MetaMask Review | The Pros & Cons Of Using MetaMask! 👍 👎
5 min to read
Introduction: Metamask is a digital browser and mobile wallet that makes it easy for users to manage EVM-based tokens and coins on Ethereum, Avalanche, Arbitrum, Optimism, BSC and others. It allows users to easily connect and start using DeFi applications (dApps) across different ecosystems. In this review, we take an honest look at Metamask and evaluate how it stacks up against the competition!
MetaMask was released in 2016 by ConsenSys, a software development company focused on Ethereum-based products. One of their products, MetaMask, is today the most popular non-custodial software wallet in the world with over 30 million monthly active users.
Based on the success of MetaMask the parent company ConsenSys has raised over $450 million in venture capital to help support the growth of its products. The source code for Metamask is available on Github, and developers are free to contribute to the project.
Metamask is an open-source Ethereum Virtual Machine (EVM) wallet that allows users to securely manage their ETH, ERC20 tokens, and ERC721 collectables.
Metamask allows users to store, send, and receive ETH and other ERC20 tokens while being able to seamlessly interact with Dapps directly from their browser. MetaMask is available as a mobile app on Android and IOS as well as a browser wallet.
MetaMask Supported Platforms
Metamask is a browser extension and mobile wallet that allows users to securely access applications across EVM-based blockchains like Ethereum, Avalanche, Polygon, Arbitrum, Optimism, Base, Fantom and many others.
The browser wallet has been downloaded by over 10 million users and has received 3.25 rating based on 3,000 reviews. At the time of writing, the browser wallet is supported on Google Chrome, Brave, Firefox, Edge, Safari and Opera.
MetaMask is also available as mobile application for Android and iOS devices that was released in 2020. The mobile app has already amassed over 10 million downloads and has stellar 4.7 rating based on 250,000 reviews.
Whether you are using the browser extension or the wallet, MetaMask allows users to buy, send, receive and exchange digital assets with anyone in the world.
The MetaMask mobile app also supports NFTs which is currently not available via the browser extension. And for those that would prefer to use a desktop wallet instead, that is unfortunately not supported by MetaMask.
MetaMask is a fully open-source cryptocurrency wallet that facilitates token swaps by aggregating data from various decentralised exchanges (DEXs) such as Uniswap, Sushiswap, 1Inch and others ensure the best price with the lowest network fees.
MetaMask offers slippage protection for large swaps and charges a swap fee of 0.875% each time users conduct a transaction.
In addition to swaps, Metamask also provides support for NFT tokens on EVM-compatible blockchains such as Ethereum and Polygon. Users can for example easily import NFTs into MetaMask by copying the NFT's contract address and token ID from marketplaces like OpenSea.
Additionally, users can stake their assets on both Ethereum and Polygon directly through the MetaMask wallet. The staking functionality is not available directly in the browser wallet so users have to go to the portfolio view where additional features can be found.
For added convenience, MetaMask now also allows it's users to purchase cryptocurrencies via multiple payment methods such as Credit/Debit Card, ACH, SEPA and via multiple third-party providers such as PayPal, Apple Pay, SEPA, Mercuryo, Transak, Sardine, MoonPay.
By the same token, users now even have the option of withdrawing fiat currencies directly from their MetaMask wallet. For users that wish to transfer their cryptocurrencies from one blockchain to another, MetaMask has also integrated a bridging functionality.
Users will however have to pay a 0.875% bridging fee for the convenience of in-wallet transfers. And for users that want to receive help with their tax reporting, MetaMask has also integrated with tax software company Koinly.
Hardware wallet users will also be happy to hear that MetaMask today supports connection to three wallets including Ledger, Trezor and Lattice.
With the rapid increase in the number of tokens on Ethereum and other EVM-based blockchains, it is hard to say exactly how many coins and tokens are available on MetaMask.
We can however safely say that it’s in the 10,000s considering MetaMasks support a wide range of EVM-based blockchains such as Ethereum (ETH), Arbitrum (ARB), Avalanche (AVAX), Binance Smart Chain (BSC), Fantom (FTM), Optimism (OP). Polygon (MATIC and many others.
Users can easily toggle between different blockchains in the wallet so that they can connect to dApps available on different blockchains. Users can also easily add new tokens or blockchains manually to MetaMask.
MetaMask Customer Support
As a user of MetaMask, you may need some help from time to time. Metamask offers customer support to users with issues or questions via their help center, community forum and chatbot.
Metamask has an active community of users who are willing to help answer questions. If you have a technical issue or need to report a bug, you can reach out to the Metamask team directly by writing in the chatbox. For users who prefer to use social media, Metamask is also active on Twitter.
Is MetaMask Safe?
MetaMask like other non-custodial wallets is a safe and private wallet option where the keys and assets are always locally stored on the device of users. When user create a new wallet, they are given a 12-word seed phrase that they have to keep safe and a password that they have to provide each time they login.
The MetaMask wallet has never been hacked but individual users have lost funds either via virus assaults or phishing attacks. MetaMask places a paramount emphasis on security in its development processes.
To ensure the robustness of their systems, they've had their libraries subjected to multiple security audits by renowned firms like Cure53 and Least Authority, with reports made available to the public spanning dates from August 2017 to March 2023.
To further bolster the security of MetaMask, they actively engage with the security research community through a Bug Bounty Program. This program invites external researchers to identify and report potential vulnerabilities.
Additionally, MetaMask also provides specialised access to authenticated test environments for blockchain security specialists and DeFi community members.
Any non-security-related bugs are directed to be reported on GitHub. Throughout their security stance, MetaMask highlights the importance of responsible behavior, urging against any malicious actions that might jeopardize their users or the project.
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.