Before owning any crypto wallet the most common question that runs through the mind of traders is “How secure this wallet is?”
But, do you have an accurate answer to this question? Probably, the answer would be no, because when it comes to the security of your funds, you can’t take a risk just by considering the ratings and reviews because all the glitters are not gold, so you have to do a thorough exploration.
Well! If you are using a MetaMask Chrome extension and want to know if it is safe or not, this read will be way too beneficial for you as we will discuss all you need to know about the security of the MetaMask wallet.
MetaMask: Prior choice of Ethereum traders
Before exploring the security facets of MetaMask it’s good to know the Metamask Extension briefly. So, I’m going to elaborate on it in a nutshell. MetaMask serves as a perfect integration of a crypto wallet and a web plugin which is used to transfer, stake or manage crypto assets.
It claims to offer stand-out security measures to user accounts, let’s have a glance at key components of the MetaMask Chrome extension which play a crucial role in the security of your MetaMask account.
Major elements used by MetaMask to ensure security
- MetaMask password: It serves as a temporary lock to protect your MetaMask account and is easily recoverable by using your registered email address.
- Private Key: MetaMask allows its users to create more than one account in a single wallet and every account holds its own private key. This key is used to import the particular account into another wallet.
- Secret Recovery Phrase: This phrase is revealed to you while generating your wallet and used to restore your wallet in case you are getting any breaches in logging in or have forgotten your password.
Tips to enhance the security of your MetaMask wallet
- Never ever share your private key with anyone, no matter how close they are because it can put your assets at risk.
- Try to not put a large amount of assets in a single wallet, it can reduce the risks of bigger losses.
- Always keep your secret recovery phrase in a secure document; sharing this piece of data can be your fatuous decision ever and can lead to major damage.
- Your device or browser can get hacked easily so to ensure security, never store elements related to security in your PC or browser.
- Lock your MetaMask Chrome extension when it is not in use and try not to click on any suspicious links.
A stitch in time can save nine, so it is necessary to keep the security of your assets first. Considering that, in this read, I have mentioned key components of security and a few things to take notice of to ensure the security of your MetaMask Chrome extension.
In all, the security of a hot wallet is comparatively more dependent on users than MetaMask, so make sure to share that responsibility and then MetaMask will become your most handy and safe companion in your trading journey.