VERDICT: MetaMask is popular for a good reason as this service is easy to use and safe despite being a hot wallet. The platform keeps on developing to meet the users' needs — for example, the mobile app was made due to multiple requests from the MetaMask community. Today MetaMask is one of the key platforms associated with the Ethereum ecosystem. If you are not a hardcore cold- or USB wallet fan, then you should give a shot to MetaMask.
MetaMask is an open-source multi-cryptocurrency wallet and a gateway to Ethereum-based decentralized applications. As the wallet is made for work with the Ethereum blockchain, it's understood that it supports only Ether and ERC20 tokens. This wallet is designed to let users control their data and assets at the fullest and doesn't store the data and assets of its users. MetaMask is a mobile application but those who need a desktop version can use a MetaMask browser extension. It is available for Chrome, Brave, and Firefox browsers.
Pros:
Ease of use
Flexible fees
Good functionality
Wide range of supported tokens
Cons:
Not fully private
History
The company was created by ConsenSys in 2016. The founder of the project is Aaron Davis. Now the team is international and consists of over 20 people. Most of the team members live in North and South America. In the first years, MetaMask existed only in a browser extension form. The mobile app was developed two years after the wallet's launch. At the moment of writing this review, the user base of MetaMask was amounting to over 1 million people. It makes MetaMask a top ERC20 wallet in terms of popularity.
Functionality Review
To learn what MetaMask is, it’s better to review its features. MetaMask allows users to access Ethereum DApps via the browser interface. One doesn't need to run a full node of Ethereum to use these DApps or sign smart contracts via MetaMask. It significantly simplifies the use of the Ethereum ecosystem. The transactions can be sent easily, too. In general, one of the main purposes of MetaMask is to introduce Ethereum to a larger audience via a safe and convenient interface. Needless to say that considering these goals, MetaMask developed a minimalist and intuitive user interface. It's worth saying that people not familiar with Ethereum might find the MetaMask interface not fully clear enough.
Fees
The fees charged from MetaMask users are Ethreum transaction fees. Users can set the fees in "Advanced Options" making fees higher in order to make transactions quicker or instead make transactions cheaper but slow.
Is It Safe to Use MetaMask?
Although MetaMask is a web-based wallet, its security level is quite good. Of course, it can't be compared to cold wallets but it's fair to say the MetaMask team managed to develop as safe a web-wallet as possible. For years since its launch in 2016, no one did hack this wallet.
All the keys and data are stored in the user's browser. The browser itself cannot access the data but it collects the information about the facts of MetaMask use. Theoretically, this information can be compromised.
MetaMask is a hierarchically deterministic wallet so it keeps keys for numerous wallet addresses associated with the same user. For a third party, it is almost impossible to figure out how much money is stored or sent by this or that person.
The recovery of the account is possible via the 12-word seed phrases. It's important to save these phrases after the creation of the account in order not to lose access to the wallet.
The wallet doesn't support such security features as 2-factor authentication and multi-signature.
