Is MetaMask the Best Wallet for Ethereum Users?

Is MetaMask Good for Beginners?

Until somewhat recently, there wasn’t much reason to use a non-custodial Ethereum wallet. Most of the hype around this blockchain network has been around the potential for advanced smart contracts, but that ultimately culminated in the 2017 bubble in initial coin offerings (ICOs). Back then, most people were usually trading ETH on exchanges or gambling on various ERC-20 tokens that has just been launched, in the hopes of making a lot of money quickly.

These days, we’re entering the age of decentralized finance (DeFi), and more people are interested in taking full custody of their coins and playing around with a variety of DeFi apps.

With the Ethereum project finally having a coming of age, MetaMask is the perfect cryptocurrency wallet for a beginner. The mobile wallet gives users full control of their crypto assets, and it will keep reminding the user to make a backup of some kind in case the user’s phone is lost, stolen, hacked, or severely damaged.

Once the initial setup process is complete, you can purchase some ETH and load a number of different Ethereum applications to use that ETH. The mobile app also includes a guided tour of the most important features of the wallet, helping newcomers find their bearings.

Best Features of MetaMask

Most of MetaMask’s best features are in regard to getting started with Ethereum for the first time. The best example is the way the browser section of the wallet makes it easy to find the most popular Ethereum dapps, connecting them to your personal Ethereum wallet at the click of a button. Major Ethereum apps are organized in different categories, such as decentralized finance and collectibles, but users can search for dapps or enter a dapp’s URL directly into the browser as well.

Another beginner-friendly feature is the ability to quickly and easily purchase some ETH to use on the various Ethereum dapps, saving time and effort. In addition to being able to purchase up to $500 worth of ETH via a credit or debit card from directly within the MetaMask mobile app, users can also access other platforms that allow peer-to-peer (P2P) trading to get their first coins.

Compatible with Trezor and Ledger Wallets

Another plus is the MetaMask’s integrations with various hardware wallets like Trezor and Ledger. While MetaMask sometimes receives negative security scores because it can be embedded directly into your everyday web browser, being able to protect your private keys with separate hardware is a big win.

One final feature that needs to be mentioned is this MetaMask Wallet review is that it can function on a variety of cryptocurrency networks compatible with the Ethereum Virtual Machine (EVM). Some examples of alternative networks that can be accessed include Tron and the Bitcoin sidechain RSK.

Cryptocurrencies Supported

MetaMask supports ETH and any other tokens, collectibles, or other types of assets that are issued on top of the Ethereum blockchain. As mentioned previously, it can also support a variety of other tokens found on alternative blockchain networks by switching the backend network that the wallet is connected to in the settings section of the app. Here are some of the major crypto assets supported:

• Ether
• Augur
• Gnosis
• Brave’s Basic Attention Token
• Compound
• Badger DAO
• USDC
• Tether
• GUSD
• PAX
• Yearn Finance

Is MetaMask Safe?

Security is an area where things can get a little murky. MetaMask is not a Ethereum full node, which means it is not the best wallet for those wanting as much decentralization as possible. In fact, MetaMask does not even run the Ethereum servers used to get information about the Ethereum blockchain. They outsource this responsibility to Infura, which has been criticized in the past as being a centralized point of failure for the greater Ethereum network itself.

With all this said, it should be noted that advanced users are able to connect their MetaMask wallets to their own Ethereum full nodes if they wish.

Due to MetaMask’s popularity in the Ethereum ecosystem, it has also been the target of hackers over the years. The most common successful attacks have been nefarious actors creating an alternative, malicious version of the MetaMask software and getting new users to download that software instead of the real MetaMask wallet. The new user’s coins would then be instantly stolen once they sent funds to the wallet.

The best way to guard against this kind of attack is to make sure that you’re always downloading the real MetaMask software. Hackers will often do things like purchase Google Ads for search terms related to MetaMask and other Ethereum wallets, so always be on the look out for that.

What Operating Systems Does MetaMask Support?

Although MetaMask was originally launched as nothing more than a browser extension, it is now available on basically any operating system.

The browser extension is available in Chrome and Firefox web browsers on any major operating system for laptop and desktop computers. This includes Windows, Mac OS, and Linux. There is also a mobile app for Android and Apple smartphones that can be found in the Google Play Store or Apple App Store.

Potential Dealbreakers

Some people take issue with the level of trust put into other parties when a light wallet is used, but these issues around centralization are more about the Ethereum network itself rather than any particular wallet. Additionally, users can just point their MetaMask wallet at their own Ethereum full node if they’d like.

With this in mind, the key dealbreaker for some will be the lack of support for blockchains not compatible with the EVM. Most notably, this means there is no native support for Bitcoin. That said, users are able to use MetaMask to connect to the RSK Bitcoin sidechain, and there are also a number of different ERC-20 tokens that are pegged to the bitcoin price via a variety of methods.