Metamask is accessible for mobile and desktop users via its app and extension formats. As per the vendor, it offers a comprehensive set of features that help you manage your digital currency. It provides a key vault, safe login features, token wallet, exchange of tokens, and more.
What is Metamask?
The wallet helps users by providing an ETH-based site that is fully functional and secure. It connects you to the blockchain and efficiently takes care of the management of your account. So, let’s find out more about the characteristics and benefits of using this crypto wallet.
|Only ETH and ETH tokens
|Supported Hardware Wallet
|Service fee starting from 0.3% to 0.875%
How does Metamask work?
It helps you to buy, store, send, and swap tokens. It also provides a protected platform for linking to all apps that run on blockchain knowhow. The security gives you solitary access to your data and accounts. It is a breeze to add digital assets like ETH, ERC-721, or ERC-20 to your account with which you can invest, trade, own NFT collectibles, and more.The software app supports both Android and iOS systems.
Features of Metamask
Some of the significant features that the company reveals for this crypto service are:
- You can swap tokens from your mobile or desktop.
- Transactions use data resulting from manybases like decentralized exchanges, market makers, and DEXs.
- The platform uses different paths for identifying the best trade with each path having different charges.
- With the swaps feature, the service identifies the best prices and the most operative liquidity source for each trade.
- Slippage is restricted when swapping with Metamask as the orders are spread to all DEXs.
- The EIP-1559 feature allows the wallet to provide a better gas fee. You can decide on the low, medium, and high gas fees.
- You can use the Advanced settings present on the site to alter the fee.
What kind of wallet is Metamask?
It is a hot wallet that can function as a browser extension and in mobile app format.
How to send cryptocurrencies using Metamask?
Here are the steps needed to send crypto using this service:
- Click on the menu button present in the top left part of the app for the tokens and the top right part to use the wallet to send a collectible or token
- Select the ‘send’ option
- Now you can send cryptocurrencies or tokens that the service accepts
What currencies does Metamask accept?
The wallet takes ETH and ETH-based tokens and no other crypto coins.
Is Metamask wallet safe?
It uses a retrieval code made of 12 words. The phrase, private keys, and passwords are held safely in an encrypted format on your device. The establishment requests your confirmation prior to sharing your details.
Does Metamask wallet charge fees?
The company charges a service fee starting from 0.3% up to 0.875% to support its ongoing development process. When compared to other wallet charges the price is not expensive.
Customer support & reviews
For support, an FAQ section, a community forum, and an online contact form are present. We found 255 reviews for the service on the Trustpilot site with a rating of 1.5/5. Here are a few of the testimonials.
From the above reviews, it is clear that the withdrawal of funds is not efficient. Another user complains of the unresponsive support and loss of money deposited with the platform.
Other than the charges for transactions, the service does not offer any pricing plan. You can download the software from the official site.
Metamask vs competitors
MyEtherWallet is a service similar to this company. While the latter is solely an online setup, the former has a generator feature that lets you create a wallet and access the ETH blockchain. Further, the competitor product can be used for hot and cold storage. Metamask cannot work for creating smart contracts.
Final thoughtsFinal thoughts
- It is an open-source platform
- Has many advantageous features
- It is a hot wallet and hence security is not good
- Allows only ETH based crypto assets