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A comprehensive comparison between Coinbase wallet vs Metamask is crucial when you are choosing a secure Web3 wallet. Which hot wallet is the best of the two?
Last updated Dec 16, 2023 at 03:38 AM
Posted Dec 15, 2023 at 07:00 PM
I'm more cautious and worried about the security of my digital wallet than my physical wallet because it is worth more than that. Those who hold crypto in their wallets can relate to and understand the statement. Crypto wallets offer secure storage for your digital assets like crypto, NFTs, Web3 domains, etc. If you don't choose the right wallet for yourself, you may have to compromise on various features and even lose your assets in the worst-case scenario.
Hot wallets are required for many purposes with the most specific being storing crypto assets. This is the era of decentralized applications and to interact with these web3 dApps, you require a hot wallet. Decentralized finance, Web3, NFT marketplaces, blockchain games - all these sources require users to have a cryptocurrency wallet.
Hardware wallets offer the utmost security and if you are not actively trading, you might want to prefer the hardware wallets instead.
Coinbase uses a fully centralized approach for its crypto exchange and most of its ecosystem. The centralized crypto exchange has a non-custodial wallet where users can log in with their passwords to trade and view their transaction history on Coinbase.
However, Coinbase has launched its very own hot Coinbase wallet with a user-friendly interface.
Coinbase Cryptocurrency Wallets Features
Coinbase wallet is the decentralized self custody wallet offered by the Coinbase ecosystem. The wallet can be used to interact with the Coinbase NFT marketplace and other Web3 platforms. Coinbase wallet supports all ERC-20 tokens to help you store, partake in ICOs, and trade and trade NFTs.
You can also stake Ethereum tokens, Graph tokens, and Polygon tokens on this wallet.
Coinbase Wallet Features
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Here are the download links for Coinbase Wallet:
Coinbase had 98 million users in 2023 and when Coinbase wallet was launched it had a good community to adopt it. These are the features why such a large community of people choose Coinbase wallet:
Coinbase Wallet uses 2 factor authentication, password protection, and multi-approval withdrawals to ensure the best security for their users. Coinbase keeps an eye on the darkest markets to avoid third-party data breaches and security threats.
Coinbase wallet offers a wide range of crypto tokens and dApp support. Coinbase wallet users can access trade and collect every ERC-720 token using their hot wallet. If you love cat NFTs (or any other digital assets) Coinbase Web3 wallet also offers ERC-721 token support.
Coinbase Wallets Supported Tokens
Coinbase, as a crypto exchange, is known for its extremely simple user friendly interface. The platform has continued its legacy for the Coinbase browser extension wallet as well.
Simple Web Extension Wallet: Coinbase Exchange
Blockchain technology is the backbone of digital assets and since there are many blockchains available, the best wallet should support the maximum number of blockchains. Usually, hot wallets include multi-wallet options to support those blockchains. Coinbase wallet offers support for the following nine blockchain networks:
Self-custodial wallet designed for multiple networks
Coinbase wallet depends on the trading volume for the fee structure. The fees are applied as network transaction fees, deposits and withdrawals fees, and coinbase fees. Coinbase Wallets charges 1.49% fees on the swaps. Below is the fee structure for the coinbase exchange.
Coinbase Exchange Wallet Fees
MetaMask vs Coinbase wallet comparison brings us to our second hot wallet which is one of the most popular cryptocurrency wallets yet: MetaMask. MetaMask is a hot cryptocurrency wallet that can be accessed through mobile devices or the web. MetaMask has over 100 million users worldwide - making it the most used Web3 wallet.
MetaMask and Coinbase Wallet
Launched in September 2016, Metamask is an open-source wallet that was mainly launched for users to interact with Ethereum-based tokens and decentralized applications. Metamask supports hardware integrations that make use of the security of cold wallets while being a hot wallet.
Metamask is a leading crypto wallet and its only competitor is the TrustWallet in the hot wallets category. Top security, interoperability of multiple network support, simple transaction process and intuitive interface, hardware wallet integration, and lower fees make this one of the top crypto wallets.
MetaMask Protfolio dApp
Here are the download links for MetaMask:
Besides the Two Factor Authentication, Passwords, and Fingerprint support, Metmask takes the security of private keys and user assets to the next level. It uses hierarchical deterministic settings that enable users to back up their accounts.
This popular crypto wallet supports the currencies on the Ethereum, Arbitrum, Binance Smart Chain, Optimism, Polygon, and Avalanche networks. Users can add any ERC-20 compliance token with the wallet address to their browser extension or mobile device wallet.
Metamsk crypto wallet offers probably the simplest user interface for beginner users engaging in any transaction activity. It also includes tools for advanced traders and holders like linking to decentralized applications and Web3, choosing the custom gas fee, importing and exporting private keys, collecting and trading NFTs, and staking crypto tokens.
Metamask also supports hardware wallet integration. It mainly supports five hardware wallets including AirGap Vault, Keystone (available on both Extension and Mobile), Lattice, Ledger, and Trezor. This allows users to move their assets to and from the cold wallets to hot wallets.
MetaMask Web3 Wallet
MetMask charges a fee of 0.875% transaction fees on the token swap. Comparing MetaMask and coinbase wallet fees, MetaMask stands out as a cheaper hot wallet solution.
Coinbase vs MetaMak Wallet
Metamask and coinbase wallet both offer top-notch security while Metamsk adds a layer of hierarchical structures to back up the security. Saving the private keys is of the utmost importance and both are doing great at that.
If we compare MetaMask vs coinbase wallet in fee structure, MetaMask is the winner as it charges a 0.875% fee compared to Coinbase wallet fees of 1.49%.
Both wallets support a huge number of tokens and digital assets. However, MetaMask is more focused on Ethereum-based tokens while Coinbase wallet offers a wide range of blockchain networks.
Both MetaMask and coinbase wallet inferaces are simple to use which definitely adds ease of access. However, MetaMask comes with more features and tools required in the Web3 space.
Coinbase wallet has certain limitations like its association with a centralized exchange and inability to connect to multiple cold cryptocurrency wallets. Coinbase wallet can only connect to Ledger hardware wallet. MetMask on the other side can connect to 5 types of hardware wallets.
MetaMask vs Coinbase Wallet
Yes, the Coinbase wallet is safe to use and it can store your digital assets in a secured ecosystem. You can use the Coinbase wallet for swapping tokens, trading NFTs, and interacting with a decentralized exchange or decentralized app.
MetaMask is the best wallet when it comes to the security of browser extension wallets. Most of the wallets offer Two factor authentication and password protection, however, MetaMask adds a layer of security with hierarchical deterministic settings.
Metamask vs coinbase wallet: which wallet you should choose to store your assets? If you don't have any personal preferences, MetaMask should be your choice as it includes all desired features and giver gives users complete control of their assets. However, you should always explore other wallets as well to make an informed decision.
After evaluating both MetaMask and Coinbase wallets and discussing their features, it's obvious that MetaMask is the winner in the Metamask vs coinbase wallet comparison. However, almost all hot wallets offer mainly the same set of features and nothing can go wrong even if you choose a Coinbase wallet. Some key differences might make some users pick one wallet over the other.