- MetaMask Review
- MetaMask Overview – what is MetaMask?
- MetaMask Alternatives
- MetaMask Pros and Cons
- MetaMask in a Nutshell
- What Coins Does MetaMask Support?
- MetaMask Fees & Commissions
- Is MetaMask Safe?
- FAQ about MetaMask
MetaMask is riding high as a go-to cryptocurrency wallet for over 30 million users. What’s got everyone swooning over it? Being the curious types, we just had to be convinced of this personally. And let me tell you, we’ve dug up some intriguing stuff.
In this review, we’re analyzing it all—uncovering details on fees, core MetaMask wallet features, the highs, the lows, and even sizing up the competitors.
MetaMask Overview
MetaMask is your trusty assistant in the world of cryptocurrencies. It’s a free, open-source software wallet that lets you dive into the Ethereum blockchain. This handy tool helps you store and manage Ether alongside a bunch of other ERC-20 tokens. Not just that, it’s your ticket to interact with decentralized apps (dApps). You can use it either as a Metamask browser extension or a nifty mobile app for both iOS and Android.
Let’s dive into history now! MetaMask calls Uncle Sam’s land its home, aka the USA. The brainchildren, Aaron Davis and Dan Finlay birthed this wallet back in 2016. Since then, with the Metamask updates, they’ve pimped it up big time—you can now DIY add blockchains and any coins they support and buy, store, and sell NFTs.
We prefer focusing our time on empowering the community. We are not the only ones behind the project, the whole community is.
Founders talk about their product and community with oodles of love. Source: Consensys
That’s why they’ve won hearts, and trust, and scored that strong Metamask community support across the globe.
MetaMask alternatives
Alright, let’s size up main opponents: Coinbase, Trust, and Binance Wallets — time to peek at the cards they’re holding to trump MetaMask’s four aces.
Coinbase Wallet
- Security. Coinbase Wallet boasts an abundance of security — it’s insured and fortified with features like two-factor authentication, multi-signature support, and a lost password recovery process.
- Coinbase Integration. This wallet is in cahoots with the Coinbase exchange, making crypto trades a breeze—buying, selling, and shuffling assets is seamless.
- Multi-Blockchain Support. Coinbase Wallet connects nicely with a range of blockchains and cryptocurrencies, from Bitcoin and Ethereum to Litecoin and beyond.
Trust Wallet
- Wide Range of Assets. Trust Wallet has a complete set of cryptocurrencies and tokens, from Bitcoin to Ethereum, Binance Coin, and a whole bunch more.
- Mobile-first approach. This wallet is designed primarily for mobile use, making crypto management on the move a breeze.
- dApps Support. Trust Wallet is all about interacting with decentralized apps, giving you VIP access to the DeFi club.
- Built-in staking. It has a built-in staking feature where you can earn rewards just by holding onto your crypto.
Binance Wallet
- Binance Pay. Binance Wallet teams up with Binance Pay, making crypto transactions as smooth as butter.
- Security Features. Binance Wallet rolls out the security with two-factor authentication, anti-phishing armor, and nifty device management.
- Native Binance Integration. This wallet is a part of the Binance family tree, syncing seamlessly with the Binance exchange.
- Multi-platform Support. It caters to everyone’s tastes — whether you’re browsing the web, ruling the mobile, or sticking to your desktop, they’ve got you covered on all fronts.
Read more: Top Hot Crypto Wallets
In this epic showdown of crypto wallets, Coinbase, Trust Wallet, and Binance present a formidable trio against MetaMask’s strengths. Each contender brings its unique flair to the table, challenging MetaMask’s dominance with a diverse array of features and functionalities. However, we have not yet revealed the main fox features.
MetaMask Pros and Cons
| Pros | Cons | ||
| dApp Connectivity | Seamlessly connects to dApps like Uniswap and OpenSea | Bitcoin Exclusion | Doesn’t support Bitcoin network |
| Large User Base | Trusted by over 30 million users | Manual Blockchain Addition | Additional blockchains require manual addition |
| Altcoin Support | Supports leading altcoins like Ethereum, Tether, and BNB | Fiat Processing Outsourced | Relies on third parties for fiat money transactions |
| No Fees | No account or maintenance fees | MetaMask Security Gap | Less secure compared to hardware wallets |
| Versatile Platforms | Accessible as a Metamask mobile app and browser extension | ||
| Secure Access | Secured by password and backup passphrase | ||
| Non-Custodial Control | Users retain full control of private keys | ||
MetaMask in a Nutshell
| Security Features | Open-source software here, but no VIP treatment with two-factor authentication or multisignature access. |
| Token Support | Compatible well with Ethereum and a lively crowd of ERC-20 tokens. But if you want to add other blockchain tokens, it’s a manual affair. |
| Integration Capabilities | Facilitates swaps, purchases, and NFT transactions on mobile and browser extensions; supports staking through third-party software. |
| Storage Flexibility | It functions from hot wallet heat to chill time on various offline storage gadgets like Grid+, Lattice1, Keystone, Ledger, and Trezor. |
| Functionality Diversity | Got the moves on mobile for iOS and Android users, browser extension is supported but skips out on the dedicated desktop application. |
| Educational Resources | Offers a beginner’s guide on the website to help navigate the wallet and the Ethereum blockchain. |
What Coins Does MetaMask Support?
Initially, MetaMask was all about the Ethereum blockchain. But hey, that one-sided support brought a heck of tokens, spanning all sorts of standards, such as
- Ether (ETH) – Ethereum blockchain’s hometown cryptocurrency.
- ERC-20 tokens – the go-to standard for tokens on the Ethereum blockchain. There are thousands of ERC-20 tokens, including popular ones like Tether (USDT), USD Coin (USDC), and Chainlink (LINK), etc.
- ERC-721 tokens – non-fungible tokens (NFTs) on the Ethereum blockchain. NFTs are one’s unique treasure, owning everything from digital art to in-game items.
- ERC-1155 tokens – semi-fungible tokens. They’re sharing traits from both the fungible and non-fungible token realms.
As MetaMask user experience was extremely positive and popularity skyrocketed from its Ethereum-exclusive days, a transformation followed! Now you can add new blockchains hassle-free from the list or get your hands dirty by manually adding them.
Here is a list of some of the most popular MetaMask supported tokens:
- Ethereum (ETH)
- Tether (USDT)
- USD Coin (USDC)
- Binance Coin (BNB)
- Chainlink (LINK)
- Uniswap (UNI)
- Aave (AAVE)
- Dai (DAI)
- MakerDAO (MKR)
Metamask Fees & Commissions
Gas, the Ethereum Fuel
The main fee trouble in MetaMask is the gas fee paid in ETH. These are fees dynamic and fluctuate with the current demand on the Ethereum network. When it’s rush hour, expect these gas fees will be higher.
Beyond the Gas Station
The wallet also charges a small Metamask transaction fees of 0.875%. These fees are used to cover the costs of operating the MetaMask service.
Bridge Tolls and Token Travels
If you’re bridging tokens between different blockchains using MetaMask, brace yourself for additional bridge fees. These fees are like toll booths on the tunnel, but they’re not MetaMask’s doing—it’s the bridge provider charging the fee.
Is MetaMask Safe?
MetaMask is generally considered to be a safe and secure wallet, but it’s crucial to shield your account from sneaky scammers and their schemes. Here’s the playbook for a safer MetaMask experience:
- Never share your secret recovery phrase with anyone. Keep those words under lock and key. Sharing them with someone, and you might as well invite the crypto thief over for tea.
- Choose your internet connections wisely—no Metamask wallet integrations with shady sites. Stick to the list of trustworthy websites.
- Dodge those phishing emails and websites trying to peek your secret recovery phrase or password from your hands. Carefully check the name in the address bar, and only respond to official emails.
Remember, Metamask employees will never ask you for a password or secret recovery phrase!
Read More: MetaMask Institutional unlocks solo ETH staking marketplace
FAQ about MetaMask
Is MetaMask safer than Binance Wallet?
Each has its own strengths and weaknesses. MetaMask takes the security crown as a non-custodial wallet, while Binance falls a bit short in this area as a custodial one. However, navigating MetaMask’s complexity might be more complex compared to Binance’s user-friendly approach.
Is MetaMask free to use?
Absolutely! It’s a freebie, no strings attached – download and use it without any fees. However, while the wallet itself won’t dent your wallet, moving crypto in and out might come with some accompanying fees.
How trustworthy is MetaMask?
They’ve got a solid reputation in the security realm, having passed audits and boasting an experienced team of developers who live and breathe beefing up the wallet’s defenses.
Can a MetaMask wallet be hacked?
Yes, a MetaMask wallet can be hacked if you are not careful. However, there are a number of things you can do to protect your account from being hacked. Here are some tips:
- Craft a rock-solid password and keep it locked down.
- Be picky about the websites your MetaMask wallet connects with.
- Never share your secret recovery phrase with anyone.
Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.
