Is MetaMask A Safe Wallet for Traders?

MetaMask is one of the most famous cryptocurrency wallets, with millions of active users. But do your tokens genuinely deserve to be trusted in this digital wallet? In this MetaMask review, we will explore MetaMask’s key features and assess whether it is the optimal wallet for blockchain beginners and traders.

MetaMask Review at a Glance

Advantages of MetaMask

• Easy to use
• Users have the power to maintain their privacy and discretion
• Integrates hardware wallets
• Supports a variety of ETH-based coins
• Supports NFTs and other decentralized applications (dApps)
• Non-custodial wallet
• Has both an app and a web browser extension

Disadvantages of MetaMask

• No Safari support for iOS users
• Others find its waiting time slower than other crypto markets
• Only works in ETH-based and ERC-20 tokens
• Does not have a coin-to-fiat conversion feature

What is MetaMask?

MetaMask is a digital wallet that allows you to store/keep, send, and receive ETH tokens. It also allows you to trade cryptocurrency on decentralized exchanges and access decentralized applications (dApps) on the Ethereum network. 

MetaMask is a non-custodial wallet, which means that you control your private keys. This platform also uses hardware wallets like Ledger Nano S and Trezor for added security. It is recognized as one of the most popular cryptocurrency wallets, with over 30 million active users as of this writing.

It has been around since 2014 and has been frequently updated with new features. MetaMask is also available as a browser extension for Google Chrome, Mozilla Firefox, and Brave browsers. It is known as a mobile app for Android and iOS devices.

The Metamask interface is intuitive and easy to use. The wallet automatically generates a seed phrase that can be used to restore the wallet if it is lost or deleted.

The services provided by MetaMask are as to:

• Buy, keep, transfer, and swap coins using the app or browser extension
• Connect to blockchain-based apps
• Generate recovery phrases only you can access

Key Features of MetaMask Wallet

As a blockchain trader, you need a safe and secure way to store your cryptocurrency. Metamask is a popular option for many traders, as it offers several key features that make it an attractive choice. Here are some of the essential features of MetaMask:

MetaMask Portfolio

One feature that makes MetaMask stand out is allowing users to connect to more than one account. This wallet is a secure crypto storage alternative for users’ devices, storing and encrypting private keys. 

Its Portfolio feature makes it possible to trade cryptocurrencies within the app. MetaMask also provides a gateway to dApps, DeFi, and NFTs by organizing your accounts and assets across several chains in one intuitive interface.

Customizable Gas Fees

MetaMask has an advanced option that permits users to adjust their transaction fees, such as the Gas Price and Gas Limit. With this, traders can add gas prices and limits manually.

MetaMask Supported Coins

For those thinking about what coins does MetaMask support, the network has ETH and ETH-based cryptocurrency (ERC-20, ERC-721, etc.). Among these tokens are:

• Ether
• Tether
• USDC
• Augur
• VeCHain
• Compound
• Gnosis
• PAX
• ICON
• Binance Coin (BNB)

Crypto Swaps

MetaMask ensures that token swaps can be done conveniently through mobile or desktop. Its swap feature provides the best quotes based on a user’s desired token, region, and provider. With this, they can offer the lowest fees to traders.

Usability

Both the mobile app and website of MetaMask are easy to use, set up, and have great user interfaces, making it an ideal Ethereum wallet. Therefore, whether users have their laptops or their smartphone, they can seamlessly transact and connect with sites such as Uniswap and OpenSea.

EIP-1599

The introduction of EIP-1559 (Ethereum Improvement Proposals) in 2021 has transformed Ethereum’s transaction fee market. It entailed shifting to a fixed-price sale and getting rid of the first-price auction system. 

Because of this, users do not have to calculate the gas required for their transaction. Instead, the base fee has already been added to the consequent block.

MetaMask Anonymity

As a non-custodial, decentralized platform, MetaMask guarantees user privacy is among its top priorities. They do not demand traders to apply for KYC (Know Your Clients) requirements, meaning you do not have to share your personal information with the platform. You will remain anonymous, and your wallet ID will serve as your ‘code name’ in the network.

Is MetaMask safe?

It’s difficult to trust anything we see online because it might put our personal information at risk. But most MetaMask users believe it’s one of the safest digital wallets out there because it does not handle private keys and gives its users full custody over their resources. The platform administrators have no access to your data and recovery phrases, giving you the responsibility to take good care of your wallet.

They entrust your private keys while guaranteeing that your accounts are protected through biometrics or user-generated password. They also feature a 12-word recovery phrase in case your gadget gets misplaced, stolen, or damaged.

On the other hand, others find risk in trusting their assets in the platform. Metamask is a prominent wallet in the Ethereum ecosystem and a potential target for hackers. Although the platform does not have access to your personal information, the web browser you use will gather information about you based on when and how you use it.

With that, many believe that it’s not the ideal Ethereum wallet for acquiring decentralization. One reason is because it doesn’t even run Ethereum servers utilized to gather information about the blockchain. That said, it would be best to find ways to enhance your MetaMask security to avoid possible issues.

MetaMask Wallet Fees

The MetaMask wallet and platform encompasses many digital assets other than cryptos. You are also allowed to store and transfer Non-fungible tokens.

But how much does it cost to transact in MetaMask?

The wallet does not have a flat fee for your transactions on the platform. However, it presses processing charges in their gas fees. These fees vary depending on the transaction you make. 

One factor that affects the fee is the network traffic. The more congested it is, the more you’d expect gas fees to be slightly higher. The good thing is that it allows you to limit your gas fees manually. 

But on average, a standard transaction will demand more or less 0.00231 ETH.

When it comes to MetaMask and other crypto platforms, it’s essential to understand the value of timing when initiating transactions. Take time to explore and understand how you can benefit from the option to reduce gas fees on the network.

How to Add MetaMask on Your Web Browser

There are two ways to start your MetaMask journey: mobile app and web browser. When you want to use the application, just make sure you only download it via App Store for iOS or Play Store for Android devices.

But in this tutorial, we’ll teach you how to add a MetaMask extension through your browser. It’s pretty simple, especially because you can use Chrome, Firefox, Edge, and Brave browsers. 

As an example, we’ll use Chrome to download. However, if you prefer to use a different browser, you can still apply these steps. If the links we’ve attached do not work for you for some reason, then just make sure to look for the MetaMask extension on your search engine.

DISCLAIMER: At some point in the process, you may be asked to “read and change all your data on the website you visit” upon approving this extension. You might wonder what this means and why you must agree.

MetaMask requires you to connect a Web3 JavaScript object for you to enable decentralized applications so you can access the blockchain. Changing “all your data” does not mean it will change the website you’re using. Rather, it will only make it accessible to the network, and your device will continue to be safe for browsing.

So, are you now ready to add MetaMask to your browser? If the answer is YES, then just follow these simple steps:

Step 1: Visit the official MetaMask website using Chrome.

Step 2: Click the “Download for Chrome” button.

Step 3: Tap the “Add to Chrome” option.

A message will pop up asking you to confirm if you want to add an extension. Just click the “Add extension” button to agree. Otherwise, tap “cancel.”

MetaMask Alternatives

Although MetaMask is one of the biggest and most trusted digital wallets there is, we’ll give you three other options to consider. We’d like to provide you with a variety to expand your options to help you decide which will suit your needs.

1. Trust Wallet

Trust Wallet and MetaMask are both popular in the crypto ecosystem due to their convenience when it comes to buying and storing tokens. Like Metamask, Trust Wallet also supports NFTs. With the latter, however, it does not only enable ETH-based tokens but has a storage interaction on different blockchains.

2. MyEtherWallet

Another option you can consider is MyEtherWallet, another high-performing crypto wallet designed to store ETH and ETH-based tokens. However, MyEtherWallet has no direct connection with any cryptocurrency exchange.

3. Coinbase Wallet

MetaMask vs Coinbase both have fantastic features on their platform. So, if you’re looking for a wallet with hardware integration, you may want to download MetaMask. If you’re more interested in a wallet connected with multiple blockchains and could run dApps through its website, Coinbase would make a great alternative.

Final Verdict

Overall, though, Metamask is a great option for traders who are looking for a simple and user-friendly blockchain trading wallet. It’s easy to set up and use and supports a wide range of ETH and ETH-based coins and tokens. It may have a few downsides, but its advantages outweigh these drawbacks.

MetaMask Review: FAQs

Does MetaMask support Bitcoin?

Unfortunately, MetaMask cannot store Bitcoin. This is because MetaMask is an Ethereum-based wallet, while Bitcoin is blockchain-based. Therefore, you cannot use an Ethereum address to hold your Bitcoin.

Is MetaMask a hot wallet?

Yes, MetaMask is an example of a hot wallet. Hot wallets are digital currency wallets that can be accessed online and allows crypto transactions between token owners and end-users.

Can I import Trust Wallet to MetaMask?

Yes, you can import Trust Wallet to Metamask because the two are compatible with each other. The migration process requires you to use your recovery phrase to transfer Trust Wallet to Metamask.

Can I add blockchains to MetaMask other than the BNB chain and ERC20 chain?

Metamask supports multiple blockchains making it possible for you to add other platforms, such as the Avalanche network. Connecting Avalanche to MetaMask will help you access Avalanche-based DeFi systems and more.