Summary: MetaMask is the worlds most popular Ethereum Virtual Machine (EVM) compatible cryptocurrency wallet. The wallet currently supports all EVM networks which include Ethereum, Avalanche, Binance Smart Chain, Fantom, all Ethereum-based Layer 2s and much more.

The MetaMask Wallet is the best way for users and investors to interact with Decentralized Finance (DeFi), NFTs, GameFi and Metaverse applications on-chain. You can also connect your hardware wallet like Ledger or Trezor to MetaMask for enhanced security.

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What is MetaMask?

MetaMask is a digital asset wallet that allows you to store, send, and receive Ethereum-based cryptocurrencies and NFTs. It is the most popular crypto wallet in the world and has been downloaded over 20 million times. MetaMask allows you to easily buy, sell, and trade cryptocurrencies without having to go through a third-party exchange. You can complete the transactions directly on MetaMask.

It also allows you to use decentralized applications (dApps) without having to download them or install them on your computer. The wallet supports a number of different cryptocurrencies and blockchain networks.

MetaMask Home Page.
MetaMask Home Page.

Wallet Features & Supported Networks

MetaMask is available to use on any EVM-compatible blockchain network. On MetaMask users have access to the following applications.

  • A cryptocurrency and NFT storage wallet.
  • A Swap feature that allows you to complete crypto-to-crypto transactions.
  • A DEX (decentralized exchange) that allows you to buy cryptocurrencies directly on the application through a third-party payment method like Moon Pay and Transac.
  • Mobile app so you can make transactions and check your wallet on the go.
  • Live support feature available on both mobile application and web extension.

In addition to the above-mentioned features, MetaMask is a perfect platform for beginners as it has an easy to native UI and straightforward functions. It is a great custodial hot wallet for both beginners and experienced traders.

MetaMask Portfolio Dashboard

MetaMask have recently released a portfolio dashboard that is designed to compete with on-chain alternatives like Zapper and DeBank. With this feature, users can connect their MetaMask wallet to get a high-level overview of their portfolio balances across a variety of chains.

This feature also includes a native bridge, which supports Ethereum, Avalanche, Polygon, Arbitrum and Optimism. This means you can bridge assets between networks directly through MetaMask's secure and trusted user interface.

MetaMask Portfolio
MetaMask Portfolio Dashboard.

Is MetaMask a safe Wallet?

MetaMask is a secure cryptocurrency wallet that offers a number of features to keep users' digital assets safe. The wallet uses industry-standard security measures, such as two-factor authentication and multi-signature support. In addition, MetaMask stores user data offline in an encrypted format to further protect users' privacy.

Unfortunately, there have been many phishing attacks on MetaMask users' wallets. This is not due to MetaMask's lack of security but more-so user awareness. MetaMask has implemented new security measures that require users to complete an additional confirmation step when approving transactions.

MetaMask Security Page.
MetaMask Security Page.

Is MetaMask a Non-Custodial Wallet?

Yes, MetaMask is a non-custodial wallet. This means that you are in control of your own digital assets and have full control over your private keys. MetaMask does not hold onto your assets or have access to them. Instead, it acts as a bridge between your web browser and the Ethereum blockchain, allowing you to interact with decentralized applications (DApps) and manage your digital assets.

MetaMask Fees

MetaMask does not charge any fees for sending or receiving cryptocurrencies, users just need to cover the cost of gas (network transaction fee) in order to complete the transaction. Gas fees are used to cover the cost of running the Ethereum network and are paid to miners who validate transactions.

However, there are fees to use the Swap or Exchange feature on MetaMask. A fee of 0.875% is automatically applied to each final quote.

How to add networks to MetaMask

MetaMask supports a number of different cryptocurrency networks, it can support any Ethereum-based network. Follow the below steps to add a new network to MetaMask.

  1. Open the MetaMask extension and click on the "Networks" tab.
  2. Select 'Add Network' and you will be redirected to an online form.
  3. Fill in the RPC details of the blockchain network you want to add.
Add network to MetaMask

To find the RPC details of your preferred network, you can visit one of our following guides:

Metamask Mobile App and Browser extension

MetaMask offers both a mobile app and a browser extension version of its platform. The mobile app is available for Android and iOS devices, while the browser extension can be installed on Google Chrome, Mozilla Firefox, Brave and Microsoft Edge.

The MetaMask application is rated a high 4.6 stars from 108K reviews on the Google Play store and another 4.6 stars out of 26K reviews on the Apple app store. On the Apple store it is rated #94 overall in the Utilities category.

MetaMask Mobile App iPhone Screenshot.
MetaMask Mobile App iPhone Screenshot.

Does MetaMask offer live support?

Yes, MetaMask offers live support on both its mobile application and browser extension. Users can also refer to the MetaMask Zendesk site for an extensive FAQs section and support options. Users can also join MetaMasks online communities like Twitter, Reddit and Medium.

MetaMask Zendesk.
MetaMask Zendesk.

Final Thoughts

In conclusion, MetaMask is a highly regarded and widely used cryptocurrency wallet for interacting with Decentralized Finance (DeFi), NFTs, GameFi and Metaverse applications. The wallet offers a range of features including support for all Ethereum Virtual Machine (EVM) compatible networks, a user-friendly interface, a portfolio dashboard, and mobile app support. MetaMask is also a non-custodial wallet, meaning users have full control over their private keys and assets.

While there have been reports of phishing attacks, MetaMask has implemented new security measures to protect users' assets. In terms of fees, there is no fee for sending or receiving cryptocurrencies, however, there is a fee of 0.875% when using the Swap or Exchange feature. Overall, MetaMask is a secure and reliable option for storing and trading digital assets.