MetaMask Review 2022: Is MetaMask Wallet Safe?

What is MetaMask?

Consensys launched MetaMask in 2016 to simplify access to dApps or decentralized applications, including DEXs (decentralized exchanges), online gaming platforms, and staking opportunities in DeFi (decentralized finance) spaces. MetaMask is a digital wallet for storing cryptocurrency, and it is based on the Ethereum blockchain and has more than 10 million active people in the crypto community.

MetaMask Summary

Official Website https://metamask.io/
Wallet name MetaMask
Type of Wallet Digital Wallet
Coins Accepted ETH & ETH-based Tokens
Native Token No
Linked Exchange Yes
Supported Hardware Wallet It Supports Trezor & Ledger on the extension
Supported Countries Most of All
Languages 6
Charges Takes Gas Fees & a Dynamic Service Fees from 0.3% – 0.875%
Mobile App Yes
Cloud Storage No
Cold Storage Yes
Customer Support Help Center & Community Channels

Sign Up Now

According to this MetaMask wallet review, the digital wallet is a secure crypto wallet that offers a beginner-friendly bridge between a web browser extension and the Ethereum blockchain and acts as a host network for multiple dApps. However, read our MetaMask reviews further and learn more about the wallet.

People with the MetaMask digital wallet can store ETH, or any ERC 20 tokens developed using the Ethereum blockchain network and use digital assets with their choice of dApp. When MetaMask online wallet was first released, it was available only as a browser extension that used a Chromium-based web browser such as Firefox, Chrome, and Brave browsers.

MetaMask Wallet

Sign Up Now

However, as the use of cryptocurrency and crypto wallet boomed, MetaMask introduced a more convenient version by releasing a mobile app for both iPhone and Android so that people could use the online wallet MetaMask extension along with a dedicated mobile app on the go.

What makes MetaMask different from other hardware wallets is the encryption capabilities of the MetaMask wallet. Private keys and seed phrases of the users are stored safely, where the users are only required to manage their independent seed phrases.

Although the MetaMask wallet was created for the Ethereum network, it offers access to different networks as well, such as the BSC (Binance Smart Chain) and many other testnets. MetaMask offers flexibility to users who can easily switch from one mainnet network to the other with the utmost convenience and simplicity to connect several other hardware wallets.

This MetaMask wallet review highlights the platform’s features, services, pros and cons, security measures, mobile app, pricing and fees, and much more.

How Does MetaMask Wallet Work?

MetaMask is one of the best crypto wallet used to communicate with the Ethereum blockchain network through supported browsers such as Firefox, Chrome, and Brave. It also gives users access to ETH wallets through the mobile app. It works with JavaScript by inserting a Web 3.0 object into the platform being used by the users. This process only adds a function, making it possible to gain access to the ETH platform.

All in all, MetaMask wallet has 3 key uses – swaps, dApp access, and storage. These functions collectively encompass all that a normal cryptocurrency individual would require to communicate with Ethereum.

Crypto Swaps

MetaMask wallet has a unique trade function that allows users to execute P2P (peer-to-peer) token swaps right from their wallets. Crypto swaps do not transact through order books, decentralized exchange liquidity models, or exchanges but aggregate information from several DEXs, Automated Market Makers (AMM), or DEX aggregators.

MetaMask wallet swaps allow its users to trade cryptocurrency directly without interacting with other intermediary or custodial platforms, thereby reducing friction, lowering costs, and limiting slippage.

Crypto Swaps by MetaMask

Sign Up Now

dApps Access

MetaMask users can use the crypto wallet to access a variety of ETH-based dApps, ETH-powered games, crypto lending products, NFTs, and much more. In addition to this, MetaMask’s in-built crypto wallet allows users to easily spend, stake, or send their crypto within the ETH ecosystem without managing any external wallet integration or unwanted transaction. Due to this, MetaMask directly offers a simple entry point for users to enter the world of DeFi and other blockchain services and sectors.

MetaMask was recently optimized to integrate the wallet with BSC (Binance Smart Chain) that allows users to freely switch between their Binance and Ethereum crypto wallet, access any dApp from both platforms, and trade on decentralized exchanges from both networks but not simultaneously. Initially, MetaMask focused on its Ethereum development but later expanded its access to many other blockchain networks. Its main mission has always been to develop an interconnected and interoperable Web 3.0 ecosystem.

Crypto Storage

The built-in wallet of MetaMask is used to store tokens built on ETH’s ERC-17 and ERC-20 token standards where users can smoothly create and navigate through multiple wallet address IDs within the mobile app. The advanced encryption protocol used by the app allows individuals to safely store private keys and wallet passwords within their browser through the MetaMask extension.

This gives them additional control over their private and public keys. In addition to this, all new users get a set of private seed phrases when a new account is created. It can be used later to recover lost accounts if needed.

Key Features of MetaMask Wallet

MetaMask allows Ethereum transactions and makes it a much easier process with advanced functions that enable users to send and receive funds within a few minutes. Here are the main features of the MetaMask wallet:-

  • Swap Tokens from Anywhere, Anytime – Users with MetaMask accounts can swap any token directly from their mobile or desktop wallet. This swap feature combines all information from the DEX aggregators, DEXs, and Market Makers to make sure that every user gets the best price at the lowest network or gas fees. Compared to other digital wallets, MetaMask is developed to make privacy its first priority. The platform empowers users to store, swap, and access tokens without worrying about exchanges and dApps accessing more private information than consented by the user.MetaMask - Most Trusted Way For Storing Coins
  • Adjustable Gas Fees – Users with MetaMask wallets, unlike other hardware wallets, can set their transaction fees depending on their requirement level. The wallet also offers the ability to fix the gas fees at a granular level.
  • Supported Networks – Although the users are limited to the use of Ethereum only, it is possible to communicate with other networks like:-
    • Main Ethereum Network
    • Kovan Test Network
    • Goerli Test Network
    • Ropsten Test Network
    • Rinkeby Test Network
  • EIP-1559 – The introduction of EIP-1559 has modified the market mechanisms of Ethereum by getting rid of the first-price auction and replacing it with the fixed-price sale. What is more important about this change is that users submitting transactions will not have to calculate the amount of gas required, since the base fee is already included in the consequent block. Applications or users who wish to prioritize transactions can add a priority fee or a tip to pay the miner.

EIP-1559 by MetaMask

Sign Up Now

Is MetaMask Safe & Trustworthy?

As per this MetaMask wallet review, users have always been worried about using a software/hardware wallet and losing money due to super hacks, theft, and other unlikely events. In reality, the scenario is very simple to understand. Most users who lose crypto funds do not lose due to hacks but to schemes of social engineering. It means some criminals in a far-off place on the internet who pretend to be trustworthy and reliable and convince users to enter their seed phrase.

The seed phrases basically act as a password to safeguard one’s crypto funds in the MetaMask wallet. Once the user reveals the seed phrase, the criminals can recreate the crypto wallet and steal all the crypto funds from the wallet. However, MetaMask wallet uses extremely powerful seed phrases which are exceedingly difficult to encrypt for even the most efficient hackers. This keeps MetaMask wallet accounts safe and secure at all times.

However, effective security measures will be meaningless if users decide to reveal their seed phrases to others, relying on them to give free money through exciting internet schemes. Hence, users can certainly rely on MetaMask for adequate security measures but it is ultimately their responsibility to protect their funds by protecting their seed phrases.

Services Offered by MetaMask 

MetaMask is a great cryptocurrency wallet that works as a gateway to blockchain dApps. The app is trusted by more than 21 million active users around the world with which they can buy, send, swap, and store tokens. The platform is available as a mobile app as well as browser extensions compatible with Chrome, Firefox, and Brave. The wallet equips users with a secure login, key vault, token exchange, and wallet to manage cryptocurrency in the most secure manner.

  • Explore Blockchain dApps – MetaMask offers one of the easiest yet safest ways to communicate with blockchain apps and gives all the control to the users while they interact on the new decentralized web.
  • Gives Ownership of Data – MetaMask wallet generates keys and passwords on the user’s device so only they have the permission to view their data and accounts.

Own Your Data at MetaMask

Sign Up Now

Is MetaMask Wallet Free to Use?

MetaMask crypto wallet is a free mobile app and browser extension that enables users to swap and store crypto tokens, communicate with other Ethereum blockchain networks, and host an ever-increasing array of dApps or decentralized applications. MetaMask is one of the most commonly used cryptocurrency apps in the world with more than 10 million active users.

MetaMask Review: Pros and Cons

Pros Cons
Open source software, accessible through several browser networks. Security concerns – a hot wallet.
Easy to use and user-friendly interface and design. Support of ERC 20 and Ethereum tokens only.
Control of private keys kept on the internet browser.
Integration with ledger devices.
Automatic account backup.

Getting Started with MetaMask Wallet

Any user with a compatible browser like Brave, Chrome, or Firefox can install MetaMask browser extension or mobile app and import any existing wallet by using the 12-word seed phrases or create a new account. Creating a new wallet account is simple and straightforward and takes only a few minutes to complete.

Users are advised to note down the new seed phrase in a private place to ensure that the wallet can always be recovered if something happens to the device where the account exists. The registration process takes less than two minutes and users can use their wallets immediately.

All those who are ready to use MetaMask and enjoy their seamless cryptocurrency transactions can visit the official website of MetaMask and initiate downloading the browser extension on their system if they are using Firefox, Brave, or Chrome browsers.

Users can download the wallet from Chrome Store but it is safe to visit the website and download from there as there can be knock-off versions of MetaMask floating around. The knock-off versions look exactly like the original MetaMask but with one difference – they are loaded with viruses that allow hackers to steal private keys and client money. To start creating a MetaMask safe and authentic wallet account, follow the steps mentioned below:-

MetaMask Account Creation Process

Sign Up Now

Create an Account for MetaMask Wallet

Once the extension is downloaded from the official MetaMask website, users have the option to either create a new wallet account or restore a lost account by entering the private seed phrase.

Save Seed Phrase in a Secure Place

While creating a new account, the MetaMask platform asks for the user’s analytics information. The information is used by the developers to improve the platform. It is important that in this step, users must back up their seed phrase and store it in a secure place so that they can use it if the device breaks down or when the users get into their Ethereum wallet account from a different system.

If the MetaMask app fails to open, the users can still open a different ETH wallet and use the same seed phrase to get enter their existing wallet account. Hence, it is important to keep the seed phrase safe, away from those who can steal the seed phrase and wallet funds. Here is how one can keep their seed phrases secure – use a password manager, for example, 1Password. You can also write the seed phrase in a notebook and store it in a safe vault or on a hard drive encrypted with a strong password.

Start Using Metamask Wallet

To start using the wallet, users need to think of a strong and unique password that will encrypt their private keys. This ensures that no one can enter the MetaMask wallet without entering the private keys. Once the password is set, the user is then taken to the wallet screen that shows the account balance. Click on the Puzzle tab and choose the Pin Extension in the browser to ensure the user has complete access to their MetaMask account.

Connect dApp to Metamask Wallet Account

In the following step, users need to purchase some amount of Ethereum tokens to be able to pay for cryptocurrency transaction fees. The tokens can be purchased from any crypto exchange such as Kraken or Coinbase and then transferred to the MetaMask crypto wallet. This would require the user to connect the wallet to the ETH DeFi app and it takes only a minute with MetaMask.

Connect dApp to Metamask Wallet Account

Sign Up Now

MetaMask Pricing and Fees

All transactions conducted through MetaMask consist of a default gas fee based on the current activities of the ETH network. More activities require higher default gas fees. The fee is also mentioned on the MetaMask app before the payments are approved.

Wallets like MetaMask offer certain parameters with which the users can increase the fee and set certain gas limits to avoid additional transaction costs. High gas fees on the Ethereum network support quicker transaction times and vice versa. Recently, MetaMask wallet released its swap function that allows easy swapping of Ether tokens for a wide variety of ERC-20 tokens.

The wallet performs swaps by looking through multiple DEXs to search for the best exchange fees and rates. However, note that MetaMask charges services fees ranging from 0.3% to 0.875% for rendering this service.

Disclaimer – Users must be aware of the fact that setting a low gas fee can lead to slow or stuck transactions that are not picked up by miners who are usually incentivized by a high gas fee. This may not get the transaction transmitted to the ETH blockchain.

MetaMask Supported Coins

MetaMask is a great crypto wallet app that allows users to choose to send or receive Ethereum, Ethereum-based tokens, BSC (Binance Smart Chain) tokens, and an array of other tokens from several chains. What makes MetaMask the best option is that users can easily customize the chain they wish to explore or receive from and accept small cryptocurrency tokens from a relatively obscure chain that most people do not use. The cryptocurrencies that MetaMask wallet supports are Ethereum, Ethereum Classic, USD Tether, Basic Attention Token, USD Coin, and all other coins of ERC-20.

MetaMask Mobile App

Although the MetaMask browser extension is fully optimized and functional, there also is a mobile app available for Android iOS devices for users to send or receive cryptocurrency on the go. The application is slick and easy to navigate and in many ways, it is more pleasant and convenient to use the app with a more compact and attractive interface on a smartphone display. All functionality available on the browser version is available on the app – buying, selling, sending, or receiving assets with an additional feature of browsing dApps such as DeFi apps, DEXs, developer tools, and many more.

Users can also sync the MetaMask mobile app with the browser wallet version. All they have to do is go to Settings and then to Advanced on the browser version, and click on Sync with Mobile. Scan the displaying QR code with the mobile device to link the wallet accounts.

Comparison of MetaMask with Other Wallets

Trust Wallet

Trust Wallet supports Bitcoin and Ethereum-based blockchain ecosystems.

MathWallet

Multi-platform, multi-chain crypto wallet with additional security features such as private keys, mnemonic phrases, two-factor authentication, and more.

Coinbase Wallet

Coinbase Wallet supports the majority of crypto coins including Bitcoin, Litecoin, XRP, Dogecoin, ERC-20 tokens, and many more

Coin98

Supports more than 25 blockchains and has additional security features such as password protection, FaceID security, and others.

Binance Chain Wallet

Thousands of dApps and coins across multiple blockchains are accessible and compatible on Firefox and Chrome.

Can MetaMask be Hacked?

We have already discussed in this MetaMask Wallet review that hacking the wallet is difficult but there is still a slight possibility of the user being careless with their private keys and the secret recovery phrase. MetaMask and many other crypto wallets recommend using a hardware wallet if the user has a huge quantity of Ethereum or any other crypto tokens in the account. It is because it is considered to be the most secure option to store Ethereum tokens.

MetaMask Security

Web-based wallets or hot wallets are assumed to be unsafe compared to other crypto wallets. Hence, one might wonder if the MetaMask wallet is indeed safe and secure to use as a storage unit for cryptocurrencies. Ever since MetaMask’s inception in 2016, the wallet has not witnessed any major setbacks or hacks.

MetaMask Security

Sign Up Now

It uses HD backup settings and depends on a dedicated community of software developers who maintain the wallet’s features and functionality and update the open-source code of the wallet regularly. However, a potential risk that MetaMask users may face is a phishing attack. These attacks are scams used by criminals like hackers who steal user data such as their username, seed phrase, and other data.

Phishing attacks have become extremely common when it comes to crypto wallets. However, this problem can also be avoided. To avoid phishing attacks, users must avoid reacting to pop-up advertisements or checking suspicious emails.

Experts recommend users login into their wallet account from official websites only. In addition to this, MetaMask allows users to control and manage user identities. When dApps want to run transactions and write on Ethereum blockchains, they provide the users with a safe and secure interface.

According to this MetaMask wallet review, the security measures on the platform are not sufficient and there is a lot to improve upon. Hence, it is recommended to store only small amounts of Ethereum or other coins on the MetaMask ad other hardware wallets to avoid mishaps in the future.

MetaMask Customer Support

MetaMask welcomes as many users involved with the ETH network as possible. It offers a video introduction available on the official homepage along with a rich FAQ section that answers most of the frequently asked questions of its customers. There is also an active community where users can join discussions with the MetaMask community on the Discourse page.

However, if the FAQ section falls short and does not adequately resolve client issues, customers can also start a conversation with the customer support team through a live chat function. The MetaMask customer support team recommends reaching them out through live chat but if that fails too, customers can email the team at [email protected] and they will take a closer look at the issue.

MetaMask Reviews: Conclusion

To sum up this MetaMask wallet review, it is true that the wallet has come out as a unique hardware wallet that enables users to communicate with Ethereum blockchains without running as a full node. The wallet is an excellent option for new users as the wallet targets to make their initial moves into the crypto blockchain niche extremely easy and smooth.

MetaMask is an open-source software that has a huge development community, contributing to the platform’s development. It uses a hierarchical deterministic setting, assisting users in backing up their accounts. It has also integrated Coinbase and ShapeShift exchanges that make it easier to exchange ERC-20 and Ethereum tokens. The intuitive and user-friendly interface and reliable and efficient customer support make that platform one of the best options for storing and transferring funds from one place to another.

MetaMask - A Gateway to Blockchain Apps

Sign Up Now

When the development team of MetaMask started designing the wallet’s features and functions in 2016, the main goal was to make it easier, more reliable, and secure accessibility to Ethereum blockchain and it has been able to achieve its objective with a significant margin.

However, one of the biggest drawbacks of MetaMask is engraved in its nature. Being a web-based wallet, it is important that users stay safe and store only a small quantity of crypto coins. Those who are new to the Ethereum blockchain can use the MetaMask wallet without any hesitation but with caution. Note that the computer, browser, as well as the MetaMask wallet, are updated regularly for improved security.

FAQs

Can I Use the MetaMask for Bulk Payments?

Yes, MetaMask is safe to use to store, transfer bulk payments in Ethereum or ERC 20 tokens since it is a hardware wallet. However, experts still advise storing only small amounts to avoid mishaps as using MetaMask and other crypto wallets is always a shaky experience. Anyone’s account can get hacked if users disclose their private keys.

What Type of Wallet is MetaMask?

MetaMask is a great software crypto wallet that is used to communicate with Ethereum networks and it allows users to explore the ETH wallet via a mobile application or browser extension that can be used to communicate with other decentralized apps or dApps.

Is It Worth Using MetaMask?

MetaMask wallet is a secure cryptocurrency wallet. However, its security mostly depends on the user’s device and responsibility. The wallet’s password or seed phrase must be protected at all times. Otherwise, MetaMask has a good community of software developers, running updates and improving its open-source code time and again.

Is MetaMask Anonymous?

Although MetaMask is a safe option over other expensive cryptocurrency wallets, but it is surely not anonymous. Hence, users who are looking for complete anonymity features while making transactions, note that MetaMask is not a good option for you.

Can MetaMask Hold Bitcoin?

No, MetaMask does not hold Bitcoin. It does not allow users to buy Bitcoin through MetaMask since the wallet is completely dedicated to Ethereum and hosts only ERC-20 assets.

Should I Keep My Coins in MetaMask?

Yes, it is completely safe to store crypto on MetaMask wallet as the platform does not manage private keys. MetaMask is a good wallet that has no access to user data such as seed phrases and other private data in case the user deletes or loses them at any point in time.

Back to top button