The Ultimate MetaMask Review Singapore
MetaMask Singapore Review: Our Opinion
MetaMask offers a simple to use cryptocurrency and NFT wallet for expert crypto investors. Though advanced crypto traders will welcome its simplicity and straightforward transactions, new users will have a hard time getting a hang of the crypto wallet. Newbies would also be at risk of losing their coins/tokens because of missing secret phrases, phishing scams, and malicious websites.
In this MetaMask review, we’ll look at everything this digital wallet has to offer. Our opinions and facts come from user reviews, first-hand experience, and how MetaMask fares against its competitors.
Built-in 2016 by Consensys, MetaMask is a cryptocurrency wallet available on both mobile and desktop devices. Currently, MetaMask is used by more than 30 million people globally.
The wallet allows MetaMask users to buy, hold, swap, and send digital assets and collect non-fungible tokens (NFTs) across 2 blockchains.
An Overview of MetaMask
MetaMask is owned by Consensys and is headquartered in New York, United States. The brand was founded in 2016 and operates in the cryptocurrency, blockchain, and mobile apps industry. They have an employee count of 500 to 1,000 people and host more than 30 million users. The wallet in its simplicity allows users to manage their digital assets through a mobile app or web browser extension.
MetaMask: What is it?
MetaMask is a self-custodial NFT and cryptocurrency wallet available as a mobile app and web browser plugin. It is used to interact with the Ethereum blockchain and to buy, store, send, and swap tokens. The cryptocurrency wallet provides users with a secure login, token wallet, a key vault, and a token exchange to manage their digital assets. MetaMask also offers a simple way to connect to blockchain-based apps. The idea behind the technology is to keep you in control as you interact with the decentralized web.
MetaMask also allows you to control your data by generating passwords and keys on your device, to give only you access to them. MetaMask does not associate email addresses with accounts.
MetaMask: How Does it Work?
As already stated, MetaMask is a web browser plugin and mobile wallet that allows you to store Ether and other ERC-20 tokens. This enables your digital wallet to interact with any Ethereum address. To do this you would have to connect your digital wallet to Ethereum-based decentralized apps. This connection will enable you to spend your tokens in games, hold tokens in various applications, and trade tokens in decentralized exchanges.
Most times you won’t need to do anything much as a lot of decentralized apps will connect to your digital wallet when you arrive on the page. But some would require a manual connection to your wallet.
If that’s the case, go to your decentralized app, head to the settings, and search for the “link your wallet” or something close. All you need to do is adhere to the instructions and that’s it.
Some examples of decentralized apps you can connect with are OpenSea (NFT marketplace), Axie Infinity (play-to-earn crypto game), Pool Together (crypto staking platform), etc.
There are a couple of things to note concerning how MetaMask works:
After getting your MetaMask digital wallet you need to verify the presence of your Ethereum using Etherscan. This is a tool that will help you track Ethereum-related actions. To do this, copy your MetaMask public address and paste it on Etherscan to see the transaction history and balance. Alternatively, you can check all this from your MetaMask digital wallet.
Click the MetaMask icon in your web browser and hit the menu dots. Then click the view account on Etherscan to see the details.
If your wallet is new you won’t see any transaction history.
Private and Public Keys
Your public address or key is for receiving funds and your private key will give you access to it. The private key is proof that the funds in your MetaMask wallet belong to you. It’s required for every transaction. You can find your public key on your user dashboard. Just move your mouse pointer over your account name and you’ll see a “copy to clipboard”. Click copy public key.
The private address, on the other hand, should never be shared with anyone. If that happens, it means your account belongs to them. With it, you can transfer the funds of your Metamask to any wallet.
To export it, click the 3 menu dots and then click Account details. Click “export private key” on the next page. MetaMask offers a paper wallet as well for your keys.
Type your password and click confirm.
MetaMask allows you to add multiple accounts to your wallet. The reason might be their different use cases. For example, you can have a staking account and NFT account separately on MetaMask.
Each wallet will have a unique pair of public and private keys. But you’ll have a secret recovery phrase that it’s a master key to every account on the wallet.
So though you can use a private key to import an account, your secret recovery phrase can be used to access all your accounts on the wallet.
If you want to create a new account, click on the user avatar in your MetaMask pop-up. Then choose +create account. Give it a name and you should see it beneath the first account.
That said, you cannot delete an account that you create within MetaMask but you can remove imported accounts.
Crypto Trading (Buy, Swap, and Send Tokens)
The 3 primary operations on MetaMask include Buy, Swap, and Send. We’ll look at how to buy and swap in this section.
The buy function allows you to deposit ether (ERC) or any ERC-20 token into your MetaMask account using 3 payment gateways Transak, MoonPay, and Wyre.
Wyre, for example, supports credit and debit cards and Apple Pay. But attracts a 3% transaction fee plus a 500 USD limit for 7 days. Transak and MoonPay are like Wyre. Except MoonPay facilitates ACH transfers.
To use this function just locate the buy button on your MetaMask wallet dashboard and click it. Then following the preceding instructions.
MetaMask enables users to swap Ether and ERC-20 tokens with each other. It searches all available exchanges and gives you the best price. With this, MetaMask aims to save maximum on slippage and Ethereum network fees. This is the variation in quotes between when you place an order and the confirmation.
However, you have the option of setting slippage tolerance from 1% to 5% after which your order would cancel automatically. Whatever quote you get is inclusive of MetaMasks’ fee.
How to Send and Receive Coins
To send tokens and coins with MetaMask you need the receiver’s public key. If you have that, click on the send button on your user dashboard and enter the public key of the receiver.
Then you can type the amount you want to send and hit Next.
You can change the estimated gas fee, otherwise known as the miner’s tip to make your transaction a priority.
If your miner’s tip is too low the transaction would likely fail or be delayed depending on the current Ethereum network condition. But if you’re new to the process you may want to leave this alone.
Lastly, click confirm.
Once the transaction is verified, you can find the details under the activity area.
To receive coins, open MetaMask and move your mouse pointer over your account name. You should see an option to copy to the clipboard. Tap on it to copy your public address.
Next, paste your public address in the receiver field in the app or exchange where you are sending Ethereum or other tokens from. Or if you’re receiving them from someone else, share the address with them.
This feature changed the Ethereum market’s mechanism to pay for transaction fees. EIP-1559 eliminated first-price auctions and replaced them with fixed-price sales. This means that users that submit transactions won’t have to use estimates to figure out how much gas fee is required because there is a base fee that’ll be added in the next block. That said, applications or users that want their transactions prioritized can include a tip or priority fee to the miner.
It’s important to note that the EIP feature doesn’t reduce the price of gas fees but results in a more predictable base fee. Though EIP can result in reductions in gas prices if it is assumed that fee predictability means that investors overpay for gas prices less often.
The MetaMask wallet is versatile and supports multiple protocols across many blockchains such as Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, Velas and Celo. The wallet supports more than 450,000 coins on the Ethereum ERC-20 protocol and non-fungible tokens (NFTs).
Some of the cryptocurrencies supported on the wallet include:
- Wrapped BTC
- USD Coin
- Tether USD
- Wrapped Ether
- Basic Attention Token
- Decentraland MANA
- OMG Network
- Binance USD
- True USD
- Gemini Dollar
- DAO Maker
A major con here is that MetaMask does not support Bitcoin. Though there are workarounds they are not safe for beginners.
You are responsible for paying gas fees to the blockchain for all your transactions on your MetaMask wallet. These gas fees usually vary per transaction. However, with the EPI-1559 feature, the gas fees become predictable. You will also be charged 0.875% for all swaps on MetaMask.
MetaMask also states that each payment method (mobile wallet, bank transfer, or credit/debit card) has unique fees. In general credit/debit transactions are more expensive than bank transfers and have lower limits. Bank transfers have lesser fees and higher limits. So using the buy feature you can expect to pay processing fees, market gas fees, and a MetaMask fee.
MetaMask offers a unique approach to wallet security. The wallet provides security to users via user anonymity rather than the conventional measures like Two-factor authentication, cold wallet, or insurance. This is because MetaMask is a self-custodial wallet, meaning that they do not store user data.
The wallet is safeguarded by your generated password at setup and your private keys and seed phrase. The private key and seed phrase is only known to the user. Even MetaMask technical support doesn’t have access to these details. Support even only knows your email address when you send them queries.
The con here is that MetaMask support cannot help you recover your password without your seed phrase. If you lose your seed phrase you’ll lose your MetaMask wallet forever.
Since there’s just one way for you to recover your wallet across various devices. Also, if for any reason your seed phrase gets into the hands of a hacker via a phishing website or by installing a fraudulent MetaMask plugin there’s no way to regain control of the account.
This puts the entire security system of the MetaMask cryptocurrency wallet in the hands of a single-phrase, which isn’t as secure as the traditional exchanges that offer cold storage and insurance.
However, MetaMask puts a premium on privacy. The wallet, unlike conventional crypto exchanges, does not demand that users submit personal and government-issued identification to use the platform.
You have complete control of the coins that you buy, receive, and swap through the wallet. This is inclusive of their private keys. Also, MetaMask does not store your data.
MetaMask also features extensive security guides in their support and FAQ sections. Some of the topics covered include how to keep your account secure and how to gain access to your account using your secret phrase if you lose your password.
Opening an Account
Opening your MetaMask account starts by either downloading the wallet’s web browser extension for Google Chrome, Microsoft Edge, Brave, or Firefox, or their mobile app for iOS/Android.
Once you’re done with the download you’ll see a prompt to either create a new wallet or import a current wallet with your seed phrase.
If you’re a new user choose “Create a Wallet“.
MetaMask will request permission to collect anonymous usage data to enhance product quality. But MetaMask does not ask for transaction details or private keys. If you want complete privacy you can decline the request.
Once that’s done, you can set a new password. This is typically 8 characters and must include letters and numbers to be strong.
Next, you should see a quick presentation of your secret recovery phrase. You would want to write the phrase and this is the ultimate key to your account. It is the only way to access your account when you lose your password. And the only way to import your wallet to multiple devices.
Upon confirmation of your secret recovery phrase, you’re done. You can then use your MetaMask wallet to swap, send, store, buy, and receive cryptocurrencies and NFTs.
The MetaMask wallet offers a mobile app that’s available on both Google Play Store for Android devices and the Apple App Store for iOS devices.
97,038 Android users gave the MetaMask app on Google Play Store a 4.4 rating stars out of 5. Most users’ complaints were about the mobile app crashing for various reasons either when importing an existing wallet or trying to open the web browser. There are also tons of user complaints about fees (however these are for gas fees). But the prominent user complaint is slow transactions and app speed.
On the Apple App Store, the MetaMask wallet has an overall rating of 4.6 over 5 from over 23,000 users. The user reviews generally complain about the ease of use. Users state that the iOS app is confusing, with some citing technical issues with the app.
On both mobile versions (Android and iOS) the positive reviews are primarily about the app’s customer support.
That said, from our hands-on experience, the app is straightforward to use especially if you have some background in crypto. There’s also a hand-holding tour of the app’s features after you open your account. So you don’t have to struggle to figure out what’s where.
The app allows you to perform all required operations like buying and swapping cryptocurrency. And navigation from one screen to another is typically one click away.
MetaMask has a very poor rating on user review platforms like TrustPilot. Customers complain of high transaction fees that cut into their profits and security issues. The primary security complaints are customers stating that their accounts were comprised and funds were stolen. In a long thread of complaints, the only positive review of MetaMask was a user stating that they were satisfied with the platform because it let them take part in the project. But with regards to the operational functions of the wallet, there are many negative reviews.
Who Should use MetaMask?
MetaMask is not recommended for new crypto investors and traders. However, advanced users would find the wallet easy to use, clean, and straightforward. Also, MetaMask is best for advanced users who are only interested in the Ethereum network. Users who are interested in Bitcoin or other cryptocurrencies may want to choose another wallet.
Why Use MetaMask?
MetaMask allows users to buy, sell, swap, receive, and send Ether and other ERC-20 tokens. So using MetaMask will enable you to interact with any Ethereum address. The wallet also allows you to store NFTs and connect to other blockchains. Plus, it offers hardware wallet compatibility.
How to get MetaMask in Singapore?
You can get MetaMask in Singapore by downloading either the mobile app on Google Play Store or the Apple App Store or the web browser extension. Upon logging in choose Singapore as your country when you want to perform a transaction.
MetaMask is a popular non-custodial crypto and NFT wallet due to its integrations with various decentralized exchanges and NFT platforms. The wallet also supports over 450,000 cryptocurrencies across numerous blockchains and is hardware wallet compatible.
However, MetaMask isn’t winning in customer satisfaction. There are tons of user reviews revealing dissatisfaction with the wallet’s network fees. Customers also complain about hacks, security challenges, and slow app speed, especially during transactions.
In general, MetaMask does what it is meant for; bridging the gap to the decentralized space.
If you want to know more about on MetaMask Competitors and other crypto wallets, you can check out our list of the Best Crypto Wallet Singapore. You can also read about our Trust Wallet Singapore as an alternative to MetaMask.
Most frequent questions and answers
MetaMask is a browser-based non-custodial wallet. This means that the safety of the wallet depends primarily on the user’s security measures. However, because it is not a cold wallet it is more at risk than hardware wallets.
Yes, MetaMask can be used in Singapore.
There is no withdrawal page on MetaMask. The only way to withdraw fiat currency is to send crypto out of your MetaMask wallet to an exchange and then convert it to fiat.
MetaMask and Coinbase both offer non-custodial wallets, however, Coinbase offers extra security features and insurance that MetaMask does not.
MetaMask safety is dependent on the user’s security measures.
Yes, MetaMask has a mobile app.
Yes, if the hacker has access to your private keys and secret recovery phrase.
MetaMask is popular due to its usability with multiple cryptocurrencies, NFTs, and decentralized apps.
MetaMask is better as it allows you not only to manage Ethereum-based tokens but to swap between them. The other only allows you to send and receive.
MetaMask makes money through its swap fees.
The MetaMask gas limit is the maximum number of units of gas you’re willing to pay to execute a transaction. A normal transaction sending Ethereum typically costs 21,000 gas.
MetaMask supports all ERC-20 tokens, multiple blockchains, and NFTs.
Yes, you can. MetaMask supports AirGap Vault, Trezor, Ledger, Keystone, and Lattice.
Very easy if you have your secret recovery phrase. But it is impossible to do so without the secret phrase.
Yes, if not refresh your page.
Through its web browser extension and mobile app.
Log into the MetaMask extension and hit the arrests button to see all purchased tokens.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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