When it comes to choosing your mobile crypto wallet, you really have to pick carefully to ensure you are getting the features and security you want. This is why it’s important to compare the pros and cons of various wallets on offer and see if they are right for you.
Designed for fast access to your crypto and convenience of use, both apps are available on Android and IOS, while MetaMask is also available on desktop. This might not be too important as the whole point of having a mobile wallet is ease of access, though it’s something worth noting.
Used to buy, store and trade crypto, NFTs and other tokens, wallets are digital “vaults” to contain these tokens, and in both MetaMask and Trust Wallet’s case, they are what are called “hot wallets.” These wallets are connected to the internet and are inherently less safe, but easier to access, than cold wallets which are stored offline.
Both MetaMask and Trust Wallet have great reviews and reputations, but which one is really the best for your situation and needs? Well, that’s what I intend to find out in this comparative review. Continue reading to find out the strengths and weaknesses of each, and which one I would recommend.
MetaMask vs Trust Wallet – What’s the difference?
While both wallets function in a similar way and even share some UI similarities, they address two different niches in the crypto and token space. Trust Wallet focuses on providing access to a myriad of different coins as well as fiat exchange, while Meta Mask has a greater focus on token and collectable trading and storage. So, if you are looking for a wallet to facilitate token trading, you are likely going to want to use MetaMask over Trust Wallet. On the flip side, if you are focusing on trading a larger variety of crypto currencies as well as fiat, Trust Wallet is more down your street.
Based on the Ethereum blockchain, MetaMask has focused more on branching out its services and allowing you to store collectables from markets like Rarible and Opensea. Over time, this might prove to be a good move, as these days NFTs and collectables are becoming more and more popular, and most trade in crypto is between the top coins, which the wallet services.
In my opinion, MetaMask’s integration allowing you to store digital art is second to none, and if that’s your focus, you should definitely consider the wallet as a primary vault for collectables.
You can store and manage broadcast transactions, as well as safekeeping account keys within the key vault provided. Unfortunately, this wallet is by no means anonymous, and it is extremely easy to scan the chain and identify all of your public transactions. That doesn’t mean that they can identify you and link you to your wallet, or take any of your funds, but there will definitely be a record floating out there ready to be linked to you if the dots are connected. This is also true for Trust Wallet.
If you want the largest range of compatibility with different networks and projects, Trust Wallet is where you want to be storing those coins. It offers access to over 150,000 different assets and blockchains, so no matter how small or obscure the coin is you wish to trade or hold, this wallet has you covered.
You can even stake your currencies, which for some reason isn’t a regular feature with most wallets, so is definitely a big advantage for its users. Being backed by Binance gives it a lot of credibility and reach when it comes to ensuring you are futureproofed with access to future DeFi projects. In addition to all that, you can send and request ERC721, ERC20 and some other ERC tokens.
Just like MetaMask, you can store your own private keys on your device, though it does lack features when it comes to being able to store crypto art or other such tokens. While this is true, there are a wide range of crypto games available on the app which can earn you interest as you play them. So, between these two wallets, there’s definitely a lot of variances that you have to consider.
Trust Wallet’s fees are pretty straightforward. The only fees it charges are the fees to compensate miners or transaction processors and staking. The app itself doesn’t charge a transfer fee as long as you are using the in-app DEX or when using DApp browser.
Depending on the network you are using, you will be charged a variable amount depending on the usage volume, up to about $10 per transaction on the Ethereum blockchain.
MetaMask on the other hand can be a bit trickier. There is always a small transaction fee which requires Ethereum to initiate and are based on the network you are using to exchange, so can vary wildly. Every network has different fees, especially at peak usage time you can be hit with very high per-transaction costs. You really need to double check your transactions while using MetaMask as some users have been caught out before paying more in gas fees than their transfer value. Don’t be that guy.
Generally, I prefer Trust Wallet’s system, as it’s more predictable and for the most part, you aren’t paying any additional transfer fees on top of maintaining gas or paying miners for your processing.
Both MetaMask and Trust Wallet are available on IOS and android, so there’s no need to compromise on your device. However, the difference comes if you want to use the apps on a desktop. Only Meta Mask is available as a desktop platform, as Trust Wallet is primarily designed for mobile use.
This won’t discourage most people as the need for a mobile wallet is the primary motivation for using a hot wallet in the first place, and there are better alternatives for purely desktop accessible wallets, or cold storage wallets. Regardless, the option is there if you use MetaMask and want to have your wallet available in a desktop view. Personally, I don’t see much use.
As with all hot software-based wallets, there’s always a degree of risk you trade for the convenience of having quick access to crypto, NFTs and Tokens. No matter the safeguards, there’s always a small risk when you use a hot wallet, so for the sake of not over-exposing yourself, I would never recommend putting all your funds into one of them. I would definitely only keep a small fraction of my crypto for active exchange and trading in this kind of wallet.
With that said, this is a standard risk for any software wallet, the real question is how do the two apps compare to others and themselves? As far as I can tell, they are both extremely safe and reputable, with Trust Wallet even being owned by Binance and all the security that comes with a big player in the crypto space.
Alongside bank-grade encryption, both wallets offer a myriad of security features and failsafe systems which prevent unauthorized access to the wallets, including your seed phrases. Biometrics help prevent physical access even if your pin is compromised along with 2 factor authentication. As mentioned previously, Trust Wallet can even be “locked down” with in-app security to prevent it being used at all until re-activated by the owner.
In the end, your wallet is only as secure as you are. If you give out your seed phrases, your pins, or hand someone your device while open, you are putting your wallet at risk, but generally, I find both of these apps to be equally safe.
Both apps provide a range of equivalent features, with minor differences between them, though these differences can be significant depending on how you intend to use the wallets. Personally, I prefer Trust Wallet as I feel it’s much more specially designed for mobile use, with a cleaner UI and the ability to access much more crypto currencies compared to MetaMask, in addition to fiat.
The security features such as app locking also causes me to lean toward Trust Wallet, and when it comes to dealing with large amounts of cryptocurrency, I value this higher than MetaMask’s decentralized perks and the affinity for tokens and smart contracts.
Either way, both apps are great for similar reasons, and they will be equally useful to anyone wishing to trade or protect their cryptocurrency.