MetaMask Wallet: Overview of the Cryptocurrency Extension for DeFi, Web3 DApps, and NFTs

MetaMask is one of the most popular cryptocurrency wallets, with over 30 million users worldwide. This wallet provides users with full control over their digital assets thanks to its non-custodial approach. MetaMask is compatible with various devices, including iOS and Android mobile platforms, as well as browser extensions for Google Chrome, Edge, Brave, and Firefox. It is a versatile solution for anyone looking to store, send, and manage cryptocurrencies.

Experts at CryptoInsite have analyzed one of the most widely used wallets—presenting a detailed review of MetaMask, covering its advantages, disadvantages, functionality, and fees.

About MetaMask Wallet

MetaMask was first introduced in 2016 as a browser extension designed for interacting with the Ethereum network. This solution quickly gained attention due to its simplicity and convenience. Over time, developers expanded the wallet’s functionality by launching mobile apps for iOS and Android, allowing users to manage cryptocurrencies on the go. MetaMask is a non-custodial wallet, meaning only the user has access to their private keys.

These keys are represented by a seed phrase—a unique set of words required to restore wallet access. While this makes MetaMask secure, it also requires users to responsibly store their keys. Losing the seed phrase means permanent loss of access to funds, as the MetaMask team does not store or have access to this data.

From a cost perspective, MetaMask is completely free to use. Users only pay transaction fees, which are determined by the blockchain network used for fund transfers. By default, the wallet supports the Ethereum network, making it ideal for handling ERC-20 tokens. However, users who wish to interact with other blockchains such as Binance Smart Chain, Polygon, Arbitrum, or Avalanche can manually add them. This process requires some technical knowledge but significantly expands the wallet’s capabilities.

It’s important to note that MetaMask does not support the Bitcoin, network, which may be a drawback for those actively using this cryptocurrency. Additionally, it does not support certain popular altcoins, including XRP, ADA, and SOL. This means users looking to manage these assets will need to consider alternative solutions.

Beyond being a simple crypto wallet, MetaMask has evolved into a central hub for interacting with the decentralized ecosystem. It allows users to connect to various decentralized applications (dApps), including platforms for token trading, earning interest, and purchasing NFT. This makes MetaMask an essential tool for those interested in exploring and utilizing the opportunities of Web3.

Which Cryptocurrencies Can Be Stored in MetaMask?

MetaMask is a popular cryptocurrency wallet that supports multiple blockchain networks. In addition to Ethereum (ETH), the wallet is compatible with several other networks frequently used for transactions and asset storage, including:

• Ethereum Mainnet

• Binance/BNB Smart Chain

• Polygon

• Avalanche (C-Chain)

• Fantom

• Optimism

• Arbitrum

• Celo

• Harmony

If a user wants to add another network, it can be done manually by entering the network parameters. One of MetaMask’s key advantages is that it can support any cryptocurrency as long as the user knows its contract address and the blockchain network it operates on.

Network configuration details can be found on the official websites of the respective blockchains or from trusted sources. Using incorrect information may result in errors that could lead to loss of access to assets.

For beginners, manually adding networks can be challenging due to the need to enter technical details. Mistakes in the setup process may cause transaction failures or token display issues.

Is MetaMask a Centralized or Decentralized Wallet?

MetaMask is a decentralized, non-custodial cryptocurrency wallet that gives users full control over their funds. This means that only you have access to your private keys, and no third party can interfere with your wallet management.

What Are Private Keys and a Seed Phrase?

When setting up a MetaMask wallet, users receive private keys in the form of a seed phrase—a sequence of 12 random words. This phrase acts as a backup key to restore access to the wallet.

• If you lose access to your device but have your seed phrase, you can recover your wallet on a new device.

• If you lose your seed phrase, access to your funds is permanently lost, as MetaMask does not store or have access to user data.

Key Security Recommendations for Private Keys

• Store your seed phrase securely. Write it down on paper and keep it in a safe place.

• Never share your seed phrase. Scammers can use it to steal your assets.

• Avoid storing private keys digitally. Notes, photos, or files can be compromised by hackers or malware.

Read article: How to Avoid Crypto Scams and Protect Yourself in 2025

Advantages of Decentralization

• Full control: Only you have access to your funds.
• Transparency: All transactions are visible and verifiable on the blockchain.
• Security: Properly stored private keys ensure strong protection against external threats.

Disadvantages and Risks

• User responsibility: Losing the seed phrase or private keys means irreversible loss of access.
• No password recovery: MetaMask does not offer password resets or account recovery, as this contradicts decentralization principles.

If you are not ready to manage private keys independently, custodial wallets may be a better option. These services allow account recovery but require identity verification and provide less control over funds.

Using MetaMask for Fiat Payments

Although MetaMask is a decentralized wallet, it integrates with centralized services for fiat transactions. These include:

• MoonPay
• Mercuryo
• Transak
• Sardine

These providers require KYC verification (identity confirmation) to purchase cryptocurrency with fiat money, which may involve submitting a passport or other documents.

MetaMask Fees

MetaMask provides free access to all core functions, including wallet setup, crypto deposits, and storage. However, transaction fees apply within blockchain networks.

Gas Fees

“Gas” refers to the cost of computing resources required to process transactions on the blockchain. The fee depends on:

• Network congestion – Gas prices rise when network activity is high.

• Transaction priority – Users can set a custom gas fee; higher fees result in faster transactions.

MetaMask allows manual gas fee adjustments, but setting a fee too low may cause the transaction to fail.

Cross-Chain Swaps

For exchanging assets between different blockchains (e.g., Tether on Ethereum to BNB on Binance Smart Chain), MetaMask charges 0.875% of the transaction amount. These operations are more complex and take longer than standard transfers.

Buying Crypto with Fiat

Purchasing cryptocurrency through MetaMask is facilitated by third-party providers like MoonPay and Transak. Fees for these transactions typically range between 3-5% of the total amount. Additional processing fees may apply depending on the provider and payment method.

Types of Fees in MetaMask

• Incoming Transfers: Completely free of charge.
• Outgoing Transfers: Gas fees according to the current network rates.
• Cross-chain Swaps:875% of the swap amount.
• Fiat Cryptocurrency Purchases: 3-5% of the transaction amount.

MetaMask is a powerful tool for managing cryptocurrencies, best suited for users comfortable handling their own security and private keys. While it offers high security and full control, it requires users to manually configure networks and understand private key management.

For beginners, it is crucial to take the time to learn how MetaMask works and follow best security practices to avoid potential losses.

MetaMask Security Analysis – Features and Protection Mechanisms

MetaMask is one of the most widely used crypto wallets for storing, managing, and exchanging cryptocurrencies. Its primary goal is to ensure the security of users’ digital assets. This article provides a detailed overview of MetaMask’s security mechanisms and additional features that make it a convenient tool for cryptocurrency users.

How Does MetaMask Protect Your Assets?

The security of crypto assets is a top priority for any wallet. MetaMask implements multiple layers of protection to minimize risks for users. However, as a non-custodial wallet, MetaMask does not store private keys or have access to user funds. This means that the responsibility for security lies entirely with the user.

Password Protection

The first and most important step when setting up a MetaMask wallet is creating a strong password. This password is required to access the wallet and perform transactions. MetaMask enforces the use of a complex password to enhance security.

When using MetaMask on multiple devices, each device requires a separate password. For example, if a user installs MetaMask as a Chrome browser extension on one computer and as a mobile app on an Android device, each instance will require a unique password. However, users can choose to use the same password across devices for convenience.

Best Practices for Strong Passwords

To maximize security, it is recommended to:

• Use a unique password for MetaMask that is not used elsewhere.
• Create a password with a mix of uppercase and lowercase letters, numbers, and special characters.
• Avoid simple passwords or easily guessable combinations.
• Store the password in a secure location, such as a password manager or offline storage.

While a strong password is essential, it is just one layer of protection. Additional security measures, such as seed phrase management and two-factor authentication, play a critical role in ensuring the safety of your assets.

Recovery Phrase (Seed Phrase)

After the user creates a password, MetaMask generates a recovery phrase (or seed phrase), which consists of 12 random words. These words serve as unique keys for restoring access to the wallet in case it is lost or if the wallet needs to be restored on another device.

The process of obtaining and recording the seed phrase is crucial, as MetaMask does not have access to this phrase. This means that if you lose both your password and seed phrase, it will be impossible to recover access to the wallet. MetaMask strongly recommends writing down the phrase on paper and storing it in a secure place, such as a safe.

After the seed phrase is displayed on the screen, MetaMask will ask the user to confirm the correctness of the record by re-entering all 12 words in the correct order. This additional step helps prevent mistakes and confirms that the user has correctly written down the phrase.

It is important to note that MetaMask does not have access to the recovery phrase, and in case of its loss, the wallet cannot assist in restoring access. This highlights the importance of careful attention to security.

Tip: For added security, it is recommended to disable the MetaMask extension in the browser when not in use. This reduces the risk of the wallet being accidentally hacked or accessed by third parties.

Non-custodial Storage

MetaMask uses a non-custodial storage model, meaning users have full control over their private keys. The wallet does not store key information on its servers, which eliminates the risk of key leakage. However, this feature also creates certain risks for users, as losing the private key or seed phrase would make it impossible to recover access to assets.

Unlike custodial wallets, which typically offer two-factor authentication (2FA), device whitelists, and insurance for cryptocurrency assets, MetaMask does not have such additional security mechanisms. This makes it more flexible and independent but also requires users to take a high degree of responsibility for the security of their funds.

Key Features of MetaMask

MetaMask is not just a cryptocurrency wallet but a full-fledged platform for managing digital assets. In addition to storing cryptocurrencies, it provides users with access to a range of additional features such as token swaps, staking, working with NFTs, and fiat payments. This article will explore the opportunities and limitations that MetaMask offers in these areas.

Token Swaps in MetaMask

One of the main features of MetaMask is the ability to swap tokens directly within the wallet interface. This is a convenient and quick way to perform swaps without needing to go to third-party platforms. However, it is important to note that MetaMask does not offer direct peer-to-peer swaps or swaps on its own platform. Instead, the wallet uses third-party liquidity pools for token exchanges.

This approach has both advantages and disadvantages. On the one hand, MetaMask claims to provide users with the best market prices by selecting liquidity pools with the most favorable exchange rates for swapping between two tokens. This simplifies the process and reduces exchange costs, especially for those who actively work with multiple cryptocurrencies.

On the other hand, MetaMask does not disclose information about the liquidity pools it has access to. This means that users cannot be sure that the selected rate is indeed the best on the market. Additionally, token swaps through MetaMask are accompanied by a variable fee built into the exchange rate. This may slightly complicate users’ understanding of the final cost of the transaction.

Staking Feature in MetaMask

MetaMask also offers a built-in staking feature, allowing users to earn interest on their inactive tokens directly within the wallet interface. Staking involves locking cryptocurrency for a set period in exchange for rewards. It provides users with an opportunity to generate additional income from their assets without leaving the app.

However, it is important to note that staking in MetaMask is carried out through third parties. Currently, MetaMask supports staking exclusively for Ethereum (ETH), with only two providers available: Lido and Rocketpool. This limits the options for users who wish to earn on other tokens.

For those looking to use other cryptocurrencies for staking, there is an alternative method—users can lock their assets in decentralized applications (dApps) that support such functionality. To do this, users simply need to connect MetaMask to the chosen dApp and follow the instructions for locking their tokens.

Also read: The Most Promising Cryptocurrencies of 2025: Top-10 Tokens with Growth Potential.

NFT Support in MetaMask

The MetaMask wallet and extension offer users functionality for storing and managing NFT (non-fungible tokens), which is an essential part of the cryptocurrency space. However, it’s important to note that MetaMask only supports NFTs of the ERC-721 and ERC-1155 standards, which limits the number of tokens that can be stored in the wallet.

Additionally, MetaMask allows users to transfer only ERC-721 standard NFTs. This may cause inconvenience for those working with other types of tokens, such as ERC-1155, limiting the wallet’s use for collectors or users actively involved in the NFT space.

Support for Fiat Payments in MetaMask

MetaMask also offers the ability to fund your wallet with fiat currency, making the platform a convenient tool for those just starting to work with cryptocurrencies. However, fiat transactions through MetaMask are processed by third-party partners, and each transaction is accompanied by a fee ranging from 3% to 5%. This may be less favorable compared to other platforms that offer lower fees for converting fiat funds into cryptocurrency.

Additionally, it’s important to note that all fiat transactions through MetaMask require KYC (Know Your Customer) verification. This may not appeal to users who value anonymity and do not want to provide personal data to third-party services. For users who prioritize privacy, this feature may be a significant limitation.

Educational Materials from MetaMask

MetaMask actively supports educational initiatives, providing users with various resources designed for beginners in the world of cryptocurrencies. This includes detailed explanations of how to work with Web 3.0, non-custodial storage principles, as well as educational resources on NFTs and blockchain technologies. For users who want to gain a deeper understanding of the cryptocurrency market and its tools, MetaMask offers comprehensive guides explaining all aspects of using the wallet—from sending and receiving cryptocurrencies to more complex operations like token swaps and staking.

These educational resources make MetaMask an excellent choice for beginners who want to easily and safely start working with cryptocurrencies, as well as for more experienced users looking to deepen their knowledge and explore new opportunities like DeFi and NFT.

Reviews of MetaMask

The MetaMask app has earned positive reviews from users worldwide. On the Google Play platform, it has a rating of 4.4 out of 5 after more than 10 million downloads, which indicates high popularity and trust among Android users. In the App Store, the MetaMask rating is even higher—4.7 out of 5, confirming the quality of the app and user satisfaction.

Reviews highlight the user-friendly interface, availability of various features such as token swaps and staking, as well as the high level of security provided by the wallet. Despite some limitations, such as the need to manually add other networks or a lack of transparency when swapping tokens, MetaMask remains one of the most popular and convenient wallets for working with cryptocurrencies.

Guide to Using MetaMask

Step 1: Download MetaMask

To begin using MetaMask, go to the official website and select the “Download” section. You will be offered different versions of the wallet for various devices:

•  iOS Apps
• Apps for Android
• Browser extensions: Chrome, Firefox, Edge, Opera, Brave

Choose the appropriate app for your device and complete the download.

Step 2: Create a Password

After installing MetaMask, open the app and click on “Create Wallet.” At this stage, the app will prompt you to create a secure password. The password should be strong enough to ensure security but easy to remember so you won’t have trouble recovering it.

This password will be used to access your wallet and will need to be entered every time you want to make a transaction or change wallet settings.

Step 3: Record the Backup Phrase

After creating your password, MetaMask will display a backup phrase consisting of 12 random words. It is very important to write this phrase down manually and store it in a secure location. These words are necessary to recover access to your wallet in case you lose your password or device.

MetaMask will ask you to confirm that you wrote down the phrase correctly by entering the words in the correct order. This step helps ensure you didn’t make any mistakes when writing down the phrase.

Do not store the backup phrase in electronic formats (such as Google Docs or email drafts), as it increases the risk of information leakage. Only store it in physical locations that are protected from online threats.

Also read: Step-by-Step Guide to Cryptocurrency for Beginners: Examples and Explanations

Step 4: Funding Your Wallet

After setting up your wallet, the next step is to fund your MetaMask wallet. To do this, perform one of the following actions:

1. Buy cryptocurrency on Bybit. One of the easiest and most convenient ways is to purchase crypto via P2P on the Bybit exchange and transfer it to your MetaMask wallet.

2. Receive cryptocurrency: To receive funds from another wallet, simply copy your wallet address displayed under “Account 1” and paste it into the corresponding field on the other wallet.

3. Buy cryptocurrency: For funding via fiat or other cryptocurrencies, click on “Buy.” You will be prompted to select a payment method, such as a debit or credit card, e-wallets, and other methods. You will also need to complete the KYC procedure and pay for the transaction.

After funding your wallet, it is important to monitor its security: keep your private keys safe and never share them with third parties, including support services.

How to Transfer Funds and Buy Cryptocurrency in MetaMask

Transferring Funds to Another Wallet via MetaMask

To transfer funds from your MetaMask wallet to another wallet, follow these steps:

1. Open the wallet and select the token for transfer.
   Open the MetaMask app and choose the token you want to transfer (for example, ETH, USDT, or any other supported token).
2. Click on the “Send” button.
   In the wallet interface, click the “Send” button to initiate the transfer process.
3. Enter the recipient’s address.
   MetaMask will prompt you to enter the recipient’s wallet address. You can enter the address manually or scan the recipient’s QR code to avoid mistakes.
4. Review transaction fees and time.
   The app will display the estimated transaction fee and the expected time for the transaction to be completed. Note that the fee can vary depending on network congestion.
5. Confirm the transaction.
   Click “Next” to confirm the entered details, and review the transaction information. Once everything is correct, confirm the transfer.

Note:
If the transaction doesn’t go through, it may be due to insufficient funds to cover the gas fee. Remember, gas is always paid in Ether (ETH), even if you’re transferring an ERC-20 token like USDT. Make sure you have enough ETH to cover the gas fees.

Buying Cryptocurrency via MetaMask

The quickest way to fund your MetaMask wallet with cryptocurrency is by using one of MetaMask’s partner providers. These services allow you to buy crypto assets via various payment methods, such as debit and credit cards, e-wallets, bank transfers, and more. However, you will need to complete a KYC (Know Your Customer) verification first.

Steps to buy cryptocurrency via MetaMask:

1. Initiate the purchase process.
   In the wallet interface, click the “Buy” button located in the main menu. Then, select the “Start” option and choose your country. This will allow MetaMask to show the available payment methods in your region.
2. Choose the payment method and cryptocurrency.
   MetaMask will display a list of available payment methods, including debit/credit cards, e-wallets, and others. Choose the one that suits you best. Then, select the cryptocurrency you wish to purchase (e.g., ETH, BTC, USDT, etc.).
3. Enter the purchase amount.
   After selecting the cryptocurrency, enter the amount you want to spend. MetaMask will automatically calculate how much cryptocurrency you will receive in return.
4. Complete the KYC procedure.
   To finalize the transaction, you will need to go through the KYC procedure. This involves uploading your government-issued ID and possibly taking a selfie for identity verification.
5. Complete the purchase and receive funds.
   After passing the verification and completing the transaction, the cryptocurrency will be instantly added to your MetaMask wallet. The funds will be transferred directly to your wallet without the need for third-party transfers.

Important:
Note that buying cryptocurrency via MetaMask through third-party partners comes with additional fees (usually ranging from 3% to 5%) and requires completing the KYC process, which might be a drawback for users who value privacy. However, this is a convenient and fast way to fund your wallet and start using cryptocurrencies.

Alternatively, you can also use a simpler and more convenient method via P2P on the Bybit exchange. After purchasing crypto, you can easily transfer it to your MetaMask wallet. This option is more cost-effective and allows you to store cryptocurrency without worrying about exchange freezes or potential access issues.

MetaMask Contact and Support

To get help with MetaMask, users can use the built-in “Support” feature, which will redirect them to the official wallet website. The MetaMask help center contains numerous articles and guides that can assist with most issues. These materials cover various topics, from setting up the wallet to security concerns and using additional features.

If the provided materials are insufficient, users can contact the support team through the live chat. It’s important to remember that MetaMask staff will never ask for confidential information, such as private keys or password phrases. Be cautious and avoid sharing personal information to prevent potential scams.

Additionally, users should beware of fake support agents who may try to contact them through unofficial channels, such as Telegram. Always ensure that you are interacting with the official support team by using links from the official MetaMask website.

Summary

MetaMask offers a user-friendly and intuitive interface, allowing even beginners to quickly get the hang of purchasing, sending, and storing cryptocurrencies. Despite its simplicity, the wallet does not neglect the importance of security: wallet owners are encouraged to carefully manage their private keys and backup phrases.

Additionally, MetaMask enables users to buy cryptocurrency both with other crypto assets and fiat money, which is a significant advantage for a decentralized wallet. However, it’s worth noting that adding networks other than Ethereum requires extra configuration, which may be challenging for inexperienced users.

It’s also important to consider that certain operations, such as buying cryptocurrency and transactions via third-party services, may incur additional fees, making the wallet more costly compared to direct crypto exchanges.

At the same time, for users who value simplicity and convenience, MetaMask remains one of the best solutions for storing and managing cryptocurrencies.

Like most similar services, MetaMask is not perfect, but it performs its tasks with a high level of efficiency and convenience.

Also, check out the article about another popular non-custodial wallet: TrustWallet

Frequently Asked Questions