MetaMask Wallet Review
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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.
Ease of Use
Advantages and disadvantages
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
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:
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.
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".
Choose one of the options:
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.
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.
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:
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:
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.
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.
CoinSwitch charges 0% to 0.49% + network charges. Wyre 3.2% + network charges. Transfer from another wallet usually includes network charges only.
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:
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.
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.
To access Metamask Settings, click on the account icon at the top right and go to the relevant section.
Settings includes several sub-sections:
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.
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.
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.
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.