MetaMask Review 2022 – How To Use MetaMask Wallet (+ Tutorials)

MetaMask Review

Most Popular Browser Crypto Wallet

Product Name: Metamask

4.5

Summary

The metamask browser extension is the widely supported browser crypto wallet, and has become a standard among all decentralised applications. The metamask also works pretty well popular hardware wallet provider such as Ledger and Trezor. They also have a mobile app (mobile wallet), which offers features such as dApp browser, swap to name a few. Mobile app lacks the hardware wallet integration. 

Pros

  • Easy to download and use
  • Makes it easier for users to learn wallet recovery phrase process + storage backup
  • Easy to import existing accounts or create new ones
  • Create multiple crypto wallets account
  • Works with hardware wallet
  • In-wallet crypto swap system
  • Mobile app

Cons

  • Mobile app lacks hardware wallet integration
  • If you lose your seed words, you lose access to the wallet
  • No bitcoin support

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 on in everything we do.

Whether it is an Ethereum wallet or a Bitcoin wallet, we go the extra mile to find out the exact details to share all the information with you.

We have repeatedly stressed that a good wallet is something that 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 on these points:

  • What Is MetaMask Wallet?
  • MetaMask Team
  • MestaMask Features
  • Supported Currencies
  • Supported Platforms
  • Conclusion

What Is MetaMask Wallet?

MetaMask is an Ethereum wallet that lets you connect to the Ethereum blockchain.

It is a web wallet that 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, and receiving your Ethers, but you 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.

MetaMask Team

MetaMask Team

The overall goal of MetaMask is simple: “Our mission is to make Ethereum as easy to use for as many people as possible.”

Developed by an experienced team of developers, UI, and QA people, the company is based out of California, USA.

MetaMask Features

  • Intuitive UI

There is a dedicated user experience engineer in the MetaMask team, which is why its UI is sleek and intuitive. MetaMask was one of the first Ethereum wallets I used for storing my ERC20 tokens, and I found it very easy to use.

  • Multilingual

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, making 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 setup. 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
MetaMask 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
MetaMask ERC20 Token

You can also easily add new ERC20 tokens in the MetaMask wallet. You can then manage and transact your tokens through the MetaMask wallet.

  • 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 have any other crypto, you can exchange it for ETH within the MetaMask interface.

In 2021, MetaMask added SWAP feature, which enables you to exchange coins right from the MetaMask extension or the mobile app:

  • Network Options

Developers and advanced users developing DApps over the Ethereum network can also access various testnets through the MetaMask wallet.

Supported Currencies on MetaMask:

MetaMask supports ETH, BEP20, and all the ERC20 tokens. 

MetaMask Supported Currencies

Supported Platforms

As I shared with you previously, MetaMask is a web wallet that has browser wallets for different browsers. You can install the MetaMask add-on in Chrome, Firefox, Opera, and the new Brave browser.

MetaMask is a self-hosted wallet to store, send and receive ETH and ERC20. It allows you to control your funds as an HD wallet that provides a mnemonic phrase that you can keep as a backup.

MetaMask has its Chrome extension, Firefox extension, and Brave extension, but for this tutorial, we will keep the scope limited to Chrome extension version.

Let’s get started with the following aims:

  • How To Install MetaMask Wallet?
  • How to manage (send/receive) Ether on MetaMask wallet.
  • How to manage ERC20 tokens on MetaMask

How To Install MetaMask Wallet

#1. Go to MetaMask.io and access the MetaMask Chrome extension as shown below.

Note: There are many phishing scams around MetaMask, so be careful and bookmark the MetaMask wallet official link and never forget to check for a secure HTTPS connection.

2. Install the chrome extension and click “Add extension”.

3. Now, you can see the added chrome extension that shows the “privacy notice” where you need to “Accept”.

MetaMask Wallet Chrome Extension

4. After accepting the “privacy notice”, it will prompt you to accept “Terms Of Use”.

MetaMask Privacy Notice

5. Now set up the password and create your wallet by clicking “Create”. Remember, this password is for encryption so create a strong one.

MetaMask Account

6. The seed words will be shown that you need to copy somewhere offline and store in a secure manner. Note: I have shown you these 12 words here but they are not to be shown to anyone.

MetaMast 12 Seed Words

7. Once you have copied, click on “I’ve Copied It Somewhere Safe” and you will see this home screen of the wallet. This marks the completion of installation of the MetaMask wallet.

MetaMast Transaction History

How to manage (Send/Receive) Ether on MetaMask wallet?

Now that you have installed MetaMask wallet let’s see how to receive and send ETH on MetaMask.

1. To receive ETH, click on three dots as shown in the below image and click on “Show QR Code”.

Send Receive Ether on MetaMask wallet

2. On clicking “QR code”, you will see this QR code and ETH address which you can either scan or copy to send ETH on it.

MetaMask Account

3. Now to send ETH out of MetaMask wallet to any other wallet, click on “Send” as shown on the home screen of the wallet.

Send ETH out of MetaMask wallet

4. You will be able to see the below screen where you can add “Recipient Address” & “Amount” that you need to transfer out.

MetaMask Send Transaction

This way you can access your MetaMask and send/receive ETH and other tokens.

How to manage ERC20 tokens on MetaMask

Managing ERC20 tokens on the MetaMask wallet is as easy as Ether itself.

By default, MetaMask shows up all top ERC20 tokens, but there are instances that it doesnot show all the ERC20 tokens. You need to either manually add the contract address or use the below trick to add the token to your MetaMask account.

Go to Coingecko.com, and search for ERC20 token that you want to add to MetaMask.

Under the contract option, you would see the MetaMask icon and click on it to quickly add the contract address to your MetaMask wallet. (See the below screenshot)

If for some reason the token is not listed on Coingecko, here is how you can manually add a token to MetaMask.

1. Once you have unlocked MetaMask, click on ‘Tokens’ as shown in this image and click on “Add Token”.

Manage ERC20 tokens on MetaMask

2. You will see the below screen where you can now add the token details that you intend to add in MetaMask.

Add token on MetaMask

3. Once you have extracted details like contract address, token symbol, and token decimals, submit them and click “Add”. For example, I am adding these details for Binance (BNB) token extracted from here: https://etherscan.io/token/0xB8c77482e45F1F44dE1745F52C74426C631bDD52

  • Token Symbol: BNB
  • Token Decimals: 18
  • Token Contract Address: 0xB8c77482e45F1F44dE1745F52C74426C631bDD52
Etherscan

4. BOOM🌟⚡💥🌟⚡💥🌟⚡💥 You will be able to see the balance amount of BNB, and BNB will be added to MetaMask, as shown below. Similarly, you can add any ERC20 token to MetaMask anytime.

Token on MetaMask

How To Use MetaMask With Trezor

When you connect your Trezor device with MetaMask, your ETH account will be reflected in MetaMask’s UI as Trezor account.

Upon opening it in the app, you will see its entire transaction history, balance, etc.

However, all the operations which require signing with your private keys will happen through the Trezor device only, and MetaMask will only send requests to Trezor. Take, for example, while signing a transaction or a message.

Note: You can disconnect your Trezor after importing your account, and your transaction history will be remembered in MetaMask, as the app stores the public key to your connected account. To delete your history from the app, disconnect your account in MetaMask settings. Your account balance will remain intact. (Source: Trezor Blog)

Let’s make a transaction using MetaMask…

The operation has to be confirmed on the Trezor device

Let’s see signing a message using MetaMask…

How To Connect Trezor With MetaMask

  • Download the latest version of MetaMask and install it in Google Chrome (the only supported browser currently). Use the beta interface for now. Here is How.
  • Click on the account icon at the top right corner and select “Connect Hardware Wallet”.
  • Plug in your Trezor and click on “Connect Trezor”.
  • Trezor Connect will pop up with a request to export the public key. Approve to continue.
  • Select the account you want to use and click on “Unlock”.
  • You have successfully imported an account (its public keys) to MetaMask! Repeat for other accounts if you have more than one. (Source: Trezor Blog)

Well, I think this a huge development for MetaMask and Trezor both, as it opens up endless possibilities for DApps and other ERC20 tokens. Plus, with this integration, one will be able to secure ERC20 and ETH in a much more reliable way.

How to use MetaMask with Ledger hardware wallet:

Ledger is the most popular hardware wallet for Ethereum, and you can use it with MetaMask to enhance your crypto security. Watch this video guide to learn about using Ledger with MetaMask.

MetaMask wallet alternatives:

Even though MetaMask is the most popular and widely supported browser wallet for dApps, some new contenders are gaining popularity, and good for people looking for an alternative to MetaMask wallet. Here are some of them:

  • Coinbase wallet
  • GameStop wallet
  • Rabby (Rabby.io)
  • Math Wallet (Mathwallet.org)
  • Brave wallet (Brave browser)

Out of all these MetaMask alternatives, I like Coinbase wallet as it is gaining the support of many dapps. However, it lacks integration with hardware wallet at this moment, thus making it less secure than the MetaMask wallet.

Conclusion: MetaMask Review and Tutorials

MetaMask wallet is the second best ETH, and ERC20 wallet one can get after MyEtherWallet.

Another advantage of this wallet is that it automatically blocks suspected websites if it is ON.

There is more.

Through the MetaMask wallet, you can access DApps like Uniswap, OpenSea, and other Ethereum applications. Hence, it also acts like an Ethereum blockchain browser.

This is a multi-purpose wallet, and I use it many times for quick desktop transactions as well as security protection against phishing websites.

I hope you liked the tutorial on getting started with MetaMask and how to send/receive ETH/tokens through it.

Please feel free to drop a comment or questions, if any. Let us keep learning and sharing the crypto revolution with CoinSutra.

Until next time.

Where do you find MetaMask on your computer?

MetaMask is available only as a browser extension on a desktop. If you have installed MetaMask before, you need to look under your extension and look for the fox icon to start MetaMask.

Can you use MetaMask on iPad?

Unfortunately, MetaMask is not optimized for iPad.

Can you use Metamask mobile app with Ledger wallet?

You can not use MetaMask mobile app with Ledger wallet. However, the Ledger wallet works fine with MetaMask on your desktop browser.

Where can you purchase MetaMask wallet?

MetaMask is free software; anyone can download it on their official website. https://metamask.io is the official website address.

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8 thoughts on “MetaMask Review 2022 – How To Use MetaMask Wallet (+ Tutorials)”

  1. T
    Trader

    Is it now better than Jaxx offline wallet?

  2. c
    crypto richie

    Suppose that the PC on which I have metamask installed, get stolen or its hard disk crashes. So, is there any way to recover coins?

    1. Harsh Agrawal

      Yes, as long as you have the seed you will not lose anything. You can reinstall Metamask again and put your seed to recover your coins.

  3. R
    RGLape

    how do I deposit ERC20 token into Metamask, i.e., like TELCOIN (TEL) or CarVertical (cV) coins? I have added the Coins but I cannot see a Deposit Button when I chose either TEL of cV tokens? The “Deposit” button only shows up when I select ETH. Should I use the same ETH Deposit Address when I want to deposit TEL or cV?
    Kindly explain/confirm.
    Thanks.
    RG

    1. Harsh Agrawal

      Yeah, ERC20 tokens live on the ETH address only.

  4. R
    Rafal

    Hi, just sent ETH from a marketplace into my personal wallet. Etherscan shows that ETH is in, while Meta Mask is still showing 0. Is there some sort of lag there..?

    1. Harsh Agrawal

      Sometimes, happens, is it solved?

  5. R
    Ross Alisha

    “Great article I’ve been following along, and when I get to the Load Unpacked Extension part, the icon that appears in chrome://extensions has something added to it. It’s a camera symbol inside orange circle. This is laid on top of my icon in the bottom right hand corner. What is that?

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