If you’re hoping to become a successful crypto investor, choosing a crypto wallet to match your goals is essential. Given the dynamic nature of blockchain assets, it can be difficult to find a web3 wallet that satisfies all your needs. Today we’re going to look at the features of the three most popular non-custodial DeFi wallets which are Trust Wallet, Metamask, and Sahal Wallet (the world’s first halal crypto wallet). By the end of this article, you may have a better idea of which crypto wallet suits you best.
Sahal Wallet
The Sahal Wallet is a self-custodial, multichain wallet that delivers only halal crypto assets. It is a cross-chain wallet that let users trade and store tokens over a multichain crypto network. Built with a special screening algorithm that filters out protocols that support unethical and interest-based activities, this wallet only deals in assets permissible under Islamic finance guidelines. Its interface is simple and straightforward, enabling a smooth user experience. With Sahal, you can easily access the entire MRHB DeFi ecosystem in one app.
MetaMask
MetaMask is a non-custodial cryptocurrency wallet that primarily supports Ethereum and ETH-based tokens. It is a hot wallet that can be accessed through a browser extension and a mobile app. It offers a simple and speedy interface to buy, store, send, and swap crypto-based assets. However, it doesn’t support non-Ethereum coins such as Bitcoin and has no desktop application. Despite this drawback, MetaMask’s browser extension has over 21 million monthly users.
Trust Wallet
The Trust Wallet is a non-custodial, multichain crypto wallet. It can be accessed with an easily downloadable browser extension or mobile app. What makes Trust special is the expansive number of cryptocurrencies and tokens that it supports. Presently, the Trust Wallet extension supports 61 cryptocurrencies and above 9 million custom tokens over its platform. This allows users to seamlessly exchange and store a diverse group of blockchain assets in a single place. Recent reports show that the Trust Wallet is used by over 25 million people worldwide.
Similarities between Sahal, MetaMask, and Trust Wallet
Although built by different companies, these crypto wallets hold a similar vision of promoting a decentralized finance or DeFi future. Here are some features they have in common:
Decentralized
A defining feature of these wallets is their compatibility with Web3. As an invention, crypto wallets redefine the way investors and common people access financial services. These wallets eliminate third-party institutions or intermediaries when carrying out financial exchanges. You can take complete ownership of how, when, and with whom you transact over the blockchain network. Moreover, you will experience greater transparency and security through publicly verified ledger technology.
Hot Wallets
All three wallets are software-based, aka Hot Wallets. This means that they are always connected to the internet, thus allowing real-time tracking of price charts. Because of this feature, you can monitor the overall health of your portfolio from anywhere in the world. You can make real-time trading decisions and execute them whenever you want. Also, they are super easy to set up even if you are not an expert in crypto technology. All you need is to download a browser extension on your desktop or a mobile app that is available for both iOS and Android phones.
Non-Custodial
A non-custodial wallet is one where the user has full control over their assets and their security. In a way, these wallets let you be your own bank with the help of private keys. You are the only person who will possess this key and the recovery phrase associated with it. This means that the exchange platform has no power to interact with your assets.
Multi-Asset
All three wallets present a large range of digital assets to users. You can choose simple cryptocurrencies, associated tokens, or specialized NFTs and projects all in one place. Trust Wallet is renowned for providing a highly diverse asset list across multiple blockchains. Regarding Sahal, an added feature of Shariah compliance is taken care of along with cross-chain functionality. In the case of MetaMask, all assets are ERC-compatible.
Comparing Key Features
Now that we know how these wallets are similar, let’s look at the two main feature differences so you may decide which web3 wallet suits your needs best.
Privacy
Your personal information is entirely secure with Sahal Wallet as it:
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- does not share private data with third parties.
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- does not collect the user’s IP address.
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- is free from data trackers or unwanted ads.
A recent revision in MetaMask privacy policy states its intention to collect user’s IP addresses and wallet details during on-chain transactions. Moreover, this data might be shared with the company’s affiliates or business partners. This can be detrimental to users’ privacy and data integrity when using the wallet.
Trust Wallet collects limited information to enhance services and user experience. However, it does share aggregated personal information and non-personal data with third parties to showcase company performance or improve protocols.
User Experience
Sahal Wallet is designed with the needs of first-time wallet users in mind. Imagine a clean, streamlined interface with custom icons. Its sleek design is made to offer an easy-to-grasp and satisfying user experience without compromising functionality. Along with this, Sahal ensures swift customer support with the option to contact its developer team for any queries.
The onboarding process for new users on MetaMask is unclear and confusing. Also, the default setting of this wallet does not show the new tokens purchased or received by a user. This means you need to manually check your token status to make sure you received it. Furthermore, the navigation of the wallet is somewhat inconsistent.
Trust Wallet is a relatively simple platform that provides a minimalistic design for users. Users are taken through the onboarding steps with the help of clear guidelines and instructions. Also, this wallet gamifies some of the tedious tasks that users need to complete in order to complete their profiles. One issue that sticks out is a lack of prompt customer support.
What Makes Sahal Wallet Special?
The Sahal Wallet was created to address the issue of interest-based DeFi which excludes the 1.7 billion faith-based community around the world. If we were to invite more people to the cryptoverse, there needs to be a more financially inclusive solution. The Sahal Wallet fills in this major gap by only including halal crypto digital assets and protocols. The following are features that make Sahal Wallet special and different than other crypto wallets.
1. Wide-Ranging Functionality
As a gateway to halal DeFi products, Sahal Wallet aims to empower users with wealth creation. Every consideration has been made to ensure seamless crypto trading and investment including cross-chain swaps, tokenized gold and silver commodity trading, liquidity harvesting, staking, and NFT creation.
2. Supports Financial Inclusion
Sahal Wallet is the world’s first halal crypto wallet that serves over 1.7 billion faith-based and unbanked communities. The word “sahal” means “easy” or “simple”. Therefore, the Sahal Wallet is built to be accessible and convenient with an interface that is designed to make it easy for anyone to access halal crypto and DeFi services in a single, unified platform.
2. Multi-chain and Multi-asset Wallet
Whether you want to create simple transactions, manage your NFT portfolio, swap tokens, or take up liquidity mining, Sahal will support all this and more. It also promotes multi-chain exchanges to provide greater flexibility so that you can become a part of the most lucrative crypto networks.
3. Better Security and Privacy
Built on top of Wallet Connect’s secure framework, Sahal ensures that all accounts on it are protected with a double wall of security. Besides the private keys provided to each user, all databases on the platform are guarded with a high-grade cryptographic layer.
4. Shariah-compliant Decentralized Finance
The assets on Sahal Wallet are guaranteed to be faith-friendly and interest-free. To ensure only halal products, Sahal has an automatic screening algorithm built into its network. Any crypto assets that make it into the MRHB ecosystem have to pass a careful examination under the guidelines prescribed by the MRHB Shariah Governance Board. This means that any investments you make on this platform will support ethical businesses and social justice.
Sahal Wallet Empowers Wealth Creation with Ethical DeFi
The fast-changing world of finance has brought unprecedented opportunities for a vast number of people. But MRHB noticed a gap in this development — there were very few opportunities for the adherents of Islamic finance in the DeFi universe. As a relatively unregulated space, it was hard for religious minorities to ascertain the ethical status of digital assets. This is why the MRHB ecosystem was built to identify halal crypto and support DeFi projects that care about long-term well-being and prosperity.
To get involved in this growing halal DeFi space and easily access the entire MRHB ecosystem, take your first step by downloading the Sahal Wallet app today.