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The difference in comparison: MetaMask vs Trust Wallet

metamask wallet review

MetaMask is one of the main tools in the Ethereum (ETH) ecosystem. Fox Wallet has experienced rapid growth in 2021. It also has more than 21 million monthly active users. Whether you’re exploring decentralised finance, collecting NFT or playing2earn, you’re bound to need it one day. Seems complicated to use? That’s ok! This guide will give you the knowledge you need to master this wallet.

WHAT IS METAMASK WALLET?

It is a web browser extension that allows:

  • Store and exchange Ether (ETH) and ERC-20 tokens.
  • To interact with smart contracts and decentralised dApps applications on the Ethereum blockchain.

MetaMask is used to identify itself in web3 dApps and enables the use of these services. It is therefore an important tool for cryptocurrency trading on DEX.

Aaron Davies and Dan Finlay, two developers at Consensys, launched MetaMask in July 2016.

ADD TOKEN TO METAMASK

You can deposit many other tokens in your MetaMask wallet besides Ether, the famous ERC-20 tokens. The deposit address is the same, but you must add the token to your wallet to view the balance and perform transactions.

metamask wallet review

As a first step, update your token list. MetaMask may display the one you reset yourself.

Note that MetaMask offers automatic token detection from October 2021. You must activate this feature in the “Experimental” settings menu.

HOW TO LOWER TRANSACTION COSTS WITH METAMASK?

These are the famous gas fees; fees paid to miners for confirming transactions. They are constantly changing. They are updated by MetaMask almost in real-time. Since they are especially high in Ethereum, here are 3 tips to save some GWEI:

Postpone the transaction

Unless your transfer is urgent, it is better to wait until the blockchain is less busy. Depending on market conditions, certain periods are more favourable.

Change the priority level

Include “entity controls” in the advanced settings.

You can customise the charges to some extent by clicking “Change” and then “Show recommendations” to display 3 levels of priority. By default, MetaMask offers a medium level. Select “Low” to reduce priority charges.

Reduce max

If your network traffic is low, try reducing the maximum amount of commissions, i.e., the “Maximum commission” parameter. On the other hand, your transaction will take a very long time to process, and you are not guaranteed that it will be successful.

HOW TO CHANGE TOKENS WITH METAMASK?

You can now exchange your tokens for others directly in your wallet. This feature has been available since October 2020. This is the result of a close collaboration between Consensys and AirSwap.

metamask wallet review

AirSwap acts as an aggregator that analyses the trading conditions of various decentralised platforms in real-time. MetaMask aims to offer the best choice.

This saves the user from having to navigate to multiple sites to compare data on their own as they will be out of date in a few seconds anyway.

  1. Click the “Swap” button. The extension will open in a new tab on your browser.
  2. Then select the crypto-asset you’re using for the exchange, as well as the amount.
  3. Then find the token you want to exchange in the drop-down list.

You can adjust slippage, which is the difference in the price you allow between the time you place the order and its confirmation. If the price exceeds the set limit, your trade will be cancelled.

Exchanging tokens using the MetaMask exchange function.

Click “Exchange Overview” to display the quotes.

The best offer appears first. You can view the next ones by clicking on “Best of 5 Quotes”. MetaMask indicates whether the quote comes from Dex or an aggregator, but without specifying the exact source.

The Swap feature in MetaMask combines offers from DEX and AMM.

As far as the outgoing transaction is concerned, you can adjust the priority level of the gas payment by clicking “Change”. However, fluctuations are very frequent, so it is difficult to maintain an effective fee adjustment.

Paying for gas on Ethereum can be a burden.

Finally, click “Exchange” to complete the exchange.

CONNECT TO DECENTRALIZED DAPP WITH METAMASK

We mentioned it in the preamble, MetaMask also carries your identity online3. This allows you to easily connect to services such as decentralised DEX exchanges or trading venues to buy non-exchangeable NFT tokens.

metamask wallet review

Let’s see how to do this with Uniswap:

  1. ???? Go to app.uniswap.org.
  2. ???? Click on the “Connect Wallet” button in the top right corner.
  3. ???? Get access to decentralised exchange with MetaMask.
  4. ???? Connect your wallet to Uniswap.
  5. ???? In the list that appears, select “MetaMask”. Your extension opens.
  6. ???? Uniswap allows you to connect several types of crypto wallets.
  7. ???? Select MetaMask wallet.
  8. ???? Select the MetaMask account you want to associate with uniswap and click “Next”.
  9. ???? Assigning an account using a smart contract.
  10. ???? Select the account.
  11. ???? The next screen provides information about the type of permissions you are granting to the site. If you are satisfied with this, click “Connect”.
  12. ???? Your wallet address is displayed in the top right corner of the site window.

HOW TO PROTECT METAMASK?

First, lock your computer to prevent third parties from accessing your session and therefore, your wallet.

Make it a habit to log out of MetaMask when you are not using it. You can also set up automatic logout in the advanced settings.

Do not use a public device to log into your wallet.

Also, be careful, MetaMask support will NEVER ask you to enter a fallback phrase. If you get an unsolicited message offering help, it’s probably a scam.

Finally, here are some common sense rules to follow to limit the risks:

  • ⭐ Your cid phrase, which you will protect.
  • ⭐ A strong password that you will create.
  • ⭐ One address for each protocol you assign.
  • ⭐ The smart contracts you will call off.

Now you know the basic MetaMask functions. Once you have practised working with these functions, it will seem much easier. In addition, Consensys continues to improve the MetaMask interface to make it accessible to everyone. If you are dependent on your mobile phone, you can install the app and synchronise it with your browser extension. Simply scan the hidden QR Code in the advanced settings.

Richard Urban
Author and expert: Richard Urban
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