The most used wallet for cryptocurrency users is MetaMask. So what is MetaMask? How do I set up and utilize a MetaMask wallet? Is MetaMask secure? In this article, let’s find out!
What is MetaMask?
A well-liked cryptocurrency wallet, MetaMask is renowned for its simplicity of use, compatibility with the desktop and mobile platforms, ability to buy, transmit, and receive cryptocurrencies directly from the wallet, and capacity to gather non-fungible tokens (NFTs) across two blockchains. Seasoned cryptocurrency users will appreciate the simplicity and speed of the transactions, but individuals who are new to the field run a larger danger of losing their tokens to stolen secret words, fraudulent websites, and other cryptocurrency frauds.
How does it work?
Storage, swaps, and dApp access are MetaMask’s three main applications. Together, these features cover all of the interactions with Ethereum that a typical cryptocurrency user will likely ever require.
- Crypto storage: MetaMask’s built-in crypto wallet can hold ERC-20 and ERC-721 tokens, and users may establish and switch between wallet addresses effortlessly. The app’s powerful encryption technology allows users to safely store wallet passwords and private keys in their browser via a MetaMask extension, giving them more control over their public and private keys. New users are given seed phrases when they create an account to restore it if necessary.
- Token swaps: MetaMask’s trade function allows P2P token trades from your wallet. These swaps aggregate data from numerous DEXs, DEX aggregators, and automated market makers (AMMs). MetaMask swaps allow users to trade bitcoin directly, eliminating friction, slippage, and expenses.
- Access to dApps: MetaMask wallet users can access Ethereum-based dApps, crypto financing products, Ethereum-powered games, NFTs, and more. MetaMask’s built-in crypto wallet allows users to spend, send, or stake their crypto anywhere in the Ethereum ecosystem without extra wallet integrations or wasteful transactions. MetaMask gives customers easy access to DeFi and other blockchain-based services.
Advantages vs. Disadvantages
In this section, Cove Markets will share some of the pros and cons of MetaMask with you.
- Its straightforward and user-friendly layout makes it widely used.
- Simple access with trusted browsers that are supported and from a safe Internet system.
- Access to open source code enables the community to work together for further development.
- Assists with the management and storage of ERC20 tokens and virtual currencies.
- Its security will be somewhat less robust than other wallets because it is an online wallet, making it more vulnerable to hacker attacks.
- There is a chance that hackers will take advantage of that vulnerability and reveal user information through crawled web browsers or add-ons that have been illegally installed.
Review of MetaMask: NFTs & Crypto Wallet
There are two key reasons why cryptocurrency is so attractive: the ability to send and receive tokens anonymously and securely. MetaMask is an excellent option for those looking to take advantage of these features, as it is easy to use and does not require any personal information to set up a new wallet.
In addition to being a non-custodial wallet, MetaMask also does not collect user information from wallet use, meaning that data is not stored on a central database. Once the wallet is created, it can only be accessed using a password selected by the user or restored using the 12-word seed phrase.
The MetaMask wallet is a flexible solution available on the market that supports numerous protocols on various blockchains. Users can store non-fungible tokens (NFTs) in the wallet in addition to over 450,000 coins on the Ethereum ERC-20 protocol and connect them to marketplaces like OpenSea. The BNB Chain (formerly known as the Binance Smart Chain), Polygon, Avalanche, and several other test blockchains are just a few of the several blockchains that MetaMask supports.
Using MetaMask as your main wallet has downsides. It does not support Bitcoin, the most famous cryptocurrency. Workarounds are in development, but they are experimental and not safe for beginning users. Even while MetaMask supports many blockchains, there is no native bridge to transfer coins between them.
Since the chains are incompatible, you can not send USD coins from BNB Chain to Ethereum Chain. Suppose a user wants to bridge chains. In that instance, users can send to a wallet on a separate chain, withdraw fiat, and then buy tokens on the other blockchain, or they can use a bridge to transit tokens across chains.
MetaMask’s approach to security is unique in focusing on user anonymity rather than traditional security measures. Because the software is non-custodial, MetaMask doesn’t keep any user data. Instead, wallets are protected by a user-generated password upon setup, biometric data on mobile devices, and restored using the unique 12-word seed phrase. Technical support cannot help users recover their passwords, which makes the seed phrase even more important. If a user loses their seed phrase, they risk losing access to their wallet forever.
MetaMask is also vulnerable to hacks, malware like banker Trojans, social engineering attempts, and other cryptocurrency frauds because there are only one means to restore a single wallet across different devices. Viruses that target cryptocurrency wallets, disclosing the 12-word seed phrase on a phishing website or to a third party, or downloading a phony MetaMask plugin that allows a hacker control of your wallet are some of the most frequent attacks against MetaMask wallet users. Never divulge your seed phrase to someone you don’t know and trust, and get in touch with MetaMask support right once if you think your wallet has been compromised.
Privacy And Anonymity
MetaMask is a wallet that takes privacy seriously. Unlike a cryptocurrency exchange, the wallet doesn’t require users to submit any personally identifiable information to get started. Instead, users have complete control of the cryptocurrency collected and traded through their wallets, including their secret seed phrase. MetaMask does not store user data, and technical support will never ask users for their secret phrase.
While utilizing their MetaMask wallet, users are free to do business and swap coins or NFTs. The product cautions that blockchain activities are not entirely anonymous. They label interactions as “pseudonymous,” instead. Because every transaction is recorded publicly on the blockchain, the wallet ID functions as a pseudonym for the user. The user’s genuine identity may be compromised if they link their wallet to their identity by utilizing an NFT as their Twitter profile picture or an Ethereum Name Service domain.
Downloading the MetaMask wallet app on Android or iOS or the browser extension for Brave, Google Chrome, Firefox, or Microsoft Edge, is the first step toward creating a MetaMask wallet.
Users will be given the option to import their current wallet using the 12-word seed phrase or create a new wallet after downloading. When new users choose to “Create a Wallet,” they will be requested to permit to collect anonymous usage data to enhance the product (although MetaMask will never collect keys, transaction data, or IP addresses, those concerned with privacy can opt out).
Users will next choose a new password with at least eight characters, followed by a brief explanation of their secret recovery process. Every user must record their 12-word seed phrase because this is the only way to import the wallet to other devices or reset the password if lost.
The process is finished when the 12-word seed phrase is verified. Users of MetaMask can transfer and receive bitcoin through the app and add NFTs to their digital collection by entering their wallet address.
For desktop or laptop computers, MetaMask can be used as an in-browser program. It is also available as a smartphone app from both big app stores. Its easy connection with numerous renowned crypto websites, such as NFT marketplace OpenSea and decentralized exchanges like 1inch, Uniswap, and Quickswap, has made it well-liked.
MetaMask is a well-liked cryptocurrency wallet option with more than 30 million monthly users across numerous browsers. Users of the app can buy cryptocurrencies through Wyre, Transak, and MoonPay providers or send or receive coins with any other wallet or smart contract on a compatible blockchain. While MetaMask won’t gather personally identifiable data from customers purchasing cryptocurrency, their partners might use “Know Your Customer” (KYC) procedures to uphold regulatory compliance.
These procedures include requesting identification documentation and a payment method (such as a credit card) to buy coins. Users can move bitcoin and NFTs from the software-based hot wallet to the hardware-based cold wallets for secure storage, thanks to MetaMask’s compatibility with Ledger and Trezor hardware cryptocurrency wallets.
To transfer, receive, or exchange tokens on a related website, simply utilize MetaMask. MetaMask will appear in your browser to confirm the specifics, like the contract, price, and expected gas costs, before exchanging any tokens. Users will be able to change their gas limitations before confirmation in order to either pay more to hurry it up or pay less while slowing it down.
The Apple App Store and the Google Play store have the MetaMask wallet app, which is compatible with both popular smartphone operating systems. According to more than 22,100 ratings in the App Store and more than 85,000 reviews on Google Play, people have given MetaMask a rating of 4.6 stars out of 5. The built-in web browser’s poor speeds and the wallet’s tendency to automatically charge excessive gas prices for transactions are the main causes of complaints about both businesses.
Similar to computer browser software, users may transfer and receive bitcoin on the supported blockchains using the smartphone app. Users can also view NFT collections and validate transactions and gas fee maximums before sending them. Transak is another way for users to buy Ethereum within the app. Purchases made with credit cards, bank transfers, or Apple Pay on iOS devices are supported by Transak on MetaMask mobile. Again, the provider may ask users to provide specific personally identifying information as part of their KYC regulatory requirements.
Although one of the biggest businesses in the Ethereum industry designed and supports the MetaMask wallet, it only provides a very minimal amount of customer service. The service is only available for technical problems users encounter when using the wallet on their own devices or interacting with different blockchains.
Users can connect with support via email, the self-service Help Center, the Community message board, or their ticketing system. Their website offers no live customer service.
Cost & Fees
When using the exchange, users may be charged gas fees by the blockchain for their transactions, depending on how fast the exchange needs to process. Users may also charge a service fee for any swaps between 0.3% and 0.875%.
When buying crypto, users can expect to pay a processing fee, a MetaMask fee and the market rate for gas.
How to Set Up MetaMask & Create a Wallet
- Step 1: Click “Download MetaMask for Chrome” on the official MetaMask website.
- Step 2: You ought to now be on the Chrome Web Store page for MetaMask. Then select “Add to Chrome.”
- Step 3: A window with the title “Add MetaMask?'” should appear. On “Add Extension“, click.
- Step 4: A fresh tab will show up. Then, select “Get Started” .
- Step 5: Under “Yes, let’s set up!” click “Create a New Wallet“.
- Step 6: MetaMask will then request permission to collect your usage information. Click “I Agree” if you agree. Click “No Thanks” if not. The latter option won’t prevent you from continuing with the setup process.
- Step 8: A brief tutorial on how to protect your MetaMask wallet will be shown to you. It entails writing down and saving a secret recovery phrase (a string of 12 words that gives you, or anyone else who has it, access to your MetaMask wallet and its contents). Press “Next“.
- Step 9: Your 12-word recovery phrase will be on the page you arrive at. To reveal the grayed-out region, click on it. After writing it down, select “Next“.
- Step 10: Verify your secret recovery phrase by correctly ordering the 12 words. To confirm, click “OK“.
- Step 11: Congratulations! You now have a fully functional MetaMask wallet. Then click “All done“.
Step 1: Download the app to your device. There are many fake applications, so you must check the information carefully! You download the MetaMask application through the links below:
Step 2:After downloading the wallet, you open the application and right on the opening interface of the wallet, you click “GET STARTED“.
Step 3: Restore or create a wallet. If you already have a MetaMask account, choose to enter Seed Phrase and enter the 12-character key to restore the wallet. If you do not have an account, choose to “Create A New Wallet“.
Click “I agree” to accept the wallet’s terms and move forward.
Make the two entries of the wallet’s password identical by entering it twice.
To make a backup, the application will provide you with 12 English words to use as a seed phrase as you continue to follow the instructions.
As Cove Markets said earlier, as soon as you get a 12, you should save it and keep it safe. I suggest writing it down on paper and keeping it in a secure location.
You can acquire 12 backup words by clicking the icon in the picture.
You have now established a MetaMask account after correctly typing these 12 characters.
How to Use MetaMask
How to receive tokens to MetaMask
- Open MetaMask and hover over the account name at the top of the window. The ‘Copy to clipboard’ option will appear. Click to copy your public address.
- In the application, you are sending your ETH or other tokens. Paste your address in the recipient field or share it with someone sending them to you.
How to withdraw tokens from MetaMask
- Create An Account On Binance
- On Binance, locate your Ethereum address
- Send The ETH From MetaMask
- Sell ETH using Binance.
- Pull the funds out of your bank account.
- Check The Status.
Read more: Binance Review: A Cryptocurrency Trader & A Complete Guide
How to swap tokens on MetaMask
- Step 1: Enter the MetaMask wallet.
- Step 2: Press “Swap“.
- Step 3: Pick a token
- Step 4: Optimize the Advanced Options
- Step 5: Press “Review Swap”.
- Step 6: Click “Swap”.
How to import other Wallets to MetaMask
- Step 1: In the upper right corner of your MetaMask pop-up, near the network indicator, click the circle icon.
- Step 2: From the drop-down menu, choose “Import Account”
- Step 3: Your browser will take you to the Import page. Copy your private key, then choose “Import“.
How to import NFT to MetaMask
- Step 1: Get the installation Wallet Address for MetaMask.
- Step 2: Identify the NFT Smart Contract Address.
- Step 3: On the MetaMask mobile applications, select “Import NFTs“.
- Step 4: Copy the NFT address and ID, then paste them into your MetaMask wallet account.
How to lock and unlock MetaMask Wallet
Open MetaMask and lock your MetaMask wallet from there. Select “Lock” by clicking the circle icon in the top right corner.
Open MetaMask and log in, then click “Unlock” after inputting your MetaMask password to unlock it.
How to change MetaMask password
- Step 1: Get your iPhone and launch the MetaMask app.
- Step 2: Please type in your current password.
- Step 3: “Login” button should be chosen.
- Step 4: The upper-left corner of the screen’s three horizontal lines should be touched.
- Step 5: Go ahead and click the “Security & Privacy” tab.
- Step 6: On the list of choices, locate “Change Password“.
- Step 7: Write the new password down and verify the new password.
How to connect MetaMask to dApp Browser
- Go online and find the website you want to connect to manually.
- Select MetaMask Extension from the top-right toolbar of your browser.
- In the top right corner, select the three dots menu.
- Choose Connected sites.
- Click next after choosing the account you want to use to access the website.
- Review the details on the confirmation screen, then press “Confirm/Connect“.
How to disconnect MetaMask from dApp Browser
- Step 1: Click on the three dots icon in the top right corner of the Account page.
- Step 2: Select “Connected Sites” from the expanded menu.
- Step 3: If there are any websites you want to disconnect from, click the trash can icon next to them.
At a Glance
|Type of wallet||Hot Wallet non-custodial software|
|Fees||Users will pay a processing cost, a MetaMask fee, and the market price for gas when using different payment methods, which vary based on the region. Service charges for MetaMask Swaps usage.|
|Number of Users||On Ethereum, BNB Chain (formerly Binance Smart Chain), Polygon, and Avalanche, there are over 450,000 active users.|
|Bitcoin and Ethereum supported?||Bitcoin: No; Ethereum: Yes|
|Customer Service||Find support through the Help Center and community board.|
|In-App Features||Receive, trade, and store cryptocurrency, buy and sell NFTs.|
|SPV or Full Node||SPV|
|Mobile App||Available on Apple iOS and Android|
What are the alternatives to MetaMask?
There are a few alternatives to MetaMask, such as:
- Coinbase Wallet
- Trust Wallet
- G2 Deals
- Ambire Wallet
Some MetaMask security tips you must know
- To add an additional degree of security, enable Two-Factor Authentication (2FA) on your MetaMask account.
- Never click links delivered to you via email or other means you don’t believe in.
- Make sure the URL of the website you visit is always correct.
- Never enter your private key or seed phrase on any website.
- The MetaMask extension should only be installed from the official website.
Is MetaMask safe?
Yes, MetaMask is safe. The software is open source and has been audited by security experts. Additionally, MetaMask uses a number of security measures to protect your account, including 2-factor authentication and a seed phrase.
What are the risks associated with using crypto wallets?
There are several risks associated with using crypto wallets. First, if a user’s computer is compromised, their wallet may also be. Second, if a user loses their private key, they will lose access to their wallet. Third, their funds may be stolen if a user’s wallet is hacked. Finally, if a user’s wallet is not backed up, they may lose their funds if their computer crashes.
Can I create multiple MetaMask accounts?
Yes. You can create multiple MetaMask accounts in your browser and easily switch between them.
Is MetaMask only for Ethereum?
MetaMask is a digital wallet that allows users to store and manage their Ethereum assets. However, the software can also be used to manage other cryptocurrencies, such as Chainlink and Litecoin.
Read more: Litecoin Vs Ethereum Overview: What Crypto You Should Invest 2023?
Why are gas fees so high on MetaMask?
- One of the main reasons why gas fees are so high on MetaMask is because it is a popular wallet and is used by a lot of people. When there is a lot of demand for a service, the price usually increases.
- Another reason why gas fees might be high on MetaMask is that the Ethereum network is currently congested. This means that a lot of transactions are happening on the network and not enough space to process all of them. This can cause gas fees to go up because people are willing to pay more to have their transactions processed quickly.
Read more: TOP 10 Best ERC20 Coins To Trade & HODL In 2023: A Full Guidance Of Potential Crypto For Traders
Is MetaMask decentralized?
MetaMask is a decentralized application (DApp) that allows users to interact with the Ethereum blockchain. It is a browser extension that injects the Ethereum web3 API into your web pages.
Read more: BEP2 vs BEP20 vs ERC20: Which Is The Best Choice For You 2023?
How do I contact Trust Wallet customer service?
The best way to contact Trust Wallet customer service is through the app itself. A “Help & Support” section in the main menu will allow you to submit a request. You can also find a link to the Trust Wallet FAQ section.
In conclusion, this covers every aspect of MetaMask’s functionality. I sincerely hope that this post has been beneficial to you and has helped you as you learn how to use MetaMask.
To begin with, MetaMask is one of the most well-liked and accessible cryptocurrency wallets. It is strongly advised that you immediately learn how to utilize MetaMask if you are new to the field. This post will be a fantastic resource for you.
Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.
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