So there’s a few potential scenarios.
Either … you’ve been in crypto for ages and you’ve only just decided to figure out how to install MetaMask; or, you’re a newbie and someones heckling you to get into crypto–in which case, hello, don’t worry, it’s safe, you can relax.
Here’s the summarized version of everything you need to know before you let yourself loose on the scrollwheel.
- MetaMask is an application that you install
- It allows users to create, use and manage cryptocurrency wallets
- It works with multiple cryptocurrencies, provided they are based on Ethereum (ERC-20 tokens)
- It can also (provided you set it up correctly) work with Binance Smart Chain, Avalanche and Polkadot-based currencies; this “more complex network hacky stuff” isn’t covered here, and doesn’t need to be.
Great, now you know have the facts: go ahead and start scrolling.
Install the extension from a trusted source
Go to the MetaMask official website. Then, Install Metamask via Chrome; assuming that’s where you want to install it to.
Make sure you’re getting a legitimate version of metamask. By going via the official site, you can be sure you’re getting the correct version of MetaMask. If installing the browser extension, you’ll be sent to the Chrome web store.
Add the extension to your browser. You’ll be able to access Metamask via your Chrome extensions. See the Fox icon in my chrome browser(below).
If you don’t see the extension, click on the greyed-out puzzle piece. This will show you the list of all your extensions. If you need to, pin the MetaMask extension so you can easily access it.
Creating a wallet
Open the extension, and click Create a new wallet. If this is your first time installing, you’ll be asked for a password and an account name.
It goes without saying, you should remember your password if you want to access your wallet.
You’ll be given a seed phrase, protect it with your life. Make sure you store your MetaMask seed phrase in a safe place. Most people recommend writing it down on paper, as it’s potentially safer than if you leave a plain text master key to your wallet on your computer. The seed phrase is used to restore access.
That’s how easy it is. Following your setup, you’ll immediately have access to your wallet(s). You can flick through each of the options; buy, send, swap. And also view the assets tab where your cryptos are stored, and the activity tab which tracks any past and pending transactions.
Find your MetaMask Wallet Address(es)
Go to your accounts by clicking the icon in the top corner, then select the appropriate account. Once switching to the appropriate account, you’ll then be able to see how many funds you have and be able to get your address.
Click on the wallet name with the truncated address below it. It should highlight grey on hover.
On clicking, it will copy your public key for you. This is the address you can safely give to others in order to send you funds.
You’ll then be able to paste the address that has been copied wherever you want to. Whether you paste it directly to an exchange, or send it to a friend.
Sending crypto your wallet
If you want to send funds, from Binance for example, simply use the public key address we got previously and send the funds.
- Grab the accounts address
- Paste it where you need to
- Send the funds
Fees are inevitable at present. So send larger amounts in fewer transactions. In the future, these fees will be reduced with the introduction of ETH 2.0.
Transaction times, tracking
It may take a few minutes to process, but you can track the transaction using an Ethereum block explorer. I pasted my wallet address on EtherScan.io.
I can see the transaction has begun, now I just need to wait for it to arrive in my wallet.
It doesn’t take that long, usually. And a few seconds later, I can see my Ether in my Metamask wallet!
If you don’t see it, make sure that the transaction has completed on Etherscan, makes sure that you’re look at the correct wallet, and make sure that you’re looking at the assets tab.
Sending funds from MetaMask
Sending funds from MetaMask is also quite simple to do. Simply hit the send button, then fill in the required addresses.
Once you’ve put in your address, you can choose how much ETH (or any other token) that you want to send.
The transaction fee is also displayed and can be edited. Note that if you lower the transaction fee too much it will take a long (potentially a very long) time to process.
MetaMask is an efficient, user-friendly, simple-to-install wallet. Goto the MetaMask site, hit download, then get the Browser Extension for Chrome.
Once you’re installed, you’ll be able to create accounts and send and receive Ethereum-based tokens.
More token compatibility will be added in the future, but for now MetaMask should suffice.
Metamask integrates directly with decentralized exchanges like Uniswap. Giving you access to a multitude of interesting, newer projects.