MetaMask vs Coinbase wallet : Which is the Best in 2023

Metamask vs Coinbase Wallet are two of the most popular Web 3 wallets in the world. Both cryptocurrency wallets allow users to seamlessly interact with Metaverse applications created on the blockchain using DeFi, GameFi and NFT.

About Metamask

MetaMask is a popular browser extension with an established reputation that functions as a cryptocurrency wallet that connects to the Ethereum blockchain. MetaMask allows users to interact with the Ethereum ecosystem, which hosts a vast universe of decentralized applications (Dapps), without having to download the entire blockchain to their device. In fact, it is one of the best Ethereum wallets for easy access to decentralized exchanges (DEX), gaming platforms, betting sites, online casinos and many other applications.
The wallet is compatible with all common browsers: Chrome, Firefox, Brave and Microsoft Edge. In addition to Ethereum's own currency, ETH, MetaMask can also store tokens built on the ERC-20 and ERC-721 protocol standards.

Pros and Cons

Metamask wallet Summary

About Coinbase Wallet

Coinbase Wallet is a mobile cryptocurrency wallet from Coinbase. It supports more than 500 ERC20 cryptocurrencies and tokens. The wallet allows to buy cryptocurrency with a bank card, work with exchanges and decentralized applications (dApp).

Pros and Cons

Coinbase Wallet summary

MetaMask vs Coinbase Wallet Comparison

Trust and Security

Both wallets are quite safe. Metamask and Coinbase Wallet have several levels of protection, which help to store cryptocurrency securely without fear of any hacking.

User-friendly for beginners

The wallet applications have a user-friendly interface, so even beginners will be able to understand them.

Blockchain support

Metamask Wallet supports all Ethereum Virtual Machine (EVM) compatible blockchains, including: Ethereum, Avalanche, Avalanche Subnets, Polygon, Optimism, Arbitrum, Binance Smart Chain and many more. It is the most well-connected Web 3 wallet and supports the largest number of blockchains.

Coinbase Wallet also offers support for all EVM-compatible blockchains, but does not offer support for Avalanche Subnets.

Compatibility

The Metamask Wallet is compatible with all cold wallets. While Coinbase Wallet does not support this feature.

Types of transactions

Coinbase Wallet offers built-in DEX, which allows seamless swaps between most assets in DeFi. This feature is the most expensive DEX on the market, with fees as high as 1% and gas fees in excess of $120 per swap (even with low fees on the chain!).

By comparison, Metamask DEX only charges 0.25% for swap in its wallet. This makes Metamask four times cheaper than the Coinbase wallet.

Transaction fees

Metamask Wallet is free to download. You can find three wallet browser extensions on the official wallet page.

As for the transaction fee, there are three options: slow, medium and fast. You can choose one of these options depending on how fast you want to complete the transaction. Metamask also allows you to set your own fees, which you can set by clicking "Advanced Options. Keep in mind that setting fees too low can prevent you from completing a transaction.

Transaction fees are usually measured in Giga Wei or Gwei. The fees go to the miners on the network.

Coinbase commissions are not the cheapest on the market. However, Coinbase app and wallet updates are free to download from both Google Play and the AppStore. Opening a wallet is also free. However, the wallet does charge a fee for transactions, including sending, buying and receiving, as compensation for its services.

Commissions range from 1.49% to 3.99% of the transaction amount. They vary depending on the cryptocurrency and the current market situation.

Supported assets

In addition to Ethereum tokens, the Metamask wallet supports digital assets from other networks. We can count Binance Smart Chain (BSC) and Basic Attention Token (BAT) projects. All stabelcoins, such as Tether, are also included in the wallet products. In addition to the ERC-20 and BEP-20 protocols, some currencies are unique to the wallet. These include Smart Cash, Ripple, Tron, Cosmos and Digbyte, among others.
Coinbase wallet supports about 600 cryptocurrencies.

Payment methods

In addition to in-network transfers, you can make purchases from your bank card. This function is supported by both wallets.

Extra features

Both Coinbase and Metamask provide the same experience with NFT wallets. The user experience between Web 3 wallets isn't much different for NFT because you're connecting to third-party platforms like OpenSea or Rarible.

When you buy NFT on Coinbase or Metamask Wallet, you are buying a token that is stored in your Web 3 wallet. The display only changes when you connect your wallet to different trading platforms and applications that can interact with NFT in your wallet.

Registration

Registration for both wallets is very simple. It is enough to create an account and write down a secret phrase. Saving the secret phrase is a must, do not forget about it.

Alternatives

Our verdict

The Metamask wallet is generally a better wallet compared to Coinbase because it is connected to more blockchains, offers lower fees and a more secure experience. The Coinbase wallet has only been around for a year, while Metamask has been around since 2016, making it the most battle-tested Web 3 wallet.

FAQs

What wallet is better than MetaMask?

MetaMask is a digital wallet that stores smart contracts and tokens. It also provides a user interface to send and receive tokens.

It is a browser extension which works with Chrome, Firefox, Opera, and Brave browsers.

MetaMask doesn't work with the Tor Browser or Edge Browser.

There are some other wallets which can be used instead of MetaMask:

- Ledger Wallet - hardware wallet for storing cryptocurrencies securely offline;

- MyEtherWallet - web-based wallet for Ethereum (ETH) crypto coins;

- Exodus - desktop application that functions as a cryptocurrency wallet for Ether (ETH), Litecoin, Bitcoin, Dash and more than 20 other digital assets;

What's better trust wallet or MetaMask?

MetaMask is a browser extension that allows users to interact with the Ethereum blockchain. It can be used to access Ethereum DApps, sign transactions, and send ether.

Trust Wallet is an open source wallet for Ethereum and ERC20 tokens. It’s not just a wallet but also a gateway to decentralized applications on the Ethereum blockchain such as Augur, Aragon, Basic Attention Token, Bancor, Civic, Dash, Decentraland, Iconomi, IOTA Foundation Token etc.

Trust Wallet doesn’t store any user information so it’s much more secure than MetaMask in this regard.

Is MetaMask or Coinbase wallet better?

MetaMask offers a more secure way of storing your cryptocurrency as you have complete control over your private keys. The wallet also offers enhanced security features such as 2FA for transactions. On the other hand Coinbase does not require you to download the entire blockchain which makes it easier for beginners to use but there are some security concerns with this wallet that have been raised by experts in the cryptocurrency space.