MetaMask - Technical Documentation (2024)

FAQs

What should you not do on MetaMask? ›

Don't share your Secret Recovery Phrase and private keys

Anyone who has your Secret Recovery Phrase or private keys can send tokens out of your accounts. Never share them with anyone, including the MetaMask team. We will never ask you to provide your Secret Recovery Phrase.

The MetaMask browser extension is a browser extension that can act as your Ethereum wallet. Unlike traditional wallets, MetaMask requires no additional plug-ins, so you're free to use it in any browser. Once installed, you can view your Ethereum address and send or receive coins to any Ethereum address in turn.

Connect Your Wallet First.

According to the reports, MetaMask failed transactions typically happen when you make a straight purchase on a web3 site without first connecting your wallet. We advise linking your MetaMask wallet before making any purchases to avoid this problem.

While Apple doesn't directly support crypto payment directly, MetaMask users will be redirected to Wyre, a cryptoexchange that facilitates buying and selling of cryptocurrency, users will now have the option to make the payment via credit or debit card through Apple Pay.

Everything is encrypted in your browser and protected via your MetaMask password. So, when you lose your MetaMask accounts and need to restore them, you can only do that with your Secret Recovery Phrase which you initiate when setting up the account. Never use the wallet on a shared computer.

Metamask does not have to send any information to the IRS because Metamask is an ETH wallet, and the IRS cannot keep track of Metamask.

Being quite technical, MetaMask is not suitable for newcomers to the crypto industry. Supports a wide range of Ethereum-based tokens such as Ether (ETH), USD Coin (USDC), Tether (USDT), etc.

Metamask supports all ERC20 tokens, while Coinbase only supports Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic along with 500+ assets. This means that if you want to use Metamask to store your coins and tokens, you'll have a much wider range to choose from.

There are several ways in which an infected computer can cause your wallet to be hacked: A scammer can install keylogger software on your machine and can record your keystrokes, including your password. If the user can get access to your password, your wallet is now available to the scammer and is likely to be drained.

If you've been a victim of these malicious attacks, there may be a way to recover your funds. MetaMask has partnered with Asset Reality to enhance customer support by providing direct access to a third-party who can investigate, track, trace, and potentially attempt to recover funds.

Do you lose gas if transaction fails? ›

Do I get my gas back for a failed transaction (out of gas)? A transaction gas limit that is too low will result in a failed transaction and lost gas fees. This is because miners must consume gas to even attempt to execute the transaction, even if the transaction is not successful.

Please note, there is a 500 dollar weekly purchase limit via this app, so you will be limited in the amount of Ethereum you can add to MetaMask with this method, but it is the most convenient.

The quickest way is to press “Buy ETH” on the home screen of your wallet. Click Buy ETH. You may purchase ETH with Apple Pay (US only), a credit card, or a bank transfer. MetaMask Mobile uses Transak to convert fiat currency into ETH, so you might have different restrictions depending on where you live.

Our providers generally support credit and debit cards: Visa and Mastercard. You can pay with Apple Pay, Google Pay, and PayPal (where available). ACH transfer in the USA and SEPA in Europe.

On Metamask, you can set your gas fee to “Low” before confirming a transaction. If you want to save even more gas, click on Advanced Options.

It's always important to ensure that the site you have linked your MetaMask extension to is reputable, as accounts can be compromised through phishing if users enter their seed phrase into fake websites. If you connect to scam sites and approve the wrong privileges, they can drain your crypto wallet.

Avoid using MetaMask on Android

There is a higher security risk when using the Android applications you've downloaded.

MetaMask will never hand over your wallet to a government entity nor will it ever freeze your wallet like Robinhood did this past spring by restricting users' GameStop equity.

Metamask does not have to send any information to the IRS because Metamask is an ETH wallet, and the IRS cannot keep track of Metamask.

Yes. Any time you receive a 1099 form - the IRS receives an identical copy. So if you avoid reporting your transactions relating to a given 1099 form, the IRS will absolutely know about it.

Can the IRS see my crypto wallet? ›

Yes, the IRS can track cryptocurrency, including Bitcoin, Ether and a huge variety of other cryptocurrencies.

We have compiled a list of solutions that reviewers voted as the best overall alternatives and competitors to Metamask, including Coinbase Wallet, Trust Wallet, MyEtherWallet, and ZenGo.

CryptoVantage Verdict: MetaMask Better for dApps, Coinbase for More Assets. When it's all said and done, the ultimate choice will be determined by a user's preferences and specific needs. Granted, both MetaMask and Coinbase Wallet offer nearly the same functions; however, there are subtle differences to consider.

Congested networks and high demand render the network to levy high gas fee charges and make the transaction too expensive. Popular new NFT releases, for example, on Ethereum are also one of the main reasons that contribute to the high gas fee charges of MetaMask.

While comparing Coinbase vs MetaMask, we can see that Coinbase has a higher Value for Money score compared to MetaMask. Another highly important aspect is the Security Level - it can tell you how safe your crypto assets will be if stored in a certain wallet.

Even though Coinbase has integrated with multiple blockchains, it cannot compete with MetaMask's ability to connect with every dApp on the Ethereum blockchain. In the end, you have to consider accessibility and convenience while picking a wallet, especially to store your assets securely.

Is it cheaper to buy ETH on MetaMask or Coinbase? No, buying ETH directly from MetaMask is very expensive. If you wish to buy Ethereum at a lower cost, the best way is to buy from a crypto exchange and then send it to MetaMask using the ERC20 network.

Here are some ways your Metamask wallet can be hacked: Fake Metamask extension: your wallet can be hacked if you install a fake Metamask extension. If you enter your seed phrase into the fake extension, fraudsters can easily gain access to your account.

Over 20 million users trust MetaMask to keep their accounts and the valuable crypto they hold safe and sound from outside interference. If a part of your crypto investment is suddenly missing from your account, you've unfortunately most likely got hacked. In that case, stay calm and act fast.

According to a revised privacy policy agreement published by ConsenSys on Nov. 23, MetaMask will begin collecting users' IP addresses and Ethereum wallet addresses during on-chain transactions.

Will I lose my Nfts If I reset my MetaMask wallet? ›

Reset wallet will completely remove your wallet from the device, requiring you to restore with your SRP. 'Reset account' will wipe your transaction history, leaving your wallet otherwise untouched.

MetaMask wallet address

This address can be used to receive crypto. You can share this code with others, but never share the other codes with anyone. Your login and recovery data are meant to protect your assets. If others get these codes, they can abuse them and cause you to lose your crypto assets.

You are paying for the computation, regardless of whether your transaction succeeds or fails. Even if it fails, the miners must validate and execute your transaction, which takes computational power. You must pay for that computation, just like you would pay for a successful transaction.

If a gas price is set too low, the transaction could be missed, ignored, or the wallet could become stuck, freezing transactions from that wallet. A wallet will remain stuck until the transaction is resolved.

You don't have to pay gas fees to "mint" each individual item until the item is sold. This is known as lazy minting, which is when an NFT is minted once it's sold (rather than minted upon listing). In general, listing items is gas-free.

It's been widely reported that users will be able to purchase a maximum of $400 worth of crypto per day, but Wyre, a payments API company that MetaMask is using for the Apple Pay integration, lists a $500 daily maximum in their documentation. Regardless, it's never been easier to introduce new users to crypto.

This is a 7-day rolling limit, so when making a purchase, any successful transaction within a 7-day period will count against the purchasing limit. Note: Fees are included in the 500/1000 weekly purchasing limit.

Based on the reports, failed transactions on MetaMask usually occur when you directly purchase on a web3 site without connecting your wallet first. To avoid this issue, we recommend connecting your MetaMask wallet first before buying anything.

There are two ways to add ether to your wallet. If you don't currently own ether, you can: Buy ether directly in MetaMask. This is only possible for US citizens.

Does MetaMask work in USA? ›

Now Metamask users in the US will have an easier way to purchase their crypto thanks to its integration with ACH. Metamask continues to push for leadership in the cryptocurrency wallet industry, offering new tools that make it easier for its users to purchase crypto.

MetaMask users will now be able to fund their crypto wallets via bank transfers instantly, instead of having to wait for traditional fund transfers to clear.

MetaMask users can now buy ETH and other ERC-20 tokens using preferred payment methods such as credit / debit card, bank transfer, and Apple Pay.

You can connect your crypto wallet like MetaMask, WalletConnect, Torus, and so on to pay using cryptocurrencies during shopping.

The price of gas is dynamic and is essentially a product of demand: the more people that are trying to get their transactions processed by the network, the higher it will be.

The scammers prompt the victim to enter their seed phrase into the form, supposedly to unlock the wallet. If the user is taken in and enters the secret phrase, they are redirected to the real MetaMask site, however, their wallet is now in cybercriminal hands.

If you keep using that device to access MetaMask, your future accounts can still be at risk. Embedded malware can detect new logins and make your effort meaningless if it distributes your new data.

Can MetaMask be hacked by connecting? ›

It's always important to ensure that the site you have linked your MetaMask extension to is reputable, as accounts can be compromised through phishing if users enter their seed phrase into fake websites. If you connect to scam sites and approve the wrong privileges, they can drain your crypto wallet.

If you've been a victim of these malicious attacks, there may be a way to recover your funds. MetaMask has partnered with Asset Reality to enhance customer support by providing direct access to a third-party who can investigate, track, trace, and potentially attempt to recover funds.

The first sign it's a fake is the typo in the company name in the e-mail address (metamasks instead of metamask). Another red flag is the domain, (the part of the address after the @ symbol). Respectable companies usually use their name as the domain, for example, account-security-noreply@microsoft.com.

Some scammers offer so-called recovery services to people who have lost money to fraud. If you've lost money in crypto, scammers might try to convince you they can get your money back. (Spoiler alert: they can't.)

MetaMask is a crypto wallet that is connected to the internet. This makes it more vulnerable than offline wallets to hacking, theft, and phishing attacks. For instance, If you were to fall for a phishing email that infected your device with a keylogger or virus, then you could have your credentials and assets stolen.

According to many customer reviews and various side-by-side comparisons, Coinbase is considered to be the safer and more secure choice. If a consumer wants and believes in a decentralized wallet, then MetaMask would be the better choice.

An attacker, or malware, with access to the computer, could then steal the seed and import the wallet on their own devices. This attack would require physically stealing the computer, having remote access, or compromising it with a remote access trojan, which is not uncommon in highly-targeted and persistent attacks.

MetaMask will never hand over your wallet to a government entity nor will it ever freeze your wallet like Robinhood did this past spring by restricting users' GameStop equity.