Metamask is a multi-cryptocurrency wallet that allows you to store and use different types of cryptocurrency. It is also a digital wallet that provides a secure way to store your tokens and coins. In this Metamask review, we’ll take a look at how it works, the features it offers, and how it compares to other digital wallets.
Table Of Contents
- What Is Metamask?
- What Cryptocurrencies Does MetaMask Support?
- Supported Networks
- Metamask DApp Browser Extension
- Does MetaMask Charge Fees?
- Is It Safe To Use MetaMask?
- Does MetaMask Offer Good Customer Support?
- 15 Reasons To Use Metamask
- 1. It’s Safe To Use
- 2. Highly Secure
- 3. Decentralized & Secure
- 4. Compatible With All Browsers
- 5. Built-In Coin Purchase
- 6. It’s Free
- 7. Easy To Use
- 8. You Control The Private Keys
- 9. Create Multiple Addresses
- 10. Access Decentralized Applications
- 11. DApp Browser
- 12. Multi-Asset Support
- 13. Get Airdrops
- 14. Store Your Crypto Art
- 15. New features being constantly added
- Metamask Review: Pros and Cons
- FAQ: Metamask Review
What Is Metamask?
MetaMask is a secure wallet for decentralized applications. Metamask comes with built-in feature such as the ability to create a backup of your seed phrase (which consists of 12-word passphrase). it allows you to control your private keys, giving you total ownership and control of your funds.
MetaMask uses blockchain technology to lower the risk of corruption and data breaches, while giving you one universally accepted form of payment within the Ethereum ecosystem.
MetaMask is compatible with all major browsers, including Chrome, Firefox, Brave and Microsoft Edge. You can use MetaMask to store Ethereum and other tokens that are based on the ERC-20 and ERC-721 standards. With MetaMask, you have easy access to decentralized exchanges (DEXs), gaming platforms, storing your NFT crypto art and other applications built on the Ethereum blockchain.
MetaMask allows you to fully interact with Ethereum blockchain without downloading the entire blockchain. The wallet was created by Aaron Davis and Dan Finlay in 2016, but other cryptographers including James Moreau, Christian Jerian, and Frankie Pangilinan later joined their team.
Metamask is a hot wallet that stores your tokens and coins on the internet. Hot wallets are the most popular type of wallet and are connected to the internet at all times. This makes it easy to access your funds, but it also increases the risk of your funds being stolen by hackers.
What Cryptocurrencies Does MetaMask Support?
Currently, you can use MetaMask to store Ether (ETH) and its ERC-20 standard tokens. You can also store any other Ethereum based tokens in your wallet too.
Metamask also supports other networks such as:
- Main Ethereum Network
- Ropsten Test Network
- Rinkeby Test Network
- Goerli Test Network
- Kovan Test Network
Metamask DApp Browser Extension
Metamask has a DApp Browser Extension that allows you to run Ethereum enabled distributed applications right in your browser without running a full Ethereum node. Metamask uses a remote node that it automatically configures to know exactly which chain it’s working on, and seamlessly injects the appropriate web3 object into every webpage. The extension currently supports Chrome, Firefox and Opera.
The Metamask extension is very user-friendly and easy to use. After you have installed it, you will see a fox icon in the top right corner of your browser. When you click on the icon, it will open the Metamask extension and show you your account information, including the balance of your account and the address of your account. You can also see the status of the Ethereum network and also the estimated gas fee on the network.
Does MetaMask Charge Fees?
MetaMask charges no fees. Every user is free to adjust the fees in “Advanced Options” making transactions quicker or cheaper. The fees charged from MetaMask users are Ethereum transaction gas fees.
Is It Safe To Use MetaMask?
MetaMask is one of the most popular and safest digital wallets on the market. Billions of dollars have been stored in MetaMask wallets without any security breaches. However, it’s always important to take precautions when using any type of cryptocurrency wallet. Always make sure to create a backup of your seed phrase and never share your private keys with anyone.
Does MetaMask Offer Good Customer Support?
Yes, if you have any problems you can contact the MetaMask team via email or Twitter.
MetaMask offers a well-documented FAQ section on their website, along with email support. If you have any issues installing or using MetaMask, refer to their documentation for answers.
15 Reasons To Use Metamask
Here are some of the benefits you get from Metamask:
1. It’s Safe To Use
Metamask is one of the most secure wallets you can find. You can protect your wallet by adding a password or creating a 12-word seed phrase that acts as a backup for your wallet in case something happens to it.
2. Highly Secure
MetaMask does its best to keep your funds safe. They encrypt all communication between the user his/her device, making it incredibly difficult for hackers to take control of their servers.
3. Decentralized & Secure
MetaMask stores your funds in a decentralized manner, meaning that you are always in control of your own money. They also use state-of-the-art security measures to protect your funds from being stolen by hackers.
4. Compatible With All Browsers
MetaMask extension is compatible with all major browsers, including Chrome, Firefox, Brave, and Microsoft Edge.
5. Built-In Coin Purchase
Metamask has partnered with ShapeShift and Coinbase, an online platform that allows you to buy any of the 400+ cryptocurrencies offered on their website directly from your wallet.
6. It’s Free
Metamask is a free digital wallet that lets you store and use your favorite cryptocurrencies.
7. Easy To Use
MetaMask is very easy to use, even for people who are new to the world of cryptocurrency. The user interface is simple and straightforward, making it easy to navigate and use all of the features offered by this digital wallet.
8. You Control The Private Keys
One of the major benefits of using MetaMask is that you own and control your private keys. This means that nobody has the ability to take your funds away from you, even if it’s their plugin or server.
9. Create Multiple Addresses
MetaMask allows you to create multiple Ethereum addresses which can be used for different purposes. For example, you can create one address for your savings account and another for your day-to-day transactions.
10. Access Decentralized Applications
MetaMask gives you easy access to all of the decentralized applications that have been built on top of the Ethereum blockchain. This includes games, exchanges, storage platforms, and so much more.
11. DApp Browser
MetaMask has its own built-in DApp browser that lets you easily browse and use the different decentralized applications that have been created on the Ethereum blockchain.
12. Multi-Asset Support
This means that you can store a wide range of cryptocurrencies in your wallet and access them whenever you need to.
13. Get Airdrops
Many cryptocurrency projects distribute their tokens to the community through airdrops. MetaMask makes it easy for you to collect these tokens and store them in your wallet.
14. Store Your Crypto Art
You can use MetaMask to store your favorite pieces of crypto art. This includes NFTs, ERC721 tokens, and other digital assets that represent pieces of art.
15. New features being constantly added
The MetaMask team is constantly working to improve their wallet and add new features for their users. This means that you can always expect to get the latest features and the best performance from this digital wallet.
Metamask Review: Pros and Cons
|Free download||Not secure like hardware wallets|
|No KYC compliance is needed|
|Decentralized & Secure|
|Easy Backup Of Seed Phrase|
|Built-In Cryptocurrency Purchases|
|Transparent fee structure|
FAQ: Metamask Review
What Are ERC20 Tokens?
The ERC 20 standard is used to create tokens that can be exchanged on the Ethereum blockchain. These tokens are easy to trade and can be used to represent a variety of different assets or concepts.
What Is The Metamask Gas Limit?
The Metamask gas limit is the maximum amount of gas that can be used to execute a transaction or contract on the Ethereum blockchain. Every user is free to adjust the fees in “Advanced Options” making transactions quicker or cheaper. The fees charged from MetaMask users are Ethereum transaction gas fees.
Which Cryptocurrencies Can I Store On Metamask?
Metamask can be used to store any ERC20 token that is supported by ethereum blockchain.
Can I Use A Hardware Wallet With Metamask?
Yes, you can use a hardware wallet with Metamask. The Ledger Nano S and Trezor are both compatible with the application.
How Easy Is It To Restore My Wallet?
To restore your wallet, you need your 12-word seed phrase. This is the master passphrase that backs up all your private keys.
What Happens If I Lose My Private Seed Phrase?
If you lose or forget your 12-word seed phrase, you will not be able to access any of the funds in your wallet and they will be gone forever.
How Do I Add A Custom Token On Metamask?
Navigate to the “Tokens” tab on Metamask and select the “+” sign. Then choose which token you would like to add from the dropdown menu and input the required information.