MetaMask Review 2022
There are several wallets out there that crypto investors can use to store their digital assets. With the coming of DeFi projects, specific wallets are also cropping up to suit the trading of DeFi tokens. One of these is the MetaMask wallet.
If you are thinking about using MetaMask or trading DeFi tokens, this MetaMask review will help you work out whether it is the wallet for you. We will give a detailed description of the wallet and its features as well as advantages and disadvantages.
Table of Contents
What is MetaMask?
MetaMask is a free browser extension wallet used to access the Ethereum blockchain. This means you can use it like any other extension on your internet browser, which is a unique feature of the wallet. With it, you can access your Ethereum wallet and carry out transactions. It aggregates data from several decentralized exchanges to give users the best rates for transactions.
Users can connect MetaMask to any number of websites and be able to swap tokens on them. The wallet can also be used to interact with decentralized applications. This is one of its major use cases that some Ethereum wallets do not have. Users can store and manage account keys for different accounts.
MetaMask has a range of features that make it one of the top wallets for Ethereum-based tokens. Recently, it also started supporting BEP20 tokens built on the Binance Smart Chain Network.
- MetaMask supports all major tokens on these two networks
- Users can also manually add tokens to the wallet
- It allows users to send and receive as well as swap tokens easily
- The wallet can also be easily connected to decentralized exchanges for trading of tokens.
- MetaMask can also be used with a hardware wallet such as Ledger. This makes it possible for users to safely store their funds offline when using the wallet.
Fees for transactions and swaps on MetaMask depend on the network you are using. For instance, fees on BSC are obviously lower than those on the Ethereum network. The fees also vary depending on how congested the network is at the time of the transaction. A flat fee of 0.875% is added for every transaction on any network, which goes toward the development of the wallet.
MetaMask is continuously working to improve user accessibility to its services. In a recent update, it was working to enable Ledger users to access their wallet more easily.
By default, anyone on the internet with major browsers like Firefox, Chrome, and even Brave can easily access and use the wallet. There are no location restrictions, which means anyone from any part of the world can use it.
How Does MetaMask Work?
MetaMask works as a browser extension. Once added to the browser, the user can access it at any time using a password they created when they initially opened the wallet. The wallet is installed as a browser extension or on a mobile device as an app.
Depending on their needs, users can sync their MetaMask mobile app with the browser extension to be able to manage the wallet on both devices.
The browser extension can also be used with a hardware wallet. In fact, it is not advisable to store funds on the extension itself; therefore, many users only use it to access their hardware wallets.
MetaMask Pros & Cons
Pros: The Good Stuff
One of the simplest wallets used to access ERC20 tokens
Supports BSC (BEP20) tokens
Used to interact with dapps
Very flexible and can be connected to any website to swap tokens
Free and open source, making it more secure
Accounts can be backed up using seed phrases and can be recovered easily
Good customer support
Cons: The Not So Good Stuff
Hot wallet prone to attacks
Some browsers collect your information, which compromises user privacy
The Bottom Line
From this MetaMask review, it is apparent that this is a good and reliable wallet for those who regularly interact with dapps and Ethereum tokens. With a simple user interface, even newbies are able to navigate and use it. As long as proper precaution is taken to ensure safety of funds, MetaMask can be a great wallet to use.
Frequently Asked Questions
Coinbase is a centralized crypto exchange. It has a hot wallet that its customers can use to store funds and also carry out transactions, just like MetaMask. But is MetaMask safe? Yes, if the necessary precautions are taken. Is it safer than Coinbase? Possibly. Though they are both hot wallets, MetaMask can be used with a hardware wallet to make it safer. Hacks have been reported for both wallets, but with a hardware wallet like Ledger, MetaMask is far safer.
MetaMask is a free wallet so it doesn't cost anything in a month. There are, however, fees that apply when transactions are carried out. These fees depend on the network you are using (BSC or Ethereum, etc.) and the state of the network at the time. Other fees may apply but are charged only if you carry out transactions. As long as there are no transactions, the wallet costs absolutely nothing to maintain for any length of time.
No, you can’t store Bitcoin on MetaMask. This is because the wallet was designed to support ERC20 or Ethereum tokens. It now supports tokens on Binance Smart Chain (BSC) as well. Since Bitcoin is a coin — and the biggest at that — it cannot be stored on the MetaMask as it is neither an ERC20 nor a BEP20 token.
If you are looking for a wallet that supports Bitcoin, you should consider using one like Electrum or a multi-asset wallet such as Exodus.