MetaMask Wallet Review 2024
MetaMask is one of the most popular cryptocurrency wallets. It is available both as a browser extension and a mobile app. MetaMask was created to make managing cryptocurrency assets easier and to help users use the features of dApps as effectively as possible. It is a universal solution, free and designed also for those who are only introducing themselves to the world of cryptocurrencies.
Many heard about this extension, but the majority of beginners have next to no idea of how to replenish MetaMask, how to transfer funds to the wallet and how to withdraw them. The thing is that there are a number of nuances related to synchronization of this wallet with different platforms. It is important to know how to use its features in order to get the maximum benefit. Finally, you need to understand how the security system of MetaMask works in order not to worry about your assets. All these issues are discussed in our article.
Safety |
8 |
Convenience of use |
9 |
Suitable for |
Holding, buying, selling cryptocurrencies (including NFTs), working with decentralized apps |
MetaMask Wallet Profile
The table below provides basic information about the MetaMask cryptocurrency wallet.
Name |
MetaMask Wallet |
Website |
|
Supported cryptocurrencies |
Ethereum and all Ethereum-based coins (ERC-20, ERC-721, etc.) |
Web 3 support (dApps, NFT) |
The wallet works with decentralized apps and non-fungible tokens |
Support of Ethereum tokens |
Yes, full support |
Browser extension |
Yes |
Mobile app |
Yes |
Cold storage |
Yes (optional) |
Storage of private keys |
On user’s device |
Connected exchanges |
No |
Fees |
Depend on the network |
Technical support channels |
Knowledge database, forum and chat (https://metamask.zendesk.com/hc/en-us, https://community.metamask.io/) |
What is MetaMask wallet?
MetaMask extension is a programmable cryptocurrency wallet. It was launched by ConsenSys Software Inc. It is the largest company for developing solutions for the Ethereum blockchain. Initially, MetaMask wallet was one of a kind. It has a simple interface; it is easily synchronized with any decentralized cryptocurrency exchange supporting the Ethereum blockchain.
Up until 2019, MetaMask existed only in the form of a browser extension for Chrome and Firefox. This became an issue, because absence of a link to a mobile app allowed scammers to create ‘copies’ of the wallet in Chrome Web Store and Google Play. In January 2020, while fighting with scammers Google accidentally removed the official version of MetaMask wallet for an entire week. In September 2020, ConsenSys Software Inc. released an application for iOS and Android.
It is not necessary to install the MetaMask extension in order to download the app. Also, you don’t need to have the app on the phone in order to use the extension. However, it is recommended to use both to improve security.
The deposit/withdrawal and making a payment on MetaMask is all done literally in a few clicks. The wallet has a high level of usability with some users actually claiming it is the highest. It synchronizes with any platform and apps run on the Ethereum blockchain and also any decentralized exchange (DEX), for example Binance.
The connection between the MetaMask wallet and decentralized applications is established using a JavaScript module (Web3js or Ethers). The same module is used for interaction between the wallet and smart contracts. One of the features is an integrated Ethereum token exchange service by combining several decentralized exchanges to find the best exchange rate.
Basic features
You can transfer ETH and any token based on this currency to the wallet. You can store and withdraw funds in any amount. The users are charged only with the standard Ethereum rate for gas, which depends on many factors. There is an additional swap fee of 0.875% of the transaction amount. The wallet allows you to work with all dApps, developed on the Ethereum blockchain. You can use it to buy and sell NFTs.
Supported coins
There is no sense in trying to list them all. It will suffice to say that the MetaMask wallet supports all coins across the Ethereum network. Here are some examples of such coins:
EOS,
TRON,
VeChain,
OmiseGo (OMG),
ICON (ICX),
Populous (PPT),
Binance Coin (BNB),
RChain (RHOC),
Status (SNT),
Maker (MKR).
A complete list of Ethereum-based tokens is available on any aggregator site.
Any non-fungible token (NFT) can be bought and sold using the MetaMask extension. NFTs can be stored in your wallet, with your collection displayed in the main menu of the extension / application.
Benefits of MetaMask wallet
The easiest wallet to use;
There is an extension and a mobile app;
Supports ETH and all coins based on it;
Only the gas fee is charged (and additional swap fee);
Supports smart contracts, including NFTs;
Works with dApps built on Ethereum;
High level of security.
Drawbacks of MetaMask wallet
Sometimes transactions may take a long time (which leads to an increase of the fee at the time of execution).
The gas fee on Ethereum is higher than many other blockchains. A user needs to explore the capabilities of EIP-1559.
Since private keys are stored on the user's device, if the device is hacked, the hacker will have access to them.
Is MetaMask a free wallet?
Yes, any person can install the MetaMask extension and download the app on their smartphone. The wallet does not change transaction fees, but users pay the standard gas fee. On the Ethereum blockchain, gas reflects how much computing power was spent to execute a transaction. The more complex the transaction, the more gas is required, respectively, the higher the fee. Also, gas depends on network congestion. On average, Ethereum has a higher gas fee than other blockchains. Thanks to EIP-1559, users can change the amount of gas (affects the transaction execution speed).
Users pay an additional fee if they need the swap option. It is a possibility to exchange one token for another at the best market price. Swap fee is 0.875% of the transaction amount.
Is MetaMask wallet secure?
Before looking at how to replenish the MetaMask wallet and how to withdraw funds from it, let’s review the wallet’s security, because if it is easy to steal money from the wallet or if it is constantly hacked, all other benefits do not matter.
MetaMask has three security levels: password, private keys and a seed phrase of at least 12 words. In order to gain access to a user’s wallet, a hacker needs either the password and keys or the seed phrase. Private keys are stored on the user's device and the user decides where to store the seed phrase. MetaMask advises not to store the password on digital media, but write it on a piece of paper. The same applies to the seed phrase.
If somebody learns your seed phrase, he/she can gain access to the wallet. If a user forgets the password or loses private keys, he/she will be able to restore them using the seed phrase. However, if you don’t have the seed phrase (forgot it or lost it), it is impossible to restore access.
Storage of private keys
A private key is a randomly generated sequence of numbers that allows you to identify a user and transactions associated with him/her. A private key is used to log into the wallet, and confirm the user's actions in the background. The key is called private because it is not displayed publicly, no one sees it.
A private key may be stored on a user's device, on the system’s servers or on a cloud. In the case of MetaMask, it is stored by the user (in the browser or mobile app). On the one hand, it is a good thing, because nobody has access to your private key. However, if someone hacks your browser or smartphone, they will be able to get the key (this, of course, requires some serious hacking skills).
Many wallets store private keys on a user’s device. Note that there is no system of private key storage that would give you a 100% security guarantee. Even hardware wallets like Trezor can be lost. MetaMask uses a simple and rather reliable method. The most important thing is for users to take care of the data security on their devices (have an antivirus software, avoid using public Wi-Fi networks, etc.).
Hot or cold storage?
There are two ways to store data and they are cold hot and cold storage. Cold storage is when data is stored on a physical medium, for example, a hardware wallet (connects to a PC like a flash drive). Hot storage is when data resides in a hybrid cloud.
The benefit of hot storage is that you can have access to data instantly or almost instantly. In the case with the cold wallet, working with data is much slower. A hardware wallet cannot be hacked remotely, as it does not have access to the Internet. Meanwhile, it is impossible to hack a cloud.
The MetaMask extension uses hot storage. This means that user funds are stored in the hybrid cloud. The system has a good level of security, but it could potentially be hacked. However, users can sync the wallet with Trezor and Ledger devices.
Security issues of MetaMask wallet
There have been no known hacks of the MetaMask wallet. In the time of its existence (8 years), the hackers have not been able to gain access to the cold data storage. The code integrity has not been violated and no weaknesses were discovered. However, some private accounts have been hacked.
You can find quite many comments online, where people report that they had their money stolen from the MetaMask wallet. In all these cases, however, the issue was not the security of the wallet. The most common case is when an attacker hacks a user's PC and gains access to the browser data and through it to private keys. It is not uncommon for users to store their password and seed phrase on a computer or smartphone. This is the main reason for hacks.
You can ensure the maximum level of security only if you store your password and seed phrase not on a digital medium. Do not trust your memory! Write the information down in your diary and hide it where no one can find it. Also, buy a hardware wallet.
Conclusions: is MetaMask safe?
Yes, this wallet is safe. It is as safe as a security system using cloud data storage can be. If a user doesn’t store their password and seed phrase on their PC or smartphone, it will be extremely difficult to gain access to the wallet. This is practically impossible in conditions, where he regularly uses the wallet and sees notifications about login attempts. If a user has a Trezor or Ledger hardware wallet, the risk of the wallet being hacked and the money stolen is practically eliminated.
Review of the MetaMask extension features
MetaMask offers users all the features required to work with cryptocurrencies in our time.
Storage and transfers
Below, we will review the algorithm of how to transfer funds to MetaMask and how to withdraw them. It is the key feature of the wallet: you can deposit Ethereum coins and all stablecoins of this blockchain. You can store funds in the wallet and transfer funds through any Ethereum network commission-free. Besides the gas fee, there are no fees or limits.
Purchase and sale of NFTs
You can buy and sell non-fungible tokens (NFTs) at decentralized exchanges. User’s token collection is shown on the main screen of the app. It is possible to post tokens to the suitable platforms to participate in auctions and earn money on the sale of NFTs.
dApps
MetaMask extension allows you to perform transactions in the apps that run on the Ethereum blockchain. It does not matter what platform you work with or what application. Over one million apps have been built on this blockchain.
Swaps
The recently introduced swap feature is a revolutionary mechanism that is one of a kind. A user can exchange any of his/her tokens for another token in the app. The system will automatically monitor all decentralized exchanges and choose the best offer to make sure that the user performs the exchange at the best conditions with minimum network fee.
Buying tokens
The feature allows you to buy any Ethereum token of all available standards. You simply need to click Buy and enter the required amount. The system chooses the best quotes, taking into account the region and available providers. You can buy stablecoins and native tokens in the Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom and Celo networks paying for your purchase with a debit/credit card, bank account or mobile payment.
How to download and install MetaMask wallet?
Go to the official MetaMask website. In the top right corner click Download. You will be offered three options: for Chrome, an app for iOS or Android.
How to download and install MetaMask wallet
If you want to install the Chrome extension, select the tab and click Install MetaMask from Chrome. You will be directed to the browser’s extension store. Click Install. After that, the extension icon will appear in the top right corner next to the address bar. Click on it and then press Start. If you already have a MetaMask wallet, select that Import wallet, If you don’t, select Create a Wallet.
How to download and install MetaMask wallet
Agree to the terms of use and come up with a password. Next, the system will explain what the seed phrase (secret recovery phrase) is. You will have to come up with it as well. Once you’ve completed these steps, you will receive full access to the MetaMask extension features.
How to download and install MetaMask wallet
In order to install the app on your mobile device, choose iOS or Android on the first screen. Then click Install MetaMask for… You will be directed to AppStore or PlayMarket, where you can install the app. If your gadget is synchronized to your PC, you can install the app remotely. If there is no synchronization, you can copy the link and then open it on your phone. Alternatively, you can simply open the app store and search for the MetaMask app and install it from there.
How to download and install MetaMask wallet
After you install the app, you can select either existing wallet and log into it, or you can create a new wallet. In this case, the steps are similar to creating a wallet in a browser. You will need to agree to the terms of use, come up with a password and seed phrase.
How to use MetaMask wallet
As soon as you’ve created your wallet, you need to learn your ID address. You can find it at the top of the screen. You can click on it and the address will be automatically copied. You can send your address to other people to use it to transfer money to your wallet.
How to use MetaMask wallet
Now we need to understand how to transfer money to MetaMask and how to withdraw cryptocurrency from MetaMask. It is very simple. In the middle of the screen you will find Buy and Send buttons.
Click Buy and the system will offer you two deposit options – through Wyre or CoinSwitch. Both options support payments with debit cards and other cryptocurrency wallets.
Click Send and enter the wallet’s ID, where you want to transfer funds. Then specify the amount and click Send again. Note that the system automatically calculates the gas fee for this transaction.
In order to exchange one coin for another, click Swap. You will need this button also to access the DeFi or NFT platform. Most cryptocurrency platforms have a “Connect” button in the top right corner of the screen. By clicking on it, you will connect your MetaMask wallet to the selected platform. For some platforms, additional configuration may be required (the information about this will definitely be featured on the website).
How to use MetaMask wallet
Supported platforms
MetaMask wallet can be installed on a personal computer, smartphone or tablet PC. It is recommended to install the browser extension and the app, even if you only work with your PC. The smartphone app will keep you updated on the situation, as transaction notifications will be sent there.
Extension
This is the form in which MetaMask has existed for 8 years, since its launch. The extension can be installed for the following browsers: Chrome, Firefox, Brave, Edge. These browsers run on Windows, macOS, and Linux operating systems. There are no technical requirements for the extension. If you have one of these browsers on your PC, and you access the Internet using it, there will be no issues with the wallet.
Mobile application
MetaMask wallet as an app can be installed on all iOS and Android devices. It doesn’t necessarily have to be a smartphone; you can install MetaMask on a tablet or other device. All latest iOS and Android versions are supported. If an outdated version is being used, the system will issue a warning before installing the app in the app store.
Cold storage
MetaMask wallet itself does not support cold storage. The data is stored on a cloud by default (except for private keys, they are stored on the user’s device). However, you can always buy a Trezor or Ledger hardware wallet. At the moment, MetaMask only supports these wallets. You can synchronize your account with the specified devices and store funds there (for more details, see the FAQ section on the official MetaMask website).
Is the MetaMask Wallet Suitable for Beginners?
Yes, the MetaMask Wallet is an ideal choice for beginners entering the cryptocurrency world. Its user-friendly interface and wide range of features make it an accessible and convenient option. Let's explore the reasons why MetaMask is suitable for newcomers:
1. User-Friendly Interface
MetaMask provides a simple and intuitive interface, making it easy for beginners to navigate and understand. The wallet seamlessly integrates with popular web browsers, such as Chrome and Firefox, and offers a straightforward setup process. Even those with limited technical knowledge can quickly grasp the basic functionalities of MetaMask.
2. Wide dApp Support
MetaMask offers extensive support for decentralized applications (dApps) built on the Ethereum blockchain. This feature is particularly beneficial for beginners seeking to explore the world of decentralized finance (DeFi) and interact with various blockchain-based applications. With MetaMask, users can effortlessly connect to dApps, participate in token sales, and engage in yield farming or staking activities.
3. Safe and Convenient Wallet
Security is paramount when it comes to cryptocurrency wallets, and MetaMask prioritizes the protection of user funds. The wallet employs robust security measures, including password authentication, private keys, and a seed phrase backup. These features ensure that only the wallet owner can access and manage their funds, providing peace of mind for beginners concerned about the safety of their assets.
4. Complete Control and Access to Funds
MetaMask gives users complete control and access to their funds directly on their local devices. This means beginners can securely store their cryptocurrencies without relying on third-party custodial services. Having full control over their funds allows users to make transactions, participate in DeFi protocols, and manage their portfolios autonomously.
5. No Personal Information Required
Privacy is another important aspect for beginners entering the cryptocurrency space. MetaMask respects user privacy by not requiring any personal information during the setup process. Unlike some wallets that may ask for email addresses, passwords, or secret recovery phrases, MetaMask keeps things anonymous and ensures that your personal information remains private.
6. Easy to Set Up
Getting started with MetaMask is a breeze, even for beginners. The setup process is quick and straightforward. You don't need to create an account to use the wallet. This simplicity allows newcomers to dive into the world of Ethereum and decentralized applications without the hassle of complex registration processes.
MetaMask Wallet Education Tools
MetaMask offers a range of educational tools to enhance your understanding of the wallet and the broader web3 ecosystem. Let's explore some of these valuable educational resources:
MetaMask User Guide
This comprehensive guide provides step-by-step instructions and tips on how to set up and use your MetaMask wallet. From installation to transactions, the User Guide covers it all. You can find the guide on the official MetaMask website or inside the MetaMask app.
MetaMask Knowledge Base
The MetaMask Knowledge Base is a library of articles, FAQs, and troubleshooting guides. Here you can find in-depth explanations of specific features, common issues and their solutions, and tips for best practices. It's an indispensable resource for users of all levels of experience.
MetaMask Support Center
The Support Center is the first point of contact if you run into any issues or need help with MetaMask. Their experienced support staff can assist with technical problems, lost passwords, hacked accounts, and more. You can contact the Support Center via email or through their online form.
MetaMask Learn
MetaMask Learn is an educational platform that offers free courses on web3 and blockchain technology, specifically tailored for MetaMask users. These courses are available in 10 different languages, making them accessible to users around the globe. From the basics of web3 to advanced topics like smart contracts and dApps, MetaMask Learn has resources for everyone.
Community Platform
MetaMask has a vibrant and knowledgeable community. On the community platform, you can interact with other users, share your experiences, ask questions, and learn from others. This platform fosters a collaborative environment where users can help each other navigate the world of Ethereum and web3.
How to Transfer Funds and Buy Crypto in MetaMask Wallet
MetaMask is a versatile cryptocurrency wallet that can be used for a variety of transactions, including sending funds, buying cryptocurrency, and withdrawing your assets. Here's a step-by-step guide on how to transfer funds, buy crypto, and withdraw from your MetaMask wallet.
Transfer Funds to Another Wallet
Open MetaMask: Start by opening your MetaMask browser extension or mobile app.
Select the right account: Make sure you're in the correct account from which you want to send funds.
Click 'Send': Click on the 'Send' button on the main screen.
Enter recipient's address: In the 'Recipient Address' field, enter the address of the wallet where you want to send the funds. Make sure to double-check this address to avoid any mistakes.
Enter the amount: Next, enter the amount of ETH or tokens you want to send.
Confirm the transaction: Once you've entered the details, click 'Next', review the transaction details, including gas fees, and then click 'Confirm'.
Wait for confirmation: Your transaction will now be processed. You can track its progress on the blockchain via the transaction ID provided.
Buying Crypto via the MetaMask Wallet
Open MetaMask: Start by opening your MetaMask browser extension or mobile app.
Click on 'Buy': On the main screen of your MetaMask wallet, click on the 'Buy' button.
Choose your payment method: MetaMask will offer a few options for buying crypto, such as using a debit card, bank transfer, or Apple Pay via third-party integrations like Transak or Wyre. Choose the one that's most convenient for you.
Enter details: Follow the prompts to enter the required details, such as the amount you want to buy and your payment information.
Confirm the transaction: Review the transaction details, including the fees, and then confirm the purchase.
Wait for the transaction to complete: The processing time can vary depending on the payment method and network congestion.
Withdrawing From MetaMask Wallet
Open MetaMask: Start by opening your MetaMask browser extension or mobile app.
Click 'Send': Click on the 'Send' button on the main screen.
Enter your external wallet's address: In the 'Recipient Address' field, enter the address of your external wallet where you want to transfer the funds.
Enter the amount: Input the amount you want to withdraw.
Confirm the transaction: Review the transaction details, then click 'Next' and 'Confirm'.
Wait for confirmation: Wait for the transaction to be processed. You can check the status via the transaction ID provided.
Remember to always double-check all details before confirming a transaction and ensure that your MetaMask wallet is secure to protect your assets.
FAQs
What is MetaMask wallet?
It is one of the most popular cryptocurrency wallets. It is intended for storing cryptocurrencies, and allows you to receive funds and transfer funds. Initially, it existed as a browser extension, but now there is also a mobile app. Recently, the swap feature for exchanging tokens was added to the wallet. The wallet provides an opportunity to buy cryptocurrency by paying for it directly with a debit/credit card.
What are the features of this wallet? Why is it so popular?
MetaMask has a simple interface, it is perfect for beginners who have never used crypto wallets. MetaMask works with Ethereum and all cryptocurrencies created on its basis. The standard does not matter. Note that some websites write that MetaMask only works with ERC-20 tokens. This is not true. The wallet supports all Ethereum tokens, including ERC-721.
How secure is the MetaMask app?
A user generates a password and a seed phrase of at least 12 words to protect their funds. Users can hold this information anywhere. If it is not stored on your device, a hacker practically has no chance of obtaining it. There is also a private key, but it is stored in the browser/app. MetaMask supports cold storage – account synchronization with Trezor and Ledger hardware wallets is available.
What can I do with the MetaMask wallet?
You can store your coins in it, accept and make transfers. You can also convert coins at the best market price and buy them directly with your debit/credit card. MetaMask allows users to work in decentralized apps (dApps) that run on the Ethereum blockchain, buy and store non-fungible tokens (NFTs).
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Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.