Metamask and Phantom are the most widely used wallets you can add to your browser. If you’re not sure which one to use, you’re not the only one. So, let’s look at the differences between the two wallets to help you choose which one is best for you. We look at the most important parts of each and decide which one is better.
Metamask Overview
One thing to know about wallets that you add to your browser is that they are made to work with certain blockchains. They are different from the hot or cold wallets we usually use because they can support more than one chain. So, let’s look at what makes Metamask different from Phantom.
Metamask is mostly a wallet for the Ethereum blockchain that you can add to your browser. With the increased decentralized finance (DeFi) and decentralized exchanges, the wallet has become increasingly popular over time (DEXs).
It lets you buy, sell, swap, send, receive, and store tokens based on Ethereum. It is also used to talk to Decentralized Apps (DApps) and to buy and sell NFTs on the blockchain. If you’ve never used Metamask before, it’s important to find out what it is and how to start using it.
Phantom Overview
Phantom, by contrast, is a Solana-based browser extension that lets you interact with Solana DApps, smart contracts, and tokens. Phantom was made mainly for use on Solana, and it only works with tokens made for Solana. You can use major browsers like Chrome, Firefox, Brave, and Edge to get to your wallet.
Phantom has a mobile app that lets you use the same features as the browser extension. You can also choose to sync the wallets so that what you do on one shows up on the other. It has an easy-to-use interface that even people who have never used a computer can use to interact with the Solana blockchain. You need to link the wallet to the website you want to use, like a DEX, and you’re good to go.
Metamask vs. Phantom: Blockchains Supported
As was already said, browser extension wallets are made to work with certain blockchains. So, Phantom only works with tokens, DApps, blockchain-based, and NFTs built on the Solana blockchain. This is normal since most browser wallet add-ons only work with one blockchain. Metamask was also made mainly to interact with and support Ethereum blockchain-based DApps, tokens, NFTs, and smart contracts.
On the other hand, the wallet recently added support for Binance Smart Chain (BSC), which means it can now be used with ERC20 and BEP20 tokens. So, when you use Metamask, you can switch between the Ethereum and BSC blockchains whenever you want. This makes Metamask a better wallet for the blockchains it supports.
Fees for Metamask vs. Phantom
So far, there is no way to compare Ethereum and Solana in terms of transaction fees and other fees. Gas fees on the Ethereum network are notoriously high, sometimes even greater than Bitcoin’s transaction cost.
With the coming Ethereum merge, which will change the network to a proof-of-stake network, the fees are expected to go down significantly. Even though BSC’s fees are lower than Ethereum’s, they are still more than what Solana charges. So, whether you use the Ethereum or BSC blockchain, the Phantom wallet is still cheaper than Metamask.
Metamask vs. Phantom: Hardware Wallets Supported
Every hot wallet should be able to work with hardware wallets. This is a very important feature. This is because more crypto users now know they need to use hardware wallets. This way, Metamask is better than Phantom because it gives you more options. Metamask works with hardware wallets like Trezor, Ledger, Lattice, Keystone, and AirGap Vault.
This gives users a wider range of wallets to choose from. Phantom, however, only works with Ledger, a popular hardware wallet that was the first ever made. However, Metamask works with a lot more than just Ledger. So, if you want a hardware wallet, Metamask wins by a large margin, with five wallets to Phantom’s.
Phantom vs. Metamask: Security
Security is the most significant thing to examine when choosing a wallet. This is because there are a lot of bad people in the crypto space who want to steal your hard-earned cash. Both wallets start taking the security and privacy of users very seriously. This is clear because you don’t need to give any personal information to make a wallet.
Hackers can’t get any of your personal information from your wallet because all you need is a password. Your crypto assets are kept safe in a wallet with a password so that no one else can get to it. But if you lose the device that has the wallet on it or can’t use it for some reason, you can use the recovery keyphrases on both wallets to restore the wallet on some other device.
This is also helpful if someone tries to break in. After restoring the wallet on another device, you can quickly change the password and get back in charge. Metamask has a way to make sure that you save and copy the 12-word healing keyphrase safely.
To finish making your wallet, it would be best to re-enter the words in the right order. For Phantom, this process can be put off, which puts users at risk if they don’t save their backup phrase securely. Both wallets have security features that are about the same, but this small difference puts Metamask in front of Phantom.
Conclusion
This has a lot to do with the blockchain you choose. Metamask is the best wallet for Ethereum or BSC, and Phantom is the best wallet for Solana. But Metamask is better if you do not have a blockchain in mind and want a safe browser wallet. It’s safer and works with more hardware wallets. It also works with two major blockchains. If you only care about fees but nothing else, Phantom will work.
