Metamask is a hot wallet for ERC-20 tokens available for free download online. This wallet is very popular due to the UI and how beginner-friendly it is. The Metamask wallet is available as an extension on Firefox, Brave and Chrome browsers, and can also be downloaded as an app. It also integrates with different decentralized exchanges like Uniswap and searches for the best quotes when trading your tokens. The fact that it is free and accessible makes it a top choice for traders who want an inexpensive way to store ERC-20 tokens. It is also excellent for developers to create their own ERC-20 token and deploying it on a test network.
Metamask allows users to access their accounts even if they lose their computer or password. It is a hot wallet so it can be accessed by any device as long as you have an internet connection and it has a backup system in place using seed words to reactivate a lost account, there is even an option to link your Trezor or Ledger wallet to add more security to your funds.
There are however security concerns with Metamask like with any hot wallet, it is not as secure as an offline option. There is not even a way to authorize 2FA on your account. Also if anyone accesses your seed words then they have access to all your funds which is not ideal. Metamask is also only compatible with Ethereum and its token derivatives so it cannot be the only wallet for someone who wants to diversify their portfolio away from ethereum.