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MetaMask vs Coinbase: Which wallet is best for you?

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MetaMask vs Coinbase: Which wallet is best for you?

MetaMask vs Coinbase: Which wallet is best for you?

Mon Dec 13 2021 05:20:00 GMT+0000 (Coordinated Universal Time)

New to crypto trading and storing? What you need is a secured and trusted wallet to kickstart your crypto journey. Of course, there are plenty of crypto wallets for you to choose from. To make it easier for you, we gathered two of the best wallets in the crypto scene right now, MetaMask and Coinbase and compared their features to see which works best for you.

Take the time to look through the advantages that each crypto wallet has so you can select which platform to use and begin your crypto trades without a hitch. Find out which is better between MetaMask and Coinbase below:

All about MetaMask and Coinbase

Metamask is a wallet established in 2016, specifically for Ethereum coin users while Coinbase is one of the most established crypto wallets in the industry. Get to know more about these two hot wallets below:

What is MetaMask?

MetaMask is a software wallet that offers a gateway to multiple blockchain apps seamlessly. Along with this, MetaMask also gives its users an easy way to buy, store, send and trade their tokens. Since it acts as a browser extension and mobile app, you can manage your crypto tokens wherever you are, whenever you want as long as you have access to your browser.

It was established in 2016 by Consensys. When it was first introduced, the main focus of MetaMask was on Ethereum coins. However, it has now expanded to different coins, from the top stable coins to the lesser-known cryptos.

Aside from offering an extensive number of coins in MetaMask, they also allow users to have simplified access to decentralised applications or dApps including decentralised exchanges (DEXs), gaming platforms and decentralised finance (DeFi) spaces.

This wallet provides its users with a bridge between their web browsers and different blockchain apps (mostly Ethereum blockchain, which is the host network of most dApps). Through this feature, you can now store tokens created in major blockchain networks and then use it in a dApp of your choice.

What sets this crypto wallet apart from others is its encryption. This means that all of your passwords and private keys are stored securely and you only need to manage your independent seed phrases!

Although MetaMask was initially built to suit Ethereum’s blockchain, it can still access several crypto testnets such as the Binance Smart Chain. This gives users the flexibility to switch between mainnets and connect multiple wallets for easier management of their crypto accounts.

Moreover, since it was created for the Ethereum Network, you can access different Ethereum dApps without the need for an Ethereum node using MetaMask. This saves you some storage space on your device since you wouldn’t have to download the Ethereum blockchain separately.

What is Coinbase?

Coinbase wallet is a new extension made by Coinbase. It offers a safe and easy way to trade crypto in your browser. The advanced trading platform of Coinbase offers ways for you to invest your coins and manage your crypto accounts. It uses hot storage for your crypto, which means that it stores most of your cryptocurrencies online.

It also allows users to connect with their dApps on both the Ethereum and Bitcoin ecosystem since Coinbase can be easily integrated into dApp browsers. This means you can create a Coinbase account on all your devices, which allows you to manage your crypto accounts whenever you want to. 

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MetaMask vs Coinbase: Battle of features

Now that you have an idea about both wallets, it’s time to dive deep into what they can offer when it comes to managing your crypto account. After all, everything comes down to the features of your wallet. Let’s take a look at what you can do with MetaMask and Coinbase:

Design and user experience 

MetaMask

The moment you enter MetaMask’s website, you will be introduced to a minimalist design of characters and animations. There is no complex interface that might confuse a beginner in crypto.

Its main screen gives you easy access to all the services you need including the list of your assets along with the balance of each coin in your account. The buttons to send, swap or receive assets can also be found on the main screen. Basically, everything you need is a click away!

You will also find an activity tab on the top corner of the screen where you can take a look at all of your recent transactions. You may also copy these transaction records and transfer the address of your asset into your clipboard. If you click on the menu at the top right corner of the page, it will show your wallet address and QR code you can use to easily receive and send cryptocurrencies.

Along the menu, you will also find the ‘networks’ tab, which is a list of all the different networks you can use to connect your dApps. The default network is, of course, the Ethereum ecosystem. However, you can change it to either Ropsten or Rinkeby test networks, whichever works best for your needs.

Aside from Ethereum, Ropsten and Rinkeby which are all private networks, you will also find public test networks that you can use to test different smart contracts without having to pay fees.

Overall, MetaMask has a simple design that can provide beginners like you and even seasoned crypto traders with a fun and easy user experience. It is not as intimidating as most crypto wallets and that works best if you are new to the world of crypto token management.

Coinbase

Coinbase has only recently launched the browser extension of their Coinbase wallet on November 15, 2021. However, their wallet has been part of their service since 2012.

On the surface, the Coinbase app is fairly simple, especially for beginners who are finding their way in the crypto world. The moment you open the app, you will have two options: to restore a wallet or create a new one. Once you have selected the option that works for you, you can begin your crypto trades.

For users, we think that the best part about the Coinbase app is that you can set up a username. This makes it possible for other crypto users to search your name and trade without having to use long and complicated addresses. You do have the option to keep your username private in case you feel uncomfortable with it being out in the public.

Another thing that makes the user experience smooth sailing in Coinbase is that it allows users to select their local currency. What this does is let you easily recognise just how much crypto you are making based on the value of your local currency.

Security and safety

MetaMask

MetaMask prides itself on its impenetrable security despite being a hot wallet. This wallet allows you to generate passwords and keys on your device, making you the only one with access to your crypto accounts and data. Moreover, you can choose what you want to share and what you want to keep private from the app.

The moment you enter your MetaMask app, you will be asked whether you like to share some data with the app. This doesn’t necessarily mean that MetaMask will have access to your account and data, but it will make the app’s services better for you.

Once you are done with selecting the option you want, you would be asked to create your MetaMask password. Don’t mistake this as the recovery phrase for your account or security key for your wallet since it only acts as the secondary MetaMask password for your account.

After settling your secondary MetaMask password, the app will ask you to set up a backup phrase. You can use this phrase to log back into your account in case you fail to remember any of your passwords. Moreover, it acts as another layer of security for your crypto account.

Coinbase

The moment you sign up for your Coinbase wallet, you will be introduced to the privacy setting to set up your privacy preferences. After that, you will be asked by the app to set up another layer of protection for your coins using the biometrics on your phone. Another thing that you can do is provide a password for your accounts.

In addition to this, the Coinbase app will also give you an option to backup your data. For iPhone and MacBook users, you can use iCloud to store your security key. This includes 12 random words that when you arrange correctly, would represent your password. For additional safety measures, it would be best to write these 12 words down on paper and keep a physical copy.

*Please note that both MetaMask and Coinbase are categorised as hot wallets. This means that they store most of your crypto data online.

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Availability

MetaMask

MetaMask is supported on iPhone, iPad, Android and software as a service or SaaS. This means that you can download it on your phones and use it on any operating system available to you. Moreover, you can use it as an extension on your browsers! MetaMask makes it easy for you to access and manage your account wherever you are and whenever you want.

Coinbase

Coinbase is accessible on Mac, iPhone, iPad, Android and Windows. This kind of service availability makes it ideal for a wide range of users. Since Coinbase now has a web extension, users who manage their crypto accounts on their PCs can now connect their wallets on their browsers for easy access.

Support

Both MetaMask and Coinbase use online support wherein you can contact their customer support representatives through emails. While this works for some users, it could also use some improvements in terms of 24/7 live support since it would be better for beginner users to receive immediate feedback for their questions.

Crypto integrations

MetaMask

MetaMask has over 270 integrations in their wallet app including Convex, which is a platform that simplifies your experience in curve boosting, allowing you to maximise your crypto yields and DogeSwap, a democratised DEX aggregator. All of these integrations make your crypto user experience all the better and easier!

Coinbase

Coinbase has over 77 integrations, which is considerably less than MetaMask. However, it has all the integrations that you would need to make your crypto trading easy. This includes FURUCOMBO, which is a tool specifically made for end-users to help maximise their DeFi strategies through the use of a drag and drop mechanism.

Along with these, you can also access Ether Cards, which provides an advanced set of tools needed to find the best deals and discounts on the Ethereum platform. 

MetaMask vs Coinbase: Who will take the top spot?

When it comes to features, both MetaMask and Coinbase exceed expectations with how they can make the crypto trading experience easier for the users. It is impossible to say which is the best crypto wallet app that will take the top spot since they offer different advantages you might find helpful depending on your preference.

As for which wallet you should install, we recommend reviewing the features of both apps again to see which one will work in your favour!

Words by: Ana Gabrielle Gundran


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MetaMask vs Coinbase: Which wallet is best for you?