Metamask is a secure wallet and gateway to blockchain sites. Whether you are an experienced user or brand new to blockchain, MetaMask helps you connect to the decentralized web. This MetaMask review is an up-to-date, detailed analysis of Metamask wallet, containing everything you need to know about Metamask and whether it’s the right wallet for you.
Find out on our Metamask review now!
Metamask review
ConsenSys founded MetaMask in 2016 and has its headquarters in Albany, California. MetaMask had previously only been available as a desktop browser extension for Google Chrome and Firefox.
Because of MetaMask’s popularity among cryptocurrency users, as well as its lack of an official mobile app for several years, instances of malicious software masquerading as MetaMask became a problem for Google in regulating its Chrome Web Store and Google Play platforms.
In one case, Google Play mistakenly removed MetaMask’s official beta app before reversing its decision a week later, on January 1, 2020.
MetaMask began releasing closed beta mobile app versions in 2019, followed by their official public release for iOS and Android in September 2020.
MetaMask Swaps, a built-in DEX aggregation service, will be added to the desktop extension in October 2020. In March 2021, the product will be available on mobile devices.
The app includes an integrated service for exchanging Ethereum tokens by aggregating the best exchange rates from multiple decentralized exchanges (DEXs). The service fee for this feature, known as MetaMask Swaps, is 0.875% of the transaction amount.
According to Bloomberg, MetaMask’s browser extension had over 21 million monthly active users as of November 2021.
What is MetaMask?
MetaMask is a cryptocurrency wallet that uses software to interact with the Ethereum blockchain. It enables users to interact with decentralized applications by allowing them to access their Ethereum wallet via a browser extension or mobile app. ConsenSys Software Inc., a blockchain software company focused on Ethereum-based tools and infrastructure, created MetaMask.
Users can use MetaMask to store and manage account keys, broadcast transactions, send and receive Ethereum-based cryptocurrencies and tokens, and securely connect to decentralized applications using a compatible web browser or the built-in browser of the mobile app.
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Websites or other decentralized applications can connect, authenticate, and/or integrate other smart contract functionality with a user’s MetaMask wallet (and any other similar blockchain wallet browser extensions) using JavaScript code, which enables the website to send action prompts, signature requests, or transaction requests to the user via MetaMask as an intermediary.
MetaMask Pros and Cons
Pros
- Earn rewards via staking and holding: MetaMask users can earn additional tokens through airdrops and staking. Staking is the process of locking up tokens in a vault for a certain period to make a profit represented in APY.
- Supports a broad range of Ethereum-based tokens: MetaMask supports diverse crypto-assets built on the Ethereum network. Examples include Ethereum (ETH), Tether (USDT), and USD Coin (UADC), amongst others.
- Supports a variety of Ethereum dapps: MetaMask supports a broad range of decentralized applications (dApps), which are essential for builders, NFT, and Web 3 enthusiasts.
- Integration with ledger devices: MetaMask and Ledger are proud to announce a new partnership to maintain and improve the ease of use and security for our shared customers.
- Open source: Open source software is developed in a decentralized and collaborative way, relying on peer review and community production. Metamask software is open-source meaning its code is designed to be publicly accessible through several browser networks. Anyone can see, modify, and distribute the code as they see fit.
Cons
- Somewhat confusing interface: MetaMask user interface might be somewhat confusing especially for new users to interact with.
- Doesn’t support Bitcoin: Bitcoin, is the most-held digital asset in the crypto industry. Metamask does not support Bitcoin, making it a turn-off for investors Bitcoin investors.
MetaMask review: How Metamask works
MetaMask is a cryptocurrency wallet that is available as a browser extension to help you store tokens, interact with decentralized applications, and trade Ethereum.
By Connecting users with decentralized applications like PancakeSwap, SushiSwap, and MetaMask eliminates the need to enter private keys at the execution of each transaction while creating, storing, or trading tokens.
A blockchain wallet, which is available as a digital or online wallet, allows users to store and manage their Bitcoin, Ether, and other cryptocurrencies. A blockchain wallet facilitates cryptocurrency transfers, protects crypto assets from theft, and allows users to convert them back into their local currencies if necessary.
With over 30 million monthly users, MetaMask is one of the most popular blockchain wallets today, making it a widely used non-custodial crypto wallet. The MetaMask browser extension is an essential tool for crypto gamers, developers, and blockchain newcomers.
It has a large community, with over a million downloads, and many resources contributing to the project.
MetaMask is a browser extension that can function as your Ethereum wallet. Unlike traditional wallets, MetaMask does not require any additional plug-ins, allowing you to use it in any browser.
Once installed, you can view your Ethereum address and send and receive coins to any other Ethereum address. MetaMask enables you to stake coins on gambling websites, trade on DEXs, and participate in projects such as PoolTogether and Compound.
The MetaMask app is available for both desktop and mobile devices. On all supported browsers, the downloading process is largely the same.
MetaMask review: How to use Metamask
Decentralization is an important feature because it ensures that transactions on the blockchain are visible to all connected nodes. It also prevents a single entity from gaining complete access to the wallet system.
Users can install Metamask without disclosing identifying information such as their name, email, social security number, or address by downloading the wallet software or adding it as a browser extension. Though it may appear difficult to beginners, MetaMask is one of the easiest Ethereum wallets and dapp browsers to use and can be set up in a matter of minutes in most cases.
You’ll need Chrome, a Chromium-based browser like Brave, or Firefox to use MetaMask.
First, you’ll need to download and install the official Metamask extension (also known as a plugin or add-on) for your chosen browser. For most people, this is the Google Chrome extension or the Firefox addon. For our guide, we’ll be using the Firefox version, but the steps are nearly identical for other browsers.
Step 1
Click the ‘Get Started’ button to begin creating your Ethereum wallet using MetaMask.
Step 2
On the next step, click the ‘Create a Wallet’ button.
Step 3
You’ll then be asked if you want to help improve MetaMask. Click ‘No Thanks’ if this doesn’t interest you; otherwise, click ‘I agree’.
Step 4
In the next step, create a password. This needs to be at least 8 characters long and should contain a mixture of upper and lower case letters, symbols, and numbers.
Step 5
Read and accept the Terms of Service, and click ‘Create’ once your password has been set.
MetaMask will then display your 12-word backup phrase to you. This phrase must be carefully written down, with the words recorded in the same order as they appear on your screen. This phrase will be required to recover your wallet if you ever lose access to your computer, so keep it somewhere safe. Anyone who knows your 12-word backup phrase will be able to access the funds in your MetaMask wallet, so keep it private.
Click ‘Next’ once you’ve written this down.
Step 6
Confirm your backup phrase on the next screen by entering the words in the same order saved previously. Click ‘Confirm’ once done.
You have now almost completed the MetaMask setup process. Just click ‘All Done’ on the final page, and you will be automatically logged in to MetaMask.
Step 7
If you ever get logged out, you’ll be able to log back in again by clicking the MetaMask icon, which will have been added to your web browser (usually found next to the URL bar).
You can now access your list of assets in the ‘Assets’ tab and view your transaction history in the ‘Activity’ tab.
Step 8
It is as simple as clicking the ‘Send’ button, entering the recipient address and amount to send, and selecting a transaction fee to send cryptocurrency. You can also manually adjust the transaction fee using the ‘Advanced Options’ button, selecting a more acceptable gas price from ETH Gas Station or similar platforms.
After clicking ‘Next,’ you will be able to confirm or reject the transaction on the following page.
Step 9
To use MetaMask to interact with a dapp or smart contract, you’ll usually need to find a ‘Connect to Wallet’ button or similar element on the platform you are trying to use. After clicking this, you should then see a prompt asking whether you want to let the dapp connect to your wallet.
The below example shows how you connect MetaMask to a decentralized exchange like Uniswap, but a similar process should be observed for other dapps. Simply connecting with a dapp means it can view your addresses, but it cannot access your funds.
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Once connected, you’ll then be able to interact with the dapp and use its features.
Dapps automatically connect to MetaMask, simplifying the connection process. Within the dapp, if payment is required, a pop-up window will appear asking to confirm the transaction from the MetaMask account.
MetaMask supported coins
MetaMask supports ETH and any other tokens, collectibles, or other types of assets that are issued on top of the Ethereum blockchain. The wallet supports a wide range of Ethereum-based tokens, such as:
- Ether (ETH)
- USD Coin (USDC)
- Tether (USDT)
- Yearn Finance (YFI)
- Basic Attention Token (BAT)
- Compound (COMP)
- Gnosis (GNO)
- Badger DAO (BADGER)
- Gemini Dollar (GUSD)
- PAX Dollar (USDP)
MetaMask Fees
Users are solely responsible for MetaMask transaction fees. Charges are primarily for gas fees paid to the blockchain service. When purchasing cryptocurrency, users may be charged a processing fee, a base fee, and a gas limit.
Users will also be charged a 0.875% service fee for any swaps. This fee is automatically added to each quote and helps to fund ongoing development to make MetaMask even better.
Users can also customize their Metamask gas fees based on how quickly they want the transaction to be processed. These fees, which are significantly higher than standard fees, are known as high-priority fees. The theory behind this strategy is that miners are eager to process transactions with higher fees. As a result, paying higher fees will encourage them to process transactions more quickly.
MetaMask review: How to set gas fees on MetaMask
Gas fees on Metamask are fees charged in order to initiate successful transactions on Metamask. Note that these fees are not charged or collected by MetaMask, and hence is not something they can control.
Step 1
Open the MetaMask application or wallet extension.
Step 2
Click on the menu located at the top left corner of the page and scroll down to “settings.”
Step 3
On the settings page, scroll down and toggle on “Advanced gas controls.”
Step 4
Once you’ve flicked this switch, the option to “edit” gas will appear when a transaction is initiated.
Step 5
Clicking on ‘edit’ should allow you to modify the three applicable fields as follows.
MetaMask API
MetaMask is the trailblazing tool enabling user interactions and experience on Web3. It is currently available as a browser extension and as a mobile app on both Android and iOS devices. The Metamask API has documentation written to illustrate how to build a dapp with Metamask for smart contract developers looking to build a wallet like Metamask.
MetaMask was created to meet the needs of secure and usable Ethereum-based websites. In particular, it handles account management and connects the user to the blockchain.
MetaMask review: Metamask App review
The Metamask mobile app is available for Android and iOS devices and allows users to send or receive cryptocurrency on the go with an intuitive and intelligent user interface. All functionality available on the browser version is available on the app, including buying, selling, sending, or receiving assets, with the 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, then to Advanced on the browser version, and click on Sync with Mobile. Scan the displayed QR code with the mobile device to link the wallet accounts. The mobile app also has an ⭐ rating of 4.1 with over 10 million downloads.
Below displays a Metamask review of consumer reports on the Metamask app
Metamask Customer Service
MetaMask’s customer support has a range of systems in place to help users in need. In this Metamask review, we found out that there are three modes of support, which include: a knowledge base, community forums, and contacting a support agent.
With the knowledge base, users can search for articles regarding the issue they’re having. There are a number of user guides that cover general topics and also provide links to more specific Frequently Asked Questions.
The community forums are also a source of help. Interacting with the community can help you find an answer there. And if you don’t find a solution to your problem in these resources, click on the ‘Start a Conversation’ button here. If the button doesn’t appear or is broken, try turning off ad blockers and trying again.
Is MetaMask Safe?
For this Metamask review, we found out that MetaMask’s approach to security is based on anonymity and entrusting users with private keys. Accounts are protected by a user-generated password during installation and setup, or biometric data on mobile devices because the wallet does not store users’ personal information.
Because the wallet does not keep private keys, a 12-word mnemonic phrase can be used to recover it. It is therefore critical to keep this seed phrase secure, as it will be required if the device is damaged or stolen.
MetaMask only provides one method for recovering a single wallet across multiple devices. As a result, the wallet is vulnerable to hacks and malware. Social engineering attacks and other crypto scams are examples of these.
Users of the MetaMask wallet may be targeted by phishing scams that ask them to reveal their seed phrases on suspicious websites, or by downloading and installing a bogus version of the wallet extension, which hackers can use to steal users’ assets once they gain control of the wallet.
MetaMask review: Bottom line
According to this MetaMask review, Metamask is a decentralized wallet with vast features and Web3 applications that make it a central hub for NFT and Web3 enthusiasts who desire to build decentralized applications on the Ethereum blockchain.
The wallet exists as a web browser application and a mobile app. It gives you the ease of setting up an account in no time, and its top-notch security makes sure your funds are safe. Its products and features make it compatible with both newbies and experienced users, giving them the ability to conveniently send, receive, swap, and stake, amongst others.
