences. While some features are shared across various wallets, many others are not. Two of the most popular crypto wallets on the market – Metamask and Trust wallet, for example, have stark contrasts between each other. Today, we examine the two wallets and try to find out what the key differences are in Metamask vs Trust.
Table of contents
What Is Metamask?
Metamask is a digital wallet that allows you to store, send, and receive cryptocurrency. It is one of the most popular wallets for Ethereum and other ERC20 tokens. This includes a wide variety of altcoins from exchanges like PancakeSwap. Additionally, Metamask also supports non-fungible tokens. This is great, as most NFTs today are based on the Ethereum network. However, its functions are limited to the Ethereum network, meaning that you won’t be able to use it for many of the most popular cryptos like Bitcoin.
The wallet is available as a browser extension for Chrome, Firefox, Microsoft Edge, and Brave. It is also available on iOS and Android as a standalone app. In both cases, Metamask is easy to use and has a user-friendly interface. This makes managing your portfolio simple and easy to do, regardless of where you are.
While Metamask might be a software wallet, it also provides a high level of security. Depending on which version you are using, the wallet has features such as a password manager and two-factor authentication. As a browser extension, Metamask stores your private keys in your browser memory. Meanwhile, on mobile, keys are stored on your device. Overall, Metamask is an excellent choice for anyone looking for a safe and convenient way to store their Ethereum and ERC20 tokens.
What Is Trust Wallet?
When it comes to mobile wallets, Trust is by far the most popular option. This highly versatile app allows users to perform various actions like storing, transferring, exchanging, and staking cryptos. Additionally, it also supports NFTs and includes a dedicated dApp browser. This last feature gives users access to a vast network of decentralized apps running on either the Ethereum network or the Binance Smart Chain. This powerful browser essentially transforms your smartphone into a web3 browsing device.
As such, Trust Wallet functions almost like a fully-fledged crypto exchange platform. Users can buy, sell, and trade their assets straight from the wallet’s app. Additionally, staking and lending are available options as well, providing a way for you to create a stream of passive income. All of this means that you won’t necessarily need to sign up for a trading platform. However, if you are looking to do any of these on a regular basis, an account on a larger dedicated platform would be advisable.
While Trust wallet is a great option, its one drawback is the fact that it is only available on smartphones and tablets. As such, you won’t be able to use it if you prefer desktop computers or any other devices that don’t run iOS or Android. However, if a mobile wallet is something that you are not opposed to, then Trust is definitely one of the better options.
Related: The Best Crypto Wallets For Canadians
Metamask Vs Trust Wallet: The Differences
While Metamask and Trust are both very popular crypto wallets, they do have some significant differences between each other. These set the two products apart and place them in completely different categories when it comes to many of the services that they provide. Here are some of the key differences when comparing Metamask vs Trust Wallet:
Wallet Type
The main and most obvious difference between Metamask vs Trust Wallet is the type. While they are both software wallets, one is available under multiple forms while the other only has one. This is a very significant factor as it determines how each wallet can be used, what devices it is compatible with, how your keys are stored, and whether or not you can use it.
Metamask is mainly a browser wallet on desktop computers. It functions as an extension app which runs as part of your web browser. This means that it is always readily available whenever you open up your browser to surf the web. As such, it is only one click away, regardless of which exchange or web3 site you are on. Meanwhile, on mobile, Metamask offers an app version for both iOS and Android. This functions as a simple mobile wallet that stores your keys on your device and provides you with an intuitive interface for managing your assets. It also has the added benefits of using biometric data from your device to verify your identity.
Trust Wallet, on the other hand, is only available on mobile devices. This makes it much less flexible, as you won’t be able to use it on your desktop computer or any other device. While Trust is still very convenient, it won’t be as streamlined if your primary trading device is a desktop. Because Metamask is part of your browser, you don’t need any other devices or even programs to use it. Meanwhile, Trust requires a mobile device at the very least.
Supported Networks And Currencies
Arguably the most important aspect of any crypto wallet is what cryptocurrencies it supports. This determines what it can be used for and whether it is suitable for your particular needs. If a wallet does not support currencies or assets that an investor is interested in buying, then they would not be able to use it for their portfolio.
When it comes to Metamask, currency support is one of the main pitfalls. Because the wallet is limited to the Ethereum network, it only supports ETH and other ERC-20 tokens. However, this might not be such a large issue. The Ethereum network is arguably the largest in the world. It hosts a variety of applications and assets separate from its main Etherium cryptocurrency. Today, almost all NFTs, smart contracts, and dApps run on the Ethereum network. This makes Metamask compatible with the most popular assets available on the market.
However, although the Ethereum network might be extensive, it is not all-encompassing. Many popular assets, like the number one crypto- Bitcoin, are not supported by Metamask. This means that those interested in investing in multiple blockchains will need to look elsewhere for storage. This is where wallets like Trust come in. Trust supports over 1 million assets across 53 different blockchains. These include Bitcoin, Ripple, and many other non-Ethereum-based cryptos. Trust also supports NFTs, dApps, and more, just like Metamask.
Security
If supported currencies are the most important feature of a crypto wallet, then the security it offers is a very close second. Security is one of the main factors users consider when choosing their wallets, as crypto assets are often incredibly valuable. In order to protect them, users will turn to various means of securing and storing their private keys and seed phrases. And while all wallets provide a certain level of security, not all are equally safe.
In the case of Metamask vs Trust, both wallets are software wallets. This means that while they do provide added security as dedicated wallets, they are not impervious to attacks. Because they are software wallets, both Metamask and Trust are susceptible to hacking and various forms of social engineering. In most cases, the latter will occur, with the user being the point of failure.
Regardless of who is at fault, software wallets can be breached, and malicious actors can gain remote access. This puts your assets at risk. In order to combat such flaws, Metamask users can pair their wallets with a hardware device like a Trezor or Ledger Nano. This gives them the added benefits of a hardware wallet which requires physical access to the authentication device. Without this, it is impossible to gain access to the wallet.
Fees
When it comes to financial assets of any kind, fees play a big role in the equation. As investors and users manage their portfolios, buying and selling new assets, high fees can often end up eating up their profits. This is the case in all markets, and cryptocurrencies are by no means exempt.
While most cryptocurrency wallets do not charge transaction fees, there are other types of charges that may occur. For example, Metamask charges a flat 0.875% fee on all coin swaps performed within the app. This is not to be confused with network transaction fees that are paid out to miners.
Trust Wallet, on the other hand, has absolutely no fees, regardless of what you are doing. Even if you are swapping coins or using the dApp browser, you won’t be charged by the wallet. However, you will likely still need to pay for gas or other maintenance fees by the network.
Added Functionality
Many crypto wallets do much more than simply store cryptos. This adds additional value and makes them more appealing as a one-stop shop for all things crypto. Others focus only on storing assets, thus reducing their footprint and the information they collect.
For example, Metamask is a case of the latter. The wallet’s design is incredibly simple, and it serves only one purpose – to store your assets as conveniently as possible. It does so with as little information as possible. In fact, you do not need to provide any information in order to set up a Metamask wallet. Once you have installed the app, it will provide you with a seed phrase. This is all you need to access your assets later on. Metamask also features token swapping services, a cross-market platform for purchasing crypto, and enhanced gas fees. While the wallet supports ERC-20 tokens and NFTs, it does not provide any added features other than pure storage.
Meanwhile, Trust Wallet functions as more of a hub for all things crypto on your phone. While it is a wallet first and foremost, Trust offers a wide range of other features. Users can buy, sell, and exchange their cryptos directly from the wallet’s app. They can also use it to stake or lend coins in order to earn a passive income. Lastly, Trust has an integrated dApp browser which makes it a great place to explore and try out various web3 applications on your mobile device. All of this functionality places Trust almost on par with a fully-fledged crypto exchange platform.
Closing Thoughts On Metamask Vs Trust Wallet
As you see, when looking at Metamask vs Trust Wallet, there is no one clear winner. This is because the two wallets exist to serve different purposes. Each one has a unique set of features that caters to a different audience. For example, Metamask is a more barebones wallet that aims to provide users with the basic features they need to manage their assets. While there are some added bonuses like currency swaps or a crypto buying option, those are closer to add-ons than core features.
Meanwhile, Trust Wallet creates a complete experience more akin to that of an online crypto platform. Various features like buying, trading, staking, and lending cryptos make the wallet a great place for managing and expanding your portfolio. Meanwhile, NFT support and a dApp browser allow for greater diversification and access to web3.
Both of these wallets are very strong and popular options when it comes to storing, managing, and securing your cryptos. Either one would be a great choice as both are market leaders in their respective sectors. However, you should choose the one that will best serve your personal needs and fit your preferences.
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