MetaMask is one of the most popular cryptocurrency wallets used by over 30 million people. As a non-custodial wallet, MetaMask gives users full control of their private keys. But is MetaMask the best crypto wallet for storing your altcoins? Explore our comprehensive MetaMask review and discover the features, functionalities, and benefits of this popular cryptocurrency wallet.
MetaMask Review: Pros and Cons
Overall, MetaMask is one of the best crypto wallets for non-custodial storage. Users retain full control over their crypto tokens and private keys – with the wallet secured by a backup passphrase.
| Pros | Cons |
| Non-custodial wallet gives users full control of their private keys | Does not support Bitcoin network |
| Wallets are secured with a password and backup passphrase | Other supported networks need to be added manually |
| Available as a mobile app and browser extension | Uses third parties to process fiat money purchases |
| No account or maintenance fees | |
| Supports popular altcoins like Ethereum, Tether, and BNB | |
| Used by over 30 million people | |
| Connects to dApps like Uniswap and OpenSea | |
| User-friendly interface ideal for beginners |
Our MetaMask wallet review found that multiple device types are supported, including an iOS and Android app. MetaMask is also compatible with browser extensions for Chrome, Edge, Brave, and Firefox. While users still need to cover GAS charges when making transfers, there are no fees to use or maintain a MetaMask wallet.
MetaMask Fees
In a nutshell, our MetaMask wallet review found that its primary features are completely free of charge. This includes downloading the wallet, depositing cryptocurrencies, and storing the tokens. However, any features that require an outgoing transaction will attract fees.
For example, transferring cryptocurrencies to another wallet address will require GAS fees. MetaMask doesn’t add a markup on GAS fees, as they are determined by the blockchain. Put simply, when the blockchain experiences busy periods, GAS fees will increase.
Additional fees also need to be considered when buying cryptocurrencies with fiat money. As noted earlier, these fees are determined by the third-party processor. But on average, expect to pay between 3-5%.
MetaMask Security
The primary purpose of a cryptocurrency wallet is to keep digital assets safe. Therefore, in this section of our MetaMask wallet review – we explore what security features are provided.
First and foremost, users will need to create a strong password when setting MetaMask up. This needs to be entered every time the user wishes to access their wallet. After creating a password, MetaMask will display the user’s private keys on-screen as a 12-word backup passphrase.
This makes it more convenient for users and reduces the risk of making a mistake. Users must write their backup paraphrase down and never share it. As a decentralized, non-custodial wallet, MetaMask comes with its pros and cons. Users are responsible for safeguarding their private keys. In contrast, custodial wallets often provide additional security features like two-factor authentication and insurance.
MetaMask Verification Process
MetaMask does not have any identity verification process. After downloading the wallet, users can instantly create an account and start using MetaMask without submitting any documents. This appeals to wallet users looking to remain anonymous. However, buying cryptocurrencies directly from MetaMask requires identity verification through third-party services which can be inconvenient.
MetaMask Customer Service
Unlike many non-custodial wallets, MetaMask offers a helpful customer service team. Users can connect with a MetaMask support agent via live chat by clicking on the ‘Support’ button from within the wallet interface. However, users should never give any sensitive wallet information to the support agents. There are increasing reports of frauds impersonating MetaMask support. Users should only seek assistance via official channels.
MetaMask User Experience
Although MetaMask requires users to safeguard their private keys, most features are user-friendly. The setup process is broken down step-by-step. Sending and receiving funds is straightforward with a QR code scanner in the mobile app and a copy button in the wallet interface. Token swaps can be done directly within MetaMask through integrated third-party services. While manually adding new networks is cumbersome for beginners, MetaMask provides guides to assist users. Overall, the intuitive interface makes it ideal for crypto beginners.
Available Tokens on MetaMask
By default, MetaMask only supports the Ethereum network which includes Ether and ERC-20 tokens. However, it also supports other top networks like Arbitrum, Optimistic Ethereum, Binance Smart Chain, Polygon, and Avalanche. These need to be manually added by entering details like Network Name, RPC URL, Chain ID taken from official sources. MetaMask does not support Bitcoin or other major cryptos like Ripple, Cardano, and Solana.
Regulatory Compliance and Legal Status
MetaMask operates as a non-custodial cryptocurrency wallet service based in the United States. The company is compliant with applicable laws and regulations. However, users are responsible for ensuring tax compliance for their cryptocurrency transactions.
Liquidity and Volume
As an Ethereum wallet, MetaMask provides access to the deep Ethereum liquidity pools and growing DeFi ecosystem. However, Bitcoin and other major cryptocurrencies are not supported which is a limitation. The 24-hour trading volume on MetaMask fluctuates based on market conditions.
Staking and Lending Options
MetaMask enables users to stake their idle tokens without leaving the wallet interface through integrated third-party services like Lido and Rocketpool. However, only Ethereum staking is currently supported. Users can also utilize DeFi lending protocols by connecting their MetaMask wallets to decentralized apps.
App and Web Experience
MetaMask Web Experience
MetaMask offers browser extensions for Chrome, Firefox, Brave, Edge, and Safari. The web wallet enables seamless connectivity to various dApps and DeFi platforms in the Ethereum ecosystem. Users can store, send, receive, swap tokens and interact with smart contracts easily. However, buying crypto directly on the web wallet requires identity verification.
MetaMask App Experience
The MetaMask mobile app provides similar functionality to the web extension with the added convenience of mobility. It has intuitive interfaces for managing crypto, accessing dApps, and buying NFTs. The iOS and Android apps have high ratings of 4.7 and 4.5 respectively from users. Easy account recovery through the seed phrase and secure integration with hardware wallets are also useful features.
Final Recommendation
In summary, MetaMask is one of the top crypto wallets available despite lacking Bitcoin support. Its non-custodial nature gives full asset control to users, while most features are user-friendly for beginners. Seamless integration with the Ethereum DeFi ecosystem to enable swapping, staking, and lending is a major advantage. For securely storing ERC-20 tokens and interacting with dApps, MetaMask is a great choice.
MetaMask Alternatives
Trust Wallet
| Pros | Cons |
| Supports multiple blockchain networks including Ethereum, Binance Smart Chain, Polygon | Lack of web interface reduces accessibility |
| Offers competitive staking yields through integration with various DeFi apps | Limited customer service support |
| Beginner-friendly with an easy account setup process |
Exodus
| Pros | Cons |
| Supports 100+ crypto assets including Bitcoin, Ethereum, Solana, BNB | Higher fees compared to other non-custodial wallets |
| Intuitive interface and easy navigation suitable for beginners | Lack of support for dApps and DeFi protocols |
| Excellent customer service via email and live chat |
FAQs
How trustworthy is MetaMask?
MetaMask is trustworthy and secure as a non-custodial wallet. User funds are protected through password encryption and seed phrase backup. As an open-source platform, its code is continuously vetted by developers globally.
What is the disadvantage of MetaMask?
A major disadvantage is that networks other than Ethereum need to be manually added which can be complicated for beginners. It also does not support the Bitcoin network. Fiat purchases are through third parties that charge high fees.
Can I make money with MetaMask?
Yes, MetaMask enables users to earn money by providing interest yield for crypto assets through integrated staking services, DeFi lending protocols, liquidity pools, and other passive income opportunities.
Is MetaMask real or fake?
MetaMask is a legitimate and legally compliant business registered in the United States. With over 30 million users, MetaMask is one of the top and most trusted non-custodial crypto wallets globally.
