Whether you’re holding Polygon, Ethereum, Binance Coin or a multitude of coins, a MetaMask wallet will provide you with a safe and easy vault for your crypto investments.
Follow our guide to learn everything you need to know about MetaMask in New Zealand.
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MetaMask Wallet
Purchase Cost: Free
Type of Wallet: Non-custodial
Cold Storage: No
Cryptocurrency NZ selects MetaMask as one of best Ethereum wallets due to its exceptional features. As a free wallet, it offers an accessible entry point for newcomers to the world of Ethereum. Moreover, MetaMask provides excellent customer support for users, making it a reliable choice for New Zealanders.
MetaMask Wallet Pros:
✔️ User-Friendly Interface: MetaMask offers an intuitive and easy-to-use interface, making it accessible for beginners to navigate the world of Ethereum and decentralized applications (DApps).
✔️ Ethereum Compatibility: As an Ethereum wallet, MetaMask supports a wide range of ERC-20 tokens, allowing users to store and manage various cryptocurrencies based on the Ethereum blockchain.
✔️ Browser Extension: MetaMask functions as a browser extension, seamlessly integrating with popular web browsers like Chrome and Firefox, enabling a smooth experience while interacting with DApps on the web.
✔️ Seed Phrase Backup: Users receive a 12-word seed phrase during setup, ensuring a secure backup option for account recovery.
MetaMask Wallet Cons:
❌ Limited Cryptocurrency Support: While it excels with Ethereum-based assets, MetaMask’s support for other blockchains or cryptocurrencies is more limited.
❌ Security Concerns: As a browser extension, MetaMask may be vulnerable to phishing attacks or malicious browser extensions in New Zealand.
❌ Internet Dependence: MetaMask relies on an active internet connection and browser access, which may restrict its usability in offline situations.
❌ Centralization Concerns: Since MetaMask interacts with DApps through a centralized service, there are debates about whether it aligns with the principles of full decentralization promoted by blockchain technology.
Launched in 2016 by Consensys, a New York-based Ethereum development company, MetaMask was created to offer a secure solution for storing and managing Ethereum-based tokens. This non-custodial wallet has since evolved into a versatile platform that supports ETH and an array of EMV-compatible blockchains.
MetaMask facilitates the purchase of Ethereum (ETH) and other Ethereum tokens using fiat currency. Additionally, it empowers users to directly swap tokens via decentralized trading pools within the application.
For comprehensive insights into MetaMask, Cryptocurrency NZ recommends checking out our What is MetaMask NZ guide for a deeper understanding.
What is MetaMask Wallet?
MetaMask is a powerful, user-friendly, free browser extension crypto wallet that is changing the way New Zealanders interact with the Ethereum and other blockchains.
Metamask’s wallet and mobile app lets users to securely store, manage, and send Ethereum and other tokens through the comfort of your Brave, Google or other browser.
It’s the ultimate tool for anyone looking to stay on top of the rapidly evolving world of cryptocurrency in New Zealand. Say goodbye to complicated and time-consuming wallet management and hello to the future of digital finance with MetaMask.
Is MetaMask Wallet Safe?
When it comes to your hard-earned crypto, you want to make sure it’s in good hands, that’s exactly what MetaMask offers; a secure fortress for your digital assets. This powerful digital wallet uses advanced encryption to lock up your private keys, the keys to your Ethereum and other ERC-20 tokens, tight.
Plus, with features like seed phrase recovery, two-factor and biometric authentication, you can rest easy knowing that even if your device gets lost, your cryptocurrency will stay safe.
But MetaMask doesn’t just keep your assets secure, it also helps you stay safe from bad actors on the web. With its built-in smart contract verification and phishing protection, you can trust that the dApps you interact with are the real deal, and not a evil character
Securing Your MetaMask Wallet
Securing your MetaMask holdings demands a robust wallet recovery plan. Over six cryptocurrency years, I’ve seen Kiwis lose funds due to poor key management.
Understanding your private key’s role is vital. It’s your access and ownership. With your 12-word seed phrase and password, it forms a trio for secure backup.
The seed phrase, a master backup code, is crucial. MetaMask handles key storage, but documenting private keys manually adds security.
Create a backup: document your 12 words, private keys, and password. For advanced backup, distribute copies to secure NZ locations, ensuring redundancy.
Learn How to Backup Your Cryptocurrency Wallet
In the world of crypto, security is paramount. With great power comes great responsibility – and becoming your own bank means you must also secure your own backup system.
What are MetaMask Wallet Fees?
When using MetaMask, you will need to pay a small fee for each transaction you make on the Ethereum network. These fees are called “gas fees” and they are used to pay for the computational resources required to process your transaction. Gas fees are paid in Ether (ETH), the native crypto of the Ethereum network. It’s important to note that the amount of gas fee required for a transaction also depends on the complexity of the transaction.
MetaMask calculates the suggested gas fee based on the current network conditions, but you can also manually adjust the gas fee to be higher or lower. A higher gas fee will ensure that your transaction is processed more quickly, while a lower gas fee may be slower.
Remember: If you set the gas fee too low, your transaction may not be processed at all.
It’s important to keep an eye on the gas fee when using MetaMask, as it can change depending on the current network conditions. During times of high network congestion, gas fees may be higher. But don’t be discouraged, using MetaMask is still an easy and secure way to manage your Ethereum and other ERC-20 tokens.
How to Install MetaMask in NZ
Start by going to the MetaMask website (https://metamask.io/) and click on the “Install MetaMask for Chrome” button
Click “Add to Browser” on the pop-up window that appears.
Click “Add Extension” on the next pop-up window.
Once the extension is installed, you will see the MetaMask icon in the top right corner.
Create a strong and unique password for your MetaMask account.
Write down your seed phrase (a set of 12 words) and store it in a secure location. (Ideally multiple copies). This is your backup and recovery phrase.
Then confirm your seed phrase by typing it in the correct order. Once that is complete your MetaMask account is now set up and ready to use.
How to Add Cryptocurrencies to MetaMask?
1. First, make sure you have the MetaMask browser extension installed and have set up your account.
2. Click on the MetaMask icon in the top right corner of your browser to open the app.
3. Unlock your MetaMask account by entering your password.
4. Click on the “Import Token” button located at the bottom of the page.
5. You can either manually enter the token contract address or search for it in the list of popular tokens.
6. Once the token is added, you will be able to see your balance and transaction history in the MetaMask app.
7. To add more crypto to your MetaMask wallet, you will need to send it to your Ethereum address.
Alternatives to MetaMask
When it comes to digital wallets, there’s more than one fish in the sea. Just like how some people prefer sushi while others prefer tacos, different wallets cater to different needs. So, if you’re looking for an alternative to MetaMask, there are plenty of options to choose.
For example, MyEtherWallet is a popular option for storing Ethereum and ERC-20 tokens. It’s a little more hands-on, which allows you to control your private keys directly. Alternatively, you could try Trust Wallet, which also supports Ethereum and other chains, but with a more user-friendly interface and built-in dApp browser.
Let’s not forget about hardware wallets like Ledger and Trezor, these bad boys are like Fort Knox for your crypto, offering the highest level of security for long-term storage. The point is, there’s no one-size-fits-all when it comes to digital wallets, so don’t be afraid to explore different options and find the one that best fits your needs.
Cryptocurrency NZ Final Verdict
MetaMask is one of the most widely used and popular cryptocurrency wallets in New Zealand – that allows users to easily and securely manage their cryptocurrencies.
It is a browser extension that can be installed on Chrome, Firefox, Brave, and Edge. MetaMask, users can easily send and receive crypto, check their balance, and add new tokens. It’s important to keep in mind that MetaMask is a hot wallet.
Overall, MetaMask is a user-friendly and secure option for managing your crypto assets.
