Metamask Crypto Wallet Review 2022: Features and Security

MetaMask is a famous Cryptocurrency wallet. It is user-friendly, and accessible on mobile devices and desktops. It is used to send, buy, and receive different Cryptocurrencies from inside the wallet. It also assembles non-fungible tokens between two blockchains. Even though the daily and experienced users will value the simplicity and quick transactions, on the other side for the beginners there are more chances of losing their tokens from neglected secret phrases, destructive websites, and some other Crypto scams.

Pros and Cons Described

Pros

Simple download and setup over devices: Setting up with MetaMask on many devices and a computer is easy going. You can begin by generating a wallet and then importing it over devices utilizing the 12-word seed phrase.
Sign up process does not include any personally identifiable information: MetaMask is a wallet, not an exchange. So, to create a wallet, you have to only download the software without giving any personally identifiable detail.
Open many wallets within a single app: Once you set up MetaMask, you can generate multiple wallet addresses over the blockchain. It offers more anonymity and allows the users to allocate wallets for various kinds of transactions.
Supports all NFTs, ERC-20 tokens, and various blockchains: Users using MetaMask wallets can store Ethereum-compatible tokens and NFTs across various blockchains, adding the Binance BNB blockchain, Ethereum main blockchain, Avalanche, Polygon, and other networks.

Cons

No password retrieve option: The only method that you have to recover a wallet is using the 12-word seed phrase generated while starting a wallet. As MetaMask is a non-custodial wallet, by using technical support you cannot retrieve their passwords or seed phrases.
Limited technical support: Support channels are restricted to the community bulletin board, e-mail, and the self-help portal. Furthermore, assistance only includes the issues related to the app. No help is given by the Support staff to reset the lost password, lost seed phrases, lost transactions, or stolen Crypto.
Does not support Bitcoin: excluding the world’s biggest Cryptocurrency (Bitcoin), MetaMask only supports tokens based on Ethereum.

Features Included In MetaMask Wallet

The two factors that are the center of attraction of the cryptocurrency are the ability to send and receive tokens anonymously in a secure setting. To begin the usage of MetaMask, you have to download the software and generate a new wallet without providing any personally identifiable details like your name, address, or Social Security number. In addition, if you are using the MetaMask, the data will not be stored on a central database and the company will not collect your information from wallet use. After creating the wallet, it can be accessed via a password that is generated by you and can be recovered by utilizing the 12-word phrase.
MetaMask wallet is a multitasked product in the marketplace that supports various protocols over the blockchain. Using this wallet, you can store NFTs in it and link them with marketplaces such as OpenSea. It also supports various blockchains containing the BNB Chain, Avalanche, Polygon, and various other test blockchains.
There are some drawbacks to using MetaMask as your foremost wallet. One of the biggest drawbacks is that it doesn’t support or offer the world’s popular Cryptocurrency, Bitcoin. Even Though there are features that are in development and experimental. So they are not suggested to the beginners as they are not considered safe for them. Furthermore, MetaMask offers multiple blockchains. As there is no native bridge, the users cannot send their coins from one to another.

Best Five Offered cryptocurrencies:

Ethereum
Cronos
USD Coin
ApeCoin
Dai

MetaMask’s Approach to Security

In many forms, MetaMask’s approach to security is via user anonymity as compared to traditional security measures. As the software is non-custodial and decentralized, MetaMask doesn’t store any user data. Rather wallets are preserved by a user-created password upon setup, biometric data on mobile devices, and recovered by utilizing the unique 12-word seed phrase. As per the fact that technical support cannot help the users to retrieve their password, the seed phrase automatically becomes even more important. In case a user misplaced his/her seed phrase, then it increases the risk of losing access to their wallet forever.
As there is only one method to retrieve a single wallet across various devices which makes MetaMask impressionable to hacks, malware such as social engineering attacks, banker Trojans, and other cryptocurrency scams. There are many common attacks on MetaMask wallets users add viruses aiming at Cryptocurrency wallets, provide 12-word seed phrases on a fraud website or to another party, or install a fake MetaMask extension that provides control on your wallet to the hacker. MetaMask should never disclose its seed phrase to strangers. Or else, contact MetaMask support in case they observe that their wallet has been infected.

Privacy and Anonymity

Users’ privacy is a very serious issue for MetaMask users. The wallet doesn’t need users to provide any personally identifiable detail to get started. Through the wallet, users have full control of the Cryptocurrency accumulated. It doesn’t keep or preserve user data, and technical support will never ask users to submit their secret phrase.
But the users are all free to transact business and exchange NFTs or coins by utilizing their MetaMask wallet. Even though the product claims that blockchain transactions are not truly anonymous. They categorize exchanges as fictitious. If the user submits their identity in their wallet by making an NFT, using an Ethereum Name Service domain, then their correct and original identity can be affected. To fix this problem, MetaMask suggests that users use a web browser with cookies cleared and a VPN whenever they use a wallet.

Setup

Creating a MetMask wallet is a very easy procedure. It commences by downloading the browser extension, Firefox, Chrome, or the phone app for iOS and Android devices.
Once the downloading process gets completed, the users will be asked to import their existing wallet by using the 12-word seed phrase or opening a new wallet. New users will choose to Create a Wallet option. Then they will be asked for permission to collect anonymous usage data to enhance the product. After that users have to create a new password. Users need to note down their 12-word seed phrase as it is the only method to import the wallet to other devices or retrieve the password in case it gets misplaced.
Confirming your 12-word seed phrase means the process is completed. Having a wallet address, MetaMask users can utilize the app to send and receive Cryptocurrency and add NFTs to their digital collection.

Usability

MetaMask is accessible on browser extensions and smartphone apps. Seamless combination with various types of different and major Crypto websites, decentralized exchanges, Balancer, and Radar Relay is the reason behind the popularity of MetaMask.

Desktop

Being a well-known Cryptocurrency wallet, MetaMask has more than 21 million active users per month over many browsers. Using the app, users can receive or send Crypto to any other wallet or smart contract on the available blockchain. MetaMask does not ask the user to provide their details, their partners may utilize the KYC process to keep that regulatory compliance. MetaMask also functions with the hardware Cryptocurrency wallets Ledger and Trezor. That allows the users to transfer Crypto and NFTs from software-based hot wallets to hardware-based cold wallets to secure storage.
It is easy to utilize the MetaMask on a linked site to receive, trade, or send tokens. Before the users exchange any token, it will ask you to verify your details first including the price, anticipated gas fees, and contract. Before verifying anything, users have to manage their gas limits to decide whether to pay more to increase it or decrease their highest price while declining the confirmation.

Mobile App

You can get the MetaMask wallet app on both the Android Google Play Store and Apple App Store. Users who select the App Store, give 4.6 stars out of 5 based on more than 18,000 ratings. Whereas the users who go for the Google Play Store give 4.4 stars out of 5 completely based on more than 70,000 ratings. Most of the complaints that are observed in both the stores are completely based on the wallet automatically asking for high gas fees for the transactions and declining speeds using the web browser.
Same as the browser app on computers, users are allowed to use the smartphone app to send and receive cryptocurrency on the provided blockchains, see NFT collections. It will ask users to verify and confirm their transactions before they send them. Through Transak, the users are allowed to buy Ethereum in the app. Transank in MetaMask wallet permits the buys with credit cards, bank transfers, or Apple Pay on iOS devices.

Customer Service on MetaMask Wallet

Even with the support of one of the largest companies in the Ethereum space, MetaMask wallet only provides some fixed customer support. Services offered on this wallet are also limited to only a technical extent. Users are all free to take help by using the self-driven Community message board, Help Center, or using their ticketing system to join through email. There is no live support accessible via their website.

Cost and Fees

One of the amazing factors about the MetaMask wallet is that it is free to use. It does not cost anything to download the software and set up many wallets. There are also no charges to transact, send or receive Cryptocurrencies or NFTs. Only users will be accountable for paying any amount to the blockchain for the transaction processes, based on how quick the exchange requires to process.

Conclusion

Based on its simplicity, accessibility over devices, inclusion with exchange and NFT website, and offers for various types of tokens, it is good to conclude why MetaMask is a well-known wallet. MetaMask wallet is amazing for those who are comfortable with Cryptocurrencies. A beginner may face some issues or difficulties. Furthermore, there is no other way to recover your password, rather using those 12-word seed phrases, users can easily compromise access to their Crypto assets forever. The beginners should search out every single piece of information about the MetaMask wallet before getting into it.

Source: https://walletplane.com/blog/metamask-crypto-wallet-review-2022-features-and-security