People used to keep their money in wallets, but the introduction of cryptocurrency and other digital assets led to developing crypto wallets. The fun fact is crypto wallets technically do not store the crypto but the holdings on the blockchain and can only be accessed using private keys. This Trust Wallet vs MetaMask review outlines what one needs to know regarding the two cryptocurrency wallets.
About Trust Wallet
“Decentralized applications” (dApps) is a collective term for a leading software development company for distributed open-source apps which run on a P2P blockchain network. The Trust Wallet is one of its many application innovations. Trust Wallet is an online crypto wallet developed to allow users to receive, send, store, and buy crypto and non-fungible tokens (NFTs).
Through Trust Wallet, users have access to over one million crypto assets from their phones; this makes the app widely used, as it is convenient to access your digital assets as quickly as unlocking your smartphone.
Trust Wallet is renowned for its user-friendliness, but if the account is compromised, users can experience some issues. Since the online crypto wallet is built with the help of decentralized technology, the customer service does not provide support for technical or safety issues; thus, users cannot be guided to recover secret pins or seed phrases to reclaim access to their assets.
Trust Wallet is available on both Android and iOS. It supports Bitcoin and Ethereum, the most globally traded cryptocurrencies in the current crypto market, as well as over 1 million tokens. The wallet does not charge any transaction fees.
However, crypto investors have to pay for the network fees when they purchase specific crypto assets. Trust Wallet is a non-custodial software-based hot wallet and provides a self-help center and a ticket system for email support.
Developed by ConsenSys, MetaMask joined the market in 2016 as a non-custodial cryptocurrency wallet that enabled users to interact with the Ethereum blockchain. Users have access to their ERC-20 assets through a website or mobile app, which can interact with other decentralized apps.
If you are using MetaMask, the generation of keys and passwords onto your devices is quick and secure as you are the only one with access to your data and accounts. Moreover, MetaMask provides users with the option of choosing what to keep private or share out. Besides, the wallet provides a secure and simpler way to connect to blockchain-based apps. The user is always in control when using the decentralized web. The wallet provides users with secured logins, the token wallet, an exchange, key vault, all of which are necessary for managing the digital assets. It does not support Bitcoin trading, however. MetaMask has over 450,000 cryptocurrencies across the BNB chain, Avalanche, Polygon, and Ethereum blockchains, and users can also earn rewards and stakes.
Trust Wallet vs MetaMask – Features
Regarding MetaMask vs Trust Wallet features, both wallets have unique features. For example, MetaMask allows users to send and receive tokens anonymously in a secured setting. Besides, creating a new wallet does not require a personal identifier.
The main feature of the Trust Wallet is its versatility across blockchains, and users can earn interest on their crypto by staking from the wallet directly. New users can easily transfer their wallets to Trust Wallet. In addition, both wallets support one of the most popular cryptocurrencies—Ethereum.
MetaMask vs Trust Wallet: Pricing
In MetaMask wallets, the users pay gas fees to the blockchain that enables them to do transactions. In addition, they charge a service fee of around 0.3% – 0.88% for any swap that takes place. When buying crypto, there is a processing fee, the market rate for gas, and the MetaMask fee.
Trust Wallet users also pay gas fees when transacting crypto to another wallet. In addition, they also pay fees when purchasing crypto from one of the providers and additional fees on purchases made in the app. However, there is a waiver for those who have TWT tokens. For example, buying with a credit card, Mercury is at 3.95%, Moonpay is 4.5%, Ramp network is at 2.9%, and Simplex has a 3.5% fee.
Trust Wallet vs MetaMask – Pros and Cons
This review would not be complete without mentioning Trust Wallet vs MetaMask advantages. As an investor, you can make your own choices regarding cryptocurrencies, and Trust Wallet supports many of those. Setting up a Trust Wallet is convenient; one can use it on their phone and even Mac computers. Buying and staking cryptocurrency is done directly from the wallet, making it easy.
Just as it has pros, Trust Wallet has some cons that you might want to know. For instance, there is limited usage of web-based decentralized apps, and it’s difficult to recover lost accounts through their customer support, which is self-service. Lastly, it is susceptible to phishing attacks and social engineering.
MetaMask cannot be left behind because it has its share of advantages. The process of downloading and setting it up across devices is easy. Furthermore, you can create multiple wallets from one application. Besides, the process of signing up does not require any personally identifiable information, and it supports multiple blockchains, NFTs, and ERC-20 tokens.
All the same, some of the cons of using MetaMask include limited to no technical support, and there is no option for password resets. Perhaps one of the biggest cons is that it does not support Bitcoin crypto at all.
Other than MetaMask not supporting Bitcoin cryptocurrency, it is quite a good wallet choice. It is user-friendly and available across many devices. In addition, it provides a swift integration with NFT websites and exchanges. For advanced users, this might be the best wallet as it allows them to maximize gas fees, which helps reduce the cost of working on blockchain.
Trust Wallet, however, is good as it supports so many cryptocurrencies. However, the lack of customer support can be an issue for the new users. Besides, advanced users might not like the fact that the wallet has a limit on connecting with DApps to NFTs or exchanging crypto assets. We hope that you can decide now between Trust Wallet vs MetaMask.