MetaMask Wallet Review

Rating: 5/5

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Rating: 5/5

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What Is MetaMask Wallet?

MetaMask is a decentralised wallet for Ethereum and ERC20 tokens that allows the user to send, receive and exchange cryptocurrency with full control over their keys. MetaMask generates passwords and keys directly on the device, so only the owner has access to their funds and sensitive information. In addition, the wallet allows interaction with other blockchain applications, such as the Compound credit pool or the Uniswap crypto-exchange.

Review Summary

Feature

Total Rating

Ease of Use

5 ⭐⭐⭐⭐⭐

User Interface

5 ⭐⭐⭐⭐⭐

Features

5 ⭐⭐⭐⭐⭐

Security

5 ⭐⭐⭐⭐⭐

Support

5 ⭐⭐⭐⭐⭐

Advantages and disadvantages

Advantages

Disadvantages

  • The user's keys are stored on their device, making them inaccessible to hackers.
  • Intuitive user interface.
  • Support for all tokens located on the Etherium blockchain.
  • Integration of payment systems for buying cryptocurrency from a card.
  • Connection of Trezor and Ledger hardware wallets.
  • Hierarchically deterministic wallet, allowing the customer to back up the account.
  • Open source code.
  • Mobile application.
  • Responsive tech support, knowledge base, blog.
  • Like any online wallet, subject to the risk of outside interference.
  • Many fraudulent schemes with imitation pop-ups from Metamask.

About the wallet

About the wallet

An app called MetaMask appeared in 2016 as a browser extension that gave users the ability to operate Ethereum cryptocurrency and ERC-20 tokens. The wallet's special feature was that it also allowed for decentralised blockchain-based applications.

Later, its functionality was significantly expanded and customers were given the opportunity to work not only in the Etherium network, but also in other cryptocurrency networks.

Currently, MetaMask is provided not only as a browser extension, but also as a mobile application for Android and iOS. The wallet is non-custodial, meaning the private keys are not transmitted to the developer's servers - they remain on the user side under all circumstances.

Encryption takes place on the client side directly in the browser, while the user is able to perform full transactions with a large list of tokens.

One of the important advantages is that decentralised applications can be handled through a simple and user-friendly interface that even an inexperienced user will be able to understand.

Creating a wallet and getting started

Creating a wallet and getting started

To install Metamask, go to the official website https://metamask.io and click the Download button in the top right corner. This will open a page with options to download the wallet:

  • Extension for Chrome, Firefox, Edge and Brave;
  • Link to the iOS version of MetaMask;
  • Link to the Android version of MetaMask.

Alternatively, you can find MetaMask directly in the Google Chrome extensions catalogue or in the app shop on your phone (Android and iOS are supported).
On the extension page, click Add to Chrome and confirm your action.

Extension page

When the extension is successfully installed, the wallet page will open. Metamask will now always be available in the browser add-ons bar. Click "Start".

Create a Wallet

Choose one of the options:

  • Import wallet - if you have previously used another wallet for Ethereum and have a twelve-word seed phrase with which to regain access to your balance.
  • Create a Wallet - if you want to create a wallet from scratch by getting a new seed phrase.

After clicking on the "Create a Wallet" button, Metamask will ask for permission to collect your activity data. This is NOT about sensitive data or keys. This refers to clicks and page clicks, from which a public dashboard is then generated. You have the right to opt out of having your data collected now, or to do so at a later point in the settings. You are advised to opt in because it will not affect your security, but will help the developers improve the wallet.

Help Us

Think of a password of at least eight characters in length. Agree to the terms of use of the service.

Create Password

The sideline phrase is then generated. Be careful with this step, write down the phrase and keep it in a safe place. You may need it in the future to regain access to your wallet.

Secret Backup Phrase

On the next screen you must confirm that you have saved the Sid-phrase. Place the words in the correct order.

If you want to use Metamask from both your phone and computer at the same time, there is a synchronisation function:

  • Install the mobile app;
  • Select Sync or Import option;
  • Tap Scan QR code;
  • Open the MetaMask extension on your computer;
  • Go to settings, under Advanced;
  • Tap Synchronize with your mobile device. A QR code will appear;
  • Scan this code using the mobile app.

Funding your MetaMask account

The MetaMask wallet can be used without cryptocurrency, simply as a login manager to various websites. But recharging your account in ETH or tokens allows you to use a wide variety of decentralised services - investing, trading, playing games, collecting virtual collectibles, etc.
There are two main ways to top up an account:

  • Transfer coins or tokens from another wallet;
  • Buy coins.

Transferring coins or tokens to MetaMask

To transfer coins or tokens to MetaMask, just click on your account name, then the address is automatically copied, then you can transfer funds to it from your wallet or cryptocurrency. You can also view the address by clicking on the three dots in the top right corner and then on "Account Details". There will also be a QR code to quickly transfer cryptocurrency from mobile wallets.

Transferring coins or tokens to MetaMask

Buying coins in MetaMask

Metamask supports direct purchase of ETH from a card. If you click on the Buy button, you can choose to pay via Wyre or Coinswitch. The first option supports only dollars, the second supports many world currencies, including the pound sterling.

Buying coins in MetaMask

CoinSwitch charges 0% to 0.49% + network charges. Wyre 3.2% + network charges. Transfer from another wallet usually includes network charges only.

Sending cryptocurrency

To send a transaction from Metamasc click on the "Send" button.
Insert the ETH address to which you want to transfer the coins in the box above. Any address can be added to your address book to find it faster later.

Select an asset. Only Ethereum is available by default, other tokens need to be added separately. Below we will tell you how to do this. Specify an amount or click the "Maximum" button. The amount will also be automatically converted into dollars at the current exchange rate for clarity.

Select the commission fee. The higher the fee, the faster the transfer will reach the recipient, as miners who check transactions have a priority for payments with high or medium fees. On the Ethereum network, the fees are not so high that you would save on them, risking a stalled transaction. By clicking on the "Advanced Settings" button, it is possible to fine-tune the gas and see the approximate confirmation time of the transaction.

Adding a new token

Metamask cryptocurrency wallet supports ETH and all tokens running on this blockchain. However, assets other than ether itself must be added manually. How to do it:

  • Click "Add token" on the main screen where your existing assets are listed.
Adding a new token
  • You can quickly find the desired token by name or ticker.
Search Tokens
  • Or go to the "User token" tab. Here you can enter the address of any token of interest on the etherium blockchain.
Custom Token

To find out the token contract address, use the Etherscan.io blockchain browser. Find the asset of interest there and copy the information from the Contract line.

Etherscan.io

If the other person claims to have sent you a token and you can't find that asset through either adding the token to MetaMask or Etherscan, there is most likely no transaction. Ask him for the correct contract address.

Account settings

Account settings

To access Metamask Settings, click on the account icon at the top right and go to the relevant section.
Settings includes several sub-sections:

  • General. Setting the language and currency displayed in priority for transactions. Blockies Identicon can also be enabled here, which is a unique image randomly generated based on the sid-phrase. Can be used to represent a wallet address.
  • Advanced. You can download logs of all your transactions in .json format, set up synchronisation with your mobile app, reset your account (clear all history). Also here you can activate number of functions, such as advanced gas control, hex HEX-value display when you send money, fiat conversion display in test networks and not only in main one and many others.
  • Contacts. All wallets ever used in MetaMask from this device are added here.
  • Security & privacy. View your passphrase (requires a password). Activate the options of showing incoming transactions, phishing alerts, and participation in the MetaMask analytics program.
  • Alerts. Here you can enable notification if you are on the website, but not authorized in the wallet.
  • Networks. MetaMask allows you to add and configure various test networks besides the main Etherium network. For example: Ropsten, Rinkeby, Goerli, Kovan. To add a new network, you will need to enter its RPC URL, name, and optionally a blockchain browser ID, symbol and URL.
General Settings

The last subsection, "About", contains information about the wallet version, privacy policy, terms of use, links to tech support, etc.

Import an account and connect hardware wallets

To import an existing wallet into MetaMask, click on the account image and select "Import account". You can do this using a saved JSON file with transaction history, or a private key.

Import an account and connect hardware wallets

Imported accounts are "free" accounts - they are in no way associated with the main sido phrase you received when you created your wallet. If you ever lose access to MetaMask, and then restore it with the recovery phrase, the linked accounts will no longer be there. So keep sensitive information from imported accounts just as secure as your main wallet.

You can also connect a hardware wallet to MetaMask. This is done in the same section, on the next tab. The mobile app does not yet have this feature.

Connect a hardware wallet

Procedure:

  • Connect the physical Trezor or Ledger device to your PC.
  • Click "Connect" in the wallet window.
  • Select the desired account.

You can then freely use the hardware account like any other Ethereum account - send and receive cryptocurrency, use dApps, etc. Some sites support integration with MetaMask, but not with Trezor or Ledger. Synchronising your wallet with your hardware device allows you to interact with sites in this way.

Conclusion

Whether you are a beginner or an advanced user, MetaMask is a comfortable option for asset management. This is due to its simplicity and functionality at the same time. The launch of the mobile app has further expanded the wallet's potential audience, as most of the world's transactions are now conducted from mobile devices. This is handy when travelling or in other situations where there is no access to a computer.

Jack Evans


I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
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