- Open-source wallet, so anyone can use it
- HD settings that help users
- Coin purchasing is built-in
- Customer support
- Intuitive and straightforward interface
- Users get local key storage
- Part of the Ethereum community
- The browser has access to your information
- It’s an online wallet
- Only works for Ethereum and Ethereum-based tokens
Finding the ideal crypto wallet is often challenging, especially if you’re looking for something safe, intuitive, and with various features to choose from.
MetaMask is a famous crypto trading wallet alternative, but if you’re considering it on your list of options, you might want to know more about it before you start using it. This review focuses on it, and it describes what it is, its features, pros, cons, and much more.
- 1 What Is MetaMask?
- 2 How to Use MetaMask
- 3 Using MetaMask
- 4 Pros and Cons
- 5 Is MetaMask Safe?
- 6 Comparison to Other Wallets
- 7 Frequently Asked Questions
- 8 Conclusion
What Is MetaMask?
MetaMask is a cryptocurrency wallet that you can use on Brave, Chrome, and Firefox browsers. Therefore, part of its purpose is to work like a bridge between regular browsers and Ethereum.
If you’re a trader or investor and you’ve spent some time in the cryptocurrency world, you probably know about Ethereum. This blockchain is a network that allows users to build their own apps (the name for these is dApps) and write guidelines for transactions (smart contracts). MetaMask only works to store Ethereum token keys, and that’s a very relevant factor to keep in mind.
Ethereum’s cryptocurrency is called Ether. Additionally, there are other cryptos in the Ethereum blockchain, but these are called tokens. On many occasions, their name is ERC-20 tokens since they follow the rules and guidelines that Ethereum sets for people to be able to create new cryptos.
By now, you might be wondering why all of this is important because you want to know about MetaMask. The answer to that is that MetaMask is able to store Ether and ERC-20 tokens on Firefox, Chrome, and Brave. At the same time, users that rely on this wallet can browse the Ethereum blockchain from a standard browser.
As you might have noticed, MetaMask has certain specific features that other wallets don’t have. One of the most crucial ones is that you can only store Ethereum and tokens related to ETH on this wallet.
Therefore, even though the wallet allows you to store different tokens on this blockchain, you’re still limited to these only. If you want to store cryptocurrencies that are not in the Ethereum blockchain, you’ll need to get a different wallet.
How to Use MetaMask
Using MetaMask is a very straightforward process once you install it and complete all the necessary steps to get a wallet. However, you need to open your account first. Take a look at what you must do:
Getting Started and Opening an Account
As was mentioned before, you need an account before you start using MetaMask. Therefore, follow the next steps to get started:
- Get the Browser
You need one of the three browsers (Firefox, Brave, Chrome) before getting started. Thus, open a tab, and if you don’t have the browser, download it first.
- Add the Extension
Once you get the browser you can use with MetaMask, add the wallet extension to it by going to metamask.io. The wallet icon will appear on your screen next, and you should click on ‘create a new wallet.’
- Creating Your Wallet
Set a sturdy platform for your wallet, and then, MetaMask will give you 12 seed phrases. You need to copy these somewhere safe, in a place where you know you can quickly find them if you ever need to.
Once you copy down your seed phrases, click on ‘I’ve copied them somewhere safe,’ and that’s it! You’re now the owner of a MetaMask wallet.
If you already have your account, using MetaMask to store your crypto is immensely straightforward. To buy tokens or Ether, just click on ‘buy’ and choose the exchange you want to use (ShapeShift or Coinbase).
On the other hand, if you want to send cryptos, click on ‘send,’ enter the information of where you want to send them to, choose the amount, and then hit ‘accept.’
Pros and Cons
There are specific advantages and disadvantages that MetaMask has, and you might want to know about these if you’re thinking of using it as your crypto wallet. In a nutshell, the pros and cons are the following:
- Open-source Wallet
The MetaMask code is online, free, and anyone can access it. Since this code is available for anyone to use, people from the community are able to review it and improve it if they want to, which is a crucial advantage.
- HD Settings
This does not mean high-definition, although a lot of crypto newbies think that when they read the title. The acronym stands for hierarchical deterministic settings, and these features help you back up your account.
HD settings give you a list of words that help users reset lost account information, and this list is called ‘seed phrases.’ Thus, all of this is possible because MetaMask offers it to you!
- Coin Purchasing
MetaMask offers two exchanges for people like you to buy cryptocurrencies. You can use Coinbase and purchase Ether, for example, or go with ShapeShift and purchase ERC-20 tokens or ETH.
Although you get two different exchange options to choose from, most users usually go for Coinbase since this is the most popular alternative.
- Intuitive and Straightforward Interface
Once you set up MetaMask, using it is immensely simple. Many users who rely on this wallet say the same – its layout is user-friendly and intuitive, which means anyone can use it, regardless of their background and experience.
Receiving and sending cryptocurrencies with MetaMask is very easy, even for beginners. Therefore, if you’re just getting started, it might be the ideal platform for you.
- Local Key Storage
Some wallets provide users with servers to store the person’s key. This is very common in exchanges that also give you wallets, for instance, Coinbase and Binance.
However, this doesn’t happen like that for MetaMask. Your keys are stored in your browser instead of any remote servers. Therefore, you have more control over private and public keys.
- Ethereum Community
With more than 70,000 followers on Twitter and more than a million active users, MetaMask is a crucial member of the Ethereum Community.
Overall, many users rely on MetaMask due to its user-friendliness and other features. Thus, it’s definitely one of the best wallets you can trust.
- Browser Access
Even though MetaMask doesn’t have access to information, the browser you use will get this opportunity. Therefore, even though it won’t be able to get your private codes, it can still collect data about how and when you use the app.
Many crypto users don’t like Mozilla or Google because they collect information about them. Therefore, if you want to avoid that, you might have to switch wallets.
- Online Wallet
This aspect is for sure both an advantage and a disadvantage. On the one hand, you can quickly store your information, and it’ll always be there, which is a pro.
However, in this section, you’re getting to know the cons and risks. Online wallets might have security issues that offline ones don’t show, particularly because when you’re online, your information is out there for snoopers and hackers to get.
Numerous traders and investors have said that even though this is a risk, online wallets are immensely convenient. To deal with this issue, they often suggest using more than one type of wallet.
Is MetaMask Safe?
This is, of course, one of the most important questions to answer in this review, and the answer is yes! MetaMask is a safe wallet that you can use to store your cryptocurrencies.
In the previous section, you learned about its advantages and weaknesses, and you now know that since it’s online, you might be exposed to hackers. However, you’ll be happy to know that MetaMask has never suffered any major hacks, so the chances of this happening are very slim.
With a sturdy community of experienced developers working on its source code, MetaMask can guarantee the security of your assets. It relies on HD backup settings and other methods to make sure you’re always safe, and even though it’s online, it can still provide you with many benefits.
If you use MetaMask, the only relevant risk you might have to deal with is a phishing attack. This occurs when a scam hacker tries to steal personal information, for example, usernames and passwords.
MetaMask has been working on patches to make sure all users are safe from phishing. Even so, the community repeats that you’re the one responsible for handing your data away, so make sure you keep this in mind when you’re using your wallet!
Comparison to Other Wallets
Compared to other wallets, MetaMask is just as convenient for traders who are looking for an online option that provides them with different features, for example, accessing crypto exchanges where they can buy Ether.
Even so, it’s crucial to notice that comparing MetaMask with hardware wallets would be unfair. If you do that, you’ll notice that hardware ones might be safer because your information is not exposed to the world.
However, this doesn’t mean that hardware wallets don’t have their issues. Therefore, the best idea is to draw comparisons between online wallets, and this allows you to choose the most convenient option for you.
Other Things You Should Know
MetaMask offers you a specific feature that no other wallet might give you, or at least not with the same characteristics. In this case, you’re able to explore dApps or decentralized applications, and this is a fantastic introduction for crypto newbies if you’re not familiarized with the blockchain.
Beginners are able to explore the blockchain as they use MetaMask. At the same time, advanced traders might be interested in going through some dApps as well. In the end, there are many of them, and you can explore them and see if they spark your interest.
Some of the most famous dApps are CryptoKitties and blockchain arcades. The first option allows you to trade cartoon kitties, whereas the second one lets you use tokens and Ether to sign up for videogame tournaments.
There are definitely dApps for everyone out there, so all you need to do is to broaden your perspective and use MetaMask to explore the different options you have.
Frequently Asked Questions
Is MetaMask Trustworthy?
MetaMask is definitely a wallet you should trust. Even though there are many different options out there, this one is still immensely secure, especially compared to newer alternatives.
Using this wallet means you’re able to access different tokens in the Ethereum blockchain, and you can also safely store your assets. Additionally, you can go through dApps, which is an added benefit.
Consequently, MetaMask is trustworthy, and safe, and you can use it to store, sell, and buy your crypto without any issues.
How Can I Get Started with MetaMask?
Since MetaMask is an online wallet that works in your browser, you need to download this first.
You can choose between Chrome, Brave, and Firefox. Once you download the one you want, add the MetaMask extension from the wallet’s official website.
Lastly, follow the steps to open an account. Eventually, MetaMask will give you 12 seed phrases that you should write down in a safe place.
Do Users Like MetaMask?
MetaMask currently has over a million users. Therefore, it’s fair to say that people love it.
On Twitter, MetaMask has thousands of followers. This wallet is an essential element of the Ethereum community, and the people who use it are the best example of this.
MetaMask is a crypto wallet that you can use to store your cryptocurrencies. Even though it works online and has its risks, it’s still a convenient alternative for many traders.