MetaMask vs Ledger | The Reasons For Using Both Wallets
Jack Moreau
Feb 2024
9 min read
Fact checked
Introduction: We have carefully compared two leading crypto wallet contenders, MetaMask vs Ledger. Covering essential aspects such as blockchain support, cryptocurrency compatibility, distinctive features, hardware wallet compatibility and security measures. This comparison will assist you in deciding which wallet best suits your needs!
MetaMask is a popular non-custodial software wallet that was released in 2016 by ConsenSys. With over 30 million monthly active users, MetaMask has become the most widely used non-custodial wallet in the world.
MetaMask Website
The parent company, ConsenSys, has raised over $450 million in venture capital to support the growth of its products, including MetaMask. The team behind MetaMask has grown to over 60 employees, and the source code for the wallet is open and available on Github for developers to contribute to.
MetaMask history
MetaMask allows users to store, send, and receive Ethereum (ETH) and other ERC-20 tokens, and seamlessly interact with decentralized applications (Dapps) directly from their browser.
The wallet is available as a browser extension on Google Chrome, Brave, Firefox, Edge, Safari, and Opera. It has been downloaded by over 10 million users and has received a 3.25-star rating based on 3,000 reviews.
MetaMask App
Additionally, MetaMask is available as a mobile application for Android and iOS devices, which has already garnered over 10 million downloads and a stellar rating of 4.7 based on 250,000 reviews.
On the other hand, Ledger is a hardware wallet that was founded in 2014 by a team of experts including Eric Larchevêque, Nicolas Bacca, Joel Pobeda, and Thomas Franc.
Ledger Website
Ledger is headquartered in Paris and has offices in London, New York, Zurich, and Singapore. The company has raised over $550 million in funding from various investors and boasts over 800 employees.
Ledger Wallet is known for its hardware-based security as it stores the user's private keys offline in a secure hardware device. Ledger offers three different wallet options: the Ledger Nano S, Ledger X, and the newly-introduced Ledger Stax.
Ledger Products
These wallets provide a seamless and secure way for users to store, manage, and exchange digital assets like Bitcoin (BTC) and Ethereum (ETH). Ledger also offers customizable infrastructure solutions for banks, hedge funds, and high net worth individuals to safeguard their digital assets.
Ledger App
MetaMask vs Ledger User Experience
MetaMask is a popular wallet that has seen significant improvements in its user experience. It now offers a sleek and modern interface, making it easier for users to navigate and access all of its features.
MetaMask Browser
The wallet's browser version also includes a portfolio view allowing users to easily manage their digital assets. One of MetaMask's key strengths is its integration of various Ddapps within the wallet itself.
MetaMask Dapps
Users can now execute lending, trades, buys, and more right within the app by easily connect to the growing list of Dapps supported in the wallet.
Ledger is known for its hardware wallets and the Ledger Live app. Ledger has garnered positive reviews from its customers, who appreciate the wide range of features and supported cryptocurrencies.
Ledger Desktop & Mobile
The Ledger Nano S Plus, priced at $79, offers compatibility with multiple colors, over 5000 cryptocurrencies, and support for DeFi and NFTs. The more expensive Ledger Nano X, priced at $149, offers the same features as the Nano S Plus but is also compatible with IOS devices.
Ledger Nano S Plus
Additionally, Ledger recently released the Ledger Stax, a palm-sized wallet with a larger E Ink touchscreen display, making it even more user-friendly.
Ledger Stax
MetaMask and Ledger both provide user-friendly interfaces and offer a range of features to satisfy users' needs. However, MetaMask is primarily a browser and mobile wallet, whereas Ledger is primarily known for its hardware wallets.
While MetaMask excels in its user experience, offering a modern and convenient interface, Ledger stands out with its secure hardware wallets.
Ultimately, the choice between the two will depend on individual preferences, whether users prefer a software wallet with enhanced usability or a hardware wallet for maximum security. Note that both wallets allow users to control their private keys, ensuring private security for their crypto assets.
MetaMask vs Ledger Features
MetaMask is a fully open-source cryptocurrency wallet and offers a range of features and functionalities for users. One key feature is the ability to conduct in-app token swaps by aggregating data from various decentralized exchanges (DEXs) such as Uniswap, Sushiswap, and 1Inch.
MetaMask Dashboard
This ensures that users get the best price with the lowest network fees. However, it is important to note that MetaMask charges a 0.875% swap fee for each transaction.
MetaMask Swaps
In addition to token swaps, MetaMask also supports NFT tokens on EVM-compatible blockchains like Ethereum and Polygon. Users can easily import NFTs into MetaMask by copying the NFT's contract address and token ID from marketplaces like OpenSea.
MetaMask NFts
Another notable feature of MetaMask is its staking functionality. Users can stake their assets on both Ethereum and Polygon directly through the wallet, allowing them to earn staking rewards.
The staking functionality is not available directly in the browser wallet and users will have to go to the portfolio view to access these additional features.
MetaMask also offers users the ability to purchase cryptocurrencies directly within the wallet. They can choose from multiple payment methods such as Credit/Debit Card, ACH, SEPA, and various third-party providers like PayPal, Apple Pay, and more.
MetaMask Buy Crypto Credit Card
Additionally, MetaMask has integrated a bridging functionality, allowing users to transfer their cryptocurrencies from one blockchain to another directly within the wallet. However, users will incur a 0.875% bridging fee for this convenience.
On the other hand, Ledger offers Ledger Live, a comprehensive cryptocurrency management wallet that provides various features and services to users.
Ledger DeFi Dapps
One notable feature is the ability to exchange one cryptocurrency for another. Through partnered services, users can swap among more than 5,000 coins and tokens, including popular options like Bitcoin, Ethereum, and Dogecoin.
Ledger Live App
Additionally, Ledger Live acts as a portal to various DeFi apps and services, allowing users to enhance their Ethereum holdings, stake tokens, manage DeFi portfolios, and access DEX aggregators like ParaSwap and 1inch, all within a secure environment.
Both wallets prioritize security and provide users with control over their private keys and assets. MetaMask is a non-custodial wallet that ensures the safety of users' keys and assets by storing them locally on their devices.
The wallet generates a 12-word seed phrase that users must keep safe. One of MetaMask's significant security measures is its emphasis on responsible behavior, urging against any malicious actions that might compromise users or the project.
To ensure the robustness of their systems, MetaMask has undergone multiple security audits by renowned firms like Cure53 and Least Authority.
These audit reports are available to the public, further enhancing trust. MetaMask also actively engages with the security research community through its Bug Bounty Program, which invites external researchers to identify and report potential vulnerabilities.
The wallet uses open-source software, allowing anyone to review and contribute to its code. Additionally, MetaMask provides specialized access to authenticated test environments for blockchain security specialists and DeFi community members.
For users looking for added security, MetaMask supports connection to hardware wallets such as Ledger, Trezor, and Lattice. This provides an extra layer of protection for their digital assets and enhances overall security.
MetaMask Hardware Support
On the other hand, Ledger Wallet is known for its robust security framework achieved through the integration of hardware and software. Ledger wallets utilize a custom 4-8 digit PIN code for device security.
The wallet's Secure Element chip stores the private keys and is isolated from internet connectivity, significantly enhancing protection against potential physical breaches.
Ledger Enterprise
To ensure transaction security, Ledger incorporates a trusted display that allows users to review transaction details before approval. The wallet continuously updates its software to counteract emerging threats.
Ledger has an impeccable record of never being successfully hacked, solidifying its position as one of the most secure hardware wallet options. Ledger has also addressed concerns regarding the security implications of its Recovery feature promptly and effectively.
While both wallets prioritize security, they differ in certain aspects. MetaMask is primarily a software-based wallet, whereas Ledger is a hardware wallet.
MetaMask's emphasis is on local storage of keys and assets on users' devices, while Ledger's Secure Element chip provides additional hardware-based security.
MetaMask vs Ledger Conclusion
In conclusion, MetaMask being the free wallet available for mobile and browser is the more approachable wallet as users can quickly download it and get started.
Ledger on the other hand offers three hardware wallets that have to be bought as is primarily for users that want to maximise their digital assets security.
So while Ledger is obviously beating MetaMask in terms of the security properties that it offers, Metamask beats Ledger in terms of convenience and ease of getting started.
Note however that users can also leverage the functionality of MetaMask via a Ledger hardware wallet as integrations are available.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
