Using a wallet, rather than an exchange, to interact with your Ethereum account allows you to receive, send and trade Ether while keeping total control over your private keys. If you are looking for the best wallet to get started, you might be considering Metamask, one of the most popular wallets available for Ethereum. Keep on reading to find out more about the Metamask wallet, its features and how it works. We’ll then take a look at its strengths and weaknesses to help you determine whether it is the right wallet for you, as an Ethereum investor.
What is Metamask?
Metamask is a non-custodial software wallet created to allow users to interact with the Ethereum network and store Ethereum private keys. It is available as a web browser extension for Chrome, Firefox, Edge and Brave and as a mobile application. Metamask allows you to store, send and receive Ether, ERC-20, ERC-777, collectibles and other Ethereum compatible tokens. You can also swap tokens on the wallet or through linked exchanges. However you should keep in mind that Metamask will charge you a transaction service fee ranging between 0.3% – 0.875%.
Metamask Wallet Features
Using Metamask for Ethereum, you’ll be able to:
- Store, send and swap Ether, ERC20, ERC-777 and any Ethereum compatible tokens.
- Store collectibles.
- Interact with smart contracts or dApps.
- Directly purchase Ethereum with a debit card or Apple Pay.
- Keep control over your assets due to the non-custodial nature of the wallet with data stored locally.
- Recover your wallet using a Secret Recovery Phrase.
- Link your browser wallet to a Trezor or Ledger hardware wallet to store your private keys offline.
Why Should You Choose The Metamask Wallet?
MetaMask provides a blend of security and accessibility, being readily available on web browsers and mobile devices, but at the same time delivering reliable security features. As a non-custodial wallet, Metamask doesn’t have any control over your account and all your private keys are stored at a local level. All users have a secret recovery phrase, which only you can access. Additionally, the web wallet and mobile app are password protected.
Metamask is also a good option for those looking for a wallet that is beginner friendly and easy to navigate. The wallet’s interface is simple and users have access to a wide range of information in Metamask’s knowledge base. Being widely popular, becoming a Metamask user will also allow you to become a part of an active community of users that can provide additional support and guidance.
Cons of Using The Metamask Wallet?
Are you wondering if there are any downsides to using Metamask? Truth is, no wallet is 100% perfect and there are a few limitations that you’ll have to keep in mind if you are choosing Metamask as your wallet.
One of the cons of using Metamask is that it is strictly limited to the Ethereum network. If you want to also invest in currencies or tokens that exist outside of the Ethereum blockchain, choosing a wallet with multi currency support will be a better choice.
Additionally, users must consider that despite its security features, Metamask is still considered a “hot wallet”. It’s digital nature makes it less safe than other close storage options and can leave your assets exposed to any hackers, virus or malware that makes its way to your mobile device or desktop.
Metamask: The Verdict
Metamask is a popular Ethereum wallet, easy-to-navigate wallet that offers a good blend of security and accessibility features. If you are looking for a wallet that allows you to easily interact with the Ethereum network, complete swaps and store collectibles from a simple browser interface and on-the-go using your mobile, this wallet is the ideal solution. However, if security is a big concern for you or if you are looking to invest outside of Ethereum, other wallets, such a a hardware wallet, will be a better choice.