The rise in exchange hacks and on social media has developed distrust in many cryptocurrency apps and has users questioning, “Is MetaMask safe?†From a cybersecurity perspective, it’s true that the more apps you have installed, the higher risk you have of potentially installing a nefarious app to your computer or phone. This article aims to discuss the safety of MetaMask so that you can make an educated decision on if the benefits outweigh the potential risks.
MetaMask Overview
MetaMask is a popular cryptocurrency wallet option for millions of investors worldwide. MetaMask allows you to store your cryptocurrency off of the exchanges like Coinbase and Binance. Storing your cryptocurrency in a reputable or software wallet, such as MetaMask, is best to keep your cryptocurrency safe from exchange hacks or breaches. If an exchange is hacked, your cryptocurrency will be safe because it’s locked down in a digital wallet that only you have access to.
MetaMask can be used on your iOS or Android devices and within your browser as an extension. Almost every decentralized finance (DeFi) application supports MetaMask, making it a popular choice for investors and traders. You can also store NFTs that you can create or buy and Web3 DApps within your MetaMask wallet.
Is MetaMask Safe? Safety Tips for Using MetaMask
MetaMask can be one of the safest ways to store your cryptocurrency assets. The level of safety depends on how you utilize it. You can take some steps to ensure you’re using MetaMask in the safest way possible.
- Always backup your secret recovery phrase.
It’s best practice to write this down in a physical location (such as a piece of paper) and store it somewhere you’ll remember. If you lose this phrase, you may get locked out of your account.
- Lock your MetaMask wallet when you’re not actively using it.
Keeping your MetaMask wallet open isn’t safe if someone decides to hop on your computer while you’re not looking.
- For extra security, consider using a hardware wallet.
A hardware wallet is the absolute safest way to store your cryptocurrency. A hardware wallet is a physical device (that looks like a USB stick) that you load your cryptocurrency onto. No one can access your cryptocurrency but you.
Pros and Cons of Using MetaMask
When deciding if MetaMask is safe for use, it’s essential to consider the pros and cons of what it offers.
Pros of MetaMask
MetaMask has many positive features, making it a popular software wallet option for millions of users.
- Buy, send, store, and swap cryptocurrency assets. MetaMask allows you to buy and trade tokens similarly to a cryptocurrency exchange directly from your wallet.
- Easily accessible. MetaMask offers a browser extension and mobile app, making it easy to access from whatever device you’re using.
- Security features. MetaMask gives every user a key vault, secure login, token wallet, and token exchange.
- Active community. MetaMask is used by millions of users worldwide and has an active community. This isn’t some fly-by-night software wallet; it’s trusted.
- Beginner-friendly. The interface on MetaMask is easy to use and friendly, even for the most beginner user.
- Multiple networks. MetaMask supports a variety of networks such as Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, and Celo.
Cons of MetaMask
MetaMask has a few setbacks that may make it a deal-breaker for potential users.
- Access to usage data. MetaMask does not record personal user information, but it records data about how and when users utilize the app.
- Software wallet. MetaMask is a software wallet (hot wallet), which can make it vulnerable to hacking, theft, and phishing scams if you aren’t careful.
Buying Crypto Using MetaMask
MetaMask allows users to purchase a variety of cryptocurrencies and tokens directly from the browser extension or mobile app. Traders can buy tokens on the following networks: Ethereum, Polygon, Binance Smart Chain, Avalanche, Fantom, and Celo. Here, we’ll cover the steps to purchase crypto from MetaMask to show you how easy it is.
Step 1: Create MetaMask Account
Before you can purchase crypto through MetaMask, you’ll need to create a free account. Navigate to the website: metamask.io and go through the guided steps to create your account.
Step 2: Choose Network
Choose the network that your cryptocurrency is supported on from the main interface and click “Buy.†This will allow you to use MetaMask’s partner sites to purchase your desired crypto.
Step 3: Choose Partner Site
Choose a partner website (in this example, we’ll use Transak).
Step 4: Purchase Crypto
Once you’ve chosen a partner website, go through the payment steps to purchase your cryptocurrency. It will be added to your MetaMask wallet. Note that it can take a few minutes to process and show in your wallet.
The Bottom Line
New cryptocurrency apps are being released almost daily, and with that comes skepticism from new traders around what’s safe and what isn’t. “Is MetaMask Safe?†is a question that many have asked. This article has discussed the safety of MetaMask and the pros and cons of its usage.
