Metamask Review 2024

This MetaMask review analyzes this widely used cryptocurrency wallet with over 30 million users. It is a non-custodial wallet that gives users complete control over their private keys, making it a popular choice. 

In this review, we talk about Metamask pros and cons, security features, supported networks, user-friendliness, fees, and core functionalities.

As a decentralized, non-custodial wallet, MetaMask gives users complete control over their digital assets. 

However, like any technology, it has its pros and cons that users need to be aware of. 

Pros

✅ Control & Security: MetaMask is non-custodial, meaning users have complete control over their assets. Provides backup passphrase protection to secure user assets.

✅ User-Friendly Interface: Offers a simple and easy-to-navigate interface for both experienced crypto enthusiasts and beginners.

✅ Multi-Device Usage: Allows users to manage their crypto assets across multiple devices.

✅ NFTs & dApps Support: Provides support for Non-Fungible Tokens (NFTs) and decentralized applications (dApps).

✅ Reliability: Highly regarded and popular among millions of users. MetaMask is known for its reliability as a crypto wallet.

Cons

❌ No Bitcoin Support: It does not support Bitcoin, which is a significant limitation for some users.

❌ Manual Network Addition: Requires manual configuration to add additional networks like Binance Smart Chain or Polygon.

❌ Top-10 Cryptocurrency Limits: Apart from Ethereum and ERC20 tokens, it lacks support for other top-10 cryptocurrencies.

❌ Security: With a non-custodial wallet, users must safeguard their wallet and private keys.

❌ Fees: Various fees are associated with certain actions like GAS fees for transferring cryptocurrencies and fees for “bridged” transactions or buying cryptocurrencies with fiat money.

One of the standout features of MetaMask is its non-custodial nature. This means that users have complete control over their private keys, represented by a 12-word backup passphrase. 

MetaMask does not have access to these keys, ensuring that users are solely responsible for the security of their funds. It is important to note that if the private keys are lost, MetaMask cannot assist in their recovery.

Free to Use with Network Fees

Despite its comprehensive features, MetaMask remains free to use. Users are only required to pay fees when transferring cryptocurrencies to other wallets, which cover the blockchain network fees. 

By default, MetaMask supports the Ethereum network, making it an ideal choice for storing popular ERC20 tokens like Shiba Inu, Tether, and Decentraland.

Support for Multiple Networks

While MetaMask primarily focuses on Ethereum. 

It also supports coins on other networks such as:

• Arbitrum
• Optimism 
• Binance Smart Chain
• Polygon
• Avalanche

However, users need to add these networks to their MetaMask wallet manually. 

It is important to note that MetaMask does not support Bitcoin, so users looking to store Bitcoin must explore alternative options.

Additional Features: NFTs and dApps

In addition to storing cryptocurrencies, MetaMask allows users to store and trade non-fungible tokens.

It also provides access to third-party decentralized applications, including popular platforms like Uniswap, PancakeSwap, Compound, and OpenSea. 

This integration lets users easily swap tokens, earn interest, and engage in NFT trading.

Buying Cryptocurrencies and Fees

While MetaMask offers the option to buy cryptocurrencies using debit/credit cards, e-wallets, or bank wires, these transactions are processed by centralized third parties. 

As a result, users may incur average commissions of 3-5%. On the other hand, platforms like eToro and Binance, featuring Binance Coin, present alternatives with lower fees for more cost-effective cryptocurrency trading.

Staking and Third-Party Providers9+6

The MetaMask wallet includes a staking feature, allowing users to earn interest on idle tokens without leaving the interface. 

However, like most services MetaMask provides, staking is facilitated by third parties. Currently, only two staking providers are supported: Lido and Rocketpool. Furthermore, only Ethereum is kept at the moment.

Nevertheless, users can stake their cryptocurrencies with a dApp provider by visiting their website and connecting their MetaMask wallets. This way, they can benefit from the best APYs the dApp offers.

To begin using the MetaMask crypto wallet, download the software onto your device. Once downloaded, the setup process is straightforward and can be completed step-by-step. 

Here’s how to set up MetaMask:

1. Create a Strong Password

After downloading MetaMask, you will be prompted to create a strong password. It’s important to choose a password that is secure and not easily guessable.

2. Backup Passphrase

Next, you will be shown a 12-word backup passphrase. It is crucial to write down this passphrase in the correct order and keep it in a safe place. 

This passphrase is essential for recovering your wallet if you can’t access your device.

3. Verify the Passphrase

After writing down the backup passphrase, MetaMask will ask you to enter it on-screen to verify its accuracy. This step ensures that you have correctly recorded the backup passphrase.

4. Activate Your Wallet

Once you have verified the passphrase, your MetaMask wallet will be activated, and you will get your unique Ethereum wallet address. You can use the MetaMask wallet to send and receive ERC20 tokens.

Adding new networks can be challenging for beginners, but MetaMask provides user-friendly instructions for each supported network. These instructions guide you through adding a new network to your MetaMask wallet.

Here’s how you can do it:

1. Copy Wallet Address

To receive funds, you can easily copy your wallet address using the ‘copy’ button provided by MetaMask. This allows you to share your wallet address with others to receive tokens.

2. Use QR Scanner

When sending cryptocurrencies from the MetaMask app, you can use the included QR scanner to scan the recipient’s wallet address. This helps to avoid any mistakes in entering the recipient’s address manually.

3. Swap Tokens

MetaMask also allows for effortless token swaps. You can select tokens to swap and enter the amount, and MetaMask platform will display the exchange rate and fees. 

Confirming the swap will complete the exchange and update your wallet accordingly.

Now, let’s discuss how to transfer and buy funds using the MetaMask wallet:

Transferring Funds

Open your MetaMask wallet and select the token you want to transfer. Click ‘Send’ and paste the recipient’s wallet address when prompted. 

MetaMask will display the current GAS fee and estimated transaction time. Review the information and confirm the transaction.

Buying Funds

If you don’t have any cryptocurrencies and want to add some to your MetaMask wallet, you can use one of MetaMask’s partnered providers, such as MoonPay, Mercuryo, or Transak. 

These providers accept various payment methods but require a KYC process.

To buy cryptocurrencies, click on the ‘Buy’ button in the MetaMask interface and choose your country of residence. 

MetaMask will show you the available payment options. Select a suitable method, enter the amount, and follow the on-screen instructions to complete the KYC process. 

Once the purchase is finalized, the cryptocurrency tokens will be added directly to your MetaMask wallet.

MetaMask is known for its strong security measures. It gives users complete authority over their crypto tokens and private keys, offering an extra layer of protection through a backup passphrase. 

Additionally, MetaMask is compatible with various devices, including iOS and Android, and you can easily integrate it with popular browsers like Chrome, Edge, Brave, and Firefox. 

While users are responsible for covering GAS charges for transfers, there are no fees associated with using or maintaining a MetaMask wallet.

Decentralization

MetaMask is a highly secure and decentralized wallet favored by cryptocurrency users. It operates as a non-custodial wallet, ensuring that only the owner has access to their private keys. 

This level of security makes it a popular choice among users. However, it is important to note that with this ownership comes the responsibility of safeguarding the wallet. 

If the password is forgotten or the backup passphrase is lost, there is a risk of permanently losing access to funds.

Password Security 

MetaMask requires users to create a strong password for accessing their wallet. Each device type, such as the app or browser extension, requires its password. 

However, users can use the same password across multiple devices if desired. Private keys are displayed as a 12-word passphrase, making it user-friendly and reducing the risk of errors. 

Users must also re-enter their passphrase before accessing the wallet, ensuring its correct recording.

Safeguarding Passphrase

When using the MetaMask crypto wallet, it is crucial to prioritize security to avoid any costly mistakes. 

One crucial aspect to keep in mind is the backup passphrase. Users must remember their passphrase if they forget their password or lose the device where MetaMask is stored.

It’s worth noting that MetaMask does not have access to the backup passphrase. The passphrase is encrypted before being displayed on the user’s screen, ensuring that MetaMask cannot assist in wallet recovery if the password and backup passphrase are lost. 

To ensure the safety of their passphrase, users should accurately write it down and store it securely.

Self-Custodial Wallet Responsibility

MetaMask is a self-custodial wallet that does not provide extra security features. This serves as a reminder to users that they are responsible for safeguarding their private keys. 

In contrast, custodial wallets offer features like two-factor authentication, IP/device whitelisting, insurance, and cold storage. 

However, choosing a custodial wallet means giving up control over private keys.

Non-Custodial Wallet Options

For those who prefer to avoid taking on the responsibility of being their custodian, there are alternative non-custodial wallets available. 

Examples include eToro, Coinbase, and Binance. These wallets offer different features and may be more suitable for users who want to avoid managing their private keys. It is worth considering these options if self-custody is not preferred.

Centralized Companies and Fiat Payments

While MetaMask is decentralized, it relies on centralized companies like MoonPay, Mercuryo, Transak, and Sardine for processing fiat payments. 

If users want to buy cryptocurrencies with fiat money using MetaMask, they must provide KYC documents. It is essential to know this requirement when using MetaMask for fiat transactions.

MetaMask support various networks and provides users with diverse functionalities. 

Here’s a closer look at the networks supported by MetaMask and what you need to know:

• Ethereum Network Pre-Installed: MetaMask has a decentralized platform that runs smart contracts.

• Manual Addition of Networks: Users can add networks like Binance Smart Chain (a blockchain platform for building decentralized applications) or Polygon (a protocol for connecting Ethereum-compatible blockchain networks) manually.

• No Bitcoin Purchases: MetaMask does not support the Bitcoin cryptocurrency or Bitcoin Gold coin and lacks the feature for direct cryptocurrency purchases.

• Third-Party Payment: Transactions are conducted using third-party payment gateways like Moonpay (a financial technology company) and Mercuryo (a cross-border payment network).

• Support for dApps: MetaMask supports decentralized applications (dApps) such as Uniswap (a decentralized exchange) and OpenSea (a marketplace for NFTs), providing users with a cost-effective way to acquire cryptocurrencies and NFTs.

MetaMask is a widely used cryptocurrency wallet that provides various functionalities to its users. While many of its features are free, specific actions incur fees. 

Here are the fees associated with using MetaMask:

• Free Basic Features: Downloading the wallet, depositing cryptocurrencies, and storing tokens are free of charge.

• GAS Fees: Transferring cryptocurrencies to another wallet address incurs GAS fees, which are determined by the blockchain. Following the suggested fee is recommended to avoid transaction rejections.

• “Bridged” Transactions Fees: Swapping between different blockchain standards, known as “bridged” transactions, costs 0.875%.

• Fees for Buying with Fiat: Purchasing cryptocurrencies with fiat money incurs fees determined by third-party processors, typically ranging from 3-5%.

• Additional Fees: These additional fees should be taken into account when using MetaMask.

Moving on to the features offered by MetaMask, users can swap tokens within the wallet interface. 

It’s important to note that MetaMask relies on third-party liquidity pools for token swaps. While MetaMask claims to find the best prices in the market, it does not disclose which liquidity pools it has access to. 

Lack of transparency makes it impossible to tell if the quoted rates are truly industry-leading.

Additionally, MetaMask charges a variable fee included in the exchange rate, which can change based on market conditions and network usage.

MetaMask also supports NFT storage, specifically for ERC-721 and ERC-1155 standards. 

However, users can only transfer ERC-721 NFTs from their wallets.

Additionally, MetaMask allows users to buy cryptocurrencies directly from the wallet interface. 

However, third parties process fiat payments and the transaction fees can range from 3-5% of the transaction amount. Cheaper options may be available elsewhere. 

For example, regulated broker eToro charges only 0.5% for debit/credit card and e-wallet payments, with the fee waived for payments made in US dollars.

It’s important to note that fiat money payments on MetaMask require KYC, which may not be desirable for users who wish to remain anonymous.

MetaMask offers a solid customer service team that can be accessed through the wallet interface. 

You can find helpful guides in the MetaMask help center, and if you need further assistance, you can connect with a support agent via live chat.

In conclusion, MetaMask is a popular and reliable wallet used by millions of people worldwide. 

However, if you’re looking for additional features such as cross-chain interoperability, market insights, and NFT galleries, consider exploring other Wallets as an alternative to MetaMask. 

Although it has some limitations, such as the lack of Bitcoin support and the need for manual addition of networks, MetaMask remains a popular choice among millions of users.

Whether you’re an experienced crypto enthusiast or a beginner, our MetaMask review shows that the platform offers a lot user-friendly features and is worth using.