Is MetaMask Safe and Legit?
MetaMask is trusted by millions of investors worldwide to trade and store their crypto - but is MetaMask safe? Find out about MetaMask, its safety and security features, and its disadvantages in our MetaMask security guide.
Is MetaMask safe?
Yes. MetaMask is a trusted crypto wallet used by more than 30 million people worldwide, with security features like encryption, Blockaid, and seed phrases. It is, however, a hot wallet, and is best used in combination with a compatible hardware wallet.
What is MetaMask?
MetaMask is a popular in-browser, self-custodial wallet for crypto investors looking to buy, store, send, and swap on the Ethereum blockchain, although it also supports many other blockchains. It's also a popular option for those interested in investing in DeFi and exploring dApps and has attracted more than 5 million users.
Part of MetaMask's popularity comes down to its strong security features and blockchain support.
MetaMask security features
MetaMask enables security features to help protect your crypto, including:
Encryption: User configurations are stored on MetaMask servers, encrypted with a specially generated key only you own. Nobody other than you can read the configurations.
Blockaid: MetaMask has partnered with Blockaid to develop a unique privacy feature that lets you simulate a transaction before signing and alerts you to potential scams. This is an opt-in feature currently, but can help you avoid malicious websites.
Seed phrases: Also known as a secret recovery phrase, MetaMask utilizes seed phrases to help users recover their MetaMask wallets should they ever forget or lose their passwords.
While MetaMask does provide security features, as a non-custodial wallet, it’s important to recognize that the safety of your crypto ultimately falls on you, the user.
What are the risks of using MetaMask?
Most of the risks of using MetaMask aren’t associated with the wallet itself but with the user and the dapps you interact with. Potential risks of using a MetaMask wallet include:
Phishing attacks: These are some of the most common threats for MetaMask users. Phishing attacks involve scammers attempting to deceive users into sharing their private keys or other information. They usually come in the form of emails or fake websites that mimic legitimate platforms. MetaMask will never ask you for your private keys or password. Any email or website claiming otherwise is a scam.
Malicious websites: Fake websites can compromise your crypto. These websites may have harmful scripts or malware that can compromise your wallet. Always check the website you’re visiting is the official one, and install anti-malware software on your device to protect yourself.
Smart contract vulnerabilities: Smart contracts present risks for users as vulnerabilities can result in the loss of funds or unauthorized access to your MetaMask wallet. You should always ensure you understand and trust any app before interacting with it.
What are the disadvantages of MetaMask?
MetaMask is a hot wallet. That means it's connected to the internet at all times, which increases the security risk for your crypto. Unless you're trading, it's best to store your keys in an offline wallet. MetaMask is compatible with several hardware devices including Ledger and Trezor.
Read next: Trezor vs. Ledger - Which is Better?
How can I secure my MetaMask wallet?
You can make your MetaMask wallet more secure by following some simple rules:
Don’t click suspicious links (especially if you don’t know the sender)
Use a strong, unique password and store it offline
Only ever download or update MetaMask from official sources
Always double check you’re on the correct website before conducting transactions
Consider using a compatible hardware wallet to improve your security
Is MetaMask legal in the US?
Yes, it’s legal to use a MetaMask wallet in the US currently. However, non-custodial wallets are facing pressure from regulatory authorities to collect customer data in the future. MetaMask doesn't currently require any personal information to open an account, but this may change in the future.
Read next: What are the new IRS crypto reporting requirements?
How does MetaMask work?
MetaMask is a crypto wallet, which means it stores the private keys for your crypto, but it’s better thought of as a Web3 explorer. You can use your MetaMask extension to interact with decentralized applications like Lido, Aave, and Uniswap.
MetaMask compatibility and token support
MetaMask supports Ethereum (including all ERC-20 tokens) and both layer one and two EVM-compatible blockchains, including:
Unfortunately, MetaMask does not support Bitcoin.
Are there alternative wallets to MetaMask?
Yes. There are other non-custodial wallets available, but it’s important to understand that these hot wallets come with the same risks as MetaMask. Learn more about the best crypto wallets.
MetaMask FAQs
Is MetaMask legit?
Yes. MetaMask is a trusted crypto wallet used by millions of investors. However, your wallet is only as secure as you are, so you should follow best practices to secure your crypto.
Is MetaMask a cold wallet?
No. MetaMask is a hot wallet, also known as a software wallet or web wallet. It lets investors easily interact and explore the world of Web3. including DeFi protocols.
Does MetaMask support Bitcoin?
No. MetaMask does not support Bitcoin. MetaMask is predominantly an Ethereum wallet that also supports EVM-compatible blockchains.
How to download MetaMask?
To download MetaMask, just head over to MetaMask.io (always make sure you’re on the official site), and select the browser you’d like to download MetaMask for. You’ll then be taken to your browser’s web store to add MetaMask as a browser extension.
How to use MetaMask?
To use MetaMask, simply head to the app you’d like to interact with and find the option to connect your MetaMask wallet. This is usually in the top right corner, or you’ll be prompted to connect your wallet when you make a transaction. Always make sure you’re on the correct site before connecting your wallet.
How to withdraw from MetaMask to a bank account?
You can use MetaMask Portfolio to cash out your crypto with the sell feature. Just go to portfolio.metamask.io and select sell, your region, the crypto to sell, and the fiat account destination (bank account or PayPal). Once you’ve picked a provider, you’ll be redirected to the provider's website to link your fiat account and sell your crypto.
Who owns MetaMask?
MetaMask is developed by ConsenSys Software Incorporated. The company is well-known for a variety of Ethereum-based tools and infrastructure developments.
How to log out of MetaMask?
To log out of MetaMask open the extension and select the account icon, then lock. This locks your account and means you’ll need to re-enter your password to unlock your account.
How to recover a MetaMask wallet?
You can restore a MetaMask wallet using your secret recovery phrase. Go to your MetaMask extension, select import an existing wallet, and then enter your secret recovery phrase to restore your account.
How to add Binance Smart Chain to MetaMask?
MetaMask supports multiple blockchains - including Binance Smart Chain! Here's how to add BNB Smart Chain to MetaMask:
1. Log into your MetaMask wallet and select settings
2. Go to networks and select add network
3. Select Smart Chain Mainnet
4. Enter the following information into the relevant fields:
- Network Name: Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
5. Select save
6. You'll return to your wallet dashboard and you should be able to select Binance Smart Chain from your networks
How to add Polygon to MetaMask?
You can add MATIC to MetaMask browser easily using Polyscan. Here's how it works:
1. Go to polygonscan.com
2. At the bottom of the page, select add Polygon network
3. You should now see a MetaMask notification, select approve.
How to add Avalanche to MetaMask?
Want to add AVAX to your MetaMask wallet? Here's how:
1. Log into your MetaMask wallet and select settings
2. Go to networks and select add network
3. On the add a network page, enter the following details into the relevant fields:
- Network Name: Avalanche Network
- New RPC URL: https://api.avax.network/ext/bc/C/rpc
-- ChainID: 43114
- Symbol: AVAX
- Explorer: https://snowtrace.io/
4. Select save
6. You'll return to your wallet dashboard where you can now select Avalanche from your networks in MetaMask.
How to add Solana to MetaMask?
Adding Solana to MetaMask directly is not possible due to different programming languages - Solana uses Rust, while MetaMask uses Solidity. Instead, you'll need to use a Solana wallet like Phantom.
