Additionally, investors can access hundreds of useful guides in the Help Centre, or contact a support member via an email/ticket system. There is, however, an active community message board for users to obtain assistance on any technical issues. There are no live options for customers needing urgent help, such as live chat or a phone support help desk. In spite of its huge stature in the industry, MetaMask is not renowned for its customer support. However, some other hot wallets may be worth considering too.įor more information, read these reviews on alternative wallets: It has a convenient and easy-to-use interface and boasts innate compatibility with the most popular decentralized apps built on Ethereum. MetaMask is one of the most widely-used cryptocurrency wallets in the industry. ![]() If someone steals a seed phrase, they can get full access to the associated wallet’s assets. This single point of failure may be intimidating to some security-conscious investors, as the wallet is more susceptible to phishing scams and other hacks than some alternatives. ![]() Loss of the seed phrase can be catastrophic, as there are no other avenues to recovery. If the password is forgotten, MetaMask users are given a 12-word seed phrase that can be used to recover a Metamask wallet. Therefore, each individual’s account is secured via a password (on a browser) or biometric data (mobile app). It also does not store any customer’s personal information, with privacy and anonymity a key feature of the wallet. As a non-custodial wallet, it hands control of private keys over to the user. MetaMask was one of the first wallets to prioritize secure browsing in the decentralized finance world. As explored earlier, the cost of these fees can be altered depending on the transaction’s priority. These will be incurred on essentially any transaction, including buying, selling and sending digital tokens/coins. However, the convenience of doing it within a wallet can make it an attractive option for some investors.Īdditionally, using MetaMask in the DeFi world will come with inevitable gas fees. This is relatively expensive for crypto-to-crypto conversions, and many exchanges (centralized and decentralized) offer this feature for free. Using MetaMask’s Swap feature will incur a flat service fee of 0.875% on all transactions. There are no costs associated with setting up an account and storing digital currencies in either version of the wallet. MetaMask, both as a browser extension and mobile app, is completely free to use. The Sandbox (interactive Metaverse/social media/gaming platform).Mutant Ape Yacht Club (a hybrid NFT collectible/social media platform).LIDO (multi-chain staking/lending platform for generating passive income).OpenSea (the world’s largest NFT marketplace).UniSwap (decentralized exchange for swapping cryptocurrencies).Just some of the applications MetaMask is compatible with include: Customers just need to “sign” a signature request to give applications access to the MetaMask wallet. When installed as a browser extension, users can navigate EVM Web3 applications like any other website, without needing to configure or install anything. Thanks to its prominence, the wallet can be connected to most major DeFi platforms with just the click of a button. As Ethereum’s ecosystem rapidly expanded from 2017 onward, MetaMask became the leading way for enthusiasts to interact with dApps. MetaMask was created to be a gateway between crypto assets and the slowly evolving decentralized finance world. By 2022, the wallet boasted over 20 million Monthly Active Users (MAU) – granting it the title of the world’s most popular browser extension wallet. ![]() It could be connected to crypto-based games, decentralized exchanges, liquidity pools, and more. As Ethereum and the dApp world exploded in 2017, MetaMask’s scope widened accordingly. The wallet was originally intended to simplify how users navigate the burgeoning world of decentralized applications (dApps) on the Ethereum blockchain. MetaMask came to life in 2016 from New York-based software developer ConsenSys.
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