MetaMask Review

Let’s deeply review MetaMask and uncover its unique features, benefits, and drawbacks. The decentralized wallet offers a variety of innovative features and Web3 applications. That’s why it is a popular choice for NFT and Web3 enthusiasts.

Available as both a web browser application and a mobile app, MetaMask serves as a central hub for these users. While MetaMask offers many features, it is not ideal as a primary wallet since it lacks support for Bitcoin. Not supporting the crypto industry’s most widely held digital asset is a drawback.

Due to its focus on technical capabilities, the wallet is best suited for all levels of users. Whether you are a beginner, intermediate, or advanced crypto investor, it’s right for you.

Who’s Metamask for?

Metamask caters to two primary user categories: new users and professional traders. Let’s delve into the reasons why each group might find Metamask beneficial.

New users

Even though Metamask is user-friendly, it might pose some complexity for new users. It can be especially for people unfamiliar with cryptocurrencies and blockchain technology.

The interface and terminology used in crypto can be overwhelming for beginners. MetaMask may require a learning curve to understand its features and functionalities fully.

Still, Metamask provides a seamless experience for storing, transferring, and accessing digital assets. It is a valuable tool for new users, empowering them to navigate the crypto market confidently.

For expert crypto traders

Metamask offers advanced features and functionalities for professional traders that enhance their trading experience. The wallet provides access to various decentralized exchanges (DEXs) to participate in the vibrant DeFi ecosystem.

With MetaMask, professional traders can swap tokens, access liquidity pools, and engage in yield farming. It makes it easy for professional traders to maximize their trading opportunities.

Integrating popular exchanges like Coinbase and ShapeShift further expands the trading options available to users. MetaMask’s customizable gas fee settings also allow traders to optimize transaction costs and efficiency.

What makes Metamask a solid pick?

MetaMask is a solid pick due to its innovative features; let’s explore it all in detail.

Usability

MetaMask has a user-friendly interface and offers in-browser applications for desktop and laptop computers. Besides that, it also has a mobile app accessible on both the Google Play and Apple App Store. The wallet seamlessly integrates with various crypto websites, including OpenSea, Uniswap, and QuickSwap.

The Metamask wallet app lets you send or receive coins using any other wallet or smart contract. Additionally, traders can purchase coins through platform providers like MoonPay, Wyre, and Transak. However, these providers may require KYC verification for compliance purposes.

Furthermore, Metamask is compatible with hardware wallets such as Ledger and Trezor. It helps ensure a secure transfer of crypto and NFTs from a software-based hot wallet to a hardware-based cold wallet.

Using MetaMask on connected websites to send, swap, and receive tokens is straightforward. But the wallet does not support token selling. Users must transfer their coins to an external wallet to convert tokens into cash.

Privacy and anonymity

MetaMask strongly emphasizes anonymity, separating it from centralized crypto exchanges. Unlike others, it has no Know Your Client (KYC) requirements – no personal information is required during registration.

Transactions on MetaMask are not entirely anonymous. Instead, these are considered pseudonymous due to their recording on the public blockchain. The wallet ID is a pseudonym for users, enabling them to maintain privacy.

MetaMask does not support Bitcoin. It means that CoinJoin transactions are unavailable within the wallet. Users should consider this limitation when considering their privacy options while using MetaMask.

Security and decentralization

MetaMask prioritizes security by emphasizing anonymity and placing the responsibility of private keys in the hands of users. By not storing personal information, accounts are safeguarded by a user-generated password during the installation. You can also secure your wallet through biometric authentication on mobile devices.

MetaMask relies on a 12-word mnemonic phrase to ensure wallet recovery, as it does not retain keys’ custody. It is crucial for users to securely store this seed phrase, as it becomes indispensable in case of device damage or theft.

MetaMask has a single method for recovering a single wallet across multiple devices, exposing it to vulnerabilities like hacks. Threats like Banker Trojans, social engineering attacks, and other crypto scams pose risks to MetaMask wallet users.

For instance, phishing scams may trick users into revealing their seed phrases on suspicious websites. Additionally, hackers may distribute counterfeit versions of the wallet extension to gain control over users’ wallets. Therefore, we recommend that users remain vigilant and exercise caution to protect their funds and personal information.

Fees and costs

MetaMask provides users free access to its wallet services; however, certain services on the platform incur additional fees. While receiving digital assets is cost-free, engaging in buying, selling, and swapping assets will result in fees.

Regarding asset swapping, traders must pay a service fee of 0.875%. Additionally, the blockchain network imposes gas fees, consisting of a base fee and optional tip minersAs a MetaMask wallet user, you can customize your gas fee, giving you control over your spending.

Network support

MetaMask goes beyond the Ethereum Mainnet and extends support to various networks compatible with the Ethereum network. Networks like Binance Smart Chain, Cronos, and Avalanche can be manually added to your MetaMask wallet.

For all MetaMask wallets, the Ethereum Mainnet remains the default network. Yet, users have the flexibility to connect multiple wallets to other blockchain networks, such as:

• Polygon
• Fantom
• Binance Smart Chain
• Avalanche
• Arbitrum
• Cronos
• Harmony ONE
• Velas
• HECO
• xDAI

This broad compatibility helps users explore various blockchain ecosystems using the MetaMask wallet.

Metamask Review: Where Metamask falls short?

Although the online crypto wallet is designed to fulfill diverse user needs, it still falls behind in some departments. Here are some features that need improvement.

Hot wallet security concerns

Being a crypto wallet connected to the internet, MetaMask is more vulnerable than offline digital wallets. When it comes to hacking, theft, and phishing attacks, these are vulnerable to safety. That is why it is vital to acknowledge the potential risks involved with storing assets on hot wallets.

Let’s assume you fell victim to a phishing e-mail without realizing it, and your mobile device or wallet gets compromised. This could put your credentials and assets in danger of theft, and you could lose all your tokens or NFTs.

Potential privacy risks

As a browser plugin or extension, MetaMask operates within your browser and maintains constant internet connectivity. This online nature raises privacy concerns for cryptocurrency users, as your browser collects information on your MetaMask usage.

Moreover, MetaMask stores private keys within your browser, enhancing user convenience. However, it introduces significant risks in case of a browser hack. It is crucial to acknowledge these potential vulnerabilities, and taking appropriate precautions to safeguard your assets is vital.

Lacks robust customer support

Robust customer support automatically enhances the customer experience on any app or software. This is another department where Metamask needs some improvement.

Firstly, there is an urgent need to make the FAQ section on the site better and more relevant to user queries. Additionally, optimizing the responsiveness and effectiveness of the live chat support channel would greatly benefit users. Alternative contact methods that offer new and effective avenues for prompt assistance should be explored.

With these improvements, MetaMask can enhance its customer support services to ensure users receive the guidance they seek.

Lacks token support

MetaMask exclusively supports the Ethereum network and ERC-20 tokens. This may not pose a problem for those trading on specific blockchain ecosystems. Still, it could limit those seeking to explore a broader range of digital assets in the future.

For example, if you wish to trade Bitcoin or Solana, you won’t be able to do so directly on MetaMask.

No desktop application

Unlike desktop wallets, MetaMask wallets are not standalone applications that you install on your computer. Instead, they function as browser extensions, seamlessly connecting existing wallets to the internet through your preferred web browser.

Therefore, your wallet’s data is always accessible online. In contrast, desktop wallets store your cryptocurrency data directly on your computer’s hard drive.

Metamask Review: Setting up MetaMask

Setting up a MetaMask account is quite easy and hassle-free. Follow these steps to create a new account in just a few minutes.

4.9

Read our review

Tradable Coins

• 1000+

Payment Options

• 4+

Fees

• 0.875%

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More details

MetaMask is a popular cryptocurrency wallet famous for its extensive support of Ethereum-based cryptocurrencies and NFTs. Even though it supports multiple blockchain networks, MetaMask does not currently support Bitcoin. It can be a turn-off for investors primarily focused on Bitcoin traders.

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  Easy setup process.

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  Rewards via staking and holding.

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  Supports all of ERC-20 tokens.

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  Go-to web3 wallet.

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  In-build dApp hub.

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  Doesn't support Bitcoin.

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  Potential privacy and security risks.

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  Complex for new users.

Step 1: Navigate to the website

First off, visit the MetaMask website. Click the [Download Now] button on the main page.

Step 2: Download

Afterward, you will be taken to a new window to select the suitable app for your preferred operating system. We recommend the extension for Chrome.

Click [Install For Chrome].

Step 3: Create a new wallet

When you are done installing the app, open it. You will see two options on your screen. Click [Create New Wallet].

Step 4: Enter the password

Then, you will be asked to choose a password. When done entering your password, click [Create].

Step 5: Secret recovery phrase

Lastly, it would be best to back up your secret recovery phrase. When done, select [Next].

Congratulations, you now have a MetaMask wallet.

Metamask Review: Key Features & Perks

Here are the important features of Metamask.

Complete ownership of assets

MetaMask sets itself apart from closed corporate ecosystems by allowing users to achieve complete ownership and control over their digital assets.

Unlike other platforms, MetaMask empowers individuals to directly manage digital goods on global, public crypto networks like Ethereum. With MetaMask, you can truly own your digital assets, unleashing a world of exciting possibilities.

Users can explore the realm of decentralized finance (DeFi). Plus, they can actively participate in innovative financial services, including earning, lending, and investing in a decentralized manner. Thanks to its secure infrastructure, users can confidently embrace the concept of complete ownership, taking control of their assets.

Whether navigating DeFi opportunities, the NFT market, or engaging in DAOs, MetaMask provides the gateway. On top of that, it provides complete autonomy over their digital assets.

Crypto swaps

With the MetaMask wallet, users can conveniently engage in peer-to-peer (P2P) token exchanges. Thanks to its exciting crypto swaps feature, it can be done directly from their wallets.

Crypto swaps via MetaMask aggregate data from multiple DEXs, Automated Market Makers (AMM), or DEX aggregators. Besides, users can conveniently engage in trading without relying on intermediaries. Interestingly, this streamlined process minimizes obstacles, expenses, and potential losses.

dApps access

With MetaMask, you can access many ETH-based decentralized applications (dApps) and much more.

Additionally, the built-in crypto wallet by MetaMask adds to the convenience of enabling users to spend or stake effortlessly. Moreover, users can easily send their crypto within the ETH ecosystem without the hassle of managing external wallet integrations. This hassle-free and smooth experience allows users to explore DeFi and blockchain space easily.

Furthermore, MetaMask has recently optimized its wallet to integrate with Binance Smart Chain (BSC). It ensures a hassle-free way to switch between their Binance and Ethereum crypto wallets. With this integration, users can access dApps from both platforms and trade on decentralized exchanges within each network, although not simultaneously.

While initially focused on Ethereum development, MetaMask has expanded its reach to encompass numerous other networks. This wallet is an excellent choice for those looking for a robust way to explore the Web 3 world.

Crypto selection

MetaMask is an outstanding cryptocurrency wallet application offering users a versatile platform for digital assets. With MetaMask, you can choose between Ethereum, Ethereum-based tokens, BSC tokens, and other tokens from multiple chains.

What sets MetaMask apart as the top choice is its seamless customization feature. Users need to explore cryptocurrencies from specific chains effortlessly.

Besides that, you can easily accept less commonly used tokens from more obscure chains. MetaMask wallet supports many cryptocurrencies, including Ethereum Classic, USD Tether, and all other ERC-20 coins.

Cold wallet integration

Cryptocurrency storage has two main types: cold and hot storage. Cold storage provides high security by keeping your private keys and data offline, disconnected from the internet. While it doesn’t shield you from common crypto scams, it offers a reliable safeguard for your assets.

On the other hand, a MetaMask crypto wallet falls under the category of hot storage or hot wallets as it operates online. However, MetaMask enables you to transfer ownership of your digital currency to cold storage devices, commonly known as hardware wallets. This allows for an added layer of protection.

There are several compatible companies if you’re considering cold storage for your MetaMask wallet. These include:

• Lattice
• AirGap Vault
• Keystone
• Ledger
• Trezor

You must utilize the browser extension to transfer your cryptocurrency to cold storage. That’s because MetaMask’s mobile apps do not support this functionality. With the combined benefits of MetaMask and cold storage, you can balance accessibility and security.

Enhanced transactions with EIP-1559

Thanks to the EIP-1559 upgrade and user-friendly interface, Ethereum transactions have become more predictable and efficient. With this, users can navigate the blockchain network with enhanced control and flexibility.

EIP-1559 revolutionizes how Ethereum miners handle transactions. Before EIP-1559, Ethereum relied on a first-price auction system, prioritizing transactions based on the highest bidder. This often resulted in delays and inflated costs.

Interestingly, this new transaction fee mechanism replaces the first-price auction with a fixed-price sale approach. It allows users to accurately calculate the transaction fees, comprising a base fee and an optional tip.

The base fee is determined by network congestion, but the tip can be added to incentivize miners to process transactions promptly.

Notably, the EIP-1559 upgrade seamlessly benefits all MetaMask users across different platforms. Furthermore, MetaMask offers advanced options to customize gas fees according to individual preferences.

Mobile app

The MetaMask wallet mobile app is readily available on Google Play for Android devices and the Apple App Store for iOS devices. It boasts a solid 4.5-star rating on Google Play, although some users have reported minor issues with bugs in the new version.

The mobile app allows users to send and receive tokens and NFTs on supported blockchains. Users must have sufficient Ether (ETH) to cover gas fees during transactions.

Additionally, users can buy Ether directly through the MetaMask mobile app using Transak. These apps support bank transfers, credit cards, and Apple Pay on iOS devices.

Customer service and resources

MetaMask aims to onboard and support as many users as possible within the ETH network. It features a video introduction to assist users in getting started, providing a helpful overview of the platform.

Furthermore, MetaMask provides an extensive FAQ section that addresses commonly asked questions. Besides that, you can actively participate in discussions with the MetaMask community on the Discourse page.

If the FAQ section doesn’t fully address customer concerns, MetaMask offers a live chat function to contact customer support.

Using this live chat feature is highly recommended by the MetaMask customer support team. But if live chat does not resolve the issue, customers can e-mail the support team. They will closely examine the matter and provide further assistance.

What should Metamask improve?

While worries about trust and centralization are real when using a light wallet like MetaMask, these issues are inherent to the Ethereum network. Nevertheless, individuals with reservations can point their wallets to their Ethereum full node for added control.

For some crypto enthusiasts, the absence of support for non-EVM-compatible blockchains may be a significant drawback.

Notably, MetaMask does not natively support Bitcoin. Regardless, users can use MetaMask to connect with the RSK Bitcoin sidechain and various ERC-20 tokens. These coins represent the Bitcoin price through different mechanisms.

Metamask Review: Our Verdict

In summary, MetaMask is a unique hardware wallet enabling seamless interaction with Ethereum blockchains without functioning as a full node. The wallet particularly shines when catering to new users. Designed to ensure that their foray into the crypto blockchain realm is smooth and hassle-free.

Being an open-source software, MetaMask benefits from a robust development community actively contributing to its ongoing improvement. It implements a hierarchical deterministic setting that assists users in securely backing up their accounts.

Furthermore, integrating Coinbase and ShapeShift exchanges enhances the wallet’s functionality, facilitating the effortless exchange of ERC-20 and Ethereum tokens. With its intuitive interface, MetaMask is one of the top choices for securely transferring and storing funds.