MetaMask Wallet | Chrome & IOS & Android | Download

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Is MetaMask safe?

MetaMask is gloriously user-friendly, but it does have a few negatives worth considering. For starters, while MetaMask itself doesn’t have access to your information, your browser will. While browsers can’t access your private keys, privacy-focused crypto enthusiasts will feel downright dirty using a wallet on browsers made by the likes of Google and Mozilla—two companies which don’t exactly have the best reputation when it comes to users and their data.

Working of Metamask
The most important aspect of a guide to creating a Metamask wallet would draw the limelight on how it works. As a matter of fact, the working of Metamask can help you find the specific details for validating the choice of Metamask as your crypto wallet. Metamask wallet works by using smart contracts operational on a specific node, referred to as Infura, which helps Metamask with plugging into the network.

You can use Metamask for storing crypto or purchasing and selling ETH, the native token of the Ethereum blockchain. In addition, it offers support for storing Ethereum-compatible tokens, following the ERC-20 and ERC-721 standards. Users could also achieve peer-to-peer token swaps, without any intermediary, directly in the wallet.

Another important highlight in the working of Metamask refers to its interoperability. Users are interested in the methods for Metamask wallet setup for capitalizing on its features for interacting with different dApps on multiple EVM-compatible chains. As a result, you would never experience any issues in connecting Metamask wallet to the BNB Smart Chain and the massive dApps ecosystem.

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Methods for Setting up Metamask Wallet
Any guide to setting up a Metamask wallet could be challenging for beginners in the domain of blockchain and crypto. However, you can set up Metamask wallet with a few simple steps, making the process straightforward and easy to understand. Here are some of the important steps you need to follow to create and set up your own Metamask crypto wallet.

Another key factor to consider is the fact that by its very nature, MetaMask is an online wallet. The fact that it’s connected to the Internet means that it’s vulnerable to hacks and attacks. Compared to a well-hidden hardware wallet, which is invulnerable to online attacks, this could pose a risk for the very security-conscious.

It's also worth bearing in mind that malicious browser extensions have been known to spoof MetaMask in order to lure unwary users into phishing attacks. Be very careful when downloading extensions, and check that the URL you're using to download them is authentic.

MetaMask "add tokens" screen

Of course, this all assumes that you already have tokens in another wallet or an exchange that you want to receive. If you’re starting from scratch, it’s incredibly easy to get started by topping your wallet up with ETH. Make sure ETH is your selected asset, hit buy, and you can purchase ETH with your card using a service called Wyre, without ever having to leave MetaMask and sign up to another exchange. The fees might be steep to experienced traders, but it’s an insanely fast, easy and accessible way for first-timers to get a chunk of ETH which they can then trade for other tokens, with zero hassle.

Another great yet easy to use MetaMask feature is its Swap functionality. Before this was introduced, users would have to trawl through a bunch of different exchanges to compare prices and swap tokens. The downside to this, apart from the time sink, is that you might not always get the best prices for each trade, and users need to approve each token on each exchange, eating up gas costs.

What's in your wallet? Image: Shutterstock
MetaMask Debuts Token Swaps, Vows ‘Best Prices Across DeFi’
MetaMask is getting into the token swaps game. And it’s promising that users will “always get the best prices across DeFi.” Today, the Ethereum wallet and browser extension is launching MetaMask Swaps, a new feature for Firefox users (with Chrome to follow) that allows them to trade the digital assets they hold for just about any token on a decentralized exchange, all while staying within the MetaMask wallet. (Disclosure: MetaMask is funded by ConsenSys, which also funds an editorially independ...

MetaMask’s Swap function does away with all of this hassle by requesting prices from all available aggregators. In other words, it ensures that MetaMask users always have access to the greatest liquidity and the largest selection of tokens, at the best prices. A service fee of 0.875% is automatically thrown in, but it’s worth it. The end result is a simple process that only requires you to approve each token once, reducing time spent and gas fees in the process. If that wasn’t enough, you’re also offered more protection against wild price swings during large swaps on a single exchange, as orders on MetaMask Swap are spread across multiple exchanges.

Despite this powerful functionality, the process is as easy to use as the rest of the wallet. Nicely done.