There are different types of crypto wallets including hot and cold. Among hot wallets, wallets with browser extensions are gaining popularity due to their ease of use without the need to install any software.
This article examines three of the best browser extension wallets that you can use to manage your crypto portfolio.
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What are browser extension wallets?
Crypto wallets are known as either software or hardware. Browser extension wallets are not typically considered “software wallets” even though they are part of the browser software. They are browser extensions that you can access using a supported browser. However, it is a so-called hot wallet, i.e. a crypto wallet with an active Internet connection.
The software runs in the browser as a non-custodial wallet with all the information stored in it. Browser wallets are mostly built for specific blockchains and may not support tokens from other blockchains.
Browser wallets are great for interacting with decentralized applications (DApps), decentralized exchanges (DEXs), and NFTs specific to their respective blockchains. You can connect a browser wallet to a decentralized exchange and use it to buy or sell tokens and NFTs, or use one DApp or another.
These wallets can also be used to stake cryptocurrencies and contribute to liquidity pools, and users can earn rewards from such activities.
If you are considering using one, here are the top three browser extension crypto wallets.
Metamask is by far one of the most popular browser-based crypto wallets. With over 30 million active monthly users, the wallet is among the most used software in the crypto space.
Metamask primarily allows users to interact with the Ethereum blockchain. You can easily access Ethereum wallets and interact with DApps through the browser extension.
Interestingly, Metamask also has a mobile app that gives you access to the same features as the browser extension.
It has a sync feature that allows you to sync the browser extension and mobile app to run just one wallet on the browser or on your mobile device.
The wallet was primarily created for ERC-20 tokens, so supports Ethereum-based altcoins but not Bitcoin. It also supports BEP20 cryptocurrencies powered by Binance Smart Chain, giving users access to more tokens, better fees, and faster transaction speeds.
Binance Smart Chain and Ethereum are currently the two supported blockchains, and you can switch between them depending on which one you want to use. You can also add Layer 2 solutions like Polygon to Metamask.
Specifically, the wallet supports Trezor, Ledger, Lattice, Keystone, and AirGap Vault hardware wallets, so you can use it to access tokens that you store in any of the cold wallets. If you’re new to Metamask, learn how to set up Metamask and use Metamask to buy tokens.
2. Phantom
Phantom is a browser extensions wallet that works with major browsers like Chrome, Firefox, Brave, and Edge. Like Metamask, it’s a wallet accessed as a browser extension and used to interact with DApps.
Unlike Metamask, it is a Solana-based wallet. However, it is used for the same purposes as Metamask, including buying, selling, sending, receiving, storing and exchanging tokens. You can also use Phantom to collect NFTs on the Solana blockchain.
The wallet can be seen as a rival to Metamask considering Solana is an Ethereum killer. It also has a mobile app that syncs with the browser extension, giving you full access to the wallet across all platforms.
Ledger, the leading hardware wallet, is supported on Phantom so you can always access your Solana-based tokens. Phantom’s growing popularity can be attributed to Solana’s growing popularity over Ethereum due to the latter’s huge gas fees.
In terms of security, Phantom is just like Metamask in that it uses a password to secure the wallet and a 12-word recovery key phrase to secure the wallet.
3. Nami
Nami is another top wallet for browser extensions. The non-custodial wallet is based on the Cardano blockchain and is used to interact with DApps and other applications on the blockchain.
It is also a multi-asset wallet that supports multiple Cardano-based cryptocurrencies.
It allows you to manage delegations to stake pools and mints, and it will be used to interact with smart contracts soon after the Alonzo hard fork. It also supports Trezor and Ledger, two of the best hardware crypto wallets for securing your assets.
Although Nami is not yet as well known as Metamask or even Phantom, Cardano has plans to expand and become more competitive against top blockchains. This makes it a potentially large browser wallet as everything you can do on Cardano can be done through the wallet.
Unlike Metamask and Phantom, Nami doesn’t currently have a mobile app, so it’s only accessible through the supported browsers, which include Chrome, Brave, and Edge. However, this is likely to change in the future as Cardano aggressively develops every aspect of its ecosystem.
Nami has a simple user interface that anyone can use, regardless of their crypto or technical knowledge. You can easily set it up and use it to interact with the Cardano blockchain in minutes.
It also has the same security features as Metamask and Phantom which include a password and recovery phrase.
One interesting thing is that it allows you to set a username for each wallet you create. This is a cool feature that could make your wallet more personal without risking your personal information.
Which is your favorite browser crypto wallet?
Although these are all browser wallets that work similarly, you will use them differently depending on the blockchain.
Metamask is the oldest and most popular, largely because of Ethereum’s reputation as the network of choice for everything DApps and smart contracts.
However, blockchains like Solana and Cardano are catching up and could become major competition for Ethereum, so Phantom and Nami could soon become formidable contenders.
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