Are you on the lookout for a functional and simple crypto wallet? The MetaMask wallet is your best bet. In the MetaMask wallet review below, we examine its main features.
MetaMask wallet is a crypto wallet that allows you to store digital assets based on blockchains. In addition to cryptocurrencies, MetaMask can also secure NFTs.
The MetaMask wallet is a software wallet. As a non-custodial wallet, users can take complete control of their assets. MetaMask also has built-in features to manage your assets. For example, you can buy and trade cryptos directly from the wallet interface.
The MetaMask wallet was created in 2016 by Consensys. This software development company then aimed to develop products to promote the development of the Ethereum blockchain.
As time went by, the MetaMask community quickly adopted the crypto wallet. In September 2020, the mobile version of MetaMask was launched. In March 2021, the Swap function was added.
Today, MetaMask has over 30 million users worldwide.
MetaMask intends to “make the world a better place through blockchain technology.” The company’s website states that its mission is “to democratize access to the decentralized web and, through this mission, to transform the Internet and the global economy into one that empowers individuals through interactions based on consent, privacy, and free association.”
We can now get to the heart of the matter and detail the main characteristics of MetaMask.
MetaMask is a software wallet that is constantly connected to the internet. Therefore, you must have an internet connection to use MetaMask. Online wallets are called “hot wallets” instead of “cold wallets,” which remain offline. Each portfolio category (“hot” or “cold”) has advantages and disadvantages.
Hot wallets are generally easier to use. Their internet connection also offers convenient multiple access. For example, you can access your MetaMask wallet from various devices: on your desktop browser equipped with the extension and on your mobile app.
Therefore, using a hot wallet for everyday operations is straightforward. However, a hot wallet’s security level is necessarily affected by its permanent presence online. We therefore recommend not leaving large sums of money in a hot wallet.
Cold wallets, for their part, benefit from enhanced security. Not being connected to the internet, they are better protected against cyberattacks. They are, therefore, highly recommended for storing a significant amount of assets. On the other hand, using a cold wallet is often less practical. For example, to use the Ledger hardware wallet, you must have your Ledger physically with you.
Therefore, we understand that hot wallets and cold wallets are complementary. You can use MetaMask for short-term activities and choose a cold wallet for your medium/long-term crypto storage.
It is also interesting to know that MetaMask is “non-custodial.” This is a determining criterion for choosing the crypto wallet that meets your needs. If you are not familiar with this term, know that a crypto wallet can be custodial (in French, we can say “guarded” or “hosted”) or not. The difference concerns the private key of the wallet.
The private key of a crypto wallet is the one that allows you to access the funds independently. Therefore, the holder of the private key is the one who owns the assets. This is the meaning of the famous phrase, “Not Your Keys, Not Your Coins.”
If you do not have the private key (as is the case if you use a custodial wallet), the wallet provider only gives you access. So you’re dependent on him continuing to let you access your funds. Strange, right? However, this is precisely what happens with custodial wallets.
On the other hand, with a non-custodial wallet like MetaMask, you own your private key. So you have full powers! But be careful; this comes with a great responsibility: keeping your private key…private! Indeed, only you must ensure the security of your private key. In the event of theft or loss, the wallet provider will be of no help to you since it does not keep any copies of your private data. You will, therefore, have no recourse to recover your funds.
Some crypto wallets are designed for a single coin or blockchain. For example, Daedalus Wallet focuses solely on Cardano, while Phantom Wallet specializes in the Solana network.
Conversely, MetaMask is much more versatile. Indeed, MetaMask can support all coins and tokens of the Ethereum blockchain and networks compatible with the EVM, the Ethereum Virtual Machine. The MetaMask wallet, therefore, works with the following networks: Ethereum, BNB Chain (formerly Binance Smart Chain), Cronos, Avalanche, Polygon, etc.
One point should now be clarified: MetaMask is incompatible with Bitcoin, the largest cryptocurrency in the world! This is something to remember if you choose your ideal crypto wallet.
The MetaMask wallet is available in two different formats:
MetaMask can receive, store, and send cryptocurrencies as a crypto wallet. But that’s not all. MetaMask also makes it easier for you to use cryptos and access decentralized applications. Discover some other features that MetaMask has.
MetaMask allows you to buy cryptocurrencies directly from the wallet extension or application. For example, this saves you from creating an account on an exchange platform. MetaMask offers you the purchase of crypto by bank card (credit or debit, Visa or Mastercard) up to $400 per day.
Additionally, MetaMask has trading functionality directly from the extension or mobile app. MetaMask’s Swap service analyzes data from various sources to ensure you get the best price with the lowest network fees.
On your wallet, simply select the crypto you want to trade and the one you want to buy. MetaMask will then offer you the best offer available on the market. Before validating the transaction, you will see the fees generated by the trade.
The field of NFTs is booming. Indeed, these “non-fungible tokens” are attracting more and more people, including many celebrities. It is, therefore, only natural that MetaMask is compatible with NFT tokens. So you can receive and send NFTs with MetaMask.
In addition, the mobile application allows you to view your digital works directly on the wallet interface. Furthermore, you can connect the MetaMask wallet to the largest NFT platforms like OpenSea or Rarible. You can buy or sell NFTs on these platforms using your MetaMask wallet.
The MetaMask extension is handy for accessing decentralized applications. As indicated above, you can, for example, connect your wallet to Opensea to buy an NFT. MetaMask is an ideal gateway to exploring the decentralized web and interacting with blockchain-based applications.
We mentioned above that hot wallets and cold wallets are complementary. The good news, MetaMask is also equipped with a feature that makes your life easier in this area. Indeed, the MetaMask hot wallet is compatible with the Ledger, Trezor, Lattice, Keystone, and AirGap Vault cold wallets. So, you can quickly move your cryptos and NFTs from your MetaMask hot wallet to a hardware wallet for longer-term storage.
The following is a summary of the features of the MetaMask wallet:
|Support||Mobile applications, web browser extension|
|Supported cryptos||Ethereum, BNB Chain, Polygon, and Avalanche networks|
|Built-in functions||Purchase, exchange, NFT storage, DeFi applications, hardware wallet compatible|
|Costs||Up to 0.875% service fee for exchanges|
|Available in French||No|
Downloading and registering for MetaMask is entirely free. Additionally, you can receive and store assets for free. When you make transactions, you still have to pay network fees. This is true on MetaMask as on any other wallet or exchange. The amount of network fees depends on the blockchain used and the traffic state at the time of the transaction.
Furthermore, cryptocurrency exchanges on MetaMask (Swap service) generate service fees. In fact, MetaMask searches for the best price available on the market. In return, MetaMask charges fees of up to 0.875%.
About the author
Tobi began his career in 2017 as a crypto writer, where he focused on producing educational content. He worked with Stockbossup, an investment platform dedicated to educating black people. Prior to that, he worked as a copywriter with Turboxbt, a crypto trading platform. In 2021, Tobi joined Watcher Guru as a crypto news editor. He was recognized as one of the top 333 web3 creators on LinkedIn for crypto in 2022.