MetaMask Review: Features, Fees & More

What is MetaMask?

MetaMask has become an indispensable tool for anyone venturing into cryptocurrencies and blockchain applications. Available as both a browser extension and a mobile app, this crypto wallet allows users to securely store and manage digital assets. Developed by ConsenSys, it has become the largest and most popular wallet for retail and institutional investors.

But MetaMask is more than just a wallet, it's your gateway to the decentralized web. It provides easy access to many decentralized applications (dApps), allowing you to explore DeFi, trade NFTs, or engage with blockchain-based games on both EVM and non-EVM networks. Its user-friendly interface, which can be used in 17 languages, lowers the barrier to entry.

Security and control are at the heart of MetaMask's design philosophy. As a self-custodial wallet, it puts you in complete charge of your private keys and funds. By generating passwords and keys directly on your device it ensures that you're the only one with access to your accounts and data. The recent introduction of the Snaps feature allows for customization with community features.

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MetaMask Products

MetaMask offers a diverse selection of tools for users looking to manage digital assets, engage with dApps, explore blockchain ecosystems and trade NFTs.

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Wallet Capabilities

At its core, MetaMask is a crypto wallet that provides storage, trading, staking and bridging services directly from your browser or mobile device.

• Token Management: Easily add, organize, and transfer thousands of ERC-20 tokens across 18 networks, including Ethereum, Polygon, and Optimism, within the wallet's intuitive interface.
• NFT Support: View and manage non-fungible tokens by enabling NFT auto-detection in your wallet, keeping your digital collectibles at your fingertips.

• Token Swaps: Swap cryptocurrencies for other tokens, accessing competitive rates from multiple decentralized exchanges for a set rate of 0.875%.
• Trade Crypto: Buy and sell thousands of cryptocurrencies directly through MetaMask from any country and use local payment methods like SEPA, FPS, ACH and PayID.
• Cross-Chain Bridge: Directly transfer your assets between 9 EVM-compatible chains through the MetaMask interface by using external bridging platforms like Stargate Finance.

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Snaps Features

MetaMask Snaps increases functionality, offering additional security options and support for non-Ethereum blockchains.

• Non-EVM Blockchain Support: You can manage assets on blockchains beyond Ethereum. For instance, the Solana Wallet Snap lets you manage Solana-based tokens, NFTs, and connect to Solana apps directly from MetaMask.
• Advanced Security: Tools like Blockfence allow you to evaluate transactions for safety, helping you avoid scams or fraudulent activity. Additionally, AnChain.AI integrates risk scores into MetaMask, providing further protection for your wallet.
• Notifications: Snaps such as Push bring real-time notifications into your wallet, informing you about updates or transaction statuses. For decentralized communication, Web3MQ integrates encrypted, borderless messaging directly within MetaMask.
• Identity and Credentials: For managing digital identity and credentials, the Galactica ZK Vault Snap allows you to handle zero-knowledge certificates, giving you control over both your identity and assets.

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Additional Services

Beyond its primary functions, MetaMask offers several features to enhance your crypto experience.

• Portfolio Management: MetaMask Portfolio allows users to get a comprehensive view of their assets across multiple networks in one place. Whether you're managing Ethereum, tokens, or NFTs, Portfolio gives you the ability to monitor everything. 
• Liquid Staking: For those without 32 ETH, MetaMask supports liquid staking, allowing users to stake smaller amounts of Ethereum or other tokens like MATIC through trusted providers such as Lido and Rocket Pool.
• Validator Staking: Users with 32 ETH can run their own validator nodes, maintaining full control and earning rewards without relying on staking pools.
• MetaMask Card (Pilot): The MetaMask Card enables users to spend their crypto assets as easily as cash, powered by Mastercard. Use USDC, USDT, or WETH for purchases wherever Mastercard is accepted. 
• Hardware Wallet Integration: Connect MetaMask with hardware wallets like Ledger or Trezor for an added layer of security.

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Is MetaMask Safe?

MetaMask takes security seriously by implementing multiple layers of protection to keep users' assets and data safe. It generates passwords and private keys locally on your device, ensuring only you can access your accounts. This self-custodial approach means you're in full control, reducing the risk associated with centralized storage. 

The recent integration of Wallet Guard technology enhances MetaMask's defences against scams and hacks, providing real-time security insights and threat detection. Features like phishing warnings and transaction risk evaluations help prevent unauthorized activities before they occur. While MetaMask offers protection, users must also take proactive steps to safeguard their information.

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MetaMask Supported Blockchains

MetaMask primarily supports any blockchain compatible with the Ethereum Virtual Machine (EVM), but its Snaps feature extends compatibility to various other blockchains. Users can add support for networks like Solana, Cosmos, and Polkadot, allowing them to manage tokens, interact with dApps, and perform transactions on these chains directly from MetaMask.

This flexibility makes it a powerful tool for users looking to explore multiple blockchain ecosystems while maintaining a single, secure wallet interface. MetaMask’s ability to integrate with non-Ethereum chains broadens its utility.

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Fees Schedule

MetaMask’s fees vary depending on the type of transaction you're performing. For token swaps within the wallet, MetaMask charges a service fee between 0.3% and 0.875%, depending on the size and nature of the trade. Additionally, users must pay network or gas fees for transactions on the blockchain, which fluctuate based on current network activity. 

These gas fees are determined by the demand on the Ethereum network or any other blockchain you’re interacting with. MetaMask does not charge for receiving crypto, but every outbound transaction or token swap will incur gas fees, with the option to adjust gas settings for faster or slower confirmation times. 

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MetaMask Institutional

MetaMask Institutional is an enterprise-grade wallet designed for organizations, including investment funds and web3 developers. Here is a summary view of some of its key features:

• Unmatched Web3 Access: Interact with over 17,000 web3 protocols, enabling trading, staking, lending, and more.
• Multi-Custodial Support: Integrates with multiple custody providers for secure key storage and multi-signature approvals.
• Advanced Portfolio Tools: Provides digital asset monitoring and detailed transaction reporting in one streamlined dashboard.
• DeFi Protocol Support: Simplifies interactions with dapps, bridging, and more across decentralized protocols.
• Institutional Controls: Features like multi-signature approvals and optimized trade flows ensure secure operations.

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MetaMask Lawsuit

In June 2024, the SEC filed a lawsuit against Consensys, alleging that MetaMask’s staking and swap services violated U.S. securities laws. Consensys, led by Joe Lubin, disputes these allegations, arguing that the SEC is overreaching its regulatory authority and redefining legal standards. 

The suit claims that MetaMask functioned as an unregistered broker by facilitating transactions involving certain tokens the SEC considers unregistered securities, such as MATIC, MANA, and LUNA. The SEC also targeted MetaMask's integration with third-party staking services Lido and Rocket Pool, stating that their liquid staking tokens (stETH, rETH) are securities. 

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Bottom Line

MetaMask is a crypto wallet for individuals and institutions seeking secure access to the DeFi world. With features like token management, staking, bridging, and trading across EVM-compatible and non-EVM chains, MetaMask remains a leading tool in the crypto space. 

Its commitment to security, combined with enterprise-grade offerings through MetaMask Institutional, makes it a powerful resource for both retail and institutional users.