MetaMask is a non-custodial browser extension and mobile wallet for Ethereum and EVM-compatible blockchains, created by ConsenSys and used by more than 30 million active users. It is not a centralised exchange — MetaMask never holds your funds. You hold the private keys, and if you lose your 12-word Secret Recovery Phrase you lose permanent access to your assets with no recovery option. MetaMask charges a 0.875% service fee on in-wallet token swaps; gas fees are additional and paid to the network. It is not a regulated financial product in the UK and carries no FSCS protection. This is information, not financial advice.
What MetaMask is — and what it is not
MetaMask is a self-custody (non-custodial) software wallet. That distinction matters more than any feature comparison: when you create a MetaMask wallet, a set of private keys is generated on your device and protected by your 12-word Secret Recovery Phrase (SRP). MetaMask's servers never see your keys. You are not depositing funds into a company account — you are controlling an on-chain address directly.
That means MetaMask is not a crypto exchange and is not a broker. You cannot fund a MetaMask wallet via bank transfer in the way you fund a Coinbase or Kraken account. You fund it by receiving cryptocurrency from another address or by using a third-party on-ramp (such as a card purchase via a partner provider, which has its own fees and KYC requirements). MetaMask does not operate an order book, does not hold counterparty risk for your funds, and does not have a customer support team that can recover lost assets.
ConsenSys, the company behind MetaMask, was founded by Joe Lubin — one of Ethereum's co-founders — and launched MetaMask in 2016. It remains the dominant browser-extension wallet for the Ethereum ecosystem.
CRITICAL: your seed phrase is your only safety net
The 12-word Secret Recovery Phrase (SRP) generated when you create a MetaMask wallet is the master key to every account in that wallet. If you lose it, MetaMask cannot recover it. There is no password reset, no customer support escalation, no recovery service. Your funds are permanently inaccessible.
The majority of MetaMask 'hacks' reported publicly are not software vulnerabilities in MetaMask itself — they are phishing attacks where a user was deceived into entering their SRP on a fake site, or malware that scanned files where the phrase was stored in plain text. Treat your SRP with the same security as a bearer instrument: write it on paper, store it physically offline in a secure location, never photograph it, never type it into any website or app that asks for it (MetaMask will never ask for your SRP inside the app), and never share it with anyone claiming to be MetaMask support.
There is no 'MetaMask support' that will DM you on Discord, Telegram or X and ask for your phrase. Any such contact is a scam.
Supported chains and how to add networks
MetaMask natively supports Ethereum mainnet. Every other network — Polygon, BNB Smart Chain, Avalanche, Arbitrum, Optimism, Base, Linea and any other EVM-compatible chain — must be added manually via Settings > Networks or via a site like Chainlist (chainlist.org), which auto-populates the correct RPC, chain ID and explorer details.
The key constraint is EVM compatibility. MetaMask only works with chains that implement the Ethereum Virtual Machine standard. It does not natively support Bitcoin, Solana, Cardano, Cosmos or other non-EVM ecosystems. MetaMask Snaps — a plugin system currently in beta — aims to extend MetaMask to non-EVM chains through community-built extensions, but Snaps are experimental and their security has not been audited to the same standard as the core application. Treat any Snap as a third-party extension that introduces its own risk surface.
MetaMask fees: the 0.875% swap fee and gas
MetaMask charges a 0.875% service fee on token swaps executed via the built-in MetaMask Swap aggregator. This fee is taken on top of the best swap route the aggregator sources from DEX protocols (Uniswap, 1inch, Curve and others). The aggregator may find a better price than going directly to one DEX, but after the 0.875% service fee is applied, users should compare the net rate against executing the swap directly on a DEX interface themselves — particularly for larger amounts.
Gas fees are entirely separate and are paid to the network, not to MetaMask. Ethereum mainnet gas fees fluctuate with network congestion and are the primary cost driver for most Ethereum-native transactions. On Layer 2 networks (Arbitrum, Optimism, Base), gas is substantially cheaper — often less than a few cents — which is why many users route DeFi activity through L2s and use mainnet only when necessary.
MetaMask does not charge a fee for simply holding assets, receiving transfers, or connecting to decentralised applications. Fees only arise when you use the built-in Swap feature or when the network charges gas for a transaction you broadcast.
- Swap service fee: 0.875% of the swap amount (MetaMask's revenue; applied within the Swap aggregator).
- Gas fees: variable; paid to the Ethereum or L2 network, not to MetaMask.
- On-ramp fees: charged by the third-party provider (e.g. Transak, MoonPay); MetaMask does not set these.
- Receiving/holding: no fee.
MetaMask Staking: ETH staking via Lido and Rocket Pool
MetaMask includes a native staking interface that lets users stake ETH through Lido Finance (stETH) and Rocket Pool (rETH) directly from the wallet. You do not need to leave the MetaMask interface to access liquid staking. Staking rewards accrue to the liquid staking token, which can be held, transferred or redeemed back to ETH.
Staking via MetaMask inherits the risks of the underlying protocol: smart contract risk from Lido or Rocket Pool, slashing risk if validator nodes misbehave, and liquidity risk if stETH or rETH trades at a discount to ETH. MetaMask does not guarantee staking rates and does not bear protocol risk. Always read the documentation for the underlying staking protocol, not just the MetaMask interface, before staking.
Is MetaMask safe? Security, phishing and self-custody risk
MetaMask's codebase is open-source and has been reviewed by multiple security researchers. As a piece of software, it has a reasonable security track record — material exploits of the MetaMask extension itself are rare. The practical security risk for most users is not a vulnerability in the MetaMask code; it is social engineering and phishing.
Common attack vectors: fake MetaMask browser extensions distributed via unofficial stores; phishing sites that mimic MetaMask's UI and prompt for your SRP; malicious decentralised applications that request excessive token approval permissions; and clipboard-hijacking malware that replaces copied wallet addresses with attacker addresses.
Protective practices: install MetaMask only from metamask.io or the official browser extension store listing; check the extension ID matches the official one; use hardware wallet integration (MetaMask connects to Ledger and Trezor devices, keeping keys in cold storage even while using DApps); revoke unnecessary token approvals regularly via a tool such as revoke.cash; and never approve a 'signature' or 'permit' on a site you did not navigate to intentionally.
MetaMask is not regulated by the FCA, ASIC, MAS or any financial regulator. It is a software tool, not a financial institution. No FSCS protection, no MiCA investor protection and no compensation scheme applies.
MetaMask vs Coinbase Wallet vs Phantom
MetaMask and Coinbase Wallet are both non-custodial EVM wallets. The comparison is closer than MetaMask vs Phantom, because Phantom is primarily a Solana wallet — the ecosystems do not overlap for most users.
Coinbase Wallet (distinct from a Coinbase exchange account) is also self-custodial. Key differences: Coinbase Wallet has a native multi-chain interface that includes Solana alongside EVM chains without needing a Snap; it also has optional cloud-backup of the seed phrase (encrypted, to iCloud or Google Drive), which lowers key-loss risk at the cost of introducing a cloud-provider attack surface. MetaMask has a larger third-party DApp integration base on Ethereum mainnet and L2s, and a longer track record in the ecosystem.
Phantom began as a Solana-only wallet and added Ethereum and Bitcoin support. If your primary activity is on Solana (e.g. Solana-native DeFi, Solana NFTs), Phantom is the dominant choice. If your activity is Ethereum and EVM chains, MetaMask or Coinbase Wallet is the natural fit. There is no single best option — the right wallet depends on which chains you actually use.
- MetaMask: EVM-native, largest DApp integration base on Ethereum and L2s, no built-in cloud backup, 0.875% swap fee.
- Coinbase Wallet: EVM + Solana, optional encrypted cloud backup, connected to Coinbase brand (not the same as a Coinbase account).
- Phantom: Solana-primary, EVM and Bitcoin added, preferred wallet for Solana DeFi and NFT users.
Who should use MetaMask — and who should not
MetaMask is well-suited for users who are actively engaging with Ethereum-ecosystem DeFi, who want direct interaction with EVM-compatible protocols without routing through a centralised exchange, and who understand and accept the full responsibility of self-custody.
It is not a good fit for users who want a regulated product with customer support, fiat on/off-ramp access via bank transfer, or the safety net of a financial compensation scheme. It is also not appropriate for users who are not prepared to secure a seed phrase properly — the most common source of irreversible loss is not a technical exploit but user error in seed phrase management.
For users who want to hold crypto without actively using DeFi, a regulated centralised exchange with strong custody practices may carry a more manageable risk profile than self-custody — but that is a genuine trade-off between counterparty risk and key-management risk, not a safety guarantee either way.
Frequently asked questions
Is MetaMask safe to use?
MetaMask is open-source software with a reasonable track record as a codebase; the most common losses reported by users are phishing attacks and seed phrase mismanagement, not software exploits. Whether it is appropriate for you depends on your ability to secure your Secret Recovery Phrase offline and resist social engineering. MetaMask is not regulated and no compensation scheme protects funds held in it. This is information, not financial advice.
What happens if I lose my MetaMask seed phrase?
If you lose your 12-word Secret Recovery Phrase and no longer have access to the device where the wallet is installed, access to your funds is permanently lost. MetaMask has no recovery mechanism. Write the phrase down on paper, store it securely offline, and never share it with anyone.
What fees does MetaMask charge?
MetaMask charges a 0.875% service fee on token swaps made through the built-in MetaMask Swap aggregator. Gas fees are additional and paid to the underlying network (Ethereum or the L2 you are using), not to MetaMask. There is no fee for simply holding, receiving transfers or connecting to DApps.
Is MetaMask regulated in the UK?
MetaMask is not a regulated financial product in the UK. It is self-custody software, not a financial institution. FSCS protection does not apply to assets held in a MetaMask wallet. If regulation and compensation-scheme protection matter to you, a UK FCA-registered centralised exchange may be more appropriate — though that introduces different (custodial) risks. This is information, not financial advice.
Can MetaMask support Bitcoin or Solana?
MetaMask natively supports Ethereum and EVM-compatible chains only (Polygon, BNB Smart Chain, Avalanche, Arbitrum, Optimism, Base and others). It does not natively support Bitcoin or Solana. MetaMask Snaps (a beta plugin system) may extend support to non-EVM chains via community-built extensions, but Snaps are experimental. For Solana, Phantom is the dominant self-custody option.
What is the difference between MetaMask and Coinbase Wallet?
Both are non-custodial EVM wallets — neither holds your keys. Coinbase Wallet additionally supports Solana and offers optional encrypted cloud backup of the seed phrase; MetaMask has a larger DApp integration base on Ethereum mainnet and L2s and a longer track record in the Ethereum ecosystem. Neither is the 'safer' option in an absolute sense; the right choice depends on which chains you use.
How do I add a network to MetaMask?
Go to Settings > Networks > Add Network in the MetaMask extension or mobile app, and enter the RPC URL, chain ID, currency symbol and block explorer for the network you want. Chainlist (chainlist.org) auto-populates these details for most EVM-compatible networks and is widely used to reduce manual input errors. Always verify the chain ID and RPC URL against the network's official documentation.
How does MetaMask Staking work?
MetaMask Staking lets you stake ETH through Lido Finance (receiving stETH) or Rocket Pool (receiving rETH) directly from the MetaMask interface, without visiting those protocols' own sites. The staked ETH earns network staking rewards that accrue to the liquid staking token. Risks include smart contract risk from the underlying protocol, slashing risk, and the possibility that the liquid token trades at a discount to ETH. MetaMask does not guarantee rates. This is information, not financial advice.
Sources & further reading
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