How to Setup a MetaMask Wallet
This step-by-step guide will help you set up your new MetaMask wallet that is trusted by more than 21 million users worldwide and is free and secure to use.
Crypto wallets are used to keep your digital currency safe. A crypto wallet is your personal key to transact with a blockchain and enables you to buy, sell or transfer assets on the blockchain.
MetaMask is one of the most popular software wallets due to its interoperability with practically all Ethereum-based platforms. This platform surpassed 10 million monthly users in August, it can connect to more than 3,700 decentralized applications, or dApps, and Web3 services.
MetaMask is your gateway to everything Ethereum. You can buy Ethereum-based coins like Apecoin, or jump into liquidity pools like $Primate-$APE via Sushiswap. You can even connect MetaMask to platforms such as Opensea or LooksRare to purchase NFTs.
This crypto wallet is available as an app for iOS and Android and can be used as an extension with a few web browsers: Chrome, Firefox, Brave, and Edge. Its ease of access and browser-extension application makes it an appealing tool for both buyers and sellers.
Online wallets are considered the best way for beginners to start their journey in storing digital assets as they are intuitive and can be accessed through a phone. MetaMask is a household name in the crypto community, and lots of crypto fans have been using MetaMask since its inception in 2017.
What is Metamask?
MetaMask was created by ConsenSys, a New York-based software blockchain company founded by Joseph Lubin in 2015. This free online wallet is known for its fox logo and colorful interface. It allows users to store and manage account keys, broadcast transactions, send and receive Ethereum-based cryptocurrencies and tokens, and securely connect to decentralized applications through a compatible web browser or the mobile app’s built-in browser.
You can feel safe using this wallet as it is a leader among self-custodial wallets, meaning that it doesn’t give permission to others to access your data unless you do. You can connect MetaMask with almost all browsers, including Chrome, Firefox, Edge, Brave, etc.
When you connect MetaMask to Ethereum-based dapps, you can spend your coins in games, stake tokens in gambling applications, and trade them on decentralized exchanges.
It also enables users to utilize decentralized finance, known as DeFi, which can be used for things such as staking, letting you earn money by staking your cryptocurrency. Most of the company’s revenue comes from peer-to-peer token swapping, which has generated $10 billion in fees.
Let’s take a look at the noteworthy features of this wallet:
Ease of Use
MetaMask is easy and quick to use. You won’t even need an email address. Just set up a password and remember (and store) the secret recovery phrase, and you’re done.
Nobody has access to your information that is encrypted in your browser. In case of a lost password, you have the 12-word secret recovery phase (also called a seed phrase) for recovery. Even MetaMask has no information about the seed phrase, so it’s essential to keep it safe. Once lost, it can’t be retrieved.
Built-In Crypto Store
MetaMask only supports Ether and other Ether-related tokens, including the famous ERC-20 tokens. Cryptocurrencies (excluding Ether) on Ethereum are built as ERC-20 tokens.
Backup and Restore
MetaMask stores your information locally. So you can restore your MetaMask wallet with your secret recovery phrase if you switch browsers or machines.
As of August 2021, MetaMask was home to 10 million monthly active users around the world. These numbers are increasing due to its simple and intuitive user interface from July 2020.
How to Setup a MetaMask Wallet
The following detailed steps by steps tutorial will help you create your MetaMask Wallet on your browser. It supports Firefox, Brave, and Microsoft Edge. Metamask is also compatible with Android and iOS via the Google Play Store and Apple App Store, respectively. However, in this tutorial, Google Chrome will serve as the exemplar.
Step 1: Download the MetaMask App
As we know, there are many scammy apps in this industry that pretend to be legitimate. So we recommend going straight to the MetaMask website to avoid any potential fake versions.
Once here, you can continue through to the Chrome Webstore. The MetaMask website will redirect you to where you need to go. Once you’ve arrived at the webstore, click the blue “Add to Chrome” button. Then you’ll click “add extension”.
Step 2: Create a MetaMask Account
After having the extension added to your browser, it’s time to head to MetaMask and create an account.
Click on the extension icon in your Chrome browser; the extension icon is located in the top right-hand corner on Chrome and should be in a similar location on other browsers.
Once MetaMask is open, you may be prompted to either “Create a Wallet” or “Import wallet.” Select the former if you are first setting up your MetaMask account. But if you already have a wallet, select “Import wallet” and then input your 12-word seed phrase to link your account.
Step 3: Remember Your Seed Phrase
DO NOT FORGET to write down your secret words when MetaMask reveals them.
This section is bolded so that you don’t accidentally skim and lose access to your wallet forever.
Click the “Reveal Secret Words” button.
Then you will see a 12 words seed phrase.
Write these down in a notebook and store it somewhere safe.
After that, you’ll need to verify your secret phrase. Again, if you lose it, no one can help you recover the secret phrase, so it’s very important that you have it well-documented. Verify the phrase by selecting the previously generated phrase in order.
How to Set up MetaMask on Mobile
The process of setting up your wallet on mobile is similar to the desktop method. Instead of downloading an extension on your browser, you simply need to go to either the App Store or the Google Play store and download MetaMask.
Here too, the most important part of the process is documenting your seed phrase so that you can get into your account from other devices.
How to Identify Your Wallet Address
Now that your MetaMask wallet is set up, what to do next?
You can use your wallet to house your NFTs and other tokens, but the unique (and public) wallet address associated with your account also allows other users to send you different kinds of tokens directly to your wallet.
For identifying your address, click the button right next to the code to copy it to your clipboard. Both the mobile and desktop versions have this button.
If you have ETH on another platform like Coinbase, you can also use your address to send your tokens to your MetaMask wallet. To do so, simply go to your Coinbase app, select the Portfolio section, find Ethereum and select “ETH Wallet” and then use the send icon in the top right to input your MetaMask address.
Congratulations! Your MetaMask wallet is set up and you’re ready to pull up a chair.
To sum up, with more than one million monthly active users, MetaMask is the most popular Web3 browser wallet and authenticator. All you will need is a pen and paper and about five minutes of your time to set up your MetaMask wallet.
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