Tag: Best Ethereum Wallets

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Cryptocurrencies

Argent wallet Review: Is It The Safest Mobile Wallet App Yet?

Argent is a smart contract wallet developed by Gerald, Julien, and Itamar of Argent Labs and launched in 2018. It is a revolutionary crypto wallet that embraces futuristic security and privacy measures in keeping your private keys safe. For instance, instead of the recovery seed synonymous with virtually every wallet’s security, the wallet introduces “Argent Guardians.” 

Argent crypto wallet app

Argent is a smart contract wallet developed by Gerald, Julien, and Itamar of Argent Labs and launched in 2018. It is a revolutionary crypto wallet that embraces futuristic security and privacy measures in keeping your private keys safe. For instance, instead of the recovery seed synonymous with virtually every wallet’s security, the wallet introduces “Argent Guardians.” 

Argent is a smart contract wallet developed by Gerald, Julien, and Itamar of Argent Labs and launched in 2018. It is a revolutionary crypto wallet that embraces futuristic security and privacy measures in keeping your private keys safe. For instance, instead of the recovery seed synonymous with virtually every wallet’s security, the wallet introduces “Argent Guardians.” 

Moreover, while your average crypto wallet will only help you store, secure, and manage your altcoins, Argent does all these while allowing you to earn interest and borrow against your digital assets. It is also a Defi-centric wallet that features virtually all the most popular decentralized finance apps.

On the official Argent wallet website, Argent is described as the simplest and most secure crypto vault as well as the “Future of Money.” But how safe and convenient is this crypto wallet app? We answer these questions and tell you everything you need to know about the Argent wallet in this review.

Argent wallet key features

No transaction fees: Argent is the lone Ethereum based crypto wallet app that pays the transaction fee (GAS) on behalf of its clients. In effect, you won’t be charged a transaction fee when using the Argent wallet – regardless of the amounts involved.

PoolTogether dApp: Argent features the PoolTogether Defi app, a “No-loss savings game” that allows individuals to pool together and invest their Dai Coins and let the pool earn interest, with one person getting a chance to win the accumulated interest every week. The platform is powered by smart contracts to eliminate bias.

MakerDao: Argent features yet another Defi app – MakerDao. This is a smart-contract-powered service hosted on the Decentralized network that makes it possible for anyone to lend and earn interest on their digital assets or borrow, invest, and pay back with interest.

Compound Finance: Compound Finance is yet another Defi app that lets you lock your funds with the Compound Finance protocol that, in turn, lends these funds to dApp developers and other crypto investors within the Ethereum network while earning you regular interest.

Inbuilt exchange: You don’t have to leave the Argent wallet to buy, sell, or exchange your digital assets. The wallet features an in-built proprietary exchange and integrates the Kyber Network that has a crypto exchange where you can buy, sell, or exchange crypto for free.

Purchase crypto with fiat: Argent wallet makes it possible for anyone to buy crypto via either credit/debit cards or direct bank transfers.

Human readable addresses: Most crypto wallets (hardware, software, and app) use the traditional hexadecimal (a mix of letters, characters, and numbers) wallet address system. Argent, however, allows you to create a human-readable wallet address (forinstance.argent.xyz) that goes a long way in eliminating the costly errors of getting the wallet address wrong.

Argent security features

Password + Biometrics: Argent wallet is secured with a password that you get to set when creating a user account for your new wallet. You also have the option of activating the biometric security features like fingerprint and Face ID for compatible devices.

Argent guardians: In the place of recovery seeds, the Argent wallet has Argent Guardians. These may be people like close family members using Argent, a phone number or email address that you can use to activate two-factor activation, or other wallets (like Trezor or Ledger). Through smart contracts, you can give these people or devices limited power over your wallet, including powers to help recover your wallet should you forget the password or help you recover lost wallets and private keys.

Transaction limits: Argent wallet lets you set the daily/weekly/monthly crypto transaction limits. This indicates that even if a hacker was to gain access to your wallet, there is a limit to how much they can get away with.

Freeze crypto wallet: Should you lose control of your account or suspect that it has been hacked, you can use Argent Guardians to freeze your wallet.

Non-custodial: Argent wallet doesn’t store your private keys or any of your personal data in their servers. Rather, this information is encrypted and stored on your mobile device.

How to set and activate the Argent wallet

Step 1: Download and install the Argent crypto wallet Google Play Store or Apple App Store

Step 2: Launch the installed app and select “Create a new wallet.”

Step 3: Chose a unique username for your wallet.

Step 4: The wallet will ask for both your mobile number and email address. It will then send you a verification code via SMS and also send you the Activation link via email (both are time-sensitive)

Step 5: You will then receive an email stating whether your wallet has been created or if you have been added to the waitlist.

Step 6: If (or when) the wallet is activated, the app will display a message asking you to finish the wallet creation process

Step 7: Create a passcode to secure your wallet and set up the fingerprint login option (optional)

Step 8: Your Argent wallet is now active and ready to use

How to add/receive crypto into your Argent wallet

Step 1: Log in to your Argent wallet and click on the “Add Funds” tab

Step 2: The wallet deposit will present you with your wallet address and QR code

Step 3: Copy either and forward them to the party sending you altcoins.

Step 4: Alternatively, choose to buy coins from the integrated exchanges

Step 5: Follow the prompts to deposit fiat into the exchange and purchase your preferred crypto.

How to send crypto from your Argent wallet

Step 1: Log in to your Argent wallet and tap on the “Send” icon

Step 2: If you have multiple assets in your wallet, choose the wallet from which to send coins

Step 3: On the transfer window, enter the recipient’s wallet address and the amount of crypto you want to send

Step 4: Alternatively, select the recipient’s wallet address from your contacts tab

Argent wallet ease of use

Argent wallet is highly intuitive and embraces a minimalist design that only features a few buttons on the user interface. It also has smooth and lag-free navigation.

The wallet app is also multilingual and available in four languages. And all these make it appealing to both expert and novice traders.

Argent wallet supported currencies and countries.

Argent is a multicurrency but Ethereum-specific crypto wallet app that currently supports more than 70 cryptocurrencies and tokens. These include Ethereum, Ethereum Classic, all the ERC-20 tokens, and the non-fungible ERC-721 tokens.

Argent wallet cost and fees

Argent is a fee-less cryptocurrency, and you, therefore, will not be charged to download, send/receive crypto into your wallet, or to store these coins in there.

What are the pros and cons of using the Argent wallet:

Pros:

  • Argent wallet is truly free as they pay the GAS transaction fees on your behalf.
  • The wallet employs highly innovative and effective security measures.
  • You don’t have to worry about forgetting your recovery seed when you have Argent Guardians.
  • Argent integrates several Defi apps that let you invest and earn interest from your digital assets.
  • Transaction limits and the ability to freeze the wallet minimize the extent of damage a hacker can cause

Cons:

  • Argent is an Ethereum-only wallet.
  • Though built on the Ethereum network, it doesn’t give you access to most dApps or the block explorer.
  • The fee-free approach may not be sustainable in the long run.

Comparing Argent wallet with other Ethereum-based wallets

Argent wallet vs. MyEtherwallet

Argent and MyEtherwallet are Ethereum-specific wallets that will only support altcoins and cryptos built on the Ethereum blockchain network. However, they embrace different operational and security measures in that while Argent is free, MyEtherwallet charges transaction fees for outbound transactions. Similarly, while MyEtherwallet relies on recovery seed to backup your private keys, the Argent wallet introduces the Guardians. Further, Argent also hosts more cryptos and tokens, embraces more security features, and has an easier-to-use interface.

Verdict: Is the Argent wallet safe?

Well, the Argent wallet has put in place adequate security measures aimed at securing the wallet and limiting the amount of harm that a hacker can cause should they gain access to your account. But a recent security report about Argent Wallet described a highly severe vulnerability that could have allowed hackers to use a bug in Argent’s code and access accounts without Argent Guardians and empty their private keys. And while this vulnerability was discovered and patched early enough by crypto security experts, one can’t help but wonder why it went undiscovered by the Argent team for so long and how many other bugs and vulnerabilities are yet to be discovered.  

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Cryptocurrencies

HB wallet Review: Ease of Use, Security features, Fees, Pros and Cons

HB Wallet is a highly innovative crypto project, developed and introduced to the world in July 2017. The wallet is built on the ethereum blockchain technology and was created by Bacoor Inc. – a Malaysian-based technology company. According to the wallet’s official website, HB is more than a crypto vault. It is a crypto ecosystem that’s specially designed to provide Eth blockchain users with a platform where they can store their coins, interact with the blockchain, and earn tokens without compromising the safety of their private keys.

HB Wallet - Best Multicurrency wallet

HB Wallet is a highly innovative crypto project, developed and introduced to the world in July 2017. The wallet is built on the ethereum blockchain technology and was created by Bacoor Inc. – a Malaysian-based technology company. According to the wallet’s official website, HB is more than a crypto vault. It is a crypto ecosystem that’s specially designed to provide Eth blockchain users with a platform where they can store their coins, interact with the blockchain, and earn tokens without compromising the safety of their private keys.

HB Wallet is a highly innovative crypto project, developed and introduced to the world in July 2017. The wallet is built on the ethereum blockchain technology and was created by Bacoor Inc. – a Malaysian-based technology company. According to the wallet’s official website, HB is more than a crypto vault. It is a crypto ecosystem that’s specially designed to provide Eth blockchain users with a platform where they can store their coins, interact with the blockchain, and earn tokens without compromising the safety of their private keys.

To this end, HB wallet developers started by simplifying the technology and making it as intuitive as possible with the hope of kick-starting mass adoption.

In this review, we will be vetting HB Wallet to determine if it has lived to its word of providing an intuitive and secure platform. We will look at all its key security features, tell you how to set up and activate the HB Wallet account, its pros and cons, fees, and everything in between.

HB Wallet key features

Cross-platform: HB Wallet is available both as a desktop wallet app (Windows and macOS) and a mobile wallet app (Android and iOS). And unlike most other cross-platform wallets that operate as stand-alone vaults, HB Wallet allows you to sync the mobile and desktop wallet apps in real-time.

Multi-wallet: There is no limit to the number of user accounts or wallet addresses you can create on one HB Wallet app. The wallet especially simplifies the creation of multiple accounts by including the switch option in the settings tab that allows you to seamlessly hop from one account to another.

Buy with card: You can also purchase virtually any Crypto or token – including Bitcoin, Ethereum, and ERC-20 tokens – via a debit/credit card. To achieve this, HB Wallet partners with the fiat-to-crypto convertor and payment processing company – Simplex.

Swap crypto: HB Wallet integrates the Kyber network and crypto exchange, ensuring that you don’t have to leave the wallet to swap cryptos and tokens. Swapping coins via the network is instantaneous, inexpensive, and safer, largely because you do not have to move coins from your wallet.

Inbuilt exchange: In addition to the integrated third party exchanges, HB Wallet features the eth-based HB Decentralized Exchange. This allows HB wallet users to exchange eth-based cryptos and tokens seamlessly and securely without leaving the wallet. And they only have to pay the GAS fees charged by the Ethereum blockchain network.

Integrates DAPP Browser: HB Wallet integrates a DAPP browser that allows the wallet users to browse the internet and interact with an unlimited number of decentralized apps including games and Defi apps. And when using this integrated wallet, you are assured of your privacy and anonymity, and the browser doesn’t have any third-party plugins or tracking tools.

Grab Token: The Grab Token feature on the HB wallet makes it possible for anyone to get token rewards from Airdrops and Gacha Drops. You do not even need to sign up for either and the drops are free and no-obligation rewards. Airdrops allow you to receive free ERC-20 tokens to your HB wallet while Gacha drop is a game where players have a chance to win ERC-721 token rewards daily.

Send Crypto via chat: The wallet has also come up with a highly innovative chatting tool that allows you to send text, images, emoji, and even cryptocurrencies/tokens to other HB Wallet users.

HB Wallet security features

PIN + Touch ID: When creating a user account on the HB wallet, you get to secure it with a password. Moreover, you have the option of boosting this security feature by enabling the Touch ID login option for compatible devices.

Hierarchically deterministic: In an attempt to safeguard your privacy, the HB wallet generates a new address for every transaction, effectively shielding your actual address and making it hard for third parties to track your crypto activity.

Anonymous user registration: HB Wallet will not ask for any private information when creating a user account. Neither will it or the integrated systems – including the browser and exchange – collect and store sensitive client data. Moreover, you don’t even have to download the wallet app from the Google Play or Apple App stores that can tie the app activity to your profile, simply download the wallet APK from the HB Wallet website.

Recovery seed: When creating a user account on HB Wallet, you will be presented with a mnemonic phrase that forms the wallet’s recovery seed. You will need it to restore the account on a new device or recover lost private keys.

Non-custodial: HB is a non-custodial wallet that, instead of storing your private keys on its servers, encrypts them and all your private information like passphrase and saves it in your phone/computer. This gives you absolute control over the use and management of your digital assets.

How to set and activate the HB wallet app:

Step 1: Open the HB Wallet website and under the ‘Download’ tab, select the type of wallet you wish to use (desktop or mobile)

Step 2: Download and install the app

Step 3: Launch the wallet and click on the ‘Create New Wallet’ icon.

Step4: Choose a username and create a wallet password

Step 5: Copy the seed phrase and keep it safe offline.

Step 6: Your wallet is now active and ready for use

How to add/receive Crypto into your HB wallet

Step 1: On the HB Wallet user dashboard, click on the “Receive” button

Step 2: Copy your HB Wallet address or the QR code and forward them to the individual sending you coins.

Alternatively:

Step 1: Click on the “Buy Crypto” tab.

Step 2: Follow the prompts to fund the wallet by either buying crypto with a card via Simplex or swapping your digital assets with Eth tokens via the HB Wallet DEX.

Step 3: Wait for the Crypto to reflect on your wallet.

How to send Crypto from your HB wallet

Step 1: On the HB wallet’s user dashboard, click on the “Send” button

Step 2: On the transfer window that pops up, enter the recipient’s wallet address and the number of coins you wish to send (note that the desktop wallet allows you to create an address book from whence you can select coin recipients)

Step 3: Check the accuracy of these transaction details and hit send

HB wallet ease of use

HB Wallet has a seamless and smooth user interface that is specially designed to appeal to both beginner and expert crypto traders. It is highly customizable and allows you to tweak most of its features using the settings option.

For instance, you can choose how you access wallet notifications by turning them on/off, change wallet theme, and hide or delete one account or a wallet address.

The wallet is also multilingual – available in eight international languages.

HB Wallet supported currencies and countries.

HB Wallet is a multicurrency wallet that supports 500+ eth-based cryptocurrencies and tokens like ERC-20, ERC-223, and ERC-721tokens.

HB Wallet cost and fees

While HB Wallet won’t charge you for storing your coins therein, you will be charged transaction fees – GAS – every time you send or exchange these cryptos and tokens. The fee is collected by the ethereum network and not HB Wallet.

HB wallet customer support

HB Wallet maintains a highly responsive customer support team available 24/7 via email, live chat on both the website and wallet apps, as well as social media platforms like Twitter and telegram. You can also raise a support ticket on the website or consult their FAQs page for troubleshooting tips.

What are the pros and cons of using the HB Wallet?

Pros:

  • HB Wallet is highly innovative and features such effective tools as sending Crypto via the chat button
  • It allows you to synchronize the desktop and mobile wallet activities in real-time
  • The wallet is also highly customizable, allowing you to change the language, notification settings, and even reset wallets/user accounts
  • It encourages anonymous user registration and crypto trading

Cons:

  • HB Wallet is an online-based crypto vault
  • It is biased towards ethereum blockchain and eth-based cryptos
  • It is not open-sourced

Comparing HB wallet with other Ethereum wallets

HB wallet vs. MyEtherWallet

HB and MyEther are both Ethereum based wallets that share such similar traits as maintaining a highly intuitive user interface and supporting a wide range of Ethereum cryptos and tokens. They have also embraced almost similar security measures. More importantly, they appeal to both beginner and expert ethereum blockchain users and have highly responsive customer support teams.

HB Wallet nonetheless carries the day when it comes to innovativeness and the number and effectiveness of integrated wallets. HB Wallet, for instance, features a decentralized exchange and two third-party crypto swap systems, makes it possible to send cryptos via the chat button, and allows users to reset or delete wallets/user accounts.

Verdict: Is the HB wallet safe?

Well, the HB Wallet has put in place several highly effective safety and privacy measures. For instance, you don’t need to provide personal details to create a user account here, the wallet is hierarchically deterministic, non-custodial, and provides users with a recovery seed. We only find fault with the fact that it doesn’t support some of the more solid security features like enabling two-factor authentication, transaction limits, and multi-signature functionalities.  

Categories
Cryptocurrencies

MyCrypto Wallet Review: Is MyCrypto The Most Secure Eth-Based Wallet?

In early 2018, Tyler Monahan – a co-founder of MyEtherWallet – was not pleased with how the wallet was managed. She reacted by changing MEW’s twitter handle to MyCrypto wallet before apologizing for the act and leaving the company to start MyCrypto wallet. Tyler forked off the open-sourced MEW code and used it to create […]

In early 2018, Tyler Monahan – a co-founder of MyEtherWallet – was not pleased with how the wallet was managed. She reacted by changing MEW’s twitter handle to MyCrypto wallet before apologizing for the act and leaving the company to start MyCrypto wallet. Tyler forked off the open-sourced MEW code and used it to create […]

In early 2018, Tyler Monahan – a co-founder of MyEtherWallet – was not pleased with how the wallet was managed. She reacted by changing MEW’s twitter handle to MyCrypto wallet before apologizing for the act and leaving the company to start MyCrypto wallet. Tyler forked off the open-sourced MEW code and used it to create the MyCrypto Wallet, launched in May 2018.

And since it forked off MEW, MyCrypto not only serves as MEW’s greatest competition but has also integrated most of its features. It is open-sourced, allows for easy interaction with the Ethreum blockchain, integrates hardware wallets, and is a client-side tool.

This review will detail these features and tell you if MyCrypto is indeed the safest wallet for storing your Ethereum. We also provide you with a step-by-step guide on how to activate and use MyCrypto wallet and compare its effectiveness with that of its fiercest competitor – MyEtherWalet.

MyCrypto key features:

Cross-platform wallet: MyCrypto wallet is available as a web wallet as well as a desktop app. The app is highly versatile and compatible with virtually all the popular computer operating systems, including Windows, Linux, macOS, Linux, and a Stand-Alone app.

Multi-currency: MyCrypto is a multi-currency wallet that supports a wide range of Eth-based cryptocurrencies and tokens. Moreover, there is no limit to the number of wallet addresses you can create on MyCrypto.

Inbuilt exchange: MyCrypto doesn’t have a proprietary crypto exchange infused into the desktop app. The platform has, however, integrated the Shapeshift exchange that allows users to purchase crypto using Fiat as well a Coinbase Buy Widget where wallet users can exchange cryptos and tokens.

Integrates hardware wallet: You can integrate the MyCrypto wallet app with the more secure hardware wallets like Trezor and Ledger and get to enjoy such additional services as additional coins and wallets.

Track portfolio: The desktop wallet app features a tracking tool for your portfolio that you can use to monitor your crypto inflows, outflows, and available balances in real-time. The tool is versatile and can be tweaked to monitor a single cryptocurrency/token or the entire portfolio.

Integrates MyCrypto debit card: MyCrypto wallet developers recently launched the MyCrypto debit card that allows users to spend their crypto balances in stores and download cash from ATM. The card works at both crypto-friendly and regular stores/ATMs as it auto-converts your funds from crypto to fist currency at the best conversion rate.

Security features:

Password: Your MyCrypto wallet is secured with a password (minimum 8 characters) that you set when setting up the wallet and creating a user account.

Wallet backup and recovery: There are three primary ways of backing up a MyCrypto wallet. First, you will be provided with a recovery seed phrase when creating a user account on either the Web or desktop app wallet. Secondly, you can back up your private keys by moving them to the integrated hardware wallet. Thirdly, you can write the sensitive wallet data (wallet address, private keys, and Keystore files) on a piece of paper and save it offline.

Non-custodial: MyCrypto wallet does not store your information on the company servers. Rather, this data is highly encrypted and stored within your device.

Counter-Phishing feature: A common tactic that is increasingly used by crypto hackers today is creating phishing sites that resemble the actual crypto wallet website. MyCrypto understands this and has since placed a link within the website that you can use to know if you are on the legit MyCrypto Wallet website.

How to set up and activate MyCrypto wallet:

Step 1:  Start by downloading the MyCrypto wallet desktop app from the developer’s official website or GitHub.

Step 2: Install and launch the app, and since you are using the app for the first time, chose to create a new wallet.

Step 3: Click on the “Generate a New Wallet” icon.

Step 4: Chose a backup and recovery option for the wallet. It can be either a mnemonic phrase or a Keystore file. If you decide to back it up with Key Store files, save the private key and paper keys offline, and if you choose a mnemonic phrase, write it down and save it offline.

Step 5: The wallet will now present you with a list of public wallet addresses. Choose your preferred address.

Step 6: The MyCrypto wallet is now active and ready for use

How to add/receive crypto to the wallet:

Step 1: Log in to your MyCrypto wallet and tap on the “Receive” icon on the user dashboard

Step 2: Copy the wallet address displayed and forward it to the party sending you eth-based coins

Alternatively:

Step 3: Click on the Buy tab and choose Changelley if you wish to convert your crypto or Fiat currency into eth-based coins/tokens and load them to MyCrypto.

Step 4: Choose Coinbase if you wish to buy from Coinbase.

Step 5: Follow the prompts to create a user account on either crypto exchange and proceed to make your purchase.

How to send cryptos from the wallet:

Step 1: Log in to your MyCrypto wallet and click on the “Send” icon.

Step 2: On the transfer window, enter the recipient’s wallet address and the number of coins you want them to receive

Step 3:  Confirm that these details are correct.

Step 4: Send

MyCrypto wallet ease of use

MyCrypto is a multi-lingual wallet that’s available in over 20 international languages. It also features a straightforward onboarding process and equally easy crypto sending and purchasing process. You don’t even need to leave MyCrypto Wallet to make a purchase. Just follow the links to Shapeshift for crypto/fiat currency swaps or use the Coinbase Buy Widget.

Supported currencies and countries

MyCrypto, like its Fork, is a multi-currency eth-based wallet that supports Ethetreum, Ethereum Classic, and such eth-based altcoins as the ERC 20 tokens.

Though its parent company has its headquarters in Australia, MyCrypto wallet is currently available in 12 countries.

Wallet cost and fees:

MyCrypto wallet is free to download and use. Fiat deposits and withdrawals are also free, and you won’t be charged MyCrypto card transactions at the point of sale or ATM withdrawal.

Both crypto and token outbound transactions will, however, attract network fees (GAS). These charges are dynamic whereby a higher transaction charge attracts faster transaction fees while reduced fees translate to slower transaction speeds.

Wallet customer support:

MyCrypto wallet maintains an elaborate Help and Support page that outlines different how-to guides, troubleshooting manuals, and general wallet information for both developers and users.

You can also email their support team, raise a support ticket using the contact us button, or direct-message them on social media.

What are the pros and cons of using MyCrypto wallet:

Pros:

  • It has embraced several effective security measures, including anti-phishing tactics.
  • It allows for both fiat-to-crypto and crypt-to-crypto exchanges.
  • It’s a free wallet and allows for free Fiat deposits and ATM withdrawals.
  • MyCrypto has a highly responsive customer support team.

Cons:

  • It will only support a limited range of Ethereum based altcoins and tokens.
  • One might consider the transaction charges higher than on most other wallets.

Comparing MyCrypto wallet with other Ethereum based wallets

MyCrypto vs. MyEtherWallet

MyCrypto was forked off MyEther wallet’s source code. But this is not the only similarity between these two crypto wallets. They both are also eth-specific wallets designed to support coins and tokens built on the Ethereum blockchain. They also share several operational and security features, including integrating hardware wallets and third party exchanges, support for multiple backup options.

MyCrypto wallet, however, takes securing the wallet a notch higher by not only subjecting its users to KYC and AML procedures but also helping them detect and avoid falling prey to phishing attempts.

Verdict: Is MyCrypto wallet safe?

MyCrypto wallet has put in place highly effective measures to help you maintain control over your digital assets. It starts with securing your wallet with a password, providing you with multiple wallet backup and recovery options, and setting up strategies that help you identify and avoid phishing scams. These, plus the fact that you can integrate the wallet with hardware and software wallets, makes MyCrypto a relatively safe eth wallet.  

Categories
Cryptocurrencies

MetaMask Wallet Review 2020: The Most Comprehensive MetaMask review

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

MetaMask is a web-based cryptocurrency wallet built on the Ethereum blockchain. The MetaMask website refers to it as a ‘crypto wallet & gateway to blockchain apps’ given that it provides users with an online storage vault as well as an interface to the Ethereum blockchain. However, unlike similar Eth blockchain gateways that require you to download the entire client node to your desktop, MetaMask is relatively lighter. It is a browser extension and does not need you to download the node or app.

The wallet was created by Aaron Davis and Dan Finlay and launched in 2016. Over the years, its development team has expanded, and so has its scope of use. What started as an online wallet has now morphed into a fully-fledged Ethereum platform. Now you can store your coins, trade, and interact with virtually every aspect of the Ethreum blockchain.

But has this expanded role compromised the wallet’s safety or efficiency? What are the MetaMask wallet’s critical operational and security features? We answer all these questions and tell you about everything you need to know about MetaMask web wallet in this review.

MetaMask wallet key features:

Browser compatibility: You can access your MetaMask web wallet using all the popular browsers. It is compatible with Opera, Firefox, Brave, and Chrome browsers.

Integrated exchanges: Though MetaMask doesn’t have a proprietary trading platform, it integrates Shapeshift and Coinbase exchanges. You no longer have to leave the wallet to purchase eth-based crypto and tokens or convert your fiat to digital coins. Simply click on Shapeshift or Coinbase exchange and start trading.

Intuitive design: MetaMask wallet adopts a modern design that provides a clean and easy-to-navigate dashboard that makes it friendly to both expert and beginner traders.

Ethereum based wallet: MetaMask wallet is built on the Ethereum blockchain. It, in effect, will only support Ethereum based cryptocurrencies and tokens.

Ethereum community: In addition to giving you access to the Ethereum blockchain and decentralized apps, MetaMask introduces you to the Ethetreum community. Here you get to interact with both Ethereum dAPPs developers and peers.

Security features:

Non-custodial: MetaMask wallet doesn’t store your private keys on the company servers. Rather, they are encrypted and stored within your device, which gives you absolute control over your keys.

Open sourced: MetaMask wallet is also built on an open-sourced technology. Any Ethereum blockchain developer and internet security experts can view and audit the wallet’s source code. It has been vetted to ensure that it is transparent and that it doesn’t contain any loopholes or malicious code.

Hierarchically deterministic: MetaMask is also a hierarchically deterministic wallet. It automatically generates new wallet addresses for new transactions, effectively keeping your wallets address private by making it impossible to track your online activity.

Recovery seed: The wallet is secured with a password. It also provides you with a recovery seed that you can use to reset this password and recover a lost wallet or private keys.

MetaMask mobile apps: Originally introduced as a pure web wallet, MetaMask recently launched its associated mobile wallet app. If you already have a web wallet, you can easily synchronize it with the wallet app. The synchronization also makes it possible to move coins from the web to the mobile app MetaMask wallet.

How to set up MetaMask wallet

Step 1: On the MetaMask official website, click on download and select the browser version extension you would like to use (Chrome, Brave, or Firefox)

Step 2: Once downloaded, the MetaMask icon will appear on your browser

Step 3: Click on the icon to the MetaMask browser extension

Step 4: Click on ‘Create New Vault’ and proceed to set a strong multi-character password for the wallet

Step 5: The wallet will provide you with 12 random phrases that form your recovery seed, write them down and keep them safe

Step 6: Acknowledge that you have copied the seed and kept safe.

Step7: Your browser extension app is now active and ready for use

How to add/receive crypto into MetaMask wallet

Step 1: Log in to your MetaMask wallet and click ‘Buy’ on the user dashboard.

Step 2: Select the exchange from which you wish to buy crypto – either Shapeshift or Coinbase.

Step 3: Proceed to make a purchase.

Alternatively:

Step 1: Log in to your wallet and click on the three dots on the far right of the user dashboard

Step 2: Click on either ‘Show QR Code’ (if using the MetaMask app) or ‘Copy Address to Clipboard’ icons to reveal your wallet address and its associated QR code.

Step 3: Send either of these to the party sending you the Ethereum digital currencies and tokens

Step 4: Wait for the coins to reflect on your wallet.

How to send crypto from MetaMask wallet

Step 1: Log in to your MetaMask wallet, and on the user dashboard, click ‘Send.’

Step 2: Enter the recipient’s wallet address and the amount of crypto you wish to send

Step 3: Chose the transaction fee.

Step 4: Check that the transaction details are correct and send

MetaMask wallet ease of use

One of the MetaMask wallet’s greatest strengths is its ease of use. The wallet installation and activation processes are straightforward, and so are the different crypto transaction processes. The wallet also features a clean and easy to navigate user dashboard. It is very user friendly and appeals to both expert and beginner crypto traders.

MetaMask wallet supported currencies

The fact that MetaMask is built on the Ethereum blockchain means that it only supports eth-based cryptos and tokens. These include Ethereum, Ethereum Classic, and ERC-20 tokens.

MetaMask wallet cost and fees

The MetaMask crypto wallet is free to download and use. Crypto transactions, however, attract a network fee – Gas – that goes to the Ethereum network and not MetaMask.

Recently, MetaMask introduced the dynamic transaction-fee pricing model. This lets you control how much you spend on crypto transaction fees where higher fees translate to faster transaction processing and vice versa.

When buying crypto on the integrated third party exchanges, Coinbase and ShapeShift, you will also have to part with transaction fees. These are highly variable and largely dependent on the transaction amounts and type of altcoin involved.

MetaMask wallet customer support

Access to MetaMask wallet’s support starts with the elaborate FAQs section on their website. Here, they detail solutions to common challenges facing MetaMask Wallet users.

Additionally, the MetaMask website, web wallet, and mobile apps are multi-lingual and currently available in over 18 languages. Its developers are also quite vocal on the Ethereum network forums and their respective social media pages. Send them a direct message or them an email [email protected], for more sensitive wallet issues.

What are the pros and cons of MetaMask wallet

Pros:

  • MetaMask is highly Versatile and available as a web extension or mobile app.
  • The wallet is open-sourced and also embraces several other security features, including a recovery seed.
  • MetaMask has a smooth and straightforward onboarding process.
  • The eth-specific wallet integrates crypto exchanges that support fiat to crypto conversions.
  • The wallet will also grant you aces to Ethereum based apps and community where you can interact with developers and other Ethereum-based product users.
  • MetaMask wallet has a highly responsive customer support.

Cons:

  • It is an online wallet and thus exposed to inherent risks associated with a hot wallet.
  • It doesn’t have an inbuilt exchange and relies on third party forums that may charge exorbitantly.
  • The wallet will only support Ethereum cryptos and tokens.

Verdict? Is the MetaMask wallet safe?

Well, MetaMask wallet has put in place several security measures that are geared towards making it the safest web wallet around. These include open-sourcing its technology, encrypting user data with a password, and providing a recovery seed. Plus, it doesn’t collect any user data. We, nevertheless, observed several shortcomings that infringe on the wallet’s security claim. For instance, it is a hot wallet that stores your private keys on your device, exposing them to hacks and malicious malware. Additionally, while the wallet does not collect user data, there is no guarantee that the associated browsers, especially Chrome, and Firefox will not track and keep records of your online activity.