What is Metamask and Trust Wallet? Difference of Metamask Vs Trust Wallet? Which Is Better For You 2022

What is Metamask and Trust Wallet & Difference of Metamask vs Trust Walle Which Is Better For You 2022

Metamask is a popular Ethereum wallet that allows users to store their private keys in a secure browser extension. Trust Wallet is a mobile wallet that supports Ethereum and other cryptocurrencies. Both wallets are suitable for beginners and offer different features. In this blog post, Covermarkets will compare two of the most popular wallets: Metamask vs Trust Wallet.

MetaMask

Pros and cons of Metamask

 Pros

  • We will look at some of the benefits and drawbacks of utilizing MetaMask.
  • MetaMask simplifies interaction with Ethereum-based DApps. Furthermore, it enables users to use a single Ethereum wallet address across different devices without the need to install or configure any additional software.
  • MetaMask is open source and can be used as a standalone desktop or mobile program, but it is most typically used as a browser plugin. Browser extensions provide consumers additional control over site security and allow them to rapidly switch between accounts and networks.
  • DApps can be run directly in your browser.
  • ShapeShift allows for simple account management and exchange.
  • Developers’ ease of usage
  • MetaMask allows you to connect to websites with a single click and transmit Ether to any wallet address with a few clicks.
  • As a user, you have control over the monies in your MetaMask accounts. These accounts enable users to keep their tokens and Ether in separate wallets that other decentralized applications (DApps) or exchanges can access.
  • MetaMask also enables its users to interact with smart contracts on the Ethereum network without the need to deploy a complete node. This saves time and money while lowering the entrance hurdle for DApps on Ethereum.

Cons

  • MetaMask is not compatible with all browsers; it is presently available only on Chrome, Firefox, Edge, and Brave.
  • MetaMask does not completely protect you from scams – while MetaMask can assist you in avoiding phishing sites and protecting your private key, it cannot do everything. If you see a website that appears suspicious, do not log in! Instead, copy the URL and paste it into EtherscamDB (which is run by the same people who make MetaMask). This database will inform you whether or not the site has ever been flagged as fraudulent. If it hasn’t been reported, it’s most likely safe!
  • It saves all private keys locally, which means that if your hard drive fails or you lose your computer, you will lose access to all funds in your MetaMask account.

Trust Wallet

Pros and Cons of Trust Wallet

 Pros

  • You can keep your private key on the device so that no one else can access it (this makes it more secure than other wallets)
  • It allows you to purchase cryptocurrency directly from the app by credit card or bank transfer (this is only available in certain countries).
  • Trust Wallet does not have access to its customers’ private keys. Therefore, no one linked with the wallet may access your funds (a typical characteristic of so-called “hot wallets”). You instead download the program and generate your private key. This level of protection ensures that only you have control over your money.
  • You can interact with the Ethereum blockchain—and any DApp on it—directly through the Trust Wallet app, thanks to its built-in support for decentralized applications (DApps). This implies you can use Trust Wallet as an Ethereum browser. After all, one of the most remarkable aspects of blockchain technology is the number of incredible projects that are being developed on top of it; why not utilize an app that makes communicating with those projects simple?
  • Trust Wallet Chrome and application secure private keys and transaction data with AES hardware encryption and an app password. You can add further protection by using Face or Touch ID to prevent illegal access.
  • Trust Wallet accepts Ethereum (ETH) tokens, Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), Monero (MXR), and many other cryptocurrencies. This allows you to buy in fiat currencies such as USD or EUR and then easily convert them into your favorite coin, all in one spot! There are no fees associated with transmitting cryptocurrency from a single address within the app.
  • It is pre-integrated with the decentralized exchanges Kyber Network, Changelly, and Bancor. This enables you to purchase cryptocurrency directly from your wallet.

Read more: Litecoin Vs Bitcoin Comparison: Which Should You Invest 2022?

Cons

  • Trust Wallet is an SPV wallet, which means it does not keep an exact copy of the blockchain. Instead, it employs specialized servers that authenticate transactions without traversing the entire blockchain. Because hackers have more opportunities to distort the information, this method is less secure than full-node verification.
  • Your account does not support two-factor authentication (2FA). It just has one level of security—your password—making it easy for hackers to access your account if they don’t know it.

Metamask Vs Trust Wallet

What Is MetaMask and How Does Trust Wallet Work?

What Is MetaMask and How Does Trust Wallet Work

MetaMask

MetaMask is a relatively simple Ethereum wallet meant for users who have never used an Ethereum wallet before or have never used cryptocurrencies at all. It also works well with other blockchain browsers like Brave and Chrome.

The wallet supports all ERC20 tokens, which means it can store almost any token on the Ethereum network. It includes a token switch feature that allows you to exchange tokens without having to jump through hoops.

MetaMask offers a simple user interface that allows you to effortlessly manage your funds and conduct transactions.

MetaMask is available on both mobile and desktop platforms, making it accessible to users of all devices. Its security measures are also excellent, and you can be confident that your assets will be safe when held on MetaMask.

Trust Wallet

Trust Wallet is a mobile wallet running on Binance Smart Chain (BEP20) that provides a secure and user-friendly platform for the use of Ethereum and all other ERC20 tokens as well as BEP20 tokens. It lacks the functionality of MetaMask and can only be used to handle your Ethereum currency.

However, it is quite accessible. Signing up for and using Trust Wallet desktop or Trust Wallet for chrome takes only a few minutes. It’s also open-source, so any problems with it are usually swiftly resolved.

Trust Wallet is a software wallet, which means it’s only available on mobile devices and isn’t appropriate for long-term storage of huge quantities of bitcoin, but it does provide a number of features that make utilizing cryptocurrencies simple and secure.

It supports a wide range of cryptocurrencies and may be used to store and sell crypto tokens with other users.

It can also be used to buy in-app purchases or send money to others via social media platforms like WhatsApp, Facebook Messenger, Twitter, and Telegram.

Trust Wallet improves security by ensuring that your private keys are always stored locally and secured by many layers of security.

MetaMask vs. Trust Wallet: Key Differences

MetaMask vs Trust Wallet- Key Differences

MetaMask

MetaMask is a browser extension that lets users manage Ethereum-based tokens (ERC20 and ERC721). The following are its main characteristics.

Dashboard

The MetaMask dashboard provides a simple way to manage your Ethereum accounts and funds. It also lets you interact with Ethereum-powered web pages. From the main screen, you can simply view your balances, change accounts, and send transactions.

When you first use MetaMask, you’ll be sent to the dashboard. This is where you can see your Ethereum wallets and balances, as well as any tokens or other assets they contain. There are two main tabs on this page: “Accounts” and “Tokens.”

The “Accounts” tab displays your Ethereum wallets and balances, while the “Tokens” tab displays any tokens or other assets in your wallets.

A settings button may also be found in the top right corner of each wallet’s box on the dashboard. When you click on this, a menu will appear with options for transmitting Ether from that account or importing more accounts from another source (e.g., Ledger Nano S).

Templates

Template

MetaMask templates help users to tailor their tokens to the size of their wallets. The user can choose from existing templates or generate a token from scratch. After creating the token, the user can send it to other users or keep it in their wallet for later usage.

MetaMask can view all tokens on the Ethereum blockchain without having to manually add them. You may also search for tokens by using a list of popular tokens currently in use in the market.

Furthermore, MetaMask enables users to access DApps straight from their browser without the need to download additional applications such as Mist or Geth. You may utilize any Ethereum-enabled DApp using their browser extension without ever having to run your complete node or sync the blockchain again!

Roles

Role of MetaMask

MetaMask can view all tokens on the Ethereum blockchain without having to manually add them. You may also search for cryptocurrencies by using a list of popular tokens currently in use in the market.

Furthermore, MetaMask enables users to access DApps straight from their browser without the need to download additional applications such as Mist or Geth. You may utilize any Ethereum-enabled DApp using their browser extension without ever having to run your complete node or sync the blockchain again!

Security

MetaMask Security

One of the most secure wallets available is MetaMask. The wallet includes a number of built-in security features, like password protection and two-factor authentication to help keep your assets safe from hackers and scammers. Furthermore, MetaMask lets you export your private keys for use as backups whenever necessary.

Trust Wallet

Trust Wallet is a mobile software that allows users to use their mobile devices to store, receive, and send ERC20 tokens and Ethereum money. Let’s have a look at some of its main characteristics.

Dashboard

Dashboard

The dashboard displays real-time pricing data for the blockchain assets in your portfolio. You may see current pricing in US dollars or other currencies, allowing you to keep track of how your assets are performing against the US dollar.

The chart displays market values for your assets over time and allows you to switch between other types of charts to dig deeper into the data.

You can also find the current price of any token or digital assets by typing its name (or ticker symbol) into the top-of-the-page search bar.

By touching on the assets at the bottom of the page, you can add and delete them from your wallet. This allows you to simply track which currencies and tokens you own, allowing you to swiftly assess their performance over time and determine whether to acquire more or sell part of your holdings.

Templates

Trust Wallet Templates

To begin using Templates, go to the Trust Wallet settings menu and toggle on “Enable Templates.”

Once activated, you’ll notice a new choice in the main menu of your wallet: Templates. Click the “Save as Template” checkbox at the bottom of the Send page when sending funds from your wallet.

After you save a template, you can find it in your main wallet menu under the Templates tab.

Roles

You can use Trust Wallet to send money to recipients instantaneously or to plan payments for later. You can even divide the charges for regular card payments among numerous people, making it simple to divide the price of various high-volume monthly spending.

Security

Trust Wallet Security

Trust Wallet supports over 20,000 Ethereum-based tokens (ERC20, ERC721, and ERC223) and has been utilized by over two million people since its inception. It is a decentralized, open-source, and anonymous Ethereum wallet application.

Integrations in MetaMask vs. Trust Wallet

Integrations in MetaMask vs Trust WalletIntegrations in MetaMask vs Trust Wallet

MetaMask

MetaMask interfaces easily with major decentralized application platforms such as Fortmatic, Portis, and Torus, allowing users to access apps using conventional sign-in techniques.

These integrations are an excellent alternative for app developers trying to attract new users while also improving onboarding for existing users.

MetaMask enables you to send Ethereum and ERC20 tokens directly from your browser and provides users with seamless Ethereum Name Service integration (ENS).

Consider this: if you’ve ever used PayPal to log in to a website or app, you know how simple it is to click the ‘PayPal’ button and let PayPal do the rest.

ENS accomplishes exactly that for Ethereum apps and webpages, allowing users to enter their username rather than their long, complex wallet address.

Furthermore, MetaMask provides users with integrated support for all of their favorite decentralized applications (DApps). Simply select the DApp symbol in the upper right corner of your browser window, search for your preferred app, and then click ‘Connect.’

Trust Wallet

Integrations

Trust Wallet has connected with Kyber Network, allowing users to exchange tokens without leaving the platform. This latest connection brings Trust Wallet one step closer to becoming a true all-in-one crypto solution.

Trust Wallet has now released a new desktop version of its non-custodial crypto wallet app, which allows users to store, send, receive, and swap crypto assets on macOS, Windows, and Linux PCs. The key argument for integrating your token into Trust Wallet is that it has a wide audience of crypto enthusiasts.

Trust Wallet can be used as a storage option by users who own an Ethereum or ERC20 token. This helps them to keep their assets secure while still reaping the benefits of the platform.

Trust Wallet has partnered with Amazon to make it easier for consumers to shop online. Users can now convert their digital assets into Amazon gift cards and use them as payment directly on Amazon.com during the checkout process.

Trust Wallet has collaborated with StableUSD (USDS) to provide users with the ability to send money worldwide without having to worry about unpredictable exchange rates or exorbitant fees associated with traditional money transfer services. Simply log into your Trust Wallet account on any supported device to begin using this new feature.

MetaMask vs. Trust Wallet: Similarities & Differences

MetaMask vs Trust Wallet- Similarities & Differences

There are numerous reasons to prefer one over the other, but one thing is certain: if you intend to use DApps, you’ll need some sort of wallet to keep your funds secure. We’ll look at the similarities and differences between the two wallets to help you decide which one is best for you.

Differences

Factor MetaMask Trust Wallet
Platforms iOS, Android, browser extension iOS, Android
Types of transactions receiving, sending, storing, staking, swapping receiving, sending, storing, staking, swapping, earning interest
Transaction fees miner fees miner fees
Supported currencies ERC tokens, BNB chain tokens, test chains, NFTs ERC tokens, BNB chain tokens, NFTs, Bitcoin, other popular currencies
Security features seed phrase seed phrase, PIN
Payment methods Wyre, Transak, and MoonPay MoonPay, Simplex, bank card 
Custodial? no no
Extra features staking, swapping staking, swapping, earning interest, Dapps browser
Access worldwide worldwide

The primary distinction between Trust wallet and MetaMask is that MetaMask is a web-based cryptocurrency wallet that operates as a plug-in version on a suitable internet browser. Trust Wallet, on the other hand, is an app-based mobile wallet that works with both Android and iOS, you can download the mobile apps from App Store or Play Store.

Another distinction is in the user interface: whereas MetaMask has a sleek appearance and feel, Trust Wallet’s UI prioritizes simplicity over aesthetics.

Trust Wallet, in addition to being a fully functional cryptocurrency wallet, also serves as an app store for decentralized applications (DApps), making it simple to browse and discover new apps.

This feature distinguishes the wallet from other cryptocurrency wallets, which normally merely manage your crypto assets and provide no additional functionality. Trust Wallet also has an exchange built in where you can buy and sell cryptocurrencies with credit/debit cards or bank transfers.

While both applications are capable of managing ERC20 and ERC721 tokens , MetaMask additionally allows users to exchange ETH-based currencies using ShapeShift’s API. Trust Wallet, on the other hand, exclusively supports sending and receiving ETH-based currencies.

In addition to Ethereum, MetaMask supports Bitcoin through the Rootstock protocol (RSK) and Litecoin through the Litewallet protocol (LTC). Trust Wallet, on the other hand, exclusively supports Ethereum via its native interface.

While MetaMask may be used on desktop devices to access DApps, it does not allow users to store crypto assets or Ether currency. Users can, however, utilize it to move funds from one wallet to another.

Trust Wallet, on the other hand, provides a secure way for customers to store their crypto assets and Ether currencies on a mobile device.

Trust Wallet exclusively accepts Ethereum-based assets (such as ETH, KNC, and OMG), whereas MetaMask accepts Ethereum, Bitcoin, and other blockchains.

Trust Wallet does not include an integrated exchange option, which allows you to buy ETH or BTC straight through Coinbase without leaving the plug-in.

Read more: Comparison of mBTC Vs BTC: Which Is Better For You 2022

Fees

trust wallet vs metamask- Fees

When it comes to financial assets of any kind, fees play a significant influence. High fees can sometimes chip away at investors’ and users’ profits as they manage their portfolios, purchasing and selling new assets. This is true in all markets, and cryptocurrencies are no exception.

While most bitcoin wallets do not impose transaction fees, other sorts of fees may apply. Metamask, for example, levies a flat fee of 0.875 percent on all coin trades made within the moblie app. This should not be confused with network transaction fees paid to miners.

Trust Wallet, on the other hand, has no costs whatsoever, regardless of what you do. The wallet will not charge you if you are swapping coins or utilizing the dApp browser. However, you will very certainly be required to pay for gas or other network maintenance fees.

Similarities

Similarities of metamask and trust wallet

Both wallets make it simple to switch between testnets and mainnets. This is important for experimenting with new ideas, connecting with other users on decentralized apps, and interacting with the network in real life.

You can also quickly import your wallet from MetaMask into Trust Wallet using an a.json file or a.csv file from another hardware wallet like Trezor or Ledger.

You may join other networks on either wallet without having to create new accounts; simply export your private key from one network and use it on another!

Users of MetaMask or Trust Wallet can send and receive Ethereum (ETH) tokens from anywhere in the world without needing an account on centralized exchanges such as Coinbase or Binance.

Both wallets also provide a password-protected interface via which users may examine their transaction history, verify balances, generate fresh tracking codes, and so on, frequently by simply clicking a button or inputting a series of numbers on the page they’re on.

In terms of compatibility, both wallets support ERC20-based tokens.

They are both compatible with all major platforms, including Chrome, Firefox, iOS, and Android. To use MetaMask wallet on your smartphone or tablet, download its Android or iOS app; to use Trust Wallet in your browser, download the app for your individual device (iOS or Android) and then find a means to integrate it into your dApp browser.

They also allow consumers to engage with DApps directly from their browsers by making built-in web3 APIs available (Application Programming Interface).

Because these programs are open source, anybody may help improve and develop them by contributing bug patches or features they would want to see in future versions.

Both apps also allow users to set up token transfer notifications and view transaction history.

How To Add Trust Wallet To Metamask

Assuming you’ve already installed the MetaMask browser extension, open it and click the “MetaMask” icon in the top-right corner. On the next page, click the “Import Wallet” option near the bottom. Then, select the “Trust Wallet“. Finally, enter your Trust Wallet seed phrase into the text field and click the “Import” button.

Read more: What is Metamask and Trust Wallet? Difference of Metamask Vs Trust Wallet? Which Is Better For You 2022

FAQs

FAQs about trust wallet vs metamask

Is a trusted wallet an ERC20 wallet?

Trust Wallet is the premier mobile Ethereum wallet that works with any ERC20, BEP2 and ERC721 tokens. Trust Wallet also supports the main blockchains in the Ethereum ecosystem – Ethereum, Ethereum Classic and Callisto.

Read more: 

Is Trust wallet and MetaMask safe?

Whenever you receive Ethereum-based tokens or store assets, these transactions are not backed up by public keys. What is this? Overall, we can safely say that there’s a tie here. Both Trust Wallet is safe, and Metamask wallet is safe too.

Can I send ETH from the trust wallet to MetaMask?

To transfer ETH from Trust Wallet to MetaMask, select ETH in MetaMask. Then, copy the deposit address. Launch the Trust Wallet and select ETH. Tap “Send“.

Conclusion

There is no clear winner when it comes to metamask vs. trust wallet. Both Metamask and Trust Wallet have their own pros and cons. However, if you are looking for a wallet that is more customer-friendly and has more features, then you may want to choose metamask. On the other hand, if you are looking for a wallet that is more secure and private, then you may want to choose a trust wallet.

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.

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One thought on “What is Metamask and Trust Wallet? Difference of Metamask Vs Trust Wallet? Which Is Better For You 2022

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