Connect with us

Crypto

MetaMask Review: Read This If You’re Starting Out!

Published

on

MetaMask Review

When it comes to investing in cryptocurrency, the most important step will always be to choose the right wallet. After all, you will need it to be able to store your crypto before actually using it.

As cryptocurrency exchanges are vulnerable to hacking and theft, it is not recommended to store your crypto on them… At least not in the long term. Exchanges work best for transacting with your crypto but never as the main storage option.

If you want to hold your crypto in the long term, it is best to use a crypto wallet that gives you control over your private keys. With a variety of types, cryptocurrency wallets give you true ownership over your holdings.

However, not all wallets are made equal. Each wallet will offer you a different set of features, cryptocurrency support, and levels of security. In this MetaMask review, we will be telling you everything you need to know about this wallet.

Hopefully, you will understand by the end what makes MetaMask so popular among crypto investors. Keep reading our MetaMask review to learn more about this wallet!

What is MetaMask?

We have been referring to MetaMask as a wallet so far in this MetaMask review. However, the truth is that the team behind the projects calls the platform something else. According to MetaMask’s website, the platform is intended to be a security application more than a wallet.

The team behind the platform designed the project as a new way of designing internet security, a means to prevent the leakage of personal information on the internet. However, in this MetaMask review, we are only going to focus on their utility as a wallet.

Having clarified this, let’s jump straight to the topic. MetaMask was designed in 2016 by ConsenSys, an American company founded by Joseph Lubin that is in charge of designing blockchain software.

ConsenSys has also developed other Ethereum protocols such as Infura, Meridia, and Gnosis, with MetaMask also being developed for Ethereum.

At this time, MetaMask can be used as an extension for Chrome, Brave, Edge, and Firefox browsers. All of these extensions are completely free and their code is Open Source. So if you are curious to know how it works and have coding knowledge, you can find out!

How does MetaMask work?

The way MetaMask works is so simple and fast that if you are a newbie, you will love it. All you have to do is install the extension in your default browser and create your account. This is a simple process that won’t take you more than a minute.

To create an account you must enter your password of choice first, making sure it is secure. Then MetaMask will generate a 12-word code you must copy and store in a safe place.

These two mediums will be your keys to access your wallet: While the password will give you access locally, the 12-word code will let you restore your wallet. As such, make sure to keep them safe and private!

With that, you are ready to use MetaMask. You can access the wallet by clicking on the extension icon in your browser. You will also be able to use it to log in to blockchain-based platforms.

Something you will need to keep in mind is that MetaMask is designed to work with Ethereum. As such, you will need to have ETH or other ERC20 tokens to operate with it.

What Cryptocurrencies Does MetaMask Support?

For some people, it is extremely important that their wallet accepts several cryptocurrencies. As we said before in this MetaMask review, this wallet works with the Ethereum network. However, this doesn’t mean that its functionality is limited to the ETH token.

MetaMask can support all cryptocurrencies and tokens that are compliant with the ERC20 standard. This is great news as ERC20 is the most popular type of token in the crypto world. Some of the most popular ERC20 tokens are:

Chainlink (LINK)Polygon (Matic)USD Coin (USDC)Tether (USDT)
Aave (AAVE)Axie Infinity (AXS)Shiba Inu (SHIB)Compound (COMP)
Wrapped Bitcoin (WBTC)OmiseGO (OMG)0x (ZRX)Maker (MKR)
Augur (REP)Golem (GNT)Loopring (LRC)Basic Attention Token (BAT)

These are just a few examples of the most popular ones. As MetaMask accepts all cryptocurrencies using ERC-20 tokens, the number of coins you can use is greater than 2000. This is more than enough to build a balanced portfolio!

Does MetaMask Charge Fees?

In terms of fees, MetaMask doesn’t work much differently from other Ethereum software wallets. However, if you are not familiar with terms like GAS and Gwei, you might find it confusing at first.

Let’s start by defining what Gweis are. Just like Satoshis in Bitcoin, Gweis are the smallest unit of ETH with 1 billion Gweis making 1 ETH. Gweis are usually used to represent small values such as gas prices, which are basically transaction fees in the Ethereum network.

Now that we have clarified this, let’s talk about gas prices. In short, MetaMask allows you to choose how much you want to pay for the transaction (Also known as EIP-1559). This is because to move crypto from one account to another, you can choose how much priority you want your transaction to have.

Transactions will go faster or slower depending on how much money you pay in gas.

The more you pay, the faster it will go and vice versa.

This means that if you are willing to wait several minutes or even hours, you may decide to pay a lower fee. This is great as it provides users with added flexibility when it comes to operating in the network.

MetaMask lets you choose between three types of transactions:

  • Fast: Pay more for an immediate transfer.
  • Average: The usual price for a transfer which can take up to 2 minutes.
  • Slow: Can take up to 10 or 15 minutes, but you will pay much less in gas

In addition to these 3 categories, there are advanced options that allow you to decide how much you want to pay. With these, transactions can take up to several hours by significantly decreasing prices.

If you are a new user, it is best to use the options recommended by the platform itself. What is not so advisable is to choose it manually as if you don’t pay enough gas the transaction might not even take place.

Now, we have talked about how you can pay different gas prices to decide the speed of the transaction.

However, we haven’t told you how much a transaction will actually cost in Gwei or the USD equivalent… This is because Ethereum gas fees vary depending on demand. As such, it is possible for them to change significantly in a matter of days.

Does MetaMask Offer Good Customer Support?

Being a browser extension and not an application, you may think that MetaMask would not have good customer support. However, the opposite is actually true.

MetaMask’s help center has an extensive list of articles and common questions in their FAQs section. Here, you will find detailed but simply explained information on how the wallet works and common problems. The FAQs cover everything from installation issues and the first purchases of ETH, to more complicated issues such as its GAS system.

The team’s goal is to make the information as accessible as possible to all users. For this purpose, there is also a community forum in which you can receive help from other users. This is extremely useful to find the best ways to squeeze every drop of utility from MetaMask.

Now, if these resources are not enough for you to find the answer to your question, you can always contact customer support directly. This can be done by submitting a ticket in MetaMask’s support section. With an incredibly professional and knowledgeable team, you are sure to receive the best solution to any inquiry you have.

Other MetaMask Features

As we have mentioned already in this MetaMask review, this platform offers other functions in addition to being a wallet. In fact, some of its other functions are the reason for many crypto enthusiasts to use it.

Swaps

Another very interesting feature is the Swaps feature. If you use Ethereum and didn’t know about MetaMask pay close attention. MetaMask’s Swaps feature is almost indispensable if you are a user of ETH or any of its variants. With this feature, you can easily trade Ethereum tokens directly from MetaMask in a fast and convenient way.

MetaMask also offers a feature that allows you to buy ETH coins at the best possible price. This feature scans all exchanges for the lowest price of the crypto you want as long as they belong to the Ethereum network. Then, you can gain instant access to the order with the best price to make the best out of your trade.

While you will have to pay fees for this transaction, they will depend on the exchange and not MetaMask.

Crypto Games

One of the main reasons why MetaMask is so popular is the features it offers for crypto games. The games allow players to earn and spend different cryptocurrencies inside their virtual ecosystem, creating a rewarding playing experience.

Most of them will support MetaMask as their main wallet and a login mechanism, which makes MetaMask even more versatile.

As most of these games will also use Non-Fungible tokens (NFTs) to represent in-game assets, MetaMask will also serve as storage for them. When you also consider that games like Axie Infinity reward players for using MetaMask, choosing it is a no-brainer.

Multiple Profiles

Another interesting feature is that MetaMask allows you to have multiple profiles. This means that with one browser you can have several wallets at the same time.

You can customize them by changing their name and icon to make them more accessible and recognizable. Having several wallets is very convenient if you want to organize your different crypto by category or other traits.

For example, you can have your ETH and other ERC20s in your main wallet and the crypto you get playing Axie Infinity in a special wallet.

Password Security

First, let’s start with the most important one, which is taking care of your other passwords. 

We are talking about passwords you use in other online services. These can be social networks platforms like Facebook, Instagram, Twitter, Google, and Youtube or even services like PayPal, bank accounts, email, etc. 

You may be wondering if MetaMask has access to your saved passwords as it is a browser extension. Fear not, all of your information is encrypted so MetaMask nor any other browser extensions have access to this data. 

This ensures the safety and privacy of your login credentials at all times.

Is MetaMask secure?

Let’s make one thing clear. This MetaMask review is not intended to be a promotional piece that tries to convince you to use MetaMask over other wallets. As such, let’s address some of the issues that have occurred around MetaMask over the years.

The first and most notable is the booming of fake MetaMask extensions. This has resulted in thousands of users installing forged and malicious versions that have resulted in them losing their crypto.

While this is not MetaMask’s fault per se, their decision to offer their service only as a browser extension contributes to this issue. After all, this has been an issue that has plagued extensions for decades.

To make sure that you are getting the real version of the app, visit their official website.

Another thing you should consider when using MetaMask is that web wallets are less secure than desktop or mobile wallets. When you compare them to hardware wallets, the security difference is even more noticeable.

As such, we would recommend combining MetaMask with a hardware wallet if possible as this would exponentially increase its security.

That being said, MetaMask has not been breached in any major way. As the source code is available to anyone who wants to review it, the community is always helping improve the code.

This means that as long as you have good security practices, MetaMask will provide you with a great level of security. With your private keys being encrypted locally through your password, you can be certain your crypto is safe!

Conclusion

After reading this in-depth MetaMask review, we hope you have seen both its advantages and disadvantages.

As you can see, MetaMask is a pretty comprehensive security solution that offers a lot of functionality when it comes to interacting with the crypto space. Sure, while you are more likely to be considering using it as a wallet, the other features are a big plus.

MetaMask is a great tool for beginners and advanced crypto users to add to their toolbox. While the wallet might feel a bit overwhelming to beginners due to the different tiers of gas prices, these become second nature.

In a similar manner, MetaMask’s User Interface has a lot of potential to be improved. However, it still remains accessible enough… Especially for a space that is known for non-so-good user interfaces.

The convenience of the plugin also makes it an incredible way to interact with your favorite crypto applications. If you are planning to use Decentralized Finance (DeFi) services or blockchain games, this is probably the best wallet to use.

The fact that the code is open-source is a breath of fresh air. This is not only consistent with the ideals of blockchain and crypto but also adds to the security of the wallet.

Finally, we believe that the biggest disadvantage of MetaMask is its limitation to ETH and ERC20 tokens.

While this is more than enough for many investors, it can limit your options in lots of ways if you don’t use other wallets. That being said, there are a lot of other wallets out there you can use in addition to MetaMask. We have covered several of them in our Wallets section, so make sure to check it out.

We hope this MetaMask review has proven to be useful and informative. Hopefully you will now be able to tell if MetaMask is the right wallet for you!

Click to comment

Leave a Reply

Your email address will not be published.

SUBSCRIBE TO OUR
MAILING LIST
Get the news right in your inbox




Advertisement

Trending