Trezor Model T crypto wallet

VERDICT: The Trezor Model T is one of the most expensive hardware wallets available, but makes up for its price with premium features, universal support and ease of use.

Pros:

Open source

Color touchscreen

Easy to setup and use

Supports over 1600 coins

Cons:

Costlier than its peers

Mobile support for Android-only

The Trezor from SatoshiLabs is one of the oldest cryptocurrency hardware wallets on the market. First released in 2014, the Trezor Model T is the company's premium offering, designed to suit both HODLers and active traders alike. 

Everything about the Trezor Model T, from its hardware specifications to the software that powers it, is released under an open source license, which is a definite plus.

A built-in touchscreen, meanwhile, gives the Model T a premium feel and enables you to enter the PIN and passphrase on the device itself, which is very convenient. 

Price

The premium Trezor Model T will set you back by around €160.

The closest competitor to the Trezor comes from a company called Ledger. The premium Ledger Nano X costs about €100, while the Ledger Nano S is available for about €50.

The third most popular hardware wallet for cryptocurrency is the KeepKey, which costs only about €40, but doesn’t offer the same features as the Ledger and the Trezor.

Interface and ease of use

By default, the Model T can handle multiple cryptocurrencies, but users can also switch to a Bitcoin-only firmware that has been designed to exclusively tackle Bitcoin operations. 

The device also gets exclusive security features such as the Shamir Backup, which can create up to 16 shares that you can use to recover your crypto if something untoward happens to your device.

In terms of operating system compatibility, the Trezor works with Windows, macOS and Linux, as well as with Android via OTG support. There’s no support for iOS though.

To get started you’ll have to use one of the four documented mechanisms to get the Trezor to communicate with its browser-based Trezor Wallet app. Trezor Bridge is the recommended option. Once it’s installed you can fire up one of the supported browsers, namely Chrome and Firefox, and head to the Trezor Wallet website. 

The wallet website will help you set up the device and manage your crypto. It has native support for Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, Dash, Zcash, Dogecoin and Vertcoin. For everything else you’ll have to rely on a third-party wallet.

The app is fairly intuitive and you can use it to configure two-factor authentication through the Universal Second Factor (U2F) standard. The device can also be used as a FIDO2 security key on supported services as well. 

In addition to the web-based Trezor Wallet app, SatoshiLabs is also working on a new desktop app called Trezor Suite, and is currently in public beta.

Final verdict 

All things considered, the Trezor Model T is one the best hardware wallets for anyone that wants to HODL crypto. That's because the device can hold a larger variety of crypto than most of its peers and its open source nature makes it more compatible with third-party wallets. 

The only real challenger to the Trezor Model T is the Ledger Nano X. However, Ledger recently suffered a data breach that exposed  information about thousands of customers. While there is a known flaw that can reveal seeds from the Trezor Model T, the exploit requires physical access to the wallet, making it less severe than the Ledger breach.

With everything taken into account, the Trezor's ease of use, open source architecture and extensive support offering is enough to tip the scales in its favor.

Jaxx Wallet

Jaxx is a multi-currency wallet that supports over 80 cryptocurrencies including the popular ones like Bitcoin, Ethereum, Litecoin, Dash and Bitcoin Cash. Jaxx is notable for its cross-platform pairing feature, user-friendly interface, ease-of-switch between stored digital assets and more. One of the unique features of Jaxx іѕ the ShapeShift іntеgrаtіоn that allows users tо instantly buy and sell supported сrурtосurrеnсіеѕ. In addition, users are able to track market data, follow blockchain news and search transaction data across multiple blockchains using Jaxx Liberty’s block explorer.

Jaxx wallet can be used on both mobile devices and desktop. It is designed to operate on Windows, Apple and Linux-enabled computers as well as Android and iOS-enabled mobile devices. The wallet for desktop is available as Google Chrome and Firefox extensions. Among other cool features, Jaxx features spendable balance display and native camera scanning. In addition, the pairing feature makes it possible to sync across multiple devices.

Pros:

Supports 90+ different cryptocurrencies

Easy to use

Cross-platform pairing

Free to use

Cons:

Some security concerns

General Information

Jaxx wallet is a product of Dесеntrаl Inc., a blockchain company located in downtown Toronto, Canada. The company launched in 2014. One of the founders were Anthony Di lorio, the first Executive Director of Bitcoin Alliance of Canada, which is currently known as the Chamber of Digital Commerce, Canada. Di lorio is also the co-founder of Ethereum.

Jaxx 1.0 was released in early 2016 as part of Decentral’s drive to empower people with the tools they need to control their digital lives. Currently, Jaxx wallet has over 700,000 users

Supported Coins

The Jaxx wallet supports over 80 cryptocurrencies, including Bitcoin and the others featured on the picture below. Users are able to choose the digital assets they wish to have in their wallets.

Jaxx Wаllеt Fееѕ

Jаxx offers three options for users with respect to speed of transactions. The transaction fees correlate to the speed. The faster you want to carry out the transaction, the higher the transaction fee. However, the transaction fees go to miners on the blockchain. Jaxx dеrіvеѕ its рrоfіtѕ bу fасіlіtаtіng ShapeShift trаnѕасtіоnѕ. The ShapeShift integration allows users to convert all currencies that Jaxx supports from within the app.

Jаxx Wаllеt Prісе

Thе Jаxx wаllеt іѕ free for dоwnlоаd on Android, iOS, Mac OS X, Windows, Linux or Google Chrome extension. The desktop versions can be found here.

Jаxx Wаllеt Eаѕе оf Use

While a few bugs were reported by users in the past, it is not enough to downplay the user-friendliness of the wallet. One of the unique selling points of the Jaxx Wallet is its user-friendly interface. Evеrуthіng аbоut thе wаllеt іѕ quite intuitive when compared to most other multicurrency wallets. It operates frоm a ѕіnglе mеnu аnd the most іmроrtаnt fеаturеѕ оf еасh unіԛuе cryptocurrency wаllеt аrе vіѕіblе from thеіr respective hоmе screens. Sеndіng аnd rесеіvіng crурtосurrеnсies, switching between cryptocurrency wallets, scanning QR codes and entering addresses are all beginner-friendly actions.

On the web version, the menu button on the top right corner offers advanced features such as wallet backup, setting a security PIN, setting transaction fee size, adding/removing currency support and more.

The company has a responsive support team that promptly attends to bug issues and other complaints.

Jаxx Wаllеt Sесurіtу

Jaxx wallet’s security architecture is of high industry standard and clear enough for users to understand their method of securing cryptocurrencies. Jaxx is a Hierarchical Deterministic (HD) wallet. In other words, the wallet generates a new address for each receive-transaction. This makes it difficult for the receiver to trace the transaction. This feature is driven by a master-private key functionality developed using a 12-word phrase. The mnemonic seed is a backup feature for recovering accounts.

Being a non-custodial wallet, Jaxx ѕtоrеѕ рrіvаtе keys directly on uѕеr dеvісеѕ and nоt оn еxtеrnаl ѕеrvеrѕ. This makes it hаrd fоr a thіrd party tо gеt access to user fundѕ. An additional security measure is the bank-grade wallet encryption which comes into play after a password is set. In spite of this, the responsibility of setting a strong password still lies with users.

However, in June 2017, Jaxx was in fact hacked and lost USD 400,000 to the hackers. While such amount is modest in comparison with other cryptocurrency hacks, it is still enough to warrant a “medium” security score rather than the highest possible security score in this review.

Armory Wallet

Verdict: Armory is the most secure bitcoin wallet application. It comes with advanced security features that make it complex due to the depth of options. Although, perhaps overkill it gives peace of mind for the paranoid with cold storage features and more.


Pros:

Open source

Established brand

Top-end security features, such as hierarchical deterministic (HD) and multi-signature support

Cold storage support, allowing you to manage Bitcoin without the Internet

Cons:

No mobile support offered

Depth of security features may put it out of reach for beginners

What is Armory?

Armory is widely regarded as one of the most secure Bitcoin wallets available. Through a combination of robust security features and a user-friendly interface, it’s designed to help individuals and businesses safeguard and manage their Bitcoin tokens.

Amory allows you to set up multiple wallet addresses so that you can easily separate your personal Bitcoin account from your business holdings. The function of sending Bitcoin can also be password-protected, giving you an added layer of security.
If you’re really concerned about someone hacking your account, Armory provides cold storage support, which essentially allows you to store your private keys offline.

How do I make or receive payments with Armory?

Adding and receiving Bitcoins is straightforward with Armory. To receive payments, you must first have a Bitcoin wallet. To send payments, you’ll need to have Bitcoin in one of your wallets. The “Balance” column lets you know how much Bitcoin is available.

To receive Bitcoin, simply click “Receive Bitcoin” and select which wallet you want to use for the deposit. This wallet will now generate an address to receive the coins. This is the address you need to share with the sender to receive Bitcoin. You can copy the address to a clipboard and send it via email or create a QR code that can be sent via text.

To send funds, simply click “Send Bitcoin” and select which wallet you want to send from. Paste the address into the recipient box and specify the amount. You are now ready to send funds.

You can also send Bitcoin from your offline wallet by clicking “Offline Transactions,” followed by “Create New Offline Transactions.” You can also just select “Send Bitcoins” and select the watching-only/offline-only feature. The prompts will then take you through the steps.

How secure is Armory?

When it comes to security, few Bitcoin wallets can compete with Armory. The wallet provides multi-signature support and decentralised lockboxes, which gives users full control over the creation and storage of cryptographic keys.

By enabling cold storage, the only way to lose your Bitcoin is if someone physically stole your offline system, such as your offline computer. But even then, they’d have to penetrate Armory’s sophisticated wallet encryption, which the company says could take centuries to achieve.

Armory is also popular because it works with something called the Glacier Protocol, which is one of the most well-known cold storage systems for Bitcoin.

Electrum Wallet

Verdict

Electrum puts a lot of power in the hands of the operator, which tells us that it's designed for experienced users only.

Right from the creation of the wallet, Electrum assumes the user knows what they are getting into and what they want from their wallet.

In the hands of the experienced cryptocurrency user, Electrum is a flexible Bitcoin wallet that’s convenient to set up. Anyone new to cryptocurrencies, however, will not be able to make the most of its features.

Pros:

Fee control

Rotates wallet address

Can export wallet

Several advanced features

Cons:

Bitcoin only

Has a bit of a sharp learning curve

Electrum is one of the oldest Bitcoin wallets out there, with a focus on speed and low resource usage. Written in Python, the open source wallet manages to achieve this by using servers that index the Bitcoin blockchain. 

Electrum makes judicious use of disk space and bandwidth, using the Simple Payment Verification (SPV) mechanism to verify transactions. Since it uses SPV, Electrum doesn’t download the entire blockchain, but instead tracks transactions by querying servers on the Bitcoin network. Using SPV also helps Electrum to verify transactions faster than some of its peers.

The wallet also packs quite a few advanced features. It can be used to set up MultiSig transactions, supports the replace-by-fee (RBF) mechanism and also offers coin control features.

Interface and ease of use

Like all good wallets, Electrum is available for all popular desktop operating systems, including Windows, macOS and Linux. Android users can also download Electrum from the Play Store, but it isn’t available for iOS devices.

It installs like any other app, but the setup process is more involved than with other wallets. You’ll first have to select the type of wallet you want to create. While the options will make sense to experienced users, some might leave cryptocurrency newbies scratching their head.

The process involves creating a seed for the wallet, which again involves options that might confuse inexperienced users. By default, Electrum creates a Segwit wallet, which has various advantages (such as lower fees), but isn’t accepted by all Bitcoin wallets and exchanges. 

We were also a little perplexed by the security options. On the one hand, Electrum forces you to retype the twelve-word seed to make sure you’ve written it down, but on the other gives you the option to enter no password at all, meaning the wallet file will not be encrypted.

Once you’ve created the wallet you’ll also need to spend some time configuring the app to your liking. By default, the wallet displays currencies in mBTC or millibitcoin (0.001 Bitcoin), rather than the more commonly used bits, satoshis or BTC. You’ll also have to set your fiat currency.

Transferring funds

Once you’ve set up the wallet to your liking, the process of transferring funds isn’t all that complicated. There are separate tabs for sending and receiving Bitcoin, and another to view past transactions.

The Receive tab gives you the option to generate a new address, along with a QR code, either of which you can then pass on to the sender. Optionally you can add a description to the transaction and an expiry date for the request. Electrum will also automatically convert the Bitcoin amount into fiat currency.

To send Bitcoin, switch to the Send tab and enter the address of the wallet you want to send to, either manually or by scanning its QR code. Again, you can optionally add a description for the transaction to help you identify it later. The tab also has a slider that you can use to specify the fee for the transaction.

One of Electrum's most interesting features is the ability to send payments to multiple addresses at the same time, which helps save on transaction fees. However, you have to enable it first from the Tools menu.

Electrum also has coin control features, but these too are hidden by default. You’ll have to enable the Coins tab from under the view menu to view all the individual UTXOs or unspent transaction outputs. You can then right-click on any of them to get the option to spend them.

Exodus Crypto Wallet

VERDICT: Exodus wallet is a great product designed to help onboard people into the crypto revolution. It brings a clean and beautiful user interface. Overall, Exodus wallet is a good product. It is not one of the best in the market in terms of security but provides a highly intuitive way to manage multiple crypto assets.

Pros:

Allows users to retain their private keys 

Supports multiple cryptocurrencies 

Beautiful user interface 

Easy to use, beginner friendly 

Available as a mobile application too

Cons:

Doesn’t allow manual transaction fee decision 

Doesn’t offer two-factor authentication 

Does not support multi-signature addresses 

Not fully open source

What is exodus wallet?

Exodus is a desktop-based online multi-currency wallet that lets you hold Bitcoin, Bitcoin Cash, Ethereum and a host of ERC20 and other digital coins. It supports close to 100 digital currencies and offers users in-app trading via ShapeShift. It stores the user’s private key on his machine, making the wallet more secure than an exchange wallet. Though it cannot be considered as secure as a hardware or paper wallet, it lets users retain control of their private keys which is crucial in terms of development. It is also a lite wallet, which means that the users never have to download the entire blockchain on their systems to engage in transactions.

The wallet was founded by JP Richardson and Daniel Castagnoli. Richardson is the Chief Technical Officer of the project and has published over 200 open source libraries to date. His codes are being used in several Bitcoin and other crypto software. Castagnoli is the Chief Creative Officer has previously worked in the design teams of BMW, Disney, Apple, Nike, and Louis Vuitton. The wallet was launched in mid-2016 and quickly started getting attention from users from its user-friendly design and highly intuitive user interface.

What cryptocurrencies does Exodus Wallet support?

It includes popular coins like-

Bitcoin (BTC)

Ethereum (ETH)

Litecoin (LTC)

Tron (TRX)

Bitcoin Cash (BCHABC)

Dash (DASH)

Binance Coin (BNB)

Ethereum Classic (ETC)

EOS (EOS)

Zcash (ZEC)

Bitcoin SV (BSV)

Bitcoin Gold (BTG)

Ripple (XRP)

How to open an Exodus wallet account?

Exodus is a desktop based wallet account. Therefore, users must first download the application on their systems and then create an account. Here are the steps to creating your own Exodus wallet. Visit the official website of Exodus wallet. Double check if you are not using a phishing website. On the top right corner of the website, you will find the ‘Download’ button. Click on it. On the next page, choose your operating system. Exodus is available for Windows, Mac, and Linux. Run the downloaded file and install the wallet. Your wallet is now ready to use. No sign up necessary.

Key Features

• Functionality – Exodus provides a high quality user experience, and combines an aesthetically pleasing UI with an intuitive design. The desktop software client contains a wallet, portfolio tracker as well as store a wide range of digital currencies.
• Flexibility – Exodus is available to Windows, Mac, and Linux users, and in addition to its internal integrated features, Exodus also provides an easy to use mobile app that is currently available to iOS users with Android support planned for the future. It also supports over 100 cryptocurrencies including popular currencies such as Bitcoin (BTC), Binance Coin, (BNB), Litecoin (LTC), EOS, and Monero (XMR). Ethereum (ETH) and a host of ERC-20 tokens are also supported.
• Security – As a “hot” wallet, Exodus requires its users to create and use secure passwords, and when first installing the wallet, users are provided with a 12-word recovery seed phrase that is used to restore the wallet in the case of an emergency. The wallet also integrates with a Trezor hardware wallet and doesn’t require any personal information, and users’ private keys and transaction data are encrypted and stored locally on their devices.
• Customer Support – The team provide a good range of support.

Conclusion

Exodus has a lot going for it, and remains one of the most impressive services on offer in the cryptocurrency sector. Its core features and clean, modern design have brought the wallet a significant user base, and the team continue to innovate and improve on its functionalities.

The wallet currently incorporates a slick dashboard with live charts and multi-coin storage support. The team also provide top class customer support, constant updates, and educational resources that go a long way in helping to maintain the positive sentiment that surrounds the project.

Atomic Wallet

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.

Atomic is a decentralized multi-cryptocurrency wallet available for Windows, Mac OS and Linux. The wallet uses BitTorrent technology for distributed order book and atomic swap technology. Atomicwallet also features more than 300 crypto-currencies, to see the full list click here.

Pros:

Ease of use

Hierarchical Deterministic

Wide range of supported coins

Cons:

Not fully open source

Lack of some security features

Atomic Swap features:

• Cross-chain Atomic Swaps between any BTC-LTC-QTUM pair
• Blockchain-based peer-to-peer order execution
• Fast and secure data transfer with Atomic Distributed Orderbook
• Custody free solution without any third-party risks and fees
• Flexible Market order margin and fast rate update
• Trading history blockchain storage

Assets management:

• Receive and send over 300+ cryptocurrencies such as BTC, ETH, LTC, XRP, DGB, DASH, ETC, QTUM, BCH, XLM, ZEC, XMR and ERC20 tokens
  
• Custom token feature: you can add any ERC20 token to Atomic Wallet in a minute

Security and migration:

• Strong encryption and custody-free solution guarantees a high level of security
• Users can export private keys in different formats
• Private key storage is personal, which means the funds are controlled by its users

Wasabi cryptocurrency wallet

Verdict
Although Wasabi is a hot wallet, we wouldn’t hesitate to recommend it to anyone who cares about the privacy of their Bitcoin transactions. The developers have also done a nice job of keeping most of its complexities from ruining the user experience.

However, because of its privacy practices, using Wasabi isn't as intuitive as other crypto wallets and you’ll need to spend some time reading through its documentation.

We’ll be keeping a close eye on the project moving forward, because the devs are working on an overhaul of the wallet that will introduce a new CoinJoin algorithm called WabiSabi to further improve privacy.

Pros:

Open Source

Rotates addresses

Built-in CoinJoins

Custom Fee

Cons:

Complex for beginners

For Bitcoin only

Wasabi is an open source, non-custodial and privacy-focused Bitcoin wallet, available on Windows, macOS and Linux. 

Wasabi’s marquee feature, however, is its implementation of the trustless CoinJoin process. CoinJoin helps Wasabi make individual Bitcoin transactions more secure by combining multiple coins from multiple people into a single transaction. 

By jumbling up the inputs and outputs, CoinJoins can obscure identifying information, which makes it a popular choice for the privacy-conscious. It was even used by the criminals responsible for last year’s Twitter hack, who used Wasabi CoinJoins to mask their transactions.

To further obfuscate transactions, Wasabi, which is essentially a hot wallet, routes them through the anonymizing Tor network, which helps conceal the users’ IP address.

One last trick up its sleeve is the use of the Neutrino protocol for verifying transactions, which delegates the task to the client as opposed to the server, side-stepping any server-related vulnerabilities.

Interface and ease of use

One of Wasabi's best qualities is that most of the techniques for ensuring privacy are implemented behind the scenes. For instance, Wasabi establishes its own Tor connections and will also automatically generate new addresses for each new transaction. 

When you start Wasabi for the first time, you’ll be taken through a wizard to create a new wallet, which involves picking a unique name and password for the wallet. The process will also generate a set of recovery words, which you’ll need in case you forget your password. 

Once it has generated the wallet, Wasabi will download blocks that contain your transactions (not the entire blockchain), which can take some time depending on the speed of your internet connection.

Wasabi has a four-tab interface that allows you to send and receive Bitcoin, transact using CoinJoin and track your transactions. 

One interesting feature is the ability to hide all sensitive information with the click of a button, to prevent anyone from shoulder surfing. Also, unlike many of its peers, Wasabi displays the individual Unspent Transaction Output (UTXO) and gives you the option to select which ones you wish to use in a transaction. 

Transferring funds

For first time Wasabi users, seeing the individual UTXOs might take a little getting used to, but it doesn’t hamper the usability of the app very much. 

To receive Bitcoin, you’ll need to first generate an address by giving it a label, such as the name of the individual you’re receiving the transaction from, which will help you identify the transaction. 

You can then send the generated address to the individual who wants to send you Bitcoin or show them the QR code, which they can scan with their wallet. After you’ve received the money, the address will no longer appear under the Receive tab, and you’ll have to generate a new one to receive more Bitcoin.

Once the transaction has been confirmed, the UTXOs will show up under the Send tab, together with their labels. Wasabi has coin control features so you can select the UTXOs you want to send using the checkbox next to them. After selecting the UTXOs you want to send from, enter the receiver’s wallet address.

Wasabi users can also customize transaction fees using a slider, which displays the fee in Bitcoin as well as in fiat currency, along with the estimated time for confirmation. The lower the fee, the longer the confirmation time.

Sending money using the CoinJoin feature is also similar, as Wasabi hides all the complexities of the process. Wasabi charges a coordinator fee for CoinJoin transactions that’s calculated as a percentage of the anonymity set, which is the size of the group that you are mixing your coins with.

Mycelium cryptocurrency wallet

Final verdict
The Mycelium app is a very capable one and offers all the necessary options for sending and receiving Bitcoin. The fact that it can integrate with hardware wallets and can be made to work with Tor with a flick of a slider is a further testament to the app’s attention to security and privacy of its users. And the inclusion of a marketplace helps distinguish Mycelium from its peers. 

Pros:

Open source

Multiple types of accounts

Cons:

For Bitcoin only

No desktop version

The Mycelium cryptocurrency wallet is one of the oldest and most popular Bitcoin wallets available exclusively for mobile platforms, having first been released in 2013 as an Android app before later being ported to iOS as well. 
Mycelium describes itself as the “default Bitcoin wallet” and while its claims to the title of most well-rated cryptocurrency wallet on the Play Store isn’t really accurate anymore, the app does have several noteworthy features. 
For starters, Mycelium is entirely open source, which is one of the most essential features for any good cryptocurrency wallet. The app also relies on the Simplified Payment Verification (SPV) technique, which allows it to confirm transactions without having to download the entire blockchain.
Since mobile devices are insecure in some regards and more prone to theft, the developers of Mycelium have implemented a handful of features to improve the security profile of the app, without overly complicating the interface. 

Interface and ease of use

We have mixed feelings about the Mycelium interface. While some aspects of the app, such as sending and receiving Bitcoin, are fairly straightforward, the app contains many functions likely to confuse first-time cryptocurrency users.
The app has a tabbed interface to switch between the different functions. By default, the Balance tab opens at launch, displaying the amount of Bitcoin in your wallet and the current BTC exchange rate, as well as buttons to send and receive BTC.

You can also change your Bitcoin exchange by selecting one from a drop-down menu in the Balance tab. The good thing is that the list displays the exchange rate currently offered in each of the exchanges. Mycelium also has a built-in address book for frequently used Bitcoin addresses, which is a nice little extra.
The app has basic privacy features, such as the ability to rotate addresses, and you can configure it to communicate with the servers via the Tor anonymizing network from under the Settings section. 
Although Mycelium is a hot wallet, it very helpfully offers the option to transact from a cold storage wallet. It can import private keys and can also sync them from a hardware wallet as well. 

Support

Unlike many of its peers, Mycelium offers no guides or tutorials to help orient new users within the app. While the basic functions of the app are fairly intuitive, considering that Mycelium offers several advanced features, we feel the lack of documentation is a major drawback that would prevent us from recommending the app to inexperienced Bitcoin users. 
Similarly, the app’s support options are equally bare bones and don’t offer much to write home about. Mycelium’s primary means of support is via email and the app developers explicitly warn against using any other means of contacting them. The app does have a presence on Twitter and the developers do use the platform to interact with their users.

Metamask Wallet

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.