MetaMask Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Consensys introduced MetaMask in 2016 with the intention of making it easier
for users to access dApps, often known as decentralized apps. These applications
include DEXs (decentralized exchanges), online gaming platforms, and staking
possibilities in DeFi (decentralized finance) sectors. A digital wallet that may
be used for the storage of cryptocurrencies is known as MetaMask. The
cryptocurrency community is comprised of more than ten million actively
participating users and is built on the Ethereum blockchain.
Visit MetaMask Website.
This review of the MetaMask wallet states that the digital wallet is a safe cryptocurrency wallet that provides a user-friendly connection between a web browser extension and the Ethereum blockchain. Additionally, the wallet serves as a host network for a variety of decentralized applications (dApps). Learn more about the wallet by reading more into our MetaMask reviews and getting familiar with its features.
People who use the digital wallet called MetaMask may store ETH or any ERC 20 tokens produced using the Ethereum blockchain network, and they can use digital assets using the decentralized application (dApp) of their choosing. When the MetaMask online wallet was originally made available, it could only be downloaded as a browser extension for use with a web browser that was based on Chromium. Examples of such browsers are Firefox, Chrome, and the Brave browser.
Even while the MetaMask wallet was developed specifically for the Ethereum network, it provides access to a variety of other networks in addition to Ethereum, including the BSC (Binance Smart Chain) and a great number of testnets. MetaMask gives customers the ability to simply move from one mainnet network to another, as well as the ultimate ease and simplicity to connect numerous additional hardware wallets. This provides users with a great deal of versatility.
This evaluation of the MetaMask wallet will discuss the platform's features, services, advantages and disadvantages, security precautions, mobile app, price and fees, and a great deal of more information.
Overall, the MetaMask wallet has three primary functions: storage, access to decentralized applications (dApps), and trading. All of the information that a typical cryptocurrency user would need to connect with Ethereum may be found inside these functions.
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Users are able to carry out P2P (peer-to-peer) token swaps directly from their wallets thanks to the innovative trade feature that is included in the MetaMask wallet. Crypto swaps do not conduct transactions using order books, decentralized exchange liquidity models, or exchanges. Instead, they combine information from a number of different DEXs, Automated Market Makers (AMM), or DEX aggregators. Wallet swaps provided by MetaMask enable its users to directly exchange bitcoin without engaging with any other intermediate or custodial platforms. This helps to reduce friction, keep costs low, and keep slippage to a minimum.
Users of MetaMask have access to a range of ETH-based decentralized applications (dApps), ETH-powered games, crypto lending products, NFTs, and a lot more when they utilize the crypto wallet. In addition to this, the built-in cryptocurrency wallet that is included with MetaMask enables users to effortlessly stake, spend, or transmit their cryptocurrency inside the ETH ecosystem without having to manage the integration of any other wallets or undesired transactions. Because of this, MetaMask provides consumers with a direct and straightforward access point into the realm of decentralized finance as well as other blockchain applications and industries.
Users are now able to freely switch between their Binance and Ethereum cryptocurrency wallets, access any decentralized application (dApp) from both platforms, and trade on decentralized exchanges from both networks, but not simultaneously, thanks to a recent optimization of MetaMask that integrated the wallet with BSC (Binance Smart Chain). In the beginning, MetaMask prioritized the development of its Ethereum platform; however, the company has since broadened its access to a variety of other blockchain networks. Its primary objective has always been to create a Web 3.0 environment that is linked and can communicate with other systems.
The built-in wallet of MetaMask is used to hold tokens that were constructed in accordance with ETH's ERC-17 and ERC-20 token standards. Users are able to easily generate numerous wallet address IDs and move between them while using the mobile app. Individuals are able to securely keep their private keys and wallet passwords within their browser by utilizing the MetaMask extension thanks to the sophisticated encryption technology that is utilized by the application.
They will have increased control over both their private and public keys as a result of this. In addition to this, every new user who creates an account is given a set of secret seed phrases to use when they first log in. It is possible to utilize it in the future to restore lost accounts if that becomes necessary.
MetaMask enables users to send and receive Ethereum transactions in a matter of minutes thanks to its enhanced functionalities, which simplify the process significantly and allow users to transfer and receive payments more quickly. The following is a list of the primary characteristics of the MetaMask wallet:
Tokens Can Be Swapped Straight from Your Mobile or Desktop Wallet Users who have a MetaMask account are able to exchange any token directly from their mobile or desktop wallet at any time and from any location. This swap function brings together all of the information from the DEX aggregators, DEXs, and Market Makers to ensure that each user receives the best price possible while paying the fewest amount of costs for either the network or the gas. When compared to other digital wallets, MetaMask was designed with the user's privacy as the primary focus during development. The platform gives users the ability to store, swap, and access tokens without the need to worry about exchanges and dApps gaining access to more private information than the user has consented to giving them. The Most Reliable Method for Storing Coins Is With MetaMask
Adjustable Gas Fees – Users of wallets created using MetaMask, in contrast to users of other hardware wallets, have the ability to customize the transaction fees associated with their requirements. In addition to this, the wallet gives users the power to adjust the gas prices on a granular level.
Supported Networks — Despite the fact that users are only permitted to make use of Ethereum, it is still feasible to interact with other networks such as the following:
Principal Network for Ethereum
Kovan Test Network
Goerli Test Network
Ropsten Test Network
Network for Rinkeby Experiments
EIP-1559 — The implementation of EIP-1559 has resulted in modifications to the market mechanisms of Ethereum. These modifications include the elimination of the first-price auction and the implementation of the fixed-price sale in its place. The fact that users who submit transactions will no longer be forced to calculate the required quantity of gas is the aspect of this change that is more significant. The base fee will already be included in the subsequent block, so users will not have to calculate it. Applications or users that want to prioritize transactions can add a priority charge or a tip to pay the miner. This cost or tip can be in the form of a cryptocurrency.
According to this assessment of the MetaMask wallet, users have long been concerned that utilizing a software or hardware wallet may result in the loss of their funds as a result of super hacks, theft, or other rare events. In point of fact, the scenario is not that difficult to grasp at all. The vast majority of consumers who lose cryptocurrency do so not as a result of cyberattacks but rather as a result of schemes of social engineering. It refers to a group of dishonest individuals located in an unknown part of the internet who put on an act of being trustworthy and dependable in order to persuade visitors to input their seed word.
The seed phrases essentially serve the purpose of a password, allowing one to keep their cryptocurrency holdings secure within their MetaMask wallet. Once the user discloses the seed word, the thieves are able to replicate the cryptocurrency wallet and steal all of the cryptocurrency funds that are stored within the wallet. The MetaMask wallet, on the other hand, makes use of incredibly robust seed phrases that are extremely hard to encrypt, even for the most skilled cybercriminals. This ensures the safety and security of the MetaMask wallet accounts at all times.
However, if users choose to disclose their seed words to other people and rely on those individuals to donate free money through interesting online schemes, then good security measures will be rendered worthless. As a result, users are able to depend on MetaMask for acceptable security measures; nonetheless, it is ultimately the users' duty to secure their cash by safeguarding their seed phrases.
A fantastic bitcoin wallet that also functions as a portal to decentralized applications (dApps) is called MetaMask. More than 21 million active users all across the world have placed their faith in the mobile application, which allows them to purchase, send, trade, and store tokens. The system may be utilized in the form of a mobile application, in addition to web browser add-ons that are suitable for use with Chrome, Firefox, and Brave. Users are provided with a safe login, a key vault, an exchange for tokens, and a wallet by the wallet, allowing for the most secure possible management of cryptocurrencies.
Explore Blockchain decentralized applications (dApps) MetaMask provides one of the easiest and safest methods to interface with blockchain applications. It also allows users complete control over their interactions while using the new decentralized web.
It Allows the User to Retain Ownership of Their Data The MetaMask wallet produces keys and passwords on the user's device, ensuring that only the user has access to their data and accounts.
The MetaMask cryptocurrency wallet is a free mobile software and browser extension that enables users to exchange and store crypto tokens, connect with other Ethereum blockchain networks, and host an ever-increasing array of dApps, often known as decentralized apps. More than ten million people are currently utilizing the cryptocurrency program known as MetaMask. This makes it one of the most popular cryptocurrency apps in the world.
The Good and Bad of MetaMask:
Free and open-source software that may be accessed through a variety of browser networks.
Concerns about safety with a heated wallet
interface and design that are both easy to use and friendly to users.
ERC 20 and Ethereum tokens are the only types of tokens that are supported.
Command and control of the private keys that are stored on the web browser.
Integration with distributed ledger technology.
Backing up your account automatically
Installing the MetaMask browser extension or mobile app is possible for any user with a supported browser like as Brave, Chrome, or Firefox. Once installed, the user may import any existing wallet by using the 12-word seed phrases, or they can start a new account. The process of making a new account for a wallet is uncomplicated and uncomplicated, and it only takes a few minutes to do.
Users are encouraged to write down the new seed phrase and save it in a secure location so that the wallet may be restored to its original state in the event that something unfortunate occurs to the device on which the account is stored. The user may start using their wallets as soon as the registration procedure is complete, which takes less than two minutes.
Visit the official website of MetaMask to begin installing the browser extension on your system if you are using Firefox, Brave, or Chrome browsers. Those who are eager to utilize MetaMask and enjoy their flawless bitcoin transactions may do so by visiting the official website of MetaMask.
It is recommended that users visit the official website and download the wallet from there because there may be counterfeit copies of MetaMask floating around. Users can download the wallet from the Chrome Store. The knock-off copies of MetaMask seem precisely the same as the original product, but there is one major difference: the knock-off versions are laced with viruses that enable hackers to steal customer money and private keys. Follow the steps listed below to get started on the process of creating a secure and genuine wallet account using MetaMask:
After downloading the extension from the official MetaMask website, users have the choice to either establish a new wallet account or restore a lost account by entering the private seed phrase into the appropriate field.
When a user first creates an account on the MetaMask platform, they are prompted to provide their analytics information. The data is analyzed by the platform's developers, who utilize it to make the platform better. It is vital that users back up their seed phrase at this phase and save it in a secure location so that they may use it in the event that the device fails them or when they access their Ethereum wallet account from a different machine.
Even if the MetaMask app cannot be opened, users may still open a second ETH
wallet and use the same seed phrase to access their existing wallet account.
This can be done even if the software fails to launch. Therefore, it is
essential to protect the seed phrase and keep it hidden from anyone who might be
able to steal it along with the cash in the wallet. Utilize a password manager,
such as 1Password, in order to keep your seed phrases safe. This is the
recommended method. You might alternatively write the seed phrase down in a
notepad and keep it in a secure location, such as a vault, or you may encrypt it
on a hard drive and store it there.
Users are required to come up with a secure and one-of-a-kind password before beginning to use the wallet. This password will be used to encrypt the users' private keys. Because of this, it is impossible for anybody to access the private keys of the MetaMask wallet without first inputting those keys. After the user has successfully established their password, they will be brought to the screen that displays their wallet's current balance. To guarantee that the user has complete access to their MetaMask account, go to the Puzzle tab and choose the Pin Extension from the drop-down menu in the browser.
Users are required to acquire some quantity of Ethereum tokens as the next stage in the process in order for them to be able to pay for cryptocurrency transaction fees. Tokens may be acquired by the purchase of cryptocurrencies on any cryptocurrency exchange, such as Kraken or Coinbase, and then moved into a cryptocurrency wallet using MetaMask. In order to accomplish this, the user will need to link their wallet to the ETH DeFi mobile application; however, doing so with MetaMask just takes one minute.
The default gas cost that is applied to all transactions processed by MetaMask is calculated based on the state of the Ethereum network at the time of the transaction. When there are more activities, the default gas fees increase. Before any of the transactions may be processed, the charge is brought to the user's attention within the MetaMask software.
Wallets like as MetaMask provide users with a number of options, such as those for increasing the transaction price and establishing gas restrictions, so that users may avoid incurring excessive transaction expenses. Increased transaction speeds can be achieved on the Ethereum network by paying higher gas prices, and vice versa. The swap function for the MetaMask wallet was recently published. This function makes it possible to easily exchange Ether tokens for a broad range of ERC-20 tokens.
When doing swaps, the wallet consults a number of different DEXs in order to determine which one offers the most favorable exchange costs and rates. However, it is important to keep in mind that in order to provide this service, MetaMask levies service costs that range anywhere from 0.3 percent to 0.875 percent.
A fantastic cryptocurrency wallet application, MetaMask gives users the option to send or receive Ethereum, tokens based on Ethereum, tokens based on the Binance Smart Chain, as well as a wide variety of additional tokens based on a number of different networks. The fact that users can simply tailor the chain they desire to investigate or receive from, as well as accept little cryptocurrency tokens from a rather obscure chain that the vast majority of people do not utilize, is what makes MetaMask the ideal choice among the available options. The following cryptocurrencies can be stored in your MetaMask wallet: Ethereum, Ethereum Classic, USD Tether, Basic Attention Token, USD Coin, and any other coins that adhere to the ERC-20 standard.
Even though the MetaMask browser extension has been fully optimized and made functioning, there is now a mobile app for Android and iOS devices that users may download in order to transfer or receive cryptocurrencies while they are on the move. The program is sleek and simple to browse, and in many respects, it is more pleasurable and convenient to use the app on a smartphone display, which features a more compact and appealing layout. The app provides access to all of the features that are available in the web version. This includes the ability to purchase, sell, send, or receive assets, as well as the added capability to explore decentralized applications (dApps) such as DeFi apps, DEXs, developer tools, and many more.
The MetaMask mobile app and the internet wallet version may be synchronized for users' convenience. All that is required of them is to go to the browser version's Settings menu, navigate to the Advanced menu, and then click on the Sync with Mobile option. To connect the accounts of the wallets, use the mobile device to scan the QR code that is shown.
Wallet for storing digital currency that supports several platforms and chains, and includes a variety of additional security features, including private keys, mnemonic phrases, two-factor authentication, and more.
The majority of cryptocurrencies, including Bitcoin, Litecoin, XRP, Dogecoin, ERC-20 tokens, and a great number of others, may be stored in a Coinbase Wallet.
More than 25 different blockchains may be supported, and it comes with a variety of extra security features, like password protection, FaceID security, and others.
Both Firefox and Chrome allow users to access and use thousands of decentralized applications (dApps) and currency that are distributed across various blockchains.
The difficulty of hacking the wallet has previously been covered in this evaluation of the MetaMask Wallet. Despite this, there is still a remote risk that the user might compromise the security of their wallet by mishandling their private keys and the secret recovery phrase. If the user has a significant amount of Ethereum or any other cryptocurrency tokens stored in their account, several different crypto wallets, like MetaMask, urge that they utilize a hardware wallet instead. The reason for this is because many people believe it to be the safest way to keep Ethereum coins in storage.
When compared to other types of cryptocurrency wallets, web-based wallets and hot wallets are often seen as more riskier. As a result, one may ponder whether or not the MetaMask wallet is, in fact, a trustworthy and reliable option for the purpose of storing coins. Since its start in 2016, when MetaMask was first released, the wallet has not been subject to any major setbacks or hacks.
It makes use of HD backup settings and is dependent on a committed community of software developers that keep the features and functionality of the wallet up to date while also maintaining the wallet's open-source code on a consistent basis. However, users using MetaMask run the chance of being victimized by phishing scams as a possible danger. These attacks are frauds that are utilized by criminals like hackers to obtain user data such as their username, seed phrase, and other data. These attacks are carried out by scammers.
When it comes to cryptocurrency wallets, phishing attempts have grown quite prevalent in frequency. On the other hand, it is possible to circumvent this issue. Users should refrain from responding to pop-up adverts and reviewing questionable emails in order to prevent falling victim to phishing scams.
It is strongly recommended by industry professionals that consumers only log in to their wallet accounts from official websites. In addition to this, users have the ability to govern and maintain their user identities while using MetaMask. When decentralized applications (dApps) seek to perform transactions and write on Ethereum blockchains, they must provide their users a protected and secure interface.
This assessment of the MetaMask wallet suggests that the platform's existing safety precautions are insufficient and that there is much room for development in this area. As a result, in order to forestall any problems in the future, it is strongly suggested that the MetaMask and any other hardware wallets be used to store no more than a moderate quantity of Ethereum or any other currency.
MetaMask is excited to have as many people actively participating in the Ethereum network as possible. Along with a comprehensive FAQ section that addresses the majority of the customers' most commonly asked concerns, it provides a video introduction that can be seen on the official webpage of the company. A lively community is also available, and users may participate in conversations taking place on the Discourse website with other members of the MetaMask community.
Customers have the option of beginning a conversation with a member of the customer support staff via a live chat function if they feel that the Frequently Asked Questions area does not effectively address their concerns and does not provide sufficient resolutions. If customers are unable to reach the MetaMask customer support staff via live chat, they may send an email to firstname.lastname@example.org and the team will take a closer look at the problem. The live chat option is recommended by the MetaMask customer support team.
To summarize this assessment of the MetaMask wallet, it is true that the wallet has emerged as a one-of-a-kind hardware wallet that enables users to interface with Ethereum blockchains without running as a complete node. This can be accomplished using the wallet's built-in smart contracts. The wallet is a fantastic choice for new users since it strives to make the new user's first steps into the blockchain sector really simple and uncomplicated. This makes the wallet an ideal choice for new users.
MetaMask is open-source software that is supported by a sizable community of developers that work together to further the advancement of the platform. Users are given assistance in backing up their accounts by means of a configuration that is hierarchical and deterministic. Additionally, it has incorporated the cryptocurrency exchanges Coinbase and ShapeShift, which makes it much simpler to trade ERC-20 and Ethereum tokens. That platform is one of the greatest solutions for saving cash in a secure location and moving them from one location to another because of its user-friendly and straightforward design, as well as its dependable and effective customer assistance.
When the development team of MetaMask began designing the features and functions of the wallet in 2016, the primary goal was to make it easier, more reliable, and secure accessibility to the Ethereum blockchain. It was able to achieve its objective with a significant margin, which is a testament to the success of the MetaMask wallet.
On the other hand, the very structure of MetaMask makes it susceptible to one of its most significant flaws. Because it is a web-based wallet, it is vitally crucial that users maintain their security and only keep a limited amount of cryptocurrency. Those who are unfamiliar with the Ethereum blockchain should use the MetaMask wallet without any reservations, but they should also exercise care. It is important to note that the computer, the browser, and the MetaMask wallet all receive frequent updates to increase their level of security.
Because it is a hardware wallet, MetaMask may be used without risk to store Ethereum or ERC 20 tokens and to transfer large amounts of money in bulk. However, in light of the fact that utilizing MetaMask and other cryptocurrency wallets is a risky business, industry professionals continue to recommend keeping just a limited quantity of digital currency in cold storage. If users choose to divulge their private keys, their accounts leave themselves vulnerable to being hacked.
It is possible for users to explore their Ethereum wallets using a mobile application or a browser extension that can also be used to communicate with other decentralized applications (also known as dApps). MetaMask is an excellent piece of software that serves as a cryptocurrency wallet and is used to communicate with Ethereum networks.
The bitcoin wallet known as MetaMask is a trusted option. However, the user's equipment and how responsibly they use it are the two most important factors in determining its level of safety. It is imperative that the seed phrase or password for the wallet be guarded at all times. Aside from that, MetaMask has a robust community of software developers who are always working to improve its open-source code and roll out new upgrades.
Even though MetaMask is a more affordable and secure alternative to other wallets for cryptocurrencies, it cannot be considered an anonymous choice. Because of this, users who are interested in maintaining their total anonymity while doing transactions should be aware that MetaMask is not an appropriate choice for them.
MetaMask does not store Bitcoin on its servers. Because the wallet is only focused on Ethereum and exclusively stores ERC-20 assets, users are unable to purchase Bitcoin using MetaMask. This is due to the fact that the wallet is totally dedicated to Ethereum.
Should I Continue to Store My Coins on the MetaMask? Since the MetaMask wallet does not maintain private keys, the answer is yes; it is perfectly secure to keep cryptocurrency on the platform. There is no way for MetaMask to access user data such as seed phrases or other private information in the event that the user deletes or misplaces them at any point in time. This makes it an excellent wallet.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.