Ethereum wallets can be very different to Bitcoin wallets. While Bitcoin wallets help users store their bitcoins securely for long periods of times, Ethereum wallets work more like browsers. These wallets offer access to the Ethereum blockchain-based ecosystem of decentralized applications. They can look more like an app shop than a wallet. MetaMask has the highest usage rate when it comes to Ethereum. This review highlights the features, benefits, pros and con of the platform, as well as its mobile app, pricing, fees and other costs.
What is MetaMask and how can it help you?
Consensys released MetaMask (decentralized application) in 2016 in an effort to simplify access to decentralized apps. This includes DEXs (decentralized forex), online gaming platforms, and the opportunity to stake in DeFi spaces. MetaMask is an electronic wallet to store cryptocurrency. It is built on Ethereum blockchain and has more than 10 million active members in the crypto community.
The digital wallet, a secure cryptocurrency wallet, is an easy-to-use bridge between a browser extension and the Ethereum blockchain. It also serves as a host system for multiple dApps. We recommend that you read the MetaMask Reviews to get a better understanding of the wallet.
MetaMask allows you to store ETH or any other ERC 20 tokens that were created with the Ethereum blockchain network. You can also use digital assets using your choice of dApp. MetaMask, an online wallet, was initially available only in browser extensions that were Chromium-based, such as Chrome and Brave.
MetaMask launched a mobile version for both Android and iPhone, to make it easier for people to use the MetaMask extension as well as a dedicated mobile phone app.
MetaMask wallet’s encryption capabilities make it stand out from other hardware wallets. Private keys and seed words of users are securely stored where users only need to manage their individual seed phrases.
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MetaMask was originally designed to be used on the Ethereum network. However, it allows users access to many other networks including the BSC and Binance Smart Chain. MetaMask provides flexibility for users, allowing them to easily switch between networks and connect to multiple hardware wallets.
How to set MetaMask up
MetaMask wallet creation is very simple. First, download the browser extension (for Brave, Google Chrome and Firefox) or the Android or Apple iOS phone app.
After downloading, users can choose to import their existing wallet by using the 12-word password or create a new wallet. MetaMask will ask new users to select “Create a Wallet” and they will be asked permission for anonymous usage data.
Next, users will need to create a password that is at least eight characters long. After that, they’ll be asked for a brief presentation about the secret recovery phase. It is crucial that every user remembers their 12-word seed phrase. This is how the wallet can be imported to other devices, or reset the password in case it is lost.
Once the 12-word phrase is confirmed, the process can be completed. MetaMask app users will be able to use the app for sending and receiving cryptocurrency.
MetaMask wallet provides a unique trade function, which allows users to execute P2P (peer to peer) token swaps right in their wallets. Crypto swaps cannot be transacted through order books, exchange liquidity models or exchanges. However, they can use aggregated information gathered from many DEXs or Automated Market Makers. MetaMask wallets swaps let its users trade cryptocurrency directly without interfacing with any intermediary platforms or custodial ones. This reduces friction and lowers costs while limiting slippage.
MetaMask members can use the crypto wallet in order to access a range of ETH based dApps, ETH powered games, crypto lending products and NFTs. MetaMask has an in-built crypto wallet which allows users to use the wallet to instantly spend, stake, and send crypto within ETH without the need to integrate any other wallets or make unwelcome transactions. MetaMask offers users a straightforward entry point into the world’s DeFi and other Blockchain services and sectors.
MetaMask was recently optimized for integration with BSC. This allows users the freedom to switch between Binance (Ethernet) and Ethereum wallets, as well as access all dApps and trade on both decentralized exchanges. MetaMask started out with Ethereum development. Later, the company expanded its reach to other blockchain networks. Its mission was to develop an interconnected Web 3.0 ecosystem.
MetaMask comes with a built-in wallet. It stores tokens based upon ETH’s ERC-17 & ERC-20 token standards. With this wallet, users can easily create and navigate through multiple wallet IDs within the mobile apps. The MetaMask extension allows users to securely store private keys as well as wallet passwords within their browser.
This gives them greater control over both their private and public keys. All users who create a new account get a set of private seed phrases. If necessary, it can be used later to restore lost accounts.
MetaMask has some issues with security. It cannot be considered an Ethereum full Node. It is therefore not the best wallet for people who want to achieve as much decentralization of their funds as possible. The wallet actually doesn’t run the Ethereum servers users use to find out about what is going on with the Ethereum blockchain. Infura handles this responsibility. Infura has been criticised for being a central point of failure in the Ethereum network. With all of that said, it is important to note that advanced users are able to connect their MetaMask accounts to their Ethereum full Nodes if they so desire.
It has been a target of hackers for years because of its popularity within the Ethereum ecosystem. Nefarious actors are responsible for creating a malicious, alternative version of MetaMask and convincing new users that they should use it. Once the funds have been transferred to the wallet, the coins will be immediately taken. It is best to ensure that you only download genuine MetaMask software to protect yourself from this type of attack. Hackers can often buy Google Ads for searches related to MetaMask, and other Ethereum wallets. Always be alert for this.
Is MetaMask Hackable?
As we’ve already mentioned in this review, hacking the wallet can be difficult. However there is still a possibility that the user may not have taken care of their secret recovery key and private keys. MetaMask recommends that users who have large amounts of Ethereum, or any other crypto tokens, use a hardware-based wallet. It is the best option to store Ethereum coins.
MetaMask on Desktop
MetaMask is a well-known cryptocurrency wallet that has been used by over 30 million people every month across multiple browsers. It allows users to send or receive coins from any wallet or smart contracts on a supported Blockchain. They can also buy cryptocurrency from providers Wyre or Transak. MetaMask doesn’t collect personal data from cryptocurrency buyers, but their partners can use “Know Your Customer” procedures to ensure regulatory compliance. These include providing proof of identification and providing a purchase method (e.g. a credit-card) to receive coins. It is also compatible with Trezor’s hardware cryptocurrency wallets Ledger. This allows users to securely store crypto and NFTs in the hardware-based cold storage wallets.
MetaMask allows you to send, receive or trade tokens from any connected website. MetaMask in your browser will appear to confirm all details including the contract price and anticipated gas fees. Users can modify their gas limits before confirming the transaction. This allows them to either increase their speed or reduce their maximum price while slowing it down.
MetaMask on Mobile
MetaMask wallet can be downloaded from both the Apple App Store or Android Google Play Store. This app supports all major smartphone platforms. MetaMask received a rating from the App store of 4.6 stars out of five based on over 22,100 user ratings. However, Google Play users gave the app a rating out of 5 with 4.6 stars, based on 85,000 user ratings. Many complaints are related to the wallet setting high gas fees and slow speeds for transactions.
Users can send and retrieve cryptocurrency using the supported blockchains. The app will also allow users to view NFT collection collections. Transak lets users purchase Ethereum directly from the app. Transak on MetaMask is able to make purchases using bank transfers and credit cards. Once again, the provider may require users to input certain personally-identifiable information as part of their KYC regulatory protocols.
MetaMask vs. All Other Wallets
Trust Wallet supports Bitcoin/Ethernet-based blockchain ecosystems.
Multi-platform, multi-chain crypto wallet featuring additional security features such private keys, mnemonic sentences, two-factor authentication, and many more.
This platform supports more than 25 Blockchains. It also has additional security features, such as FaceID security and password protection.
Users will be responsible to pay any gas fees that the blockchain charges for transactions. These fees can vary depending on how quickly the exchange is processed. Any swaps will attract a service cost that can range from 0.3% to 0.875%.
Additionally, the site notes that crypto buyers can expect to pay a MetaMask fee as well as a processing and gas fee.
Pros and Cons
|It is simple to use and easy to understand.
|Security concerns: A hot wallet.
|Integration with ledger technology
|Support for ERC20 tokens and Ethereum tokens only.
|Automatic account backup
MetaMask is a well-known wallet due to its simplicity and compatibility across all devices. It also integrates with NFT and exchange websites. There are thousands of tokens supported across multiple blockchains. It is simple to use the wallet on most sites. Follow the prompts to send or receive cryptocurrency, and trade NFTs online. It is simple to use the wallet to buy, store, and trade Ethereum. More advanced users can adjust their gas fees to lower their expenses while working on blockchain technology.
MetaMask is a good wallet for people who are comfortable with cryptocurrency. It is not the best option, however, for newcomers to the industry. If the wallet is infected with malware or social engineering attacks, people who don’t know what red flags they should be looking for run the risk of losing their assets. Because the password cannot be reset without the 12-word seed phrase, users could easily lose access to their crypto assets. Before using MetaMask or any other app for cryptocurrency wallets, users need to do some research.