MetaMask vs. Trust Wallet: Safe self-custody solutions

Self-custody in crypto can be liberating. No custodians means there's no counterparty interference, but there are also zero built-in protections if something goes wrong. It only takes one successful hack on a self-custodial wallet to permanently drain a user's digital assets. With so much on the line, it pays to closely evaluate the security of different crypto wallets before you register.

Two non-custodial software wallets with reputations for strong safety features are MetaMask and Trust Wallet. But just because these wallets have dozens of perks and millions of users doesn't mean they're both ideal for every crypto trader. Take a closer look at MetaMask versus Trust Wallet in this guide to figure out which is the better option for your needs.

What’s MetaMask?

The blockchain solutions company ConsenSys launched MetaMask in 2016 as a browser-based wallet extension for Ethereum (ETH). Initially, MetaMask focused on securely storing ETH and other Ethereum-based assets while connecting to decentralized applications (dApps) in fields like Web3 gaming, decentralized finance (DeFi), and non-fungible token (NFT) trading. 

Although browser-based dApp connectivity remains central to MetaMask’s design, ConsenSys has expanded its wallet’s offering. MetaMask now has a mobile application for Android and iOS devices, and it connects to other blockchains within the Ethereum Virtual Machine (EVM) like Arbitrum (ARB), Binance Smart Chain (BNB), and Avalanche (AVAX). 

To make it easier for new users to get involved in Web3, MetaMask offers multiple ways to buy and swap compatible cryptocurrencies, including debit cards linked to a user’s wallet so they can spend crypto on daily purchases. MetaMask also introduced in-app ETH staking, connectivity with hardware wallets like Trezor and Ledger, and extensions called “Snaps” that link the wallet to non-EVM chains like Bitcoin (BTC) and Sui (SUI).

What’s Trust Wallet?

Developer Viktor Radchenko founded Trust Wallet in 2017 as a convenient mobile wallet. One year later, the centralized exchange (CEX) Binance bought Trust Wallet for $1 billion USD, but this wallet remains self-custodial despite the high-profile acquisition. 

Today, Trust Wallet claims to have over 200 million users and supports more than 100 blockchains on mobile and desktop applications, including networks like Bitcoin, Ethereum, and Solana (SOL). Aside from its storage solution for thousands of cryptocurrencies, Trust Wallet connects to dApps on several blockchains and offers in-app staking, crypto purchases, and swaps.

MetaMask vs. Trust Wallet: Core differences at a glance

MetaMask and Trust Wallet have a lot in common: Both of these crypto wallets have mobile apps and desktop extensions, high transparency and safety standards, and multiple ways to transact digital assets in-app. The key distinction between Metamask and Trust Wallet is the latter’s native integrations with non-EVM blockchains. Despite the recent introduction of Snaps to MetaMask, Trust Wallet’s connection to 100+ blockchains makes it the better choice for multi-chain support.

Here’s a chart breaking down the most important features of MetaMask and Trust Wallet.

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MetaMask vs. Trust Wallet: Which is better? 

MetaMask and Trust Wallet have established themselves as reliable, high-security wallet options for the crypto community, but they tend to appeal to different users. In general, people who are focused on using crypto for activities like DeFi on EVM chains gravitate toward MetaMask. Trust Wallet works on Ethereum-based dApps, but MetaMask has a stronger connection to this ecosystem and more opportunities for customization, such as setting limits for ETH gas fees.

Trust Wallet appeals to crypto investors who focus on ease-of-use and accessibility. Thanks to Trust Wallet's multi-chain support, it's possible to secure and manage a crypto trader's entire portfolio in one place. Trust Wallet and MetaMask share many of the same integrations and features, like buying, swapping, and staking cryptocurrencies, but Trust Wallet doesn’t exclusively use EVM chains, giving users and developers more flexibility. Some users may also find Trust Wallet's UI/UX more intuitive than MetaMask’s, but this point is one of personal preference.

Manage your crypto wallets with CoinTracker 

Manually recording every transaction between crypto exchanges, wallets, and dApps ahead of tax season is time-consuming – especially as traders become more active in Web3. However, with a software tool like CoinTracker's Portfolio Tracker, crypto accounting can be a smooth automatic process.

CoinTracker easily syncs with cryptocurrency exchange APIs and wallets like MetaMask and Trust Wallet to record every transfer and calculate the year's gains, losses, and income. Users can then use CoinTracker to turn this data into compliant IRS forms, like Form 1099-DA, for a crypto CPA or tax solutions like TurboTax and H&R Block.

Want a clear view of your assets at all times? With CoinTracker, link your wallets and exchanges to monitor your portfolio’s performance in real time. Create a free account and see why crypto investors trust us.

Disclaimer: This post is informational only and is not intended as tax advice. For tax advice, please consult a tax professional.

FAQ

Is MetaMask a good wallet?

MetaMask is a highly respected non-custodial software wallet with a wide range of features and integrations on EVM chains. Third-party publications like Coinspect also rank MetaMask as the best software wallet in terms of security standards. 

Is Trust Wallet decentralized?

Yes. Even though the CEX Binance owns Trust Wallet, anyone who downloads this wallet gets their private keys and intermediary-free control of their digital assets. There’s no need to sign up for a Binance account to download and use Trust Wallet.

Is MetaMask decentralized?

Yes, MetaMask is a fully decentralized software wallet that grants users access to their private keys in the form of a 12-word seed phrase.

Which platforms is MetaMask available on?

MetaMask connects to all EVM-based blockchains, including projects like Polygon (MATIC), Base, and Avalanche. However, with Snaps integrations, it’s now possible to connect MetaMask to non-EVM chains like Sui and Bitcoin. 

What blockchains does Trust Wallet support?

Trust Wallet connects to over 100 blockchains, including projects like Bitcoin, Ethereum, Solana, the Binance Smart Chain, and Tron (TRX).