Our review of the MetaMask platform - 2.5/5

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MetaMask in brief

Our opinion of MetaMask

MetaMask is a widely used non-custodial crypto wallet that offers seamless access to decentralized applications (dApps) and Web3 services. We liked its straightforward browser extension and mobile app, which allow for quick access to Ethereum-based assets. The ability to connect with hardware wallets like Ledger and Trezor adds an extra layer of security, which is crucial given the increasing number of phishing attacks targeting crypto wallets.

However, we would have liked to see better security features, such as two-factor authentication, to mitigate risks associated with phishing scams and malware. The lack of customer support is a major drawback—users facing issues with lost funds or transaction failures have no direct assistance apart from community forums and automated FAQs. Additionally, MetaMask is not regulated by any Canadian financial authority, which may be a concern for those looking for investor protection.

Transaction fees were another downside. While Ethereum gas fees are expected, MetaMask also charges an additional service fee on swaps, making it a costly choice compared to other multi-chain wallets that offer lower transaction costs. Beginners might also find the wallet overwhelming, as setting up custom networks, managing gas fees, and handling private keys require some level of technical knowledge.

Who is MetaMask best for?

MetaMask is best suited for experienced crypto users and DeFi traders who need direct access to decentralized exchanges, NFT marketplaces, and Web3 applications. For those looking for a secure and regulated platform with direct fiat on-ramps, alternative wallets and brokers may be a better choice.

Before you zero in on MetaMask, compare the best crypto trading platforms in Canada:

Let's find out more about our test results on MetaMask.

Reliability and Security 2/5

MetaMask was launched in 2016 by ConsenSys, a blockchain technology company specializing in Ethereum-based solutions. Over the years, it has grown into one of the most widely used crypto wallets, with over 30 million monthly active users worldwide. Despite its popularity, MetaMask remains unregulated by any Canadian financial authority, including the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC). This means it does not offer the investor protections that regulated brokers and exchanges in Canada provide.

The wallet has received industry recognition for its contributions to decentralized finance (DeFi) and Web3 but has not won major awards in the financial sector. While it is a leading tool for interacting with dApps and NFTs, its lack of regulation raises concerns for users seeking compliance with Canadian financial standards.

In terms of security, MetaMask is a non-custodial wallet, meaning users have full control over their private keys. While this eliminates third-party risk, it also means there is no recourse if funds are lost or stolen. We would have liked to see additional risk-control measures, such as two-factor authentication (2FA) or built-in transaction monitoring to alert users of suspicious activity. Currently, the main risk-control features include encrypted private key storage and optional integration with hardware wallets like Ledger and Trezor.

Cryptocurrencies Available 2.5/5

MetaMask is primarily positioned as a wallet rather than a full-service exchange, meaning it does not directly offer a selection of cryptocurrencies for purchase. Instead, it provides access to Ethereum-based assets and tokens from compatible networks, limiting its diversity compared to centralized exchanges that support multiple blockchains.

While MetaMask excels in supporting ERC-20 and ERC-721 tokens, its lack of direct integration with Bitcoin, Solana, or other major blockchains makes it less versatile for traders seeking a broad range of crypto assets.

Below is an overview of the asset types available on MetaMask compared to the market average:

While MetaMask provides access to a large number of Ethereum-based tokens and NFTs, its lack of multi-chain support severely limits its asset diversity. Unlike exchanges that allow users to trade Bitcoin, Solana, or BNB directly, MetaMask requires users to manually configure networks or use bridges, adding complexity and additional transaction fees.

Our opinion on MetaMask's offerings

MetaMask is a strong choice for Ethereum users but is significantly less diverse than major crypto exchanges and multi-chain wallets. The lack of native support for Bitcoin and alternative blockchain ecosystems makes it less suitable for traders looking for a wide variety of assets in one place.

Services and Tools 2/5

MetaMask is primarily designed as a non-custodial crypto wallet, focusing on asset storage and decentralized application (dApp) integration rather than offering full brokerage services. While it provides essential tools for managing Ethereum-based assets, it lacks many features commonly found on centralized exchanges and multi-chain wallets.

Available Services

• 💳 Crypto Card: ❌ MetaMask does not offer a crypto debit card, unlike some competitors that allow users to spend crypto directly.
• 💰 Staking: ❌ Users must connect MetaMask to third-party platforms to stake ETH or other tokens, adding complexity and security risks.
• 🔄 Lending & Borrowing: ❌ No built-in lending or borrowing services; users must access DeFi platforms like Aave through the wallet.
• 🌾 Farming: ❌ MetaMask does not support native yield farming, requiring users to interact with external DeFi protocols.
• ⚙️ Swaps: ✅ MetaMask includes a swap feature allowing users to exchange ERC-20 tokens directly, but it incurs high service fees.
• 🌐 dApp Integration: ✅ One of MetaMask’s strengths is its seamless connection to decentralized applications, including DeFi, NFT platforms, and Web3 services.

While MetaMask excels in Web3 and DeFi connectivity, it falls short in providing core financial services like staking, lending, and crypto cards. Most of these services require third-party platforms, increasing risks and adding complexity for users.

Fees and Commissions 2/5

MetaMask positions itself as a self-custodial wallet rather than a traditional crypto broker, which means it does not charge trading fees in the same way as centralized exchanges. However, its swap feature comes with additional service fees, making it more expensive compared to other platforms. The wallet relies on the Ethereum network, where gas fees can be high, especially during peak congestion times.

While MetaMask does not charge deposit or withdrawal fees (since it does not hold user funds), the transaction costs depend on network activity, making it an unpredictable and sometimes expensive option. Below is a comparison of fees for commonly traded cryptocurrencies:

Fees Comparison: MetaMask vs Market Average

Other Fees

• Deposit Fees: ❌ No direct deposits (relies on third-party services with high fees)
• Withdrawal Fees: ❌ No direct withdrawals (only gas fees for transactions)
• Conversion Fees: ✅ 0.875% service fee for swaps (higher than centralized exchanges)
• Inactivity Fees: ❌ No inactivity fees (since it's a non-custodial wallet)

Our opinion on MetaMask's fees and commissions

MetaMask is significantly more expensive than traditional crypto brokers when using its swap feature due to high service fees and unpredictable gas costs. Additionally, its lack of support for non-Ethereum assets means users often need to rely on third-party exchanges, adding extra costs. For traders seeking low fees and predictable costs, centralized exchanges provide a more cost-effective alternative.

Customer Reviews 1.4/5

MetaMask has a Trustpilot rating of 1.4/5 based on 586 reviews, with many users reporting issues related to security risks, high fees, and lack of customer support. Below are three recent reviews from Canadian users describing their experiences:

Here are some recent reviews from Canadian users:

• Mark T (January 15, 2025): "I’ve been using MetaMask for a few months, and while it works well with DeFi apps, the fees are outrageous. I tried swapping some USDC to ETH, and the total cost ended up being much higher than expected because of both the gas fees and the extra service fee. What’s worse is that my transaction failed twice, but I still got charged gas fees each time. There’s no way to contact support, just automated responses. Won’t be using it for swaps again."
• Sarah L (December 3, 2024): "I lost access to my MetaMask wallet after my laptop crashed, and despite having my recovery phrase, I was unable to retrieve my funds. Every time I entered the phrase, the app gave an error, and there was no way to reach support for help. I looked through forums, and apparently, this is a known issue, but MetaMask does nothing about it. I had several NFTs stored in my wallet that are now completely gone. Very frustrating!"
• Alex R (November 20, 2024): "MetaMask is great for connecting to Web3, but if you’re new to crypto, this wallet is a nightmare. Setting up a network manually just to use a different blockchain is a hassle, and there are no clear instructions. I tried sending some MATIC from my MetaMask wallet, but the transaction never arrived, and there’s no support to help track what went wrong. Compared to other wallets, this feels outdated and unnecessarily complicated."

How does MetaMask compare to other Crypto brokers?

Conclusion of our analysis of MetaMask

Testing MetaMask against other platforms highlights its limitations as a crypto trading and financial services provider. While it serves as a popular gateway to Web3 applications and decentralized finance, it lacks core features like fiat deposits, staking, and lending, which are standard on other platforms. The high fees for swaps and the complete absence of regulatory oversight also make it a risky choice for users who prioritize security and compliance.

The platform is best suited for experienced DeFi users rather than casual traders looking for a straightforward way to buy, sell, and earn on crypto assets. While its Ethereum-based ecosystem is extensive, those seeking a broader asset selection, lower fees, and direct fiat services may find other platforms more convenient and cost-effective.

Before opening an account on MetaMask, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with MetaMask?

MetaMask does not offer traditional account tiers like centralized brokers. Instead, it provides a single non-custodial wallet that users can customize based on their needs. However, the experience varies depending on how users interact with the wallet, including standard use, advanced DeFi engagement, and hardware wallet integration.

Below is an overview of the different ways MetaMask can be used:

While all MetaMask wallets function similarly, the level of security and usability changes depending on the setup and purpose of the account.

Standard Wallet

A basic MetaMask account allows users to store and send Ethereum and ERC-20 tokens. Transactions are signed using the private key stored on the user’s device, and the wallet connects easily to decentralized applications (dApps). However, there are no additional security features like two-factor authentication (2FA), making it more vulnerable to phishing attacks and malware.

DeFi & dApp User

Users interacting with DeFi platforms, staking services, and NFT marketplaces can customize their MetaMask wallet to connect with multiple decentralized applications. This type of usage allows for token swaps, yield farming, and governance participation but exposes the wallet to greater risks, including smart contract vulnerabilities and scams.

Hardware Wallet Integration

For the highest level of security, MetaMask supports Ledger and Trezor hardware wallets. This setup stores private keys offline, reducing the risk of theft or phishing. However, hardware wallets have limited compatibility with certain dApps and can add extra steps when signing transactions.

How do deposits and withdrawals work with MetaMask?

MetaMask does not handle direct fiat deposits or withdrawals like traditional brokers. Instead, users must rely on third-party providers to purchase cryptocurrencies or transfer funds between wallets. Below is a summary of the available deposit and withdrawal options:

Unlike regulated brokers and exchanges, MetaMask does not support direct fiat deposits or withdrawals, requiring users to rely on third-party services to buy crypto. This adds extra costs, as fees from providers like MoonPay and Transak can be significantly higher than depositing via bank transfer or e-transfer on Canadian exchanges. Additionally, all transactions involving crypto withdrawals require gas fees, which can fluctuate and become expensive, particularly on the Ethereum network.

Good to know

Compared to competitors that offer low-cost direct deposits, faster withdrawals, and regulated payment methods, MetaMask falls short in terms of ease of use, affordability, and convenience for Canadian users. Those looking for a seamless fiat-to-crypto experience with lower fees may find traditional exchanges a better choice.

Does MetaMask offer crypto staking?

MetaMask does not have built-in staking or lending features, but it allows users to access decentralized finance (DeFi) platforms that offer these services. This means that while staking and lending are possible through MetaMask, they are not native features and require interaction with third-party protocols, which come with additional risks.

Staking on MetaMask

MetaMask does not provide direct staking, but users can stake Ethereum (ETH) and other ERC-20 tokens by connecting their wallet to DeFi staking platforms like Lido, Rocket Pool, or StakeWise. However, staking through these platforms means users must pay Ethereum gas fees for transactions, which can be high.

Below is a summary of staking options available through MetaMask-compatible platforms:

While staking is possible, MetaMask does not offer customer support for these third-party services, meaning users must trust external DeFi platforms and manage security risks themselves.

Lending on MetaMask

Like staking, MetaMask does not have a native lending feature, but it allows users to connect to lending protocols like Aave, Compound, and MakerDAO. These platforms let users lend crypto assets and earn interest or borrow funds using their holdings as collateral.

Lending through MetaMask-connected platforms provides access to DeFi interest rates, but users must be aware of liquidation risks, smart contract vulnerabilities, and fluctuating APYs. Additionally, interest rates can change rapidly depending on market demand, making it less predictable than traditional lending services.

How are revenues generated by MetaMask taxed?

Since MetaMask is a non-custodial wallet and not a regulated exchange, it does not report transactions to the Canada Revenue Agency (CRA). However, Canadian users are still required to declare income generated from trading, staking, and lending using the wallet.

Capital Gains Tax

If you buy and sell cryptocurrencies through MetaMask (e.g., swapping ETH for USDC), any profit made is considered a capital gain. 50% of the capital gain is taxable at your marginal tax rate. If you incur a loss, it can be used to offset capital gains in the same or future years.

Business Income Tax

If you frequently trade crypto or operate as a business (e.g., day trading or providing liquidity in DeFi protocols), your profits are fully taxable as business income instead of capital gains. 100% of business income is taxable at your personal or corporate tax rate.

Staking and Lending Income

Rewards earned from staking ETH via MetaMask-connected protocols or lending crypto on DeFi platforms are treated as income when received. The value of the rewards at the time they are received is fully taxable as income tax. If the crypto is later sold at a higher price, a capital gain also applies on the increase in value.

How to declare your crypto income in Canada

• Track Transactions: Since MetaMask does not generate tax reports, users must keep track of all buy, sell, swap, and staking transactions manually or with crypto tax software.
• Use the Correct Tax Forms:
• Capital gains are reported on Schedule 3 of the T1 Tax Return.
• Business income is reported as self-employment income on the T2125 form.
• Staking and lending income is reported as other income on the tax return.
• Convert Crypto to CAD for Tax Calculation: The CRA requires all crypto transactions to be converted to Canadian dollars (CAD) at the fair market value on the date of the transaction.
• Keep Records for 6 Years: The CRA may audit crypto transactions, so users must keep records of wallet addresses, transaction history, and fiat conversions for at least six years.

Watch out!

MetaMask does not provide tax reporting tools, and users are fully responsible for tracking and reporting crypto transactions to the CRA. Failure to report income from trading, staking, or lending can result in penalties and audits. Those who engage in frequent crypto trading or DeFi activities should consider using crypto tax software or consulting a tax professional to ensure compliance.

Contact: How to contact MetaMask customer service?

MetaMask does not offer direct customer support via phone, live chat, or email, which makes it difficult for users to get real-time assistance. Instead, support is handled through self-help articles, community forums, and social media interactions. Below is a summary of available contact options for different types of requests:

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.