MetaMask ❝Wallet❞
Last updated
Last updated
Ethereum wallets are very different from Bitcoin wallets. While Bitcoin wallets are mostly focused on helping users securely store their bitcoin for long periods of time, Ethereum wallets are more like browsers than anything else. These wallets are portals into the ecosystem of decentralized applications built on top of the Ethereum blockchain, so they oftentimes look more like an app store than a cryptocurrency wallet. MetaMask is the most widely-used when it comes to Ethereum. Check out our MetaMask review below to learn how to works in your browser or on mobile.
CRYPTOVANTAGE STAFF|AUG 11, 2022
WHAT’S ON THIS PAGE
MetaMask Pros & Cons
MetaMask at a Glance
Beginner Perspective of MetaMask
Cryptocurrencies Supported
MetaMask Frequently Asked Questions
User interface is easy for beginners to grasp
Portal into a variety of Ethereum dapps
Hardware wallet integrations
Available on mobile and as a browser extension
CRYPTOCURRENCIES Thousands (Any Ethereum or other EVM-compatible blockchain token)COST Free to downloadVISIT METAMASK
Large user base of over 1 million monthly active users
Launched in 2016
User interface is easy for beginners to grasp
Portal into a variety of Ethereum dapps
Hardware wallet integrations
Available on mobile and as a browser extension
Somewhat confusing interface
Uses Infura as the default backend
Limited options for purchasing cryptocurrency from the wallet in some countries
Has faced issues with phishing attacks in the past
No native support for Bitcoin
WALLET TYPESoftwareCRYPTOCURRENCIESThousands (Any Ethereum or other EVM-compatible blockchain token)PRICEFree to downloadSIZE OF APP47 MBRELEASED2016PIN CODE PROTECTEDYesFREQUENCY OF UPDATESMediumTRUST RATINGHigh
Until somewhat recently, there wasn’t really much of a reason to use a non-custodial Ethereum wallet. Most of the hype around this blockchain network has been around the potential for the platform to eventually be useful for advanced smart contracts, but that ultimately culminated in the 2017 bubble in initial coin offerings (ICOs). Back then, most people were usually trading ETH on exchanges or gambling on various ERC-20 tokens that has just been launched in the hopes of making a lot of money quickly. Nowadays, we’re entering the age of decentralized finance (DeFi), and more people are becoming interested in taking full custody of their coins and playing around with a variety of DeFi apps.
With the Ethereum project finally having a sort of coming of age moment, MetaMask is the perfect cryptocurrency wallet for a beginner. The mobile wallet makes it extremely clear that users are in full control of their crypto assets when the software is loaded for the first time, and it will keep reminding the user to make a backup of some kind in case the user’s phone is lost, stolen, hacked, or severely damaged. Once the initial setup process is complete, the user is presented with two key features of a beginner Ethereum wallet: purchasing some ETH and the ability to load a number of different Ethereum applications to use that ETH. The mobile app also includes a guided tour to figure out the most important features of the wallet, and it would be hard to find a more perfect option for someone who is trying to use DeFi or any other kind of Ethereum-powered crypto app for the first time.
Most of MetaMask’s best features revolve around its ability to simplify the process of getting started with Ethereum for the first time. The best example of this attribute of the app is the way the browser section of the wallet makes it easy to find the most popular Ethereum dapps and easily connect them to your personal Ethereum wallet at the click of a button. Major Ethereum apps are organized in different categories, such as decentralized finance and collectibles, but users are also able to search for dapps or enter a dapp’s URL directly into the browser as well.
Another feature that makes this wallet perfect for a beginner is the ability to quickly and easily purchase some ETH to use on the various Ethereum dapps that can be accessed via the wallet. This way, the user does not need to worry about finding a cryptocurrency exchange that is available in their local jurisdiction and going through the sometimes lengthy process of creating an account and verifying their identity. In addition to being able to purchase up to $500 worth of ETH via a credit or debit card from directly within the MetaMask mobile app, users can also access other platforms that allow users to trade in a more peer-to-peer (P2P) manner in order to get their first coins.
Another key feature of MetaMask is its integrations with various hardware wallets like Trezor and Ledger. While MetaMask sometimes receives negative scores in the security department due to the fact that it can be embedded directly into your everyday web browser, the fact that your private keys can be protected by a separate piece of hardware is a major plus.
One final feature that needs to be mentioned is that MetaMask can actually function on a variety of cryptocurrency networks that are compatible with the Ethereum Virtual Machine (EVM). Some examples of alternative networks that can be accessed include Tron and the Bitcoin sidechain RSK.
MetaMask supports ETH and any other tokens, collectibles, or other types of assets that are issued on top of the Ethereum blockchain. As mentioned previously, MetaMask can also support a variety of other tokens found on alternative blockchain networks by switching the backend network that the wallet is connected to in the settings section of the app. Here are some examples of the major crypto assets supported by MetaMask:
Ether
Augur
Gnosis
Brave’s Basic Attention Token
Compound
Badger DAO
USDC
Tether
GUSD
PAX
Yearn Finance
Security is an area where things can get a little tricky with MetaMask. It should be noted that MetaMask is not an Ethereum full node, which means it is not the best wallet to use for those who are interested in obtaining as much decentralization as possible. In fact, MetaMask does not even run the Ethereum servers that users use to get information about what is happening on the Ethereum blockchain. They outsource this responsibility to Infura, which has been criticized in the past as being a centralized point of failure for the greater
