Is-it protected if we use a master password ?
Sure, if you use strong enough master password.
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Is-it protected if we use a master password ?
Saved passwords (unless protected by master password) are stored in a manner that they can easily be recovered. It is not possible to securely encrypt passwords in a way that still allows for automatic use. Do not use the save password feature if you are not absolutely sure of the physical and electronic security of the system on which you are storing passwords.