Is MetaMask Wallet Safe in 2024? What You Need to Know (2024)

MetaMask is one of the most famous cryptocurrency wallets in the world, but is MetaMask safe?

The wallet is used by over 30 million investors worldwide to manage their crypto and take part in decentralized finance (DeFi). It’s the most downloaded hot wallet and supports a broad range of Ethereum-based tokens and non-fungible tokens (NFTs) on supported blockchains.

As a result, new crypto users might be interested in learning more about MetaMask and whether or not it’s a safe option for storing their crypto. To help you decide, we’ve done the research to find out if MetaMask is legit and safe.

Our guide will dive into factors such as security features, history, data policies, update frequency, and hard wallet integrations and highlight the best practices to keep your crypto safe in MetaMask. Let’s get started!

Key Takeaway: Is MetaMask Safe?

MetaMask is one of the top self-custody wallets for a reason. It’s a very safe choice with many security features and an active development team committed to improving its security level.

Security features include:

• Encryption
• Security alerts
• Hardware wallet integration
• Seed phrases

As it’s a hot wallet, it’s important to note that a hardware “cold” wallet is a more secure option for storing crypto. As your crypto is stored online in a hot wallet, it’s more vulnerable to hacking attempts and malicious websites compared to a cold wallet, which is offline.

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MetaMask’s Key Security Features

Founded in 2016 by ConsenSys, MetaMask has eight years of experience in safeguarding users’ funds and over 30 million monthly users. For a self-custody wallet, it’s a very safe option.

Let’s take a look at how secure is MetaMask and what security features they have in place.

Encryption to Shield Private Keys

To protect your private keys, MetaMask employs encryption protocols. Private keys are encrypted locally on users’ devices, ensuring that even if the device is compromised, the keys remain secure. This encryption adds an extra layer of protection to users’ funds and enhances the overall security of the wallet.

Seed Phrases for Wallet Recovery

MetaMask uses seed phrases to keep your self-custody wallet secure. During the wallet setup process, users are provided with a unique seed phrase consisting of 12. This seed phrase serves as a backup mechanism, allowing users to restore their wallets and access their funds in the event of device loss or failure. By securely storing their seed phrase offline, users can safeguard against the risk of losing access to their funds permanently.

Regular Updates and Patches

The wallet also provides regular updates and patches to address vulnerabilities and enhance overall security. Users can report any vulnerabilities to their Bug Bounty program, which helps them spot any potential issues. It’s recommended that you keep your MetaMask app updated to the latest version.

Security Alerts by Blockaid (New)

MetaMask has recently unveiled a security feature called MetaMask Security Alerts. Developed with Blockaid, this new feature allows users to simulate transactions before signing and alerts users to potential scams and malicious dApps. It preserves user privacy while proactively protecting users. It was rolled out as an experimental feature in late 2023 but will become the default for mobile and extension users.

Biggest Risks When Using MetaMask Wallet

MetaMask is widely regarded as a secure hot wallet for managing cryptocurrencies. However, users should remain vigilant as they are still susceptible to several risks commonly associated with any hot cryptocurrency wallet. When looking at is MetaMask legit and safe, it’s important to understand the biggest risks when using MetaMask:

Phishing Attacks

Phishing is a huge problem, not just in the crypto space but across the entire internet. In crypto, phishing refers to scammers attempting to deceive people into revealing their sensitive information, such as private keys, seed phrases, or login credentials, by posing as legitimate entities.

Tip: MetaMask will never ask for your seed phrase or private keys via email or social media.

Malicious Websites and Fake Platforms

One of the benefits of MetaMask is that it allows you to connect your wallets to various websites and dApps (Decentralized Applications). Unfortunately, not all of them are trustworthy. Malicious websites and fake platforms may pose as legitimate services to deceive users and steal their funds.

Tip: Avoid clicking on suspicious links or providing sensitive information to unknown websites to mitigate the risk of falling victim to scams.

Smart Contract Vulnerabilities

Smart contracts are used to power all the various dApps and DeFi (Decentralized Finance) protocols on Ethereum, but they can have vulnerabilities either intentionally or unintentionally. These can be exploited by malicious actors to manipulate transactions, steal funds, or execute unauthorized actions.

How to Pair MetaMask with Hardware Wallets

Hot wallets like MetaMask are always online. This exposes them to cyberattacks and malicious activity. For additional security, users can pair their MetaMask wallet with a cold hardware wallet and store the majority of their funds offline. Then, they can move the amount they need to their MetaMask wallet for interacting with Web3 or trading.

For anyone who wants to hold on to their crypto assets long-term or has a large store of tokens, we would recommend pairing your wallet with a hardware wallet like Trezor or Ledger.

Pairing MetaMask with Trezor

We’re going to look at pairing your MetaMask wallet with Trezor and walk you through the steps required. If you have not used Trezor before, you will need to purchase and set up your cold wallet. This is a physical device that looks like a USB stick or hard drive.

1). Download and install MetaMask

If you haven’t already set up MetaMask, you’ll have to download and install the latest version for your browser. You can use your seed phrase to restore your existing wallet or set up a new one.

2). Open your wallet

Once MetaMask is installed, you can open it by clicking on the icon in your toolbar. Your wallet will appear as a popup.

3) Add account

Tap on “Accounts” and then click “Add hardware wallet.”

Make sure your Trezor device is plugged in, and then click “Connect Trezor.”

4). Connect Wallets

A new window will open with a Trezor Connect prompt asking for permissions and requesting to export your public key. You’ll need to click both “Allow” and “Export.” Then select the accounts you want to pair and tap “Unlock.”

And that’s it! Now, your MetaMask wallet is paired with your Trezor wallet, and you can easily use your Trezor wallet for long-term storage.

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5 Security Tips for Using MetaMask Wallet

Last year, $24.3 billion worth of crypto crime happened. While MetaMask provides a convenient way to access the decentralized world, it’s essential to prioritize security to safeguard your assets and personal information. Here are five tips to help you use your MetaMask wallet securely:

1). Never Share Your Seed Phrase

The most important security practice for any software wallet is to keep your seed phrase safe. Never share this phrase with anyone, as it grants access to your wallet and funds. Store it in a safe and secure location, such as a physical vault or encrypted digital storage, and never input it into any website or software other than MetaMask itself. If anyone gains access to your seed phrase, they can easily drain your wallet of all its funds.

2). Create a Unique Strong Password

Next, make sure that you use a strong, unique password for your MetaMask wallet. Since MetaMask currently does not support additional security measures like two-factor authentication (2FA), a robust password is your first line of defense against unauthorized access. Avoid using easily guessable passwords or using your password for multiple sites and wallets. Consider using a password manager to generate and store complex passwords securely.

3). Don’t Connect Wallet to Unknown Sites

Phishing is the most common cybercrime, and for good reason too. Many users receive emails or messages with airdrops or exclusive offers, and the hope of making it big is too tempting. Other emails can contain warnings of compromised credentials from a seemingly legitimate site, and readers click on it, trying to keep their wallets safe. And in the end, they get duped into connecting their wallet or providing their details.

Always be cautious when connecting your MetaMask wallet to websites or dApps. Verify the URL to ensure you’re interacting with legitimate platforms, as fake copycat sites are prevalent and can compromise your wallet’s security and drain your wallet. Only connect your wallet to trusted sites, and refrain from entering your seed phrase or private keys on unfamiliar websites. Diligent research is your friend in the world of Web3.

4). Read Transaction Requests Before Approving

Cryptocurrency transactions can be complex and technical, and many users don’t look too closely at transaction requests before approving. However, unlike traditional finance, if you approve the wrong transaction, you often have no path of recourse.

Before approving any transaction on MetaMask, carefully review the details to ensure its accuracy. This step helps prevent accidental transactions or malicious attacks, such as phishing attempts or unauthorized transfers. Take the time to understand the transaction’s purpose and verify the recipient’s address before proceeding.

5). Learn How to Use DeFi Protocols Properly

For users interested in DeFi protocols, it’s crucial to understand how these systems work and how to interact with them safely. Educate yourself on concepts like approving transactions and handling liquidity pools to minimize the risk of falling victim to scams or unintentional errors.

Consider creating a separate wallet dedicated to participating in activities like airdrops. Be cautious when exploring new protocols or yield farming opportunities. Only invest or transact with projects that have undergone rigorous security audits and have a proven track record of reliability.

One option is to have a cold wallet for storing the majority of your funds and only keep minimal funds in your hot wallet for trading while having a third for airdrops and new projects.

MetaMask Wallet Data Protection: Does it Maintain User Anonymity?

As standard policy, MetaMask keeps your data private unless you authorize sharing your account address. You will see a MetaMask confirmation when websites request access to view your account address. However, other aspects of your wallet data may be visible.

When using MetaMask, your IP address may be visible to certain parties, particularly when interacting with decentralized applications (dApps) or accessing the Ethereum blockchain. Using a VPN can protect you here by hiding your IP address.

Transactions made using MetaMask on Ethereum or other networks are publicly visible as accounts are pseudonymous. If someone knows your account address, they can see the transactions that you make.

Local Storage of Sensitive Data

For sensitive data such as your private key or seed phrase, all your private information is encrypted in your browser and protected by your password. MetaMask does not store any on their servers.

Note: That means that if you lose access to your account, MetaMask cannot help you restore it. You will need your seed phrase for this.

MetaMask’s Strong Reputation and Track Record

Is MetaMask a scam? MetaMask has over 30 million active users, with the largest numbers coming from USA and India. While individual users’ wallets have been compromised by hacks, untrustworthy websites, and stolen seed phrases and passcodes, MetaMask itself has never fallen victim to a major hack.

Even recently, MetaMask has claimed that a wallet-draining exploit that affected MetaMask users is not specific to their wallet and can affect all wallets.

They also offer a MetaMask Institutional wallet to allow organizations to access DeFi protocols and Web3 safely and compliantly. This highlights their dedication to providing top-level services.

MetaMask has provided a safe way for users to interact with over 17,000 dApps and has eight years of proven experience, which is why it’s the most popular wallet in the world. They are audited independently every year and offer a Bug Bounty to anyone who can find a vulnerability in their code.

Conclusion

Is MetaMask secure? MetaMask offers a secure and user-friendly platform for managing digital assets and participating in decentralized finance. With over 30 million active users and a track record spanning eight years, MetaMask has solidified its reputation as a trustworthy and legitimate option in the cryptocurrency space.

Our research into how safe is MetaMask found that MetaMask provides numerous security features, including encryption, seed phrases for wallet recovery, and regular updates to address vulnerabilities. However, users must remain vigilant against potential risks when using any crypto wallet.

No wallet can guarantee absolute security, but MetaMask’s robust security features, coupled with proactive user practices, make it a safe and reliable option for managing cryptocurrency and engaging with the decentralized ecosystem.

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FAQs

What is MetaMask wallet?

MetaMask is a popular cryptocurrency wallet and browser extension that supports tokens on the Ethereum network and Ethereum-compatible blockchains. It works as an entry point into the world of Web3.

Is MetaMask wallet legit and safe?

MetaMask wallet is a legit and safe crypto wallet with a strong reputation and additional safety features. For users looking for an extra level of security, we would recommend connecting it to a hardware wallet.

Can MetaMask be hacked?

While MetaMask itself has not been hacked, MetaMask users may be susceptible to hacking attempts if they fall victim to phishing scams, malicious websites, or malware attacks or if they do not protect their private keys and seed phrase.

Is MetaMask safer than Coinbase?

MetaMask and Coinbase are both hot wallets and are more vulnerable to being hacked. However, MetaMask has additional safety features like hardware wallet integration and security alerts to protect its users.

Is MetaMask the safest crypto wallet?

MetaMask is one of the safest hot wallets. However, a cold storage wallet is a safer option if you are looking for the highest level of security.

References

• MetaMask Security Alerts by Blockaid: the new normal for a safer transaction experience | MetaMask News (MetaMask.io)
• 2024 Crypto Crime Trends from Chainalysis (Chainalysis)
• MetaMask downloads, by country 2020-2023 | Statista (Statista)
• MetaMask denies claims of wallet exploit in ‘massive’ $10M hack (cointelegraph.com) (Cointelegraph)