MetaMask® Wallet- The crypto wallet for Defi, Web3 Dapps
MetaMask is a popular cryptocurrency wallet that supports a broad range of Ethereum-based tokens and non-fungible tokens (NFTs) on supported blockchains. While experienced crypto investors may appreciate the speed and simplicity of the wallet, new investors may find it difficult to navigate. In addition, the wallet does not support Bitcoin, making it a turn-off for investors whose primary investment is Bitcoin.
While all leading cryptocurrency wallets provide a high level of security for safekeeping your crypto assets, improper security practices on behalf of the user can lead to a complete loss of funds. Crypto enthusiasts should take care to store the bulk of their assets meant for trading on exchanges using cold storage methods, and never share your wallet’s login details, recovery phrase, or private keys with anyone.
- PROS & CONS
- COMPANY OVERVIEW
- Easy setup process
- Earn rewards via staking and holding
- Supports a broad range of Ethereum-based tokens
- Central hub for dApp
- No coin-to-fiat conversion
- Absence of 24/7 live customer support
Type of WalletSoftware; available as a mobile app for Android and iOS and a web browser extensionPrice Free Fees Network fees to send and swap assets; no fee to receive assetsNumber of Cryptocurrencies Supported Supports a wide range of Ethereum-based tokens such as Ether (ETH), USD Coin (USDC), Tether (USDT), etc.Bitcoin and Ethereum Support Only Ethereum and ERC-20 tokens are supportedEarn (Staking/Rewards) Yes, users can receive rewards on staking, as well as other incentives like airdropsCustomer Service No 24/7 live customer support; users can get help via the help page, email, ticket system, and community boardIn-App Features Users can buy, stake, swap, and convert assets within the walletHardware Compatible Yes (examples include Trezo and Ledger)SPV or Full Node Simplified Payment Version (SVP)Mobile App Yes (Android and iOS)
- Easy setup process: Downloading and setting up MetaMask across several platforms is relatively easy. Users can start by creating one wallet and importing it across platforms using the 12-word seed phrase.
- Earn rewards via staking and holding: MetaMask users can earn additional tokens through airdrops and staking.1 Staking is the process of locking up tokens in a vault for a certain period to make a profit represented in APY.
- Supports a broad range of Ethereum-based tokens: MetaMask supports diverse crypto assets built on the Ethereum network. Examples include Ethereum (ETH), Tether (USDT), USD Coin (UADC), and several others.2
- Central hub for dApps: MetaMask supports a broad range of decentralized applications (dApps), which are essential for builders, NFT, and Web 3 enthusiasts.2
- No coin-to-fiat conversion: As a decentralized wallet, MetaMask does not support third-party remittance companies, hence users do not have the luxury of directly converting coins to fiat currency.
- Absence of 24/7 live customer support: While MetaMask may be good for the majority of its services, customer support is not one of its strengths. Given that the wallet is quite technical for beginners, there is a need for a 24/7 support system. Unfortunately, it does not have one that operates around the clock.
Security, anonymity, and decentralization are some of the most attractive features in the crypto industry and MetaMask does not fail to exhibit these traits. Users can download the wallet software or add it as a browser extension and install it without disclosing identifying data such as name, email, social security number, and address.2 Decentralization is a valuable feature that ensures transactions on the blockchain are visible to connected nodes. It also prevents a single entity from having access to the entire wallet system. This is another feature that is quite different from that of the bankrupt FTX protocol, where a particular entity gained unauthorized access to the central system, stealing around $600 million in crypto from the protocol.3
Besides supporting cryptocurrencies, MetaMask is a versatile product in the marketplace, supporting tokens on the ERC-20 protocol, and storing non-fungible tokens (NFTs) which can be connected with marketplaces such as OpenSea.2 The wallet also supports multiple blockchains including the Build and Build (BNB) chain, Polygon, Avalanche, and more.
Despite having over 30 million active monthly users, there are some downsides.4 The wallet does not support Bitcoin, the largest digital asset based on market capitalization. Being technical, with no live customer support, the wallet may not be suitable for new crypto investors.