Metamask - Compatible third-party Wallet | Ledger (2024)

FAQs

What wallets are compatible with MetaMask? ›

MetaMask currently supports Trezor, Ledger, Lattice, Keystone, and AirGap Vault on Extension, and Mobile supports Keystone. We're working on adding more hardware wallets to Mobile.

No coin-to-fiat conversion: As a decentralized wallet, MetaMask does not support third-party remittance companies, hence users do not have the luxury of directly converting coins to fiat currency.

We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to Metamask, including Coinbase Wallet, ZenGo Wallet, Trust Wallet, and MyEtherWallet.

— These are wallet applications created by external communities and developers that serve as a bridge between your Ledger device and the blockchain. — They can be used to manage cryptocurrencies or features not supported in Ledger Live, as well as serve as a backup in case of a service outage.

You can always import your account to Metamask if you're using any other web / mobile wallet. All you need is to make sure that you have a backup of your seed phrase.

Import a wallet to MetaMask

Click on the icon in the upper right corner to open MetaMask extension, read and accept the terms. Click Continue. Click Import With Seed Phrase. Enter your wallets seed phrase (mnemonic phrase).

Metamask does not have to send any information to the IRS because Metamask is an ETH wallet, and the IRS cannot keep track of Metamask.

MetaMask allows you to do more in the Web3 space than what a centralized exchange would allow you to, like connecting to dapps. To do these things safely and securely you can use a hardware wallet.

For full security and privacy, a hardware wallet can be used in addition to MetaMask; either the Ledger or Trezor will do just fine — they both support Ethereum and ERC20 tokens. In fact, creating a wallet on MetaMask and adding it to the Ledger or Trezor will also create a secure, private wallet.

Final Verdict

For example, Coinbase allows its users to run dApps via a web-based platform, while MetaMask offers hardware wallet integrations. Even though Coinbase has integrated with multiple blockchains, it cannot compete with MetaMask's ability to connect with every dApp on the Ethereum blockchain.

Should I use Coinbase or MetaMask? ›

CryptoVantage Verdict: MetaMask Better for dApps, Coinbase for More Assets. When it's all said and done, the ultimate choice will be determined by a user's preferences and specific needs. Granted, both MetaMask and Coinbase Wallet offer nearly the same functions; however, there are subtle differences to consider.

1. Ethereum Mainnet. Ethereum Mainnet is the biggest EVM (Ethereum Virtual Machine) Network available as of now.

When you buy crypto using an app like Coinbase, your crypto is automatically held in a hosted wallet. It's called hosted because a third party keeps your crypto for you, similar to how a bank keeps your money in a checking or savings account.

To import your Coinbase wallet into MetaMask, you will need to copy the 12-word recovery phrase/seed phrase from your Coinbase wallet and paste it into your MetaMask wallet. Alternatively, you can import your Coinbase wallet to MetaMask via your private key.

It gives you access to a wide spectrum of decentralized innovations. You can buy and store different cryptocurrency tokens on the Ethereum network, collect digital NFTs, and browse decentralized applications at stores that accept crypto. You can send crypto to anyone in the world.

On Metamask, you can set your gas fee to “Low” before confirming a transaction. If you want to save even more gas, click on Advanced Options.

You can now use multiple hardware wallet seeds with a single instance of the MetaMask extension, no need to use multiple browser profiles.

We do not recommend that you create multiple accounts in your MetaMask wallet. If you have multiple accounts, then you would need to maintain some ETH in each account to pay for transaction processing fees.

Is it OK to have 2 MetaMask wallets? ›

If you'd like to create and manage multiple MetaMask accounts, you could do so simply by creating more accounts. Each of these is then associated with the same Secret Recovery Phrase: think of your wallet (your Secret Recovery Phrase) as a container of one or more accounts.

Yes. Any time you receive a 1099 form - the IRS receives an identical copy. So if you avoid reporting your transactions relating to a given 1099 form, the IRS will absolutely know about it.

At this time, MetaMask does not report 1099 reporting information to the IRS. This may change in the near future. In late 2021, President Biden signed a bill that required any broker that facilitates a cryptocurrency transaction to report 1099 reporting information.

If you don't report a crypto-taxable event, you could incur interest, penalties, or even criminal charges if the IRS audits you. You may also even receive a letter from the IRS if you failed to report income and pay taxes on crypto, or do not report your transactions properly.

Don't share your Secret Recovery Phrase and private keys

Anyone who has your Secret Recovery Phrase or private keys can send tokens out of your accounts. Never share them with anyone, including the MetaMask team. We will never ask you to provide your Secret Recovery Phrase.

Avoid using MetaMask on Android

There is a higher security risk when using the Android applications you've downloaded. This is because Android is an open source operating system and therefore there are thousands of applications which available on the app store.

You do not need to own a hardware wallet in order to buy, store, or send bitcoin. But hardware wallets can significantly improve security by reducing the risk of your bitcoin being stolen.

Software- or web-based crypto wallets are “hot”, or permanently online, which gives hackers more potential attack vectors through which to steal your funds. Because of this, hardware wallets are nearly universally considered to be a very safe option for keeping crypto assets out of the wrong hands.

After comparing Ledger vs MetaMask, it's clear that Ledger has the higher number of supported crypto with 26 cryptocurrencies available, while MetaMask supports 2 different cryptocurrencies.

It is a secure hardware device that stores private transaction keys and other sensitive data. Unlike internet and mobile wallets, a hardware wallet cannot be hacked without physical access to the device, making the money less vulnerable to theft in this method.

Is it cheaper to buy ETH on Coinbase or MetaMask? ›

While comparing Coinbase vs MetaMask, we can see that Coinbase has a higher Value for Money score compared to MetaMask. Another highly important aspect is the Security Level - it can tell you how safe your crypto assets will be if stored in a certain wallet.

As mentioned previously, it is not wise to keep large amounts of cryptocurrency in any hot wallet, especially an exchange account. Instead, it is suggested that you withdraw the majority of funds to your own personal "cold" wallet (explained below). Exchange accounts include Coinbase, Gemini, Binance, and many others.

The risks of holding crypto in Metamask

Metamask is an online wallet, which cannot match the safety standards of a hardware wallet. Nonetheless, it is a more secure option than storing large amounts of crypto holdings in exchange wallets that are vulnerable to hacks and scams.

MetaMask is a non-custodial wallet, so it has never lost cryptocurrency on behalf of its users. The MetaMask servers themselves have also never been hacked.

Privacy: Trust Wallet is a non-custodial wallet with no need for your data, plus, you have access to your private keys stored locally on your device, and therefore no third-party interference.

While Coinbase only supports 170 or so assets, Coinbase Wallet supports thousands of cryptocurrencies, including ERC-20 tokens, such as Shiba Inu and Tether. All the industry's big names are also supported, including Bitcoin, Bitcoin Cash, Solana, and Litecoin. You can even store NFTs using Coinbase Wallet.

Both wallets are good for actions with NFTs and NFT markets. Exodus provides limited connectivity to FTX exchange and DeFi platforms. MetaMask gives more features for developers. Exodus is good for end users while MetaMask can be good both for users and developers of apps and infrastructures.

MetaMask Surpasses 10 Million MAUs, Making It The World's Leading Non-Custodial Crypto Wallet. From 545,080 monthly active users in July 2020 to 10,354,279 in August 2021, MetaMask has grown over 1,800% in just one year.

The best crypto wallet for maximum security is a cold (offline) hardware wallet, like Trezor or Ledger.

What type of wallet is MetaMask? ›

Launched by Aaron Davis in 2016 and headquartered in San Francisco, MetaMask is a decentralized, non-custodial Ethereum-based wallet that allows users to store, buy, send, convert, and swap crypto tokens.

MetaMask is a software, or hot, wallet, which means it stores the keys to your crypto assets using software on an internet-connected device.

With Coinbase Wallet, you can import any Ethereum-based wallet that you may have created with another provider such as MetaMask, Trust Wallet, and others. You can even import your Coinbase Wallet from your mobile device so you can use it in the browser extension as well.

Coinbase Pay will be available to MetaMask users first as it rolls out to the Web3 ecosystem. To enhance the overall Web3 experience for MetaMask users who also use Coinbase, we're excited to make Coinbase Pay available in the MetaMask wallet.

If you're using Coinbase Wallet, you can import your account into MetaMask. You cannot import a Coinbase.com (exchange) account into MetaMask, since you would need access to the private key, which is something you don't have, as the Coinbase exchange accounts are custodial.

Your wallet is on blockchain and it's secured by your seed phrase, which means that if you place your Trust Wallet seed phrase into your MetaMask you will be able to get your tokens!

Step 1: Go to Coinbase.com and sign in with your email address and password. Step 2: Log into your MetaMask Wallet and click on the three dots above “Buy” and “Send.” Step 3: Click “Copy Address to Clipboard”—this is the public wallet address of your MetaMask Wallet.

By comparing Coinbase vs MetaMask overall scores, we clearly see that Coinbase has the higher overall score of 9.1. MetaMask, on the other hand, has scored 8.2 final points.

We don't charge for transferring crypto from one Coinbase wallet to another.

Should I keep my crypto on Coinbase or MetaMask? ›

CryptoVantage Verdict: MetaMask Better for dApps, Coinbase for More Assets. When it's all said and done, the ultimate choice will be determined by a user's preferences and specific needs. Granted, both MetaMask and Coinbase Wallet offer nearly the same functions; however, there are subtle differences to consider.

According to many customer reviews and various side-by-side comparisons, Coinbase is considered to be the safer and more secure choice. If a consumer wants and believes in a decentralized wallet, then MetaMask would be the better choice.

Fake Metamask extension: your wallet can be hacked if you install a fake Metamask extension. If you enter your seed phrase into the fake extension, fraudsters can easily gain access to your account.