By now our readers know that CoinSutra believes in quality. That is one reason why we have been choosy about wallets. Also, with wallets it’s not just about the quality they offer; it is also the security.
If you are someone who has been here for a while, you will automatically sense the level of due-diligence that goes in everything we do.
Whether it is an Ethereum wallet or a Bitcoin wallet, we go that extra mile to find out the exact details so that we can share all the information with you.
We have repeatedly stressed that a good wallet is something which fits the following criteria:
- Private keys: Wallets where you control your private keys.
- Ease of use: Elegant UI for ease of use.
- Development community: Active development community.
- Backup & security: Backup and restore features.
- Compatibility: Compatible with different operating systems.
Note: Given these are early crypto days, so shortcomings, we expect faults, but they should not compromise the security of user’s funds at any cost.
Therefore, we regularly keep reviewing crypto wallets by using them personally and spending ample time with the wallets.
Therefore, in today’s article, we are going to talk about the MetaMask wallet and touch base upon these points:
- What Is MetaMask Wallet?
- MetaMask Team
- MestaMask Features
- Supported Currencies
- Supported Platforms
What Is MetaMask Wallet?
MetaMask is an Ethereum wallet that lets you connect to the Ethereum blockchain.
It is a web wallet which has several extensions for different browsers, which I will discuss further in the article.
Of course, being an Ethereum wallet means you can use it for managing, transferring, receiving your Ethers but also can use this wallet to interact with thousands of ERC20 tokens that thrive on the Ethereum blockchain.
MetaMask also allows you to access the world of the decentralized web by letting you use several Ethereum DApps through it.
The overall goal of MetaMask is simple: “Our mission is to make Ethereum as easy to use for as many people as possible.”
And it is quite evident from its team’s composition also (look here).
Developed by an experienced team of developers, UI, and QA people, the company is based out of California, USA.
- Intuitive UI
There is a dedicated user experience engineer in the MetaMask team which is why its UI is quite sleek and intuitive to use. MetaMask was one of the first Ethereum wallets I used for storing my ERC20 tokens, and I found it very easy to use.
Nowadays, if you are building something for Ethereum, it has to be multilingual given Ethereum is a decentralized project. That’s why MetaMask is present in 18 different international/national languages which makes it accessible to many users.
- HD Wallet
MetaMask is an HD wallet, so you don’t need to worry about backing up each public/private key pair. Instead, rely on the single seed that it produces during the set-up. But remember, losing this seed would be akin to losing all the stored crypto funds. Also, one can encrypt its seed by setting-up a secure password. Doing so will ensure your private keys never go online and will always remain in the browser.
- Custom Fee
Being an Ethereum wallet is not easy. One needs to provide customization for setting gas limit and gas price. This leads to a custom fee for transactions over the Ethereum network.
- Add ERC20 Tokens
You can also easily add new ERC20 tokens in MetaMask wallet. You can then manage and transact your tokens through the MetaMask wallet. Here is a complete DIY guide for the same: How To Add A Custom Token In MetaMask.
- Built-in Exchanges
You can also buy Ether using MetaMask wallet as they have integrated Coinbase (only for USA users using fiat) and ShapeShift (Using crypto). So if you are a US customer, or if you have any other crypto, you can exchange it for ETH within the MetaMask interface.
- Network Options
Developers and advanced users who are developing DApps over Ethereum network can also access various testnets through the MetaMask wallet.
MetaMask supports ETH and all the ERC20 tokens. To DIY read: How To Use MetaMask Wallet For Ether & Other ERC20 Tokens
And on its full-screen version, MetaMask looks like this:
Conclusion – Metamask review
MetaMask is a reliable wallet serving the market since 2016, but it also had its fair share of controversies in the past where investors and developers have lost money.
It has been found that it happened because of mistakes from the developer’s end and some hacks due to phishing attacks.
Here is a full drawn case how your MetaMask wallet can be compromised with sophisticated phishing attacks. How the Security of Your MetaMask Wallet Can be Compromised.
That’s why MetaMask team has worked upon its security patches and is now developing a new UI with enhanced features for MetaMask users.
The new UI looks like this:
I have checked out this new UI and found it to be more user-friendly than the previous one. But beware, this is in beta phase now, so don’t risk too much ETH while using it.
Also, a thing to note with such hot wallets or web wallets is that they will never be 100% safe, so risking your retirement funds here is not a good idea.
Instead, use paper wallets or hardware wallets such as Ledger Nano S for enhanced safety of your Ethereum and ERC20 tokens. And also be aware of and follow the best practices for online security of your laptop and mobiles for using cryptocurrencies.
That’s all from my side in this article. Let me know if I have missed anything notable. Also, do share your experience of using a MetaMask wallet in the comment section below.
Do share this post with your network on Twitter & Facebook!
Here are a few other hand-picked articles for you to read next: