MetaMask is a popular cryptocurrency wallet that supports various Ethereum-based tokens and non-fungible tokens (NFTs) on supported blockchains. Experienced crypto investors may value the speed and simplicity of the wallet, but new investors may struggle to navigate it. However, the wallet does not offer support for Bitcoin, which may deter investors whose primary investment is in Bitcoin.

Pros

  • Setting up is easy
  • You can earn rewards through staking and holding.
  • It supports various Ethereum-based tokens
  • It acts as a central hub for dApps

Cons

  • The wallet does not allow for coin-to-fiat conversion.
  • 24/7 live customer support is not available.

Features

MetaMask boasts impressive features like security, anonymity, and decentralization, making it a popular choice in the crypto industry. Users can easily install the wallet software or add it as a browser extension without disclosing personal information like their name, email, social security number, or address. Decentralization ensures that transactions on the blockchain are visible to connected nodes and prevents a single entity from gaining access to the entire wallet system, which is different from the now-bankrupt FTX protocol, where unauthorized access led to the theft of $600 million in crypto.

In addition to supporting various cryptocurrencies, MetaMask is versatile in the marketplace. It supports tokens on the ERC-20 protocol and can store non-fungible tokens (NFTs), which can be connected to marketplaces like OpenSea. The wallet also supports multiple blockchains, including Binance, Polygon, Avalanche, and more.

While MetaMask has over 30 million active monthly users, there are some downsides to consider. Notably, it does not support Bitcoin, and its technical nature may not be suitable for new crypto investors, as there is no live customer support.

Security

To secure their accounts, MetaMask relies on anonymity and the user’s control of private keys. When setting up the wallet, users create a password or use biometric data to protect their accounts. If the device is lost or damaged, the wallet can be recovered through a 12-word mnemonic phrase provided by the user. However, this single recovery method also makes the wallet vulnerable to hacks and malware, such as the Banker Trojan, social engineering attacks, and phishing scams. Users should be cautious of any requests for their seed phrase and verify the authenticity of any downloaded wallet extensions to prevent theft of their assets.

Setting up

To set up MetaMask, users first need to download the appropriate app or extension for their device. This includes options for Android and iOS devices, as well as the Brave, Google Chrome, Opera, Microsoft Edge, or Firefox browsers. After this, users can choose to import an existing wallet using a 12-word seed phrase or create a new one. If you select “Create a Wallet,” you may be asked for permission to gather anonymous usage data to improve the product. However, you can opt out of any requests that may seem privacy sensitive, such as requests for private keys, transaction data, or IP addresses, as part of MetaMask’s privacy policy.

Next, you will be asked to create an eight-character password, and your 12-word seed phrase will be displayed. It’s important to keep these safe because if they go missing, you will permanently lose access to your wallet. Once you have confirmed your seed phrase, you can easily conduct transactions such as sending, buying, swapping, and staking.

Cost & Fees 

MetaMask users are solely responsible for transaction fees. These fees, known as gas fees, are paid to the blockchain service. When purchasing crypto, users may need to pay a processing fee, a base fee, and a gas limit. Additionally, a service fee of 0.875% is applied to any swaps.

Users have the option to customize their gas fees based on their desired transaction speed. These higher fees, called high-priority fees, attract miners to process transactions faster in exchange for a higher fee. This model incentivizes miners to prioritize transactions with higher fees.

MetaMask Hub

MetaMask serves as a hub for NFT and Web3 enthusiasts who want to create decentralized applications on the Ethereum blockchain. It offers a range of features and Web3 applications as both a web browser application and a mobile app. However, it cannot act as a primary wallet because it does not support Bitcoin, the most popular digital asset in the cryptocurrency industry. Despite this, MetaMask’s technical features make it suitable for intermediate and advanced crypto investors.

Review

When it comes to cryptocurrencies, it’s crucial to ensure you have a reliable crypto wallet. To help you find the best one, we conducted a thorough review of the top cryptocurrency software wallets. Our review process involved gathering over 40 data points and conducting extensive research on the 19 companies we reviewed. Our team of researchers and writers, who are experts in this field, used a rating model that weighed key factors like security, costs, privacy, usability, customer support, and features according to their importance. We also test-drove each wallet to provide a qualitative perspective. Our model prioritized companies with strong security measures and reputations, as well as those with a range of features such as supporting multiple crypto assets, syncing with hardware wallets, and allowing fee customization.

Cryptocurrency Wallet MetaMask Wallet