Metamask Wallet Review 2021: The ultimate test

The Meta Mask wallet is considered the gold standard for Ethereum wallets and is easy to use as a browser add-on and for the smartphone. But how secure can a wallet like Meta Mask be compared to hardware wallets or other cold-storage solutions? How easy is it to use the digital wallet and what else should users look out for before choosing the Meta Mask wallet?

These and other questions are answered in detail in our big Meta Mask Wallet Test 2021.

What is a Metamask Wallet?

Meta Mask is an open source wallet for Ethereum that has been on the market since 2014. The wallet is available as a browser add-on for Google Chrome, Firefox, Edge and Brave, as well as for iOS and Android. In addition to storing and managing tokens based on Ethereum, advanced functions such as staking or access to decentralised exchanges (DEX) are also easily possible even for beginners.

The rich applications combined with an intuitive user interface are the reason why the Meta Mask Wallet is still one of the most popular Ethereum wallets in 2021. With over 1 million users for Android alone, the platform is one of the most widely used Ethereum wallets. Even though hardware wallets are the most secure of all alternatives, the Meta Mask Wallet can be worthwhile especially for those users who actively participate in the Ethereum network and really want to use the tokens.

Meta Mask makes it easy to store, send and exchange tokens. Through swaps, Meta Mask users receive the best prices available on the market at the time of trading, with a relatively low transaction fee of up to 0.875% of the trading volume. At the same time, Meta Mask boasts of offering the most secure and at the same time the easiest service, so that users can easily use other blockchain-based decentralised applications (dApps) - even without prior knowledge.

This is why the provider calls itself a "cryptowallet and gateway to blockchain apps": Here, users are provided with a large selection of innovative and decentralised apps. In concrete terms, this means that Meta Mask is more than just a standard wallet. The functionality of Meta Mask can therefore be roughly divided into three areas:

    Ethereum wallet for storing, sending, receiving and swapping tokens.
    A means to access innovative dApps.
    An app that provides more security and anonymity

  • Ethereum wallet for storing, sending, receiving and swapping tokens.
  • A means to access innovative dApps.
  • An app that provides more security and anonymity
Metamask-Wallet-Review

Set up Metamask Wallet: This is how it works

If you already feel like using the Meta Mask Wallet, you can sign up in just a few minutes. In the following, we give three steps on how to download and set up the wallet quickly and easily for all operating systems. While we will focus on the browser version in more detail in the next sections, we will go into more detail about the differences between the operating systems below.
step 1

The Metamask download

The first step is to go to the provider's website. Here you can choose from all the options for using Meta Mask. Of course, it is also possible to download the apps or add-ons directly from external stores such as Google Play. In the case of add-ons, however, it is important to make sure that you really download the original versions from the respective store. For example, if you are looking for the Metamask Firefox add-on in your browser, you can simply click on "Add-ons" in the menu bar and enter the name of the provider in the search bar. If one then decides to add Metamask, the add-on will be downloaded.

step 2

Metamask registration

Once the download has been successfully completed, all you need to do is accept the privacy policy and create a so-called Secret Backup Phrase. This backup phrase should be written down and kept in a safe place. This is because it ensures that your own currencies can be restored in the event of a loss of the device or other mishaps. Therefore, this step should be done with thoroughness and really make sure that there are no twists in the sequence.

step 3

Integrate wallets and buy Ethereum

Once the phrases have been confirmed in the next step, most of the process is already complete. With the wallet set up, it is now possible to purchase Ethereum or additional ERC 20 coins. Of course, it is also possible to import an existing Ethereum wallet into the Meta Mask wallet with just a few clicks. To do this, simply click on "Import Wallet" and import the wallet in the following window.  With the browser version of MetaMask, it is even possible to connect a hardware wallet (Ledger or Trezor). To do this, simply click on "Connect Hardware Wallet" and then follow the instructions.

 DoocMJim

Metamask Wallet Functions & Features

1. Compatibility

MetaMask Wallet is now available for a range of browsers and operating systems across all platforms. Desktop users are spoilt for choice here between browser add-ons for Metamask Firefox, Google Chrome, Edge and Brave, while mobile users can download the MetaMask Wallet for iOS and Android. Of course, it is also possible here to connect the user account with several apps and browsers, so that the account can be conveniently accessed from home or on the move and users thus always have a full overview.

2. User-friendliness

Meta Mask is an advanced wallet that offers users a whole range of functions that may sound daunting at first glance, especially for newcomers. However, this is unwarranted as Meta Mask has a quick learning curve and users are taken by the hand and guided through the sign-up and subsequent management process right from the start. There is therefore little to complain about in terms of user-friendliness.

3. Customer support

Who should you contact if you are looking for help? Meta Mask has set up a number of different options here. First of all, users can make use of the extensive FAQ section, which already answers most questions about the wallet in detail. If this is not enough, there are also the MetaMask Docs, a kind of Wikipedia about the provider.

Of course, it is also possible to contact the provider or even the community. Here, users have a registration form or a community forum at their disposal. Even though these options are extensive, we would have liked to have a direct contact person either via a telephone hotline or a live chat.

MetaMask Wallet

MetaMask Wallet advantages and disadvantages

Those looking for a trustworthy Ethereum wallet need look no further. Metamask offers a number of advantages that distinguish the wallet from other providers and make it stand out from the crowd. First and foremost, besides the high security standards, there are the low costs, which, in addition to the variable gas prices, range from 0.3% to 0.875% of the transaction. In addition, Metamask makes it possible to access many other dApps.
The abundance of features and the fact that Metamask offers not only professionals but also beginners a great introduction to the Ethereum ecosystem thanks to the intuitive menu navigation is what makes Metamask so special. It is not for nothing that the wallet is the gold standard when it comes to Ethereum wallets. Millions of users from all over the world are convinced of the advantages.


In addition to the advantages, it should of course be noted that the Metamask wallet cannot be used for all tokens. Since it is a pure Ethereum wallet, the choice of tokens to be stored is rather limited.


The tokens supported by Metamask include:
    Ethereum (ETH)
    Ethereum Classic (ETC)
    Tether (USDT)
    Basic Attention Token (BAT)
    USD Coin (USDC)
    All other ERC 20 tokens

Advantages

  •    Ethereum Wallet for the browser and smartphone
  •     Access to other decentralised apps (dApps)
  •     Many advanced features
  •     Easy and intuitive menu navigation
  • high range of functions                  

Disadvantages

  • Limited choice of tokens

Mobile & Desktop Installation

As mentioned earlier, there are a variety of ways in which Meta Mask Wallet can be used. Users can either choose between a variety of browser add-ons or opt for the mobile versions. The installation is very easy for all versions and differs only slightly from each other. In the following, we will therefore go into more detail about the respective differences in the setup.

01

Desktop installation with Metamask Firefox, Google Chrome, Edge and Brave

For the desktop, Meta Mask is not available as a separate programme, but as a browser add-on for Metamask Chrome, Metamask Firefox, Edge and Brave. To set it up, users can simply go to the Meta Mask website and then to the download area. Here, one can choose between the different versions and will be redirected to the respective stores, where the add-on can be downloaded with just one click. Alternatively, it is possible to search for the add-on directly in the browser store. Here, it is important to make sure that it is the original wallet - therefore, the path via the provider's site is the safest.

02

Mobile installation with iOS and Android

MetaMask Android and iOS have been available for some time, which means that smartphone users can now also enjoy the Meta Mask Wallet. To download the app, users can also go to the download section of the website. Alternatively, users can also search for the wallet here in Google Play or the Apple Store. The wallet can then be synchronised with the browser add-ons.

Metamask Wallet Types

Desktop/Online Wallet

Metamask is only available as an online wallet. There are several options here that users can choose between. The original variant consists of the browser add-ons, which are now already available for Google Chrome, Firefox, Edge and Brave. The versions can differ in their functionality depending on the system. For example, the use of a hardware wallet, which we will discuss in more detail below, is only possible with the browser add-ons, but not with the mobile apps.

Paper Wallet

In its narrowest form, the term paper wallet means that the private key and the address are created by a website and then printed out and securely stored by the user. This method is considered outdated and is only used by a few users nowadays. Instead, modern wallets use seed phrases, which usually consist of 12 to 24 different words that should be kept safe by the user.

App

Recently, the Meta Mask Wallet has also been available for Android and iOS, which makes the user-friendliness and application even easier and expands the circle of Meta Mask users. This means that at least a large part of MetaMask's range of functions is also available to users on their smartphones. For example, dApps from different areas can be used. The Meta Mask Mobile Wallet works across platforms without restricting security and is already extremely popular: on Google Play, the wallet has already registered more than one million users, and the trend is rising.

Hardware Wallet

If you use the browser version of Meta Mask, you can seamlessly connect it to a hardware wallet. Hardware wallets are physical devices that store private keys electronically. While the mobile wallet version does not currently offer the possibility to connect to a hardware wallet, the browser versions already support the Trezor and Ledger hardware wallet today. This allows users to check the balance of ETH and tokens or to execute transactions and messages.

Where can I download the Metamask Wallet?

The Metamask Wallet can be easily downloaded from the provider's website. The website provides users with wallets for all browser versions and operating systems. Alternatively, it is of course also possible to download the versions directly from external stores. Our Firefox account experiences: If one is looking for the respective add-on in Firefox, "Add-ons" can be clicked on in the menu bar and "Metamask" can be entered in the search bar. Users can then add the Metamask wallet.

Metamask Wallet Fees

Before we go into more detail about fees, it is important to distinguish between Metamask's network fees and its wallet fees. Namely, the Ethereum network charges fees for transactions paid in so-called "gas" units: Fees are paid in "gas", while gas is paid through ETH. It is also important to note that the executors of the transactions have to pay the fees, regardless of whether the transactions are successfully executed or not.

The Metamask wallet allows users to choose gas prices from a predefined selection. Here, the more favourable the prices, the longer the respective transaction will take. Alternatively, it is even possible to set a user-defined transaction fee and a limit manually. However, especially for beginners who are not yet familiar with pricing, it is advisable to choose the predefined fees. Users can then click on "Save" to start the transaction. Metamask's transaction fee is 0.3% - 0.875% of the trading volume and is already specified in the quotes.

Connecting MyEtherWallet

Transaction fees

Costs

Fee of the respective network

variable

Metamask transaction fee

0.3% - 0.875%

Security

Metamask has set up high security standards that make it one of the best hot wallets. For example, the provider ConsenSys assures that the seed phrase, the passwords as well as the private keys are encrypted and only stored on the end device. Furthermore, additional security features, such as fingerprint or facial recognition, have been introduced that make unauthorised access much more difficult.

Of course, it is ultimately up to each user to protect his or her own account as best as possible. As with bank accounts, data such as seed phrases or passwords must not be passed on to third parties under any circumstances, and the seed phrase must be kept in a place that is only accessible to the user. In this way, everyone can contribute to making their own account as secure as possible.

The Metamask Wallet itself has never been the target of hacker attacks in its long life. Even in relevant forums, there has never been any talk of unfair methods by the provider - and this with millions of active users. These are all good reasons that indicate that ConsenSys and the MetaMask Wallet are a trustworthy provider.

Metamask Customer Service

Metamask Customer Service

Support Customer Service ICONDuring our test, we took a close look at Metamask's customer service, as straight wallets are known for not always delivering the best customer service. To start with, Metamask customer service is friendly, knowledgeable and responded promptly to all queries we made. However, there are also some limitations, which we will discuss in more detail in this section.

First of all, there are several ways to find out about Metamask on your own, before you even need to contact customer service. In addition to the extensive FAQ section, there are also the MetaMask Docs, a kind of Wikipedia for the provider, in which interested parties can go into more detail and learn everything worth knowing about the provider. Another alternative is to search for the relevant answer in the community forum.

Of course, users can also contact the provider directly. Unfortunately, it is only possible to contact Meta Mask Wallet's customer service with a registration form. For most questions, this is not a problem, but we would have liked to have at least a live chat support so that there could be a contact person immediately in case of burning problems. We hope that these problems will be fixed in the future so that users can reach the best and fastest customer service a wallet has to offer.

A better alternative to the Metamask Wallet?

With high security standards, low costs and rich, advanced features, the Metamask Wallet is certainly one of the best Ethereum wallets on the market, for which there is hardly any comparable alternative in this form.

Nevertheless, we recommend all users who hold a large amount of Ethereum and don't want to spend it anytime soon to switch to a hardware wallet, as the security measures are greatest here. For all other users, a hot wallet like Metamask is completely sufficient and can convince with high security standards and an intuitive user interface.

According to our Metamask Wallet experience, eToro offers the best complete package. Anyone who is new to the crypto business or simply wants to buy cryptocurrencies in an uncomplicated way - with high protection and competitive fees at the same time - cannot avoid eToro.

Metamask Customer
  • Free wallet
  • Fair and transparent fee structure
  • First class customer support
  • Wide range of cryptocurrencies
  • Free demo account

Conclusion of our Metamask Wallet experience

Metamask delivers what it promises. With the wallet, even beginners can store, send, receive and easily swap their tokens. In addition, users can also access other innovative dApps quickly and easily - and all without jeopardising their own security and anonymity. We have tested Metamask over several months and are thrilled! We can therefore unreservedly recommend Meta Mask Wallet both to professionals due to its rich features and to beginners due to its intuitive user interface.

FAQ

Is the MetaMask Wallet secure?

The wallet has the highest security standards that a hot wallet can offer.

Does MetaMask have a mobile wallet?

Metamask is available for both desktop and mobile wallet.

Installing MetaMask in the browser - what should I look out for?

If you choose the wallet yourself in the respective store of the browser provider, you should make absolutely sure that it is the original version. To rule this out, users can go to the operator's website to be redirected directly to the download.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.