The Top Wallets of 2022

We have taken a look at major crypto wallet apps: Coinbase, MetaMask. While varying in features and payment options, all of these apps are trustworthy and reputable among the crypto community. Choosing one will depend on what features are a priority and how the wallet is going to be used.

Having a mobile application is almost essential for any crypto service. This includes crypto wallets which need to be handy in order to make transactions with crypto more convenient and accessible. Users value having a handy app but they also pay attention to security features in order to keep their crypto assets safe from being lost or stolen.

MetaMask is available as a mobile application for iOS and Android. Users can store and exchange tokens and since the app is decentralized, they have full control over their private keys.

This wallet can only be used to store Ethereum and Ethereum-related tokens including NFTs (ERC-721). While limiting, this still comes up to over 1800 different cryptocurrencies.

While the web version can be integrated with hardware wallets like Ledger, this feature isn’t available on mobile yet.

Security

Private keys are stored on the users’ devices which makes them responsible for keeping them safe. Extra layers of security include custom PIN codes and secret backup phrases. The mobile application has way fewer security threats than browser versions, however, taking precautions and storing all the passwords and other credentials in an accessible but secure way is the key to keeping the wallet and assets inside of it safe.

Pricing

MetaMask applications are free to download. As a service fee, 0.875% is automatically applied to each quote. Besides that, users need to pay ETH gas fees.

Coinbase Wallet is a hot wallet that can be integrated with dApp browsers. This allows users to create accounts on various devices including but not limited to Android and iOS systems. The wallet is self-custody which means users have full control over their assets and are responsible for managing their own private keys. The keys are basically stored directly on the device used to access the app. It’s also compatible with hardware wallets like Ledger and Trezor.

Coinbase Wallet doesn’t function like a centralized exchange but it can be used for sending and receiving transactions from a crypto exchange or another user. Compatible with major fiat currencies like USD, this wallet can be connected to a crypto-friendly bank account. A stand-out feature of the Coinbase Wallet is its ability to store NFTs (ERC721 tokens) as well as initiate buying and selling of NFTs. This app also allows users to shop at retail stores that accept crypto payments.

Security

Since this wallet is a hot wallet, the funds are stored online which can make it vulnerable to hacking threats. To minimize the risk, Secure Enclave technology is used to store private keys securely. Other standard security features like 2-factor authentication and additional PIN can also be enabled.

Private user data is encrypted with AES-256 (Advanced Encryption Standard). Physical backup drives are safely stored in deposit boxes and vaults in various locations.

Pricing

The Coinbase Wallet application is free to download and use. Commissions applied to transactions include network fees and variable fees that can range between 1.49 and 3.99%.