MetaMask, a cryptocurrency wallet designed for tokens on Ethereum, is the bottom line. It is available as both a mobile app and a browser extension. You can use it to purchase, sell, and swap coins, and you can also access decentralized apps, or dapps. You can stake directly from your wallet via third-party integration. The mobile app also offers access to non-fungible token (or NFT) marketplaces.
Pros & Cons
Supports ERC-20 coins, dapps on Ethereum blockchain.
Access to Dapps includes NFT marketplaces and staking tools.
Purchases can be made with ACH transfer or card payments.
No desktop application.
Does not support non-Ethereum currencies such as Bitcoin.
Table Of Contents
Where MetaMask shines
HTML3 functionality: MetaMask lets users trade, buy and receive rewards on cryptocurrency and NFTs.
Conversion from cold storage: Tokens can be transferred to hardware wallets including Trezor and Ledger using the MetaMask browser extension.
Open source software: MetaMask is open-source, so users and developers can inspect the code to verify its security.
Where MetaMask falls down
Selection: MetaMask only stores tokens that were created on the Ethereum blockchain. This does not include Bitcoin and other well-known coins. You will need a general-purpose wallet if you want to store non-Ethereum tokens.
Which MetaMask works best for?
Users who require hot storage for Ethereum-supported assets via mobile or browser.
MetaMask at the glance
More information about MetaMask’s ratings
Security: 3 stars
MetaMask can be used as a self-custody wallet. This is an alternative to storing crypto on an exchange. Your crypto will not be lost in the event of a hack or failure of the exchange. You could lose your password or recovery phrase if you forget your security information. However, the wallet will not keep a backup of your backup information as an exchange would.
MetaMask software is open-source, which means that developers can write their own applications and verify the code’s security. For security reasons, the wallet doesn’t use multisignature authentication. Multisignature is a security measure that requires multiple wallets approval to approve transactions.
Selection: 4.5 out of 5 stars
MetaMask supports Ethereum and all of the more that 500,000 tokens it has built. It does not support assets that are created outside of the Ethereum system.
Integration: 4 of 5 stars
MetaMask allows you to buy, sell, and swap tokens right from your wallet. MetaMask supports Ethereum and all tokens on Ethereum’s blockchain. This includes more than 500,000 ERC-20 assets. Only mobile users can access NFTs. You can stake directly from your wallet using integrated third-party software.
Storage 5 out of 5 stars
MetaMask, also known as a hot wallet or software, stores keys to crypto assets via software on an internet-connected device.
The software also offers an option that lets users convert cryptocurrency into cold storage devices. This feature is available to five companies: Trezor and Ledger; AirGap Vault; Keystone and Lattice.
Conversion can only be done with the browser extension.
Functionality: 3 stars
MetaMask is accessible via a browser extension or mobile app, but there is no desktop application.
Tools: 2 of 5 stars
MetaMask offers educational content to help users navigate the wallet, the Ethereum blockchain and its dapps.
Additional information about MetaMask
Pricing: MetaMask can be used for free, but you will need to pay a fee for some services. MetaMask charges a 0.875% service fee per swap. This money goes towards funding the development of the software.
Fees assessed by blockchain networks supporting your cryptocurrency will also be charged. These fees can vary depending on the market and asset you use. You can purchase crypto directly via MetaMask. This means that you will only need to pay Ethereum gas fees once instead of having to pay fees each time you buy on an exchange or transfer to a wallet.
MetaMask is right for you?
MetaMask can be used to connect to the Ethereum blockchain’s decentralized finance apps. It doesn’t require you to store any non-ETH tokens.
We review crypto wallets
NerdWallet’s thorough review ranks and evaluates products that enable U.S. customers store, send, and receive cryptocurrency. Our objective is to give you information that will enable you to make informed decisions about which provider best suits your needs. We follow strict guidelines regarding editorial integrity.
Firsthand observation and testing are conducted. The results drive our proprietary assessment process, which scores each provider across more than 15 variables. The final output gives star ratings ranging from poor (1 star), to excellent (5 stars).
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