MetaMask Review – Democratizing Decentralized Finance Comes with Risks

MetaMask crypto app is a specialized software that provides users with the ability to store their digital currencies, as well as send and receive crypto assets. Since it allows interaction with any Ethereum blockchain- based coin, it also enables users to use other apps based on this network. 

The project is described as a worldwide community, aiming to make access to the crypto technology closer to everyday investors, therefore making it available for more people than just the chosen few. While this goal may seem noble yet ambitious, the app has faced turmoil over the years, and we’ll revise all of it in the following MetaMask review.

Who Developed MetaMask Wallet?

The project is owned and run by Consensys Software Inc, a software development company operating out of the US. While this firm is engaged in many campaigns that aim to expand and develop new blockchain apps and services, MetaMask is by far their most known and lucrative project.

The company itself was established in early 2015, with their famous app already being launched in 2016. However, the company has previously participated in lawsuits, to the point of even involving courts in legal fights over the ownership of Web3. 

Their most downloaded app has also gone through tough times when fraudulent action was attempted by impersonating the metamask.io website. German regulatory body, BaFin, has warned traders in its jurisdiction about such sites. Scammers have gone as far as putting up websites that resemble government domains to attempt their phishing scam.

Security Issues

Besides the frequent MetaMask scam attempts by phishing websites, there are also other problems arising from using this product. 

Since this is a type of a hot wallet, and requires constant internet connection, it is more exposed. Therefore, it is safer to use it in a combination with a hard wallet. Users are advised to keep their private keys in offline wallets when they do not need access to their crypto assets.

The website provides encryption and scam alerts as a result of a partnership with Blockaid, however, as a hot wallet it is still very vulnerable to malware, harmful scripts, smart contract attacks and similar.

Universally Present – Thousands of Followers

Since its launch in 2015, the company has become ubiquitous with cryptocurrency enthusiasts. Much of this can be attributed to the viral nature of meme culture attached to the cryptos themselves.

Some of the noteworthy profiles that this service operates are those on Instagram, X, Reddit, TikTok, YouTube, Discord and LinkedIn.

Negative Reviews Prevail

Looking at MetaMask reviews online, the vast majority of clients’ opinions are negative. Many of the people who bothered to post their comments on TrustPilot, SiteJabber and Reviews.io are complaining about the lax security measures leading to them being defrauded.

The situation has become so serious, that the company staff have started responding only to positive feedback, apparently becoming buried under the avalanche of outrage. While the reputation issues can be dismissed as a statistical bias, the firm is still suffering from constant attacks by fraudsters like BitiPlex.

Features for Everyone

The project we’re reviewing aims to include everyone interested in internet-based finance and economy. When viewed in the light of a global approach, every crypto enthusiast, from beginners to corporate organizations have access to the app. The fact that it has millions of downloads and active users is solid proof the company is doing good.

Portfolio

The unique structure of the portfolio makes it easy to instantly buy, sell, swap, and send and receive crypto currencies stored in your MetaMask wallet. However, that isn’t the only purpose of this feature. Your portfolio allows you to always keep an eye on your assets and other tokens and their ranking at any given time. With that, a diverse selection of other Web3 apps is also at your fingertips. In addition staking rewards reach 3% on a yearly basis.

MetaMask iOS and Android App

Besides the popular browser extension, the software is available in both iOS and Android versions. According to the App Store statistics, the app is currently ranked #49 in utilities with a little less than 50k downloads. 

On the other hand, the MetaMask Android app is also available for free on Google Play store and has over 10 million downloads with average rating of 4.6 stars respectively. The app itself functions similarly to the web extension, except it allows users to allocate, as well as send and receive their crypto assets wherever and at any time.

How Swapping Works

Swapping your crypto tokens functions directly from your extension for the web browser, from your mobile wallet or from your portfolio. MetaMask swap is a specialized feature that combines information from various sources in order to bring its users the most competitive quotes. 

To ensure its users get the lowest fees, it collects data from decentralized exchanges, market markers and other sources.

Additional Tools – Snaps

The Snaps are a software framework that allows the addition of new, third-party features to the existing MetaMask wallet. In other terms, it’s a set of tools that allows adding plugins to the software.

The platform is free to use and is already gaining significant traction. Clients can view or install different Snaps through a dedicated web page on metamask.io website.

Developer Platform

A complete software developer kit is available for dapp developers. It includes Wallet API, Snaps, Infura API as well as Linea test and deployment platform.

For developers that are trying to advance in their coding skills, the firm is offering additional developer programs.

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