Coinbase Wallet vs Metamask: Which Crypto Wallet Is Best In 2022?

Coinbase Wallet vs Metamask: Which Crypto Wallet Is Best In 2022?

There has been a lot of controversy over this topic among users of crypto wallets. Which wallet is better? Which is more reliable and offers the best feature? Which coins are more safe to keep? Which is more expensive? And so many other questions you have to ask because you’re not sure of what you hear from people.

The answer to your puzzle has found you today and you’re about to see for yourself which one is better.

This blog will give you a better understanding of the things you should know in order to make your choice.

Coinbase Wallet vs Metamask: Which Crypto Wallet Is Best In 2022?

What is Coinbase wallet?

Coinbase was founded in 2012 by Brain Armstrong and Freeman Ehrsam with the sole aim to create a crypto-friendly trading platform for users to purchase and trade digital currencies around the world.

Today, it is a renowned platform where a large population all over the world rely on it for her digital transactions.

Coinbase wallet is a good wallet, safe and easy for carrying out transactions such as buying, selling and exchanging digital currencies as well as conversion of fiat currencies.

However, its primary function is to store the crypto assets of users securely.

Coinbase wallet is a hot wallet, where a large percentage of your assets are stored online and it’s barely known to use a cold storage which can make you prone to vulnerability and makes it unsafe to store assets. It is also a non- custodial wallet.

Nevertheless, being one of the largest cryptocurrency exchanges in the world. It’s been considered to be a safe and regulated cryptocurrency wallet.

It also supports over a 100 digital currencies.

Coinbase fees

Coinbase allows users to create accounts for free without charges, and adds charges to coinbase transactions. Withdrawals are charged 1% transaction fee per trade.

The fees might vary though, depending on the method of payment and location of the user.

Method of payment and coinbase fee range

Bank Account 1.49% Debit/Credit card 3.99% Crypto Conversion 2%

Pros and Cos of Coinbase wallet

Pros

  • The wallet is geared up with an effective security that makes it reliable and safe to use and protects it from being prone to cyber-attacks.
  • The coinbase wallet manages and secures private keys and public keys on the wallet. And ensures them to be tightly secured. It also provides a backup option that can be used to secure and recover lost private key and crypto assets on the wallet.
  • The wallet is not limited to storing cryptocurrencies alone, it also helps users store digital collectibles, Non-fungible Tokens (NFTs).
  • Coinbase is well-funded to recoup lost or stolen digital assets.
  • It supports over a 100 cryptocurrencies for trading.
  • Coinbase is a good exchange place for beginners as it is very easy to buy and sell digital currencies.

Cons

  • One of the major issues of Coinbase wallets are its hefty transaction fees, it is often too expensive.
  • Transactions are said to be on a fixed trade fees, however, other transaction fees are included such as; account funding, withdrawal methods, and other less common services:
  • Coinbase fees are said to be different depending on the duration and type of purchase.
  • Customer service is lacking making it difficult in solving problems. It is not the easiest platform to get hold of assistance especially in the event of serious account security issues.
  • The wallet’s ability to store private keys, most times doesn’t give users access to the keys, it also makes users doubt the safety of the keys and be on guard.
  • Though It supports multiple cryptocurrencies it doesn’t support bitcoins.
  • Users are prone to security dangers; many users of the platform have fallen victim to hackers and schemes that have drained their accounts regardless of the well-equipped security program.
  • It cannot send a transaction for more than 48 hours

What is MataMask?

MetaMask was created by ConSenSys in 2016 and has raised over $250m.

It is a good Crypto wallet that makes interacting with any blockchain easy. It is an Ethereum digital wallet and operates as a non-custodial hot wallet.

It makes transactions fast and easy for users to connect to the blockchain either on a phone or a desktop in a secured way.

MetaMask crypto wallet is very well trusted and secure. It operates as a mobile app and a browser extension.

MataMask fees

Users can download and install MetaMask for free, however, any exchange transactions made will attract fees on the Ethereum blockchain (gas fees) depending on how fast the user wants it.

Users will be made to pay charges that range between 0.3% – 0.875% for any exchange.

Pros and Cons of MataMask

Pros

  • It is an Ethereum digital wallet that allows distributed applications in browsers.
  • It serves as a bridge that connects users to use Ethereum blockchain from their comfort zone through the use of browsers like Chrome extension, Firefox etc.
  • MetaMask allows users to have multiple wallets and enables users to connect to other wallets conveniently.
  • MetaMask wallets are stored locally and don’t hold any user’s private keys.
  • MetaMask is not an exchange but a wallet, trading can’t be done on the platform.
  • Users of the platform have the benefit of being anonymous, as well as having privacy protection.
  • MetaMask fees are cheap notwithstanding, users are responsible for paying gas fees to the blockchain for their transactions, depending on how fast the exchange needs to process.

Cons

  • MetaMask is more often exposed to the risk of hacks and phishing attacks, as with all online wallets and not direct cyber-attacks.
  • Most times the browsers and devices you use gather information about your wallets.
  • Customer services are poor and give very limited customer support to handling technical issues.
  • It can’t help recover lost passwords, lost seed phrases, missing and has no reset options.
  • MetaMask only supports Ethereum-based tokens, and doesn’t support Bitcoin.

Differences between Coinbase wallet and Matamask

Coinbase WalletMatamask
The wallet’s ability to store private keys, most times doesn’t give users access to the keys.MetaMask wallets are stored locally and don’t hold any user’s private keys.
One of the major issues of Coinbase wallets are its hefty transaction fees that are often too expensive.MetaMask fees are cheap notwithstanding, users are responsible for paying gas fees to the blockchain for their transactions, depending on how fast the exchange needs to process.
Coinbase is a wallet as well as an exchange for buying and selling of cryptos. (It can trade)MetaMask is not an exchange but a wallet, trading can’t be done on the platform and Easier to use for advanced users and not user friendly.
Very easy to use and user friendly. Beginners are often advised to use this platform.It only supports Etheremm and ERC 20.
It supports over a 100 cryptocurrencies and It has a very low anonymity.It has a high level of anonymity.

Which wallet provides the best result and easier to use?

Coinbase and MetaMask wallets are both good and are easy to use.

Both wallets come with its unique benefits, all you have to do is choose the one that will suit your preference, and help you get what you need.

I hope that by now your question about which is better has been answered and you have decided which one you’d love to use.

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