MetaMask is a free Eth-based digital hot wallet that stores cryptocurrency. It was launched in 2016 by Consensys Software Inc. to provide a fair and decentralized virtual global economy. Therefore, It offers a bridge between online gambling platforms, NFT collectables, decentralized webs, and the Ethereum blockchain. It's amongst the most famous and reliable wallets to use, and below, we'll guide you on creating a MetaMask wallet account and review Metamask's main features & functions.
How to Create a MetaMask Account
To buy and transfer Ethereum-based tokens, non-fungible tokens (NFTs), or lend assets on the DeFi protocol, you'll need a MetaMask crypto wallet. Therefore, we'll highlight below the complete procedure of creating a MetaMask wallet. It's a swift and straightforward process.
Visit the official MetaMask Download Page
You'll be presented with three options: download the browser extension compatible with major browsers like Chrome, Mozilla, Brave, etc., or download a mobile app for Android and iOS operating systems.
After downloading the software, click "Get started."
Create a strong password
Then choose "Create wallet."
MetaMask will generate a random 12-word seed phrase you'll have to keep somewhere safe. It would be best if you never share it unless you want to give over complete control of your funds.
Click on each word in the order they were presented to confirm your seed phrase, and click "Confirm" to proceed.
Congratulations! You're now a member of MetaMask with a wallet address.
For those with lost accounts, you can recover them by clicking "Import Wallet" and then entering the private seed phrase that you received before. Remember, for online gamblers, you can use this wallet to fund or request payouts from your online gambling accounts. It offers instant, fast, and reliable services.
MetaMask Features and Functions
MetaMask offers three main features listed below:
MetaMask is privacy-oriented, which allows its users to access, store and swap tokens without worrying about 3rd party access to their data. The feature helps you find the best prices from multiple aggregators and market makers and the most gas-efficient transaction cost for each trade. It also provides slippage protection in the DEXs and cuts many approvals required to access the available liquidity.
This feature allows you to set a base charge and transaction fees instead of a 1st-price auction fee depending on the requirement level. Additionally, the user can pick estimations ranging from low, medium, high to low, market, and aggressive.
With "Low," the user gets to pay lower fees than the market prices, but they've to wait longer for the transaction to go through, with no guarantees.
As for "Aggressive," the user gets to pay the maximum transaction fee to increase the chances of a successful trade.
3. Buy Crypto
MetaMask allows users to buy crypto across multiple networks apart from Ethereum at the best prices depending on the token they want, their region, and the available provider. It's done through vetted partners at favourable prices and using convenient payment alternatives.
Payment Methods and Supported Networks
MetaMask supports various payment alternatives for its users to buy crypto. You can choose a card, mobile, bank transfer, or crypto wallet. However, the bank transfer mode is only available for users in the USA and Europe. Supported options include Visa, MasterCard, Apple Pay, Google Pay, Samsung Pay, ACH transfer, SEPA, Transak, Wyre, MoonPay, and Coinbase Pay.
Furthermore, MetaMask allows its users to buy coins and tokens across networks like Polygon, Binance Smart Chain, Avalanche, Fantom, and Celo. However, it does not support BTC-related tokens, a significant drawback in the crypto world since Bitcoin is the most popular cryptocurrency.
Security and Support
MetaMask is open-source software, and that makes it prone to phishing attacks. These can be avoided by taking precautionary measures. They include not opening suspicious emails and pop-up advertisements, keeping your seed phrase private and logging in from the official website and mobile app.
Moreover, MetaMask provides adequate customer support via live chat. You can get assistance via email support or by joining discussions held by the online MetaMask community. However, they have an introduction video on their official page and a comprehensive FAQ section that we highly recommend you visit before considering the other options.
MetaMask Wallet Advantages & Disadvantages
MetaMask is more popular and beneficial than other wallets for several reasons. Our review spotlights the following merits and demerits of the Metamask crypto wallet:
- MetaMask uses hierarchical deterministic (HD) backup to store the passwords and private seed phrases you need to log in to your account. This feature creates a secure connection that allows you to access your account on public Wi-Fi. Also, the transactions are stored on local devices, enabling you to control your funds fully. Moreover, it's an open-source wallet, making it harder to hack due to regular source code updates.
- MetaMask gives you access to Decentralized Apps and other networks, which makes it easy and reliable to transact other cryptocurrencies without installing the complete ETH node. You can also use the wallet to deposit and get payouts from online gambling platforms. Moreover, it has a mobile app, allowing you to access your account on the go.
- Unlike other crypto wallets, MetaMask doesn't require you to pay to use. In addition, it charges zero fees to convert crypto coins.
However, MetaMask has the following disadvantages as well:
Insufficient security measures
- MetaMask is a hot wallet, meaning it is web-based, which makes it prone to phishing attacks. If your account gets hacked, the transaction is immutable and can't be traced. Furthermore, your account can be accessed by a 3rd party if you lose your device since the private keys are stored locally.
- MetaMask only supports Ethereum-based tokens. Therefore, you won't transact with others like Bitcoin, the most popular and used token for online payments in the crypto world.
MetaMask is an excellent crypto wallet proving its reliability, security and easy accessibility to the Ethereum blockchain since its inception. It offers impressive features and exceptional functions while supporting a fantastic array of safe and convenient payment methods. Moreover, it's open-source software with a vast development community and offers stellar customer support.
However, being web-based raises a security concern since you can't trace the transactions in case of an attack. That said, users shouldn't store large amounts of crypto for safety reasons. Apart from that, it's a decent wallet for beginners who own small amounts of cryptocurrency.