Beginner
MetaMask is one of the most well-known and popular crypto wallets — and for a good reason. It’s intuitive and simple to use. Many crypto investors choose it as their crypto wallet of choice.
Today, let’s take a look at what makes it so special and see how you can use it to your advantage.
MetaMask can be described as a hot, non-custodial crypto wallet. So… what does this mean, exactly?
To put it simply, MetaMask does not require you to own an actual physical device to store your cryptocurrencies — this wallet can be accessed via a browser or a mobile app, which makes it easy to use MetaMask on the go. Its non-custodial design means that you are the only one who has full control over your keys.
Unlike crypto exchange wallets — the ones that store your funds when you trade on Binance or Coinbase — MetaMask is completely decentralized, open source, and much more private. There are some limitations to this system.
First, this wallet can store up to 450K cryptocurrencies. But those tokens are only available on the Ethereum network. That’s a lot of tokens — but still, that does limit your choices somehow, especially when it comes to getting popular cryptocurrencies like BTC or Dogecoin.
However, this drawback also gives way to one of MetaMask’s biggest advantages: its ability to seamlessly interact with smart contract-based projects that are live on the Ethereum network or its layer 2 solutions.
MetaMask doesn’t just store your funds: it allows you to actually Use them. The wallet can be integrated with many different DEXs, dApps, and traditional markets. These are just a few of the many other benefits it offers:
- Top-notch security: MetaMask makes it easy to backup your accounts using hierarchical, deterministic settings.
- All-in-one: This wallet makes it easy to store, buy and use crypto without the need for a complicated interface.
- DApp access: the wallet provides users with a single sign-in option for Ethereum dApps — you won’t have to get separate logins and passwords.
- Beginner-friendly: MetaMask’s interface is simple and user-friendly. There are also many tips in the app.
- Low fees in addition to any network fees, MetaMask will also charge users a low fee of 0.3%–0.875% for any swaps.
- Hardware wallet integrations you won’t need to choose between a cold and a hot wallet if you’re using MetaMask.
MetaMask also has its downsides. Hot wallets are less secure than cold ones. The browser version is particularly vulnerable to hackers and other criminals. However, these concerns plague pretty much all hot wallets — it is the price one has to pay for increased usability and functionality.
MetaMask, dApps (Decentralized Applications),
MetaMask is a key component in making dApps more accessible. Most decentralized applications, including DEXs, require you to connect a wallet to them, and that’s where MetaMask comes in.
But that’s not all! MetaMask can also be used to enhance the dApp industry in two additional ways. Here are two more ways MetaMask can enhance the dApp industry.
- MetaMask runs Infura. It is preloaded with an efficient connection to the Ethereum network. Developers can create a new dApp by using Infura without the need to setup and manage a network node.
- MetaMask is compatible with Chrome, Firefox Edge, Edge, Brave, and Edge browsers. It is much easier for developers to create dApps which will work within these browsers.
MetaMask’s benefits are not only for users, but also for developers and the entire industry. It is undoubtedly a crucial piece of the DeFi industry.
Now that we’ve taken a look at what makes this wallet special, let’s get our hands on it!
MetaMask Installation
MetaMask can be downloaded for free and installed in less than a minute, depending on the speed of your Internet connection. The installation process may vary slightly depending on which platform you choose.
Browser Version
Go to the metamask.io website and click on the “Download for [your browser]” button. MetaMask’s browser version is available for Chrome Firefox, Brave and Edge. It will open in a new tab.
Mobile
MetaMask is free for both iOS and Android users. Follow these links here You can also look it up on your app marketplace.
How to Create a MetaMaskAccount
No matter what platform you’re using, creating a MetaMask account is incredibly easy. When you first open it, you will also have an option to import your existing MetaMask wallet — that is useful if you ever decide to use your wallet on another OS.
Simply click “Create New Account” to start setting up your wallet. MetaMask will ask you to access some of your usage data. This is the first screen that you’ll see. Although it’s the kind of data that is safe to share, you can safely click “No Thanks.” It won’t change anything about your experience of using the wallet, and it’s always better to be safe than sorry.
After creating a password, you must agree to the Terms and Use.
MetaMask next will remind you of how important the Security Recovery Phrase is. It is crucial that you remember this phrase and keep it safe. Do not Put it in your Notes App, do not Take a screenshot. It can compromise your safety.
Recall your security phrase, and make sure to write it down somewhere safe. If you don’t have any paper on you or don’t have anywhere to store it right at that moment, don’t fret — you will be able to access it later using your password. It is important to note that the password will be required for the next step. You can either temporarily copy it or memorize it.
Next, you will need to solve the puzzle by entering the security phrase in the correct sequence. Once you’re done, click “Confirm” and then “All Done,” and be greeted by the interface of your new wallet. Now you have your MetaMask account!
Transfer funds to your MetaMask accounts
There are many ways to add funds into your MetaMask accounts. Let’s explore three main ones: transferring them from another wallet, using your wallet to buy crypto on another exchange, or buying funds within the app itself.
Another wallet
To transfer funds from another wallet to your MetaMask account, simply copy your wallet address, which can be found at the top of your account overview page (0x9… in the screenshot). Simply click on the link to copy it to your clipboard.
Please make sure that the tokens or coins you’re sending are supported by MetaMask and that you’re sending them via the correct chain.
Use an External Exchange
MetaMask doesn’t have a crypto purchasing function, but you can still top it up using an external exchange like Changelly. Go to the crypto marketplace of your choice and then simply enter your MetaMask wallet address in the “Recipient” bar.
Using the Built-In Exchange
To buy crypto inside the MetaMask app, click the “Buy” button on the main screen.
- A list of fiat providers will appear. Select the one that you like best, and then click on “Next”. You will then be redirected to the provider’s platform.
- On the provider’s platform, enter the amount of fiat you want to spend and check if you’re okay with the fees and the available rate.
- To complete the transaction, follow the instructions of the fiat provider.
MetaMask – Crypto Exchange
Click the “Swap” button on MetaMask’s main screen to initiate an exchange.
First, select the crypto pair you’d like to swap. Then, enter the amount you want to spend and click “Get quotes.”
Double-check everything to make sure the rate and the estimated fuel fee are correct. Please note that to ensure your transaction goes through as planned, your wallet should have enough funds to cover the “Max fee” amount.
If you’re fine with the quote and the estimated gas fee, follow the onscreen instructions and swipe the slider at the bottom of the page to get your crypto.
What’s Next?
You can now think about what you should do with your crypto once it is safe in your MetaMask account. If you have large amounts of crypto and want to hodl it, it may be a smart idea to transfer some to a physical wallet.
Alternatively, you can use your MetaMask account to trade, buy stuff — like VPN, airline tickets, or maybe a new NFT — or simply send some money to your friends and family. The sky’s the limit!
FAQ
What does MetaMask do exactly?
MetaMask can be used to store, buy and exchange cryptocurrency. It can also make payments on dApps and other online marketplaces.
MetaMask: Is it a wallet?
MetaMask, a cryptocurrency wallet that can also be used to exchange cryptos, is simple and easy to use.
What’s the difference between MetaMask and Coinbase?
MetaMask can be described as a wallet and Coinbase an exchange. Although they share many similarities, there are also some differences between the two. MetaMask, unlike Coinbase does not support tokens and ETH on the Ethereum blockchain.
Disclaimer: The contents of this article do not constitute financial or investment advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. This information is provided without warranty as to its accuracy, reliability, and completeness. The volatility of the cryptocurrency market is high and there are occasional arbitrary moves. Before making an investment, any investor, trader or regular crypto user should investigate multiple perspectives and learn all applicable regulations.