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Metamask Review 2024: Fees, Features and More
Luis Clark
- URL: https://metamask.io
- Hardware Compatible: Yes (Ledger, Trezor, AirGap Vault, Keystone, Lattice, and Trezor)
- Price: Free
- Staking Rewards: Yes
- Platform App: Web/Mobile
- NFTs Storage: Yes
- No. of Cryptocurrencies Supported: Ethereum-based tokens
- Type of Wallet: Hot non-custodial wallet
MetaMask Review: Our Opinion
MetaMask is a popular crypto wallet that stands out for its intuitive user interface, broad support of various blockchain networks (like Polygon, the Binance Smart Chain, Ethereum, and Arbitrum), and ample selection of features such as staking rewards and NFT support.
It is targeted at advanced crypto investors as beginners may find the platform difficult to navigate.
An Overview of MetaMask
MetaMask crypto wallet was developed in 2016 by ConsenSys. The software crypto wallet allows users to manage Ethereum-based tokens via a web browser extension or mobile app.
Before 2019, MetaMask was only available as a browser extension for Firefox and Google Chrome. However, with the rising popularity of MetaMask amongst cryptocurrency investors and no mobile app, malicious software pretending to be the hot wallet began popping up and the Google web store and Google Play Store struggled to prevent this. This led to the Google Play Store unintentionally removing MetaMask’s beta app before undoing the decision a week later.
By September 2020, MetaMask officially released its mobile app for iOS and Android devices.
Furthermore, during the year 2020, MetaMask introduced a swapping capability within its desktop browser extension known as MetaMask Swaps, offering users an integrated decentralized aggregation solution.
MetaMask crypto wallet can also interact with decentralized applications (dApps) and is compatible with several hardware crypto wallets including Ledger and Trezor.
Pros
- It supports several crypto assets across several networks
- It supports NFTs
- User-friendly interface
- It offers several features including staking and hardware wallet compatibility
Cons
- Poor customer service
- Not suitable for beginners
MetaMask Wallet: What is It?
The MetaMask wallet is a web browser extension and mobile app (available on iOS and Android devices) that allows users to manage their Ethereum and ERC-20 tokens’ private keys.
Though the MetaMask is an Ethereum crypto wallet, which means it is primarily used for Ethereum network transactions, it is completely compatible with other blockchains including the Binance Smart Chain, Harmony, Fantom, Polygon, Avalanche, and others.
MetaMask web browser extension also enables users to interact with decentralized applications and does not store information on the individual – not your email address, pin code, private keys, or secret recovery seed phrase.
The goal of the MetaMask crypto wallet is to give users complete control over their assets and crypto-identity.
MetaMask Wallet: How Does it Work?
The MetaMask wallet is a non-custodial or self-custody crypto wallet, this means that it does not store your keys or personal data. So you won’t have to sign up and undergo KYC verification to use the service. You will also retain ownership of your coins if the MetaMask wallet goes out of business. This is not the case with centralized exchanges, which hold ownership of your crypto keys.
That said, unlike hardware wallets, which keep your keys offline, MetaMask is still prone to brute force and phishing attacks as it is fully connected to the internet.
You can access the MetaMask wallet via its web browser extension, which is compatible with Firefox, Brave, Chrome, and Edge browsers or mobile app.
The MetaMask crypto wallet recently added a new banking integration feature, which allows eligible investors to fund the hot wallet directly from their bank. This is achieved via third-party payment processors such as MoonPay and Simplex.
How to Set up MetaMask Wallet
To set up the MetaMask wallet via the web browser extension go to the official MetaMask wallet website: https://metamask.io.
Once there, you will see a blue button that will allow you to download the extension for the option you’re using (Firefox, Opera, Edge, or Chrome).
If you’re using Google Chrome, you’ll see the logo on the blue download button.
Next, hit the blue download button and it’ll redirect you to the Chrome Web Store.
Click the “Add to Chrome” button, which will install the MetaMask wallet to your browser for free.
After installing the extension wallet, you should see a tiny fox icon at the upper right corner of your screen with a notification informing you that the download was successful.
Tap on the icon and you’ll see a screen asking if you’re new to MetaMask.
Click the “Create a Wallet” button under the “Yes, let’s get set up!”.
You’ll get a prompt asking if you want to share your analytics with MetaMask.
After that, you’ll need to create a password.
On the next screen, you’ll be shown 12 words known as the recovery seed phrase which give access to your crypto private keys.
Write these 12 words down in the order they are shown to you and store them offline.
After writing them down, click the ‘Next’ button.
MetaMask crypto wallet will request that you confirm your secret recovery phrase by choosing the words in the order they were shown to you.
After selecting those words, click ‘Continue’.
That’s it! You’ve set up your MetaMask wallet.
How to Send and Receive Coins
As with most non-custodial crypto wallets, the MetaMask wallet allows you to send cryptocurrency by launching the MetaMask mobile app or browser extension.
Once open, select the account from which you went to send coins and click the ‘Send’ button at the center of the screen.
Input the crypto wallet address of the recipient.
Enter the number of coins you want to send and hit next.
Click ‘Confirm’.
You can view the transaction under the Activity tab.
To receive cryptocurrency, launch the MetaMask wallet extension or mobile app.
On the center of the page click the ‘Receive’ button.
Search for the coin you want to receive and click on it.
Copy the crypto wallet address.
Next, paste it on the platform where you’re sending it from or give it to the sender.
That’s all!
Unique Features
MetaMask Browser Extension
This is an extension that performs 3 basic functions: interaction with decentralized applications, crypto swaps, and crypto storage. It also allows users to trade crypto directly without communicating with any intermediary platform. This helps in reducing friction, lowering the cost, and limiting slippage.
Decentralized applications can be read from the blockchain via the browser extension because the extension injects the Ethereum Web3 API into the Javascript context of every website.
With the MetaMask extension, users can create and manage their own identities using private keys, hardware wallets, and local client wallets. This gives the user a secure interface to review transactions before approving or rejecting them when a dApp wants to perform a transaction.
Since the extension adds functionality to the normal browser context, permission to read and write to any web page is needed.
The extension also identifies risky sites and warns users when they navigate to sites that are notorious for phishing scams or have names similar to popular phishing targets.
The Metamask wallet extension is compatible with the following browsers: Opera, Google Chrome, Brave, Edge, and Firefox. The most popular and recognized extension of MetaMask is the MetaMask Chrome extension.
Just like any other application or software, you need to first download the MetaMask Chrome extension to be able to use it.
While you can download the extension from the Chrome store, you should do so from the MetaMask official website, this will eliminate the risk of downloading a fake extension, and it also makes the process of getting the extension easier.
To download the MetaMask browser extension, do the following;
- Go to https://metamask.io/download/, scroll down, and click on ‘Install MetaMask for Chrome’
- Alternatively, you can simply click on the Chrome icon
- Next, click on ‘Add to Chrome’ on the displayed page
- Click on ‘Add Extension’ to re-confirm the installation
- The installation process will take a few minutes. Once it’s done, open it again to complete the set up.
- If you already have a MetaMask account, all you need to do is to click on ‘Import Wallet’ and the ‘Get Started’ option.
MetaMask browser extension is not available for use via mobile devices. Users who wish to manage their Metamask wallets via their mobile devices can do so through the MetaMask app which is available for both Android and iOS devices.
The extension is not completely free from issues and errors, a common error experienced by most users is the ‘Metamask extension not working’. This error is easy to fix.
If you get the above error message, doing all or any of the following will help you resolve it:
- Check the internet connection and speed
- Switch to another internet connection
- Close down all active tabs on your device
- Update your browser to the latest one
- Restart your system after closing it down
- Update the wallet (if there is a new version)
- Remove all cookies and cache history.
- If the error is not resolved after doing all of this, you can contact the MetaMask support team.
Cryptocurrencies Supported
The Metamask crypto wallet supports Ethereum and any ETH-based token (ERC-20, ERC721, etc). It also supports a variety of tokens across several networks including Celo, Fantom, Arbitrum, Binance Smart Chain, Polygon, Optimism, and Avalanche.
Supported cryptocurrencies include Tether USD, Binance USD, Bitfinex LEO, Dai, Shiba Inu, Binance Coin, Maker, Hex, Chainlink, OmiseGO, Wrapped Bitcoin, Basic Attention Token, Augur, Loopring, Golem, etc.
Does it Support NFTs?
Yes, MetaMask wallet supports NFTs both on its browser extension and mobile app.
MetaMask wallet supports ERC-721 and ERC-1155 NFTs. And you can add both types of NFTs on any network.
Fees Explained
For MetaMask pricing, the self-custody wallet is free. MetaMask users do not have to pay any fees for using the hot wallet.
However, you’ll have to pay blockchain fees, which go directly to the miner, not MetaMask.
Also, if you use the Buy Crypto Assets feature, you’ll have to pay the fees charged by third-party payment processors.
Security
MetaMask is a noncustodial crypto wallet. This means keeping the private keys stored in the MetaMask wallet safe is the responsibility of the wallet owner.
That said, MetaMask has several security measures in place to ensure security at all times.
When installing the extension users can customize their privacy preferences.
Configuration settings that can be activated with this feature include Token auto-detect, phishing detection, Batch account requests, Incoming transactions, Custom IPFS gateway, the default RPC provider, and Additional token price information from third-party sources.
This feature can be activated by hitting the ‘Advanced Configuration’ button during setup.
Despite being a decentralized wallet, MetaMask security libraries have been audited by independent researchers and security experts.
MetaMask also runs a bug Bounty and an active community of security researchers who are continually working to quickly resolve any security concerns.
Opening an Account
MetaMask is a self-custody hot wallet that does not require KYC verification to allow you to store crypto. So you won’t have to open an account as you would on centralized exchanges.
You only need to download the mobile wallet or extension, launch it, copy the recovery seed phrase, and use it.
MetaMask Mobile App
The Metamask mobile wallet gives users a secure wallet and gateway to blockchain sites on the go.
The mobile app is both a wallet and a browser. With it, users can buy, spend, send, and exchange digital payments.
They can also securely log in to websites to trade assets, play games, lend, borrow, publish content, buy rare digital items, etc.
They can manage their assets using Metamask’s key Vault, digital wallet, and secure login. They can secure their accounts with passwords and keys generated on their mobile phone. Metamask allows users to control what information they want to keep private and what they want to share with the sites.
Users who already have a desktop account do not need to create a new one on the mobile app. All they need to do is to import their existing wallet.
An important feature of the Metamask wallet app is its built-in browser.
The built-in browser enables users to use their Metamask crypto wallets to interact directly with decentralized applications on their smartphones without accessing a desktop browser.
Note that access to dApp on mobile phones can only be done via the mobile app as other browsers won’t be able to connect to dApps using Metamask wallet.
To use the MetaMask browser in your Metasmask wallet app, do the following:
- First, select the Account you want to use for accessing Dapps by tapping on the hamburger icon at the top left corner of the page. To select from the list, tap your name.
- Scroll to the bottom of the screen and click on the browser tab to open the browser.
- Open a new tab using the search bar. Alternatively, you can click the magnifying glass icon and type in the app or website you are interested in.
Most Web3 applications will ask you to connect to your wallet. Since you are using the MetaMask mobile browser, and have already selected your account, it is queued up and ready. You can easily sign in with a tap and you will have access to the app or site.
Note that the built-in mobile browser does not have all the features of a standalone mobile browser like Firefox or Chrome. This means some features may not work or be available.
That said, if you are looking to check out a new Web3 project or mint an NFT on the go, the mobile browser is the perfect option.
Customer Satisfaction
MetaMask only offers customer support via the Help Center and community forums. The support team will only contact you via email concerning tickets open from @metamask.zendesk.com and @metamask.io using the email you provided. Emails from any other address are not from MetaMask.
MetaMask Support also has a verified Twitter account that is used to only share important information. Support cases are not resolved via Twitter.
That said, customer reviews show that the customer support team falls short on its services. Several customers complain about the limited support channels and difficulty getting real human support.
Who Should Use MetaMask Wallet?
The MetaMask wallet is best for crypto and NFT investors who want to have full control over the keys of their crypto assets without giving up the convenience of hot wallets.
Why Use a MetaMask Wallet?
The MetaMask mobile wallet and browser extension give you full ownership of your coins’ private keys, which means that you completely own your cryptocurrencies.
With full control of your private keys, you won’t lose your coins even if the MetaMask crypto wallet goes out of business.
Alternatives to MetaMask
Popular alternatives to MetaMask include Trust Wallet and the Exodus Wallet. These non-custodial wallets all have compatibility with top hardware wallets and are easy to use.
Final Thoughts
MetaMask is a hot wallet that gives users access to their coins’ private keys. This is great for advanced crypto investors looking for full control but beginners may be at risk of losing their coins if they misplace the recovery seed phrase.
FAQ
Most frequent questions and answers
MetaMask’s reliability is dependent on the user’s security measures to keep their recovery phrase secure. That said, there have been incidents of users’ MetaMask wallets getting hacked.
Yes, MetaMask is legal in the United States.
Yes, self-custody wallets are safer than custodial platforms like Coinbase, which can experience exchange-wide hacks.
To withdraw fiat currency from MetaMask you’ll need to withdraw your crypto via a wallet address to an exchange like Binance that supports fiat withdrawals.
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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