The popular online wallet MetaMask allows users to send and receive cryptocurrency in a fast and easy way. Today, we will be discussing and reviewing the wallet and going through its features, security, usability, and more.
In today’s metamask review 2022, we will navigate you through the signing-up process, fees, and some important pros and cons.
By the end of the article, you will have a good idea of whether or not MetaMask is the ideal wallet for you, and check out our final verdict on it.
Without wasting any time, let’s begin!
Basics before everything:
Simply put, MetaMask is a cryptocurrency wallet app that allows its users to send and receive tokens which are Ethereum, Eth-based, NFTs, and others. On top of that, MetaMask is actually an open-source wallet, suggesting that the community can access its code for free and constantly make updates and improvements.
But what features does the wallet have?
Let’s go through them in detail.
MetaMask does the job of being able to send and receive tokens, and that too in a secure way. Besides this, it also has a simple interface which makes it easier for beginners to navigate through.
Before you get confused, no, this does not mean high-definition settings. Here we are talking about MetaMask’s hierarchical deterministic settings.
This setting is used to back up or restore their accounts. The users are provided with a seed phrase through which the account information for lost accounts can be reset.
Moving towards the next factor of our metamask review, which is security.
The thing is, MetaMask does things a bit differently when compared to the traditional security measures. MetaMask isn’t exactly anonymous. Instead, security is maintained through a user-generated password along with biometric data.
Also, there are the seed phrases, like we mentioned before, which are unique and used for restoring the accounts. A crucial point to note here for users is never to give out their seed phrases to anyone, as they can risk losing their wallets.
However, since the wallet is online, there are risks of cyber attacks, especially for newer users.
Following security comes one of the most critical factors for any crypto wallet- MetaMask Privacy.
We mentioned how MetaMask is not anonymous, but it is rather referred to as being pseudonymous. Users don’t need to provide their personal identity-related information. While also having entire control of the cryptocurrency they are trading.
As all transactions are public, in case of users tie their wallets by using an NFT, they are compromising their identity through either their profile picture on Twitter or the service domain.
They must pay any gas fees incurred by users for their transactions on the blockchain. Additionally, users will be charged a service fee for any swaps ranging from 0.3 to 0.875%.
The website also informs customers that they should expect to pay costs such as the processing charge and MetaMask fee, along with the market pricing for gas while purchasing cryptocurrency.
We mentioned earlier that MetaMask has an easy-to-use interface. Adding to this, it also has a simple setup, and the process of signing up is quite straightforward.
All users have to do is download MetaMask’s browser extension, which is available in both iOS and Android and in all sorts of browsers, namely Google Chrome, Microsoft Edge, Firefox, etc.
Following this, users have the option of creating a new wallet or importing their current wallet with the help of the 12-word seed phrase.
For new users, you will have to create a strong password and confirm it. Next, your 12-word seed phrases will now be displayed to you. Make a note of these and keep them somewhere secure. And that’s it! With this, you have set up and signed into your wallet.
Coming to Metamask Usability, it can be used on multiple browsers and downloaded on app stores as well. For desktop users, they can send or receive tokens.
If MetaMask’s partners require the KYC (Know Your Customer) process, then users will have to comply with the protocol. The contract, price, and projected gas costs will all be confirmed by MetaMask before you exchange any tokens.
The same goes for mobile phone users. They can make purchases through preferred mediums such as credit cards or bank transfers.
MetaMask offers a separate page for answering the queries of users through their Support Page. It takes users through FAQs, Support, and Community Page, which consists of safety tips, announcements, and requests.
However, all of this has to be done from the user’s end as MetaMask provides limited customer support and service, and only issues related to the technical problems are addressed.
Pros and Cons
Now that we have discussed the main features of MetaMask, it’s time to go through the pros and cons of using this wallet.
- Easy setup and download
- HD settings
- Multiple wallets with just one app
- Does not require personal or identifiable information
- The browser can access your information (when and how you use the app)
- Security is a concern as it is an online wallet
- Assistance or customer service is limited
Is Metamask right for you?
For those users who have experience and knowledge of the crypto space and are acquainted with sending and receiving crypto, MetaMask might be ideal for them to use as a second wallet.
However, with the security issues surrounding the wallet, users who are unfamiliar with the crypto space may be more susceptible to fraud and risk losing their wallet’s assets.
Overall, MetaMask is quite simple to use as the wallet supports a wide range of tokens.
While the MetaMask wallet can be used comfortably for individuals who are already familiar with dealing with crypto, it has to be said that it is not the most ideal for those who are unfamiliar and new to the space. The best is to have this as a second wallet.