MetaMask wallet review and guide
MetaMask Wallet isn't available on Finder right now.
- Supported assets
- 500,000
- Price (USD)
- Free download
- Wallet type
- Mobile wallet, Web browser wallet
Summary
All you need to know about this browser extension digital wallet and bridge to the world of Ethereum decentralised applications.
- Great for ease-of-use and connectivity to majority of dApps
- Not so great for security or browser data collection
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What is Metamask?
Designed in 2016 by Consensys, Metamask is an Ethereum digital wallet that tries to simplify access to decentralised applications (dApps), including decentralised exchanges (DEXs), gaming platforms and staking opportunities in the decentralised finance (DeFi) space. In October 2020, the application had 1 million active monthly users.
Metamask provides a user-friendly bridge between your web browser and the Ethereum blockchain, which is the host network for many dApps. Users can store Ether or any other ERC-20 token that was built using the Ethereum network and then use that cryptocurrency with the dApp of their choice.
Upon release, the wallet was available as a browser extension. A Chromium-based web browser is required such as Chrome, Firefox or Brave. If you would prefer not to use Metamask through a web browser the company has now released a smartphone app version for both Android and iPhone.
What sets Metamask apart from other digital wallets is its encryption capabilities. Passwords and private keys are stored securely, with the user only needing to manage their own independent seed phrase.
Although built for the Ethereum network, Metamask provides access to networks such as Binance Smart Chain and other testnets. Metamask provides flexibility to switch between different mainnet networks and the convenience to connect multiple wallets.
Metamask allows users to directly connect with Ethereum dApps without the need to run an Ethereum node. This would involve downloading the Ethereum blockchain. Before Metamask, to communicate with a dApp you had to provide private keys to your cryptocurrency wallet – a high-risk move. dApps now ask for permission for funds access through Metamask, which means there is no need for your private keys to be sent to the dApp, making the process much more secure.
How to install Metamask?
To use Metamask you will need to use a Chromium-based web browser such as Chrome, Firefox or Brave.
- Browser extension. Head to the Metamask website and select your chosen browser. Click “Install” for your chosen browser, which will take you to the associated download page. The steps we will go through here are based on the Google Chrome browser but will be applicable to other browsers.
- Click “Add to Chrome” followed by “Add extension”.
- Create an account and wallet. Click on “Get started”. Click on “Create a wallet”. You will be prompted to create a password for your digital wallet and agree to the terms and conditions.
- The secret seed phrase. Next, you will be shown a list of 12 words. This is your seed phrase and can be used for the recovery of your digital wallet if you forget your password. This seed phrase is extremely important and must not be shared with anyone else. Anyone with your seed phrase has access to your cryptocurrency. Write down the 12 words physically or store them somewhere offline such as a thumb drive.
- Verification of seed. Verify your seed phrase on the next page by selecting the words in the correct order. Once verification is complete your Metamask digital wallet will be ready to go.
How to add cryptocurrency to Metamask
Once you have Metamask installed on your web browser you can now deposit cryptocurrencies either from an exchange or your hardware digital wallet.
- Open the Metamask application. Click on the Metamask extension icon at the top right of your browser.
- Copy public address. Your public address is located at the top centre of your Metamask application screen. Hover over “Account 1” and “Copy to clipboard”.
- Send cryptocurrency. Paste your public address into the platform you are using to send cryptocurrencies from. Agree to the conditions and click “Send”.
Your Ether or ERC-20 tokens will arrive in your Metamask digital wallet once processed.
How to send cryptocurrency from Metamask
When you have cryptocurrencies stored in Metamask, you may want to remove them and add them to your cold storage (offline) hardware wallet.
- Click the Metamask browser extension at the top right of your screen.
- Choose a cryptocurrency. Select which cryptocurrency you would like to send from your Metamask wallet.
- Click “Send” and enter the public address of the wallet you wish to send your cryptocurrency to. The public address will be found and verified.
- Enter the amount you wish to send and the transaction fee. The higher the transaction fee, the quicker the transaction will be processed. Click “Next”.
- Confirm the transaction. Verify the details are correct and click “Confirm”.
What are Metamask fees?
For every transaction conducted using Metamask a default gas fee is applied, which is dependent on the current activity of the Ethereum network. The higher the activity on the network, the higher the default gas fee. The gas fee is stated on the Metamask application before payment is approved.
Parameters are available where a user can increase the gas fee and also set gas limits to avoid excessive transaction costs. A higher gas fee on the Ethereum blockchain is related to a quicker transaction time and vice versa.
Metamask has recently released its own swap function, which enables users to swap Ether for a range of ERC-20 tokens. Metamask performs this by searching through several DEXs to find the best exchange rate and fees. For this service, Metamask charges a service fee between 0.3% and 0.875%.
Must read: Be warned that setting gas fees too low can result in a stuck transaction, which does not get picked up by miners (who are incentivised by gas fees) and will not get transmitted to the blockchain. If this happens, you will have to follow the instructions outlined here to rebroadcast your transaction, otherwise your cryptocurrency will be unavailable and stuck in a state of limbo.
During times of extreme congestion, Metamask can fail to set the appropriate gas fee, resulting in stuck transactions. If this happens, follow the instructions linked above.
Is Metamask safe?
Metamask is an extremely secure digital wallet, praised for its encryption technology and has suffered no digital hacks so far. For use with the Ethereum blockchain, it is one of the safest options. However, as with anything that is connected to the Internet, there will always be risks from an outside breach. It is, therefore, important to stay vigilant when using. Metamask is a useful application for interacting with dApps but for cryptocurrency storage, nothing beats a hardware digital wallet.
Eight of the best hardware wallets compared
Pros and cons of Metamask
Pros
- User-friendly interface. For such a complex product that interacts with the Ethereum blockchain the user interface is simple and easy to understand.
- Account back-up. The seed phrase provided by Metamask allows users to automatically reinstate lost account information.
- Cryptocurrency purchases. Metamask offers users the opportunity to purchase ERC-20 cryptocurrencies directly through the application.
- Control of private keys. Public and private keys are stored locally on your web browser and not on Metamask servers, giving users more control.
- Connectivity. Due to its widespread usage, Metamask can connect with the majority of dApps.
Cons
- Online risks. Having a digital wallet that is connected to the Internet means there is a constant risk of account hack.
- Browser data collection. Although Metamask will not collect any information from you, as the application is hosted by your web browser, the web browser might. It won’t be able to access private keys or codes but may collect information on how much you interact with the browser extension.
Alternatives to Metamask
Trust Wallet is a digital wallet that is also compatible with the Ethereum network. Unlike Metamask, the wallet is only available on mobile, but it does allow the storage of cryptocurrencies outside of the Ethereum network. Trust Wallet can also connect with the non-fungible token system and offers the opportunity to purchase cryptocurrencies directly.
The Binance Chain Wallet was launched in September 2020 in conjunction with the Binance Smart Chain (BSC) network. The BSC network was created to offer a high-speed, low-cost alternative to the Ethereum network. The Binance Chain Wallet is also a web browser extension and offers compatibility with the Ethereum network.
Metamask and hardware wallets
For the best security possible, use Metamask with a hardware wallet. Products such as Trezor and Ledger come with native support for Metamask.
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Our verdict
Metamask is an extremely convenient application for accessing dApps on not only the Ethereum network but also other networks such as Binance Smart Chain. Its user-friendly interface makes communication with dApps much simpler and appealing to a wider array of cryptocurrency users.
Although convenient for use with dApps, like any online digital wallet remember to store your cryptocurrencies offline after use.
Metamask can be downloaded via the Metamask website.
You can only store cryptocurrencies that were built and developed on the Ethereum blockchain. These are more commonly referred to as ERC-20 tokens.
In order to store cryptocurrencies from a different blockchain, such as Binance Smart Chain, you will need to add that network manually to the Metamask application.
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Frequently asked questions
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Best service
Very good
Pile of shit. Stay away!!!!
Was hacked within 2days of joining. So many security things in place but still had no idea why I had so many transactions. Absolute joke of a company. No support at all. Put money into this and have it connected to sandbox?…kiss your money goodbye. Do not use. Stick to crypto trading. The metaverse is a crypto hackers dream.
Scams your money
Support is a joke, no contact number, email not available. Created a ticket for a transaction, issue wasn’t solved yet and they closed the ticket. Lost 100usd from them. Bunch of clowns
DON'T USE IT!!! VERY EASY
VERY EASILY ACCESIBLE FOR HACKERS TO STEAL YOUR CRYPTO. I WAS HACKED INCREDIBLY QUICKLY ($2.5AUD). NO SUPPORT AT ALL. STAY AWAY FROM METAMASK!
Easy to use but has a few security mishaps
I like the easy to use initiative the developers approached when building the app. It is pretty user inclined and does the job pretty fast and straight forward. Regarding security, I feel that the risk is more on the user side way more than something in the code presenting a security risk. The app is updated constantly and seems pretty used worldwide. I could recommend it!
My go to
Metamask is my go to wallet for Web 3. It's the industry standard and works with every app I could want. But I think they could improve a few things, like having a dedicated window instead of a pop up which is sometimes buggy. Also, an explanation of error codes would be appreciated.
Matamask easy to Hack
Easily accessible for hackers to steal your money as it does not have 2FA, had $20k hacked in ETH and no support number to contact. Please stay away from Metamask at all costs.
Industry Standard Browser Wallet
Easily one of the best browser wallets on the market. However, there are some nuances to using it such as key management, and network management. For the beginner just playing around with Ethereum though it is ideal and works great out of the box.
Missng funds
Im using meta mask more than 12 months, is happening to me that im trying to swap tokens to BNB and my funds just gone missing, i am not getting any help from the support at all , more thay 4 days im emailing them, i got just one reply and nothing , nobody is giving answers or any help at all, i have funds missing in my metamask account and I'm not getting any support or any answers where those funds are , I checked and double checked my transfers and my swaps and i did not make any mistake, is just the system despairing my funds.
James Finder
Editor
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