There are hundreds of software crypto wallets all with similar objectives – buying, storing, sending, and swapping cryptocurrencies and NFTs. They are straightforward to use, they seamlessly allow the exchange of cryptos and connect you to the crypto market. However, these wallets are not all equal; they are usually differentiated by their functionalities.
If you’re unsure which one to pick, here’s an in-depth comparison between MetaMask and Trust Wallet – two of the most popular decentralized hot wallets. We’ll discuss their features, how they work, general integration, pricing, pros and cons, and how they compare to each other.
MetaMask Overview
MetaMask is a non-custodial web3 crypto wallet. It is currently available as a mobile app on both Android and iOS devices and as a browser extension for Chrome, Edge, Firefox, Opera, and Brave.
As an Ethereum-compatible wallet, MetaMask connects you to thousands of DEX aggregators, DEXs, and market makers. This ensures you receive the best prices and lowest fees possible when swapping tokens. Apart from managing your account, MetaMask serves as a secure gateway to thousands of dApps.
MetaMask Wallet Features
As an Ethereum-compatible wallet, MetaMask allows users to access Ethereum dApps in their browser without the need of running a full node. You can also fully interact with the network, without downloading the entire blockchain. Security-wise, MetaMask is a hierarchical deterministic wallet, and a single seed phrase creates numerous key pairs, which you can manually pick for every transaction.
You can create a new wallet on MetaMask or import an existing wallet. Both the mobile wallet and MetaMask browser extension provide similar functionalities to crypto users. When you import your wallet into MetaMask, most tokens will be found automatically, and you can see them on your portfolio page. But if a token isn't automatically found, it's easy to add it by hand to your MetaMask wallet.
MetaMask is compatible with hardware wallets. It currently supports five hardware wallets: AirGap Vault, Keystone, Lattice, Ledger, and Trezor. Note that these wallets are only supported by the MetaMask browser extension. You can also back up your entire MetaMask wallet and restore it from a seed or hardware wallet. This means you can securely store your portfolio offline. By importing their private keys, you can also choose to restore only some of your crypto assets instead of the whole portfolio.
Trust Wallet Overview
Trust Wallet is a mobile-based cryptocurrency wallet available for Android and iOS platforms. It’s also a mobile dApp browser which means you can securely access various And as mentioned, Trust Wallet has a dApp browser through which you can use the hundreds of dApps within the Trust Wallet ecosystem without leaving your mobile app. And, as we've already said, Trust Wallet has a dApp browser that lets you use the hundreds of dApps in the Trust Wallet ecosystem without leaving the app on your phone. However, if you’re using Trust Wallet on iOS, you don’t have access to the in-app dApp browser, but you can still access the decentralized web via WalletConnect. You can access dApps ranging from DEXs to blockchain games like Panda Earth.
Other than serving as a traditional crypto wallet that allows you to buy, send, and store cryptocurrencies, Trust Wallet allows staking. You can stake the cryptos in your wallet, instead of just letting them lie idle, and earn interest rates of up to 11% APR. And once the staking period is over, you’ll get back all your staked crypto along with interest earned. For now, you can only stake 12 cryptos with Trust Wallet.
What’s the difference between MetaMask and Trust Wallet?
Both MetaMask and Trust Wallet are relatively similar, only differentiated by wallet functionalities. Here are the significant differences between them at a glance:
MetaMask vs Trust Wallet: Token Swaps
Both MetaMask and Trust Wallet allow token swaps within the wallets. The difference, however, is that Trust Wallet has a built-in DEX, specifically Binance DEX; while MetaMask’s swap feature combines data from various DEX aggregators and DEXs.
MetaMask Token Swaps
With MetaMask, using several DEXs and DEX aggregators allow you to get the best possible prices when swapping, with the lowest network fees. The only downside is that you’ll incur a service fee of 0.875% which is automatically factored into each quote. This is to support MetaMask’s ongoing development.
Other than that, you’ll benefit from fewer approvals and slippage protection when swapping with MetaMask. You only need one approval for each token to be able to use the liquidity on MetaMask. This makes transactions faster and cheaper. You’ll also be able to set the maximum slippage you’re comfortable with. So, if the rate changes between when you place the order and when it’s confirmed, MetaMask Swap automatically cancels any slippage exceeding the maximum slippage setting.
Typically, large swaps may result in significantly larger price swings, especially when liquidity is relatively low. MetaMask spreads your orders across multiple DEXs and DEX aggregators to reduce slippage.
Trust Wallet Token Swaps
As mentioned, Trust Wallet uses the built-in Binance DEX that allows wallet users to buy cryptos directly from their wallets. The DEX functions just like a traditional crypto exchange – you can review the active order book, and set buy and sell orders. Without the DEX, swapping fees would be higher since users would be forced to move a given token multiple times just to swap it for the token they want.
MetaMask vs Trust Wallet: Fees
Both MetaMask and Trust Wallet offer fairly competitive transaction fees. Trust Wallet is a no-fee crypto wallet, it has no wallet fees, swapping, or dApp fees. That means you won't have any costs when swapping cryptocurrencies within the built-in DEX, or when transacting in the decentralized applications through the Trust Wallet dApp Browser.
MetaMask, on the other hand, levies a 0.875% wallet fee which is directly factored into every quote. Although Trust Wallet doesn’t charge swap fees, it charges a 1% fee on every crypto purchase.
But for both wallets, you’ll also incur third-party provider fees when buying crypto with fiat currency. Note that the fees incurred vary depending on the service provider.
MetaMask Fees
In August 2021, after Ethereum's London Fork (EIP-1559), MetaMask changed to improve the user experience and the accuracy of the gas settings. The updated and accurate gas fee user interface lets you choose how important each transaction is and gives you an accurate estimate of the gas fee for each one. You’ll have three options for setting the gas fee when transacting on MetaMask: low, market, or aggressive.
If your transaction is urgent, then the aggressive option is the better option. However, you’ll pay relatively higher gas fees than you would in the “Low” or “Market" option. The lower your priority fee, the longer it will take, usually up to three minutes, for your transaction to be confirmed.
Usually, the fees are paid in the network’s native token. And according to MetaMask, the average gas fee per transaction is about 21,000 Gwei. This is just the average; typically, gas fees tend to be higher in times of network congestion. Since most EVM-compatible blockchains use a similar gas fee structure as Ethereum, the standard transaction fee is around 21,000.
Trust Wallet Fees
Although Trust Wallet is a no-fee wallet, it doesn’t mean that using crypto within the wallet is entirely free – blockchain transaction fees apply. As we mentioned, the gas fee entirely depends on the network you use – some networks offer fast transactions at lower fees. For example, if you use BNB Chain on Trust Wallet, the fees incurred range between $0.01 and $0.03.
Although Trust Wallet doesn’t charge swap fees, it charges a 1% fee on every crypto purchase. This fee can be waived by holding TWT; you’ll need to hold at least 100 TWT to be eligible for the fee waiver. Note that you can hold either TWT, BEP2, BEP20, or SPL tokens.
MetaMask vs Trust Wallet: Payment Methods
Users of both MetaMask and Trust Wallet can buy cryptocurrencies with fiat currency through third parties. It’s worth noting that the wallets don’t sell any crypto. Users are instead redirected to third-party providers. They have teamed up with a number of payment networks so that users can put fiat money into their wallets. These partner providers have integrated their services within the wallets to allow the seamless purchase of crypto. They allow you to buy cryptos through card payments, mobile payments (Apple Pay, Google Pay, and Samsung Pay), and direct bank transfers (SEPA in Europe and ACH transfer in the US).
Transak, Wyre, Coinbase Pay, and MoonPay are some of the global partners of MetaMask. Ramp Network, Simplex, Mercuryo, Transak, and Wyre are some of the Trust Wallet Partner Providers.
In the end, if you want to cash out, neither Trust Wallet nor MetaMask convert your crypto into fiat, so you may need to transfer your crypto to an exchange that allows fiat conversion.
MetaMask vs Trust Wallet: Supported Blockchains and Assets
Both MetaMask and Trust Wallet are multichain and muti-coin crypto wallets. However, Trust Wallet supports more blockchains and crypto assets compared to MetaMask.
MetaMask: Supported Blockchains and Assets
By default, when you set up MetaMask, you have access to the Ethereum Mainnet. And that means you can store any Ethereum-based token or other tokens native to EVM-compatible blockchains, including NFTs – ERC-721, and ERC-1155. Note that MetaMask doesn’t support sending your ERC-1155 tokens, yet. This means you can only receive and store ERC-1155 assets.
Since MetaMask only supports a few EVM-compatible blockchains by default, you must add other networks to your wallet before using them with your existing wallet. You can add an EVM-compatible blockchain through a remote procedure call (RPC) protocol, which allows MetaMask to connect and interact with that blockchain. You can achieve this automatically via Chainlist or by adding the network manually to your wallet.
Trust Wallet: Supported Blockchains and Assets
Trust Wallet is a cryptocurrency wallet that works with more than 65 blockchains, including Binance Smart Chain. It is also a multi-cryptocurrency wallet app. It actively supports all blockchains within the Ethereum ecosystem. It offers a convenient way to store and transfer ERC-721 and ERC-1155 on Ethereum and BEP-721 and BEP-1155 on BSC. That means you can store more than 4.5 million cryptos and NFTs in your wallet, including bitcoin.
MetaMask vs. Trust Wallet: Which is Better?
It suffices to say that both MetaMask and Trust Wallet are excellent crypto wallets. So, the decision to choose between either one comes down to their benefits, features, and operability, which we’ve discussed throughout this guide. Here are the pros and cons of each:
MetaMask: Pros and Cons
Pros
- Slippage protection
- Fewer blockchain approvals when swapping tokens – you only need to approve each token once to access the available liquidity
- Compatible with hardware wallets
- Simple interface for token swapping
- Available on both mobile and desktop
Cons
- Each quote has an automatic service fee of 0.875% factored in
- It doesn’t support Bitcoin
- It doesn’t have a dApp menu
- MetaMask supports a few EVM-compatible blockchains by default. You must manually add other blockchains to your wallet
Trust Wallet Pros and Cons
Pros
- Allows crypto staking
- It has a built-in dApp browser, through which you can access hundreds of protocols directly from the wallet.
- Touch ID and Face ID, as well as other security features, keep you safe.
- It supports 65 blockchains and more than 4.5M crypto assets
TWT is the native token that users can use to reduce in-wallet fees.
- Only supported on mobile devices
- Not compatible with hardware wallets
- You cannot add non-supported blockchains manually
- Charges an additional 1% on crypto purchases
The Bottom Line
Both MetaMask and Trust Wallet are decentralized non-custodial hot wallets giving you complete autonomy over your private keys. While parallels can be drawn between both wallets, they have significant advantages over the other in terms of functionalities. And as we’ve discussed throughout this guide, your choice between MetaMask or Trust Wallet entirely depends on your preference and the differentiated functionalities offered by either wallet.
FAQs
Are MetaMask and Trust Wallet similar?
No. They have similar basic functions like buying, storing, sending, and swapping cryptos and NFTs, but they are also differentiated. This is in terms of their interface, the devices they support, the number of blockchains and tokens supported, fees, and other functionalities such as crypto staking, and adding blockchains to your wallet.
Can I import MetaMask into a Trust Wallet?
Yes. Trust Wallet allows you to import third-party crypto wallets, including MetaMask.
Can I purchase crypto from MetaMask and Trust Wallet with a credit card?
Yes. Both MetaMask and Trust Wallet have third-party partner providers that have integrated their services within the wallets to allow users to buy crypto with fiat currencies.
Do mobile wallets store private keys?
Both MetaMask and Trust Wallet are decentralized non-custodial crypto wallets, which means you are in full control of your private keys.
