MetaMask has become one of the most used gateway wallet among those who trade on the chains. It allows you to perform certain types of actions and transactions that you probably won’t be able to do on a regular crypto wallet.
Before we even start, I personally have been using MetaMask since I’ve started. I highly recommend it for anyone trading on their laptop / personal computers.
Here’s a step-by-step guide on how to install and create a MetaMask wallet on your browser.
What is MetaMask
MetaMask is a popular cryptocurrency wallet and gateway used for accessing Decentralized Apps (DApps), Decentralized Exchanges (DEX), LaunchPads, and any other resource or tool that’s used for buying and selling tokens. It is often viewed as an alternative to Trust Wallet. (If you prefer to trade using your mobile device, then read How to set up Trust Wallet.)
Since its release to the public in 2016, MetaMask now has a monthly active user base of over 3 million users (as of April 2021.) The Google Chrome browser extension is primarily used by those who prefer to buy and sell tokens or even to buy NFTs using their laptops and personal computers. In March 2021, they finally released their mobile apps for both iOS and Android.
Among those 3 million users, are individuals from all over the globe who are trading on Binance Smart Chain, the Ethereum Chain, the KuCoin community Chain, and Polygon (Matic Network). It’s also an essential tool for transactions involving NFTs or Blockchain games.
Why you need MetaMask
The reason is simple: If you plan to buy, sell, or create anything DeFi related, you will need a MetaMask wallet. Here are a few reasons why MetaMask will come in handy for your everyday DeFi/Crypto/Shitcoin needs:
- Transferring currencies and tokens to other wallets
- Buy & Selling tokens
- Participating in presales
- Blockchain gaming
- Buying & selling NFTs
- Viewing your entry and exit points on charts
- Viewing your balances
- Connecting to DApps and DEXs
Download & Install the MetaMask browser extension
For personal computers and laptops, MetaMask has browser extensions available for Mozilla Firefox, Google Chrome, Brave Browser, and Microsoft Edge. Their mobiles app is available for both Android and iOS.
You can visit their general download page here.
For Google Chrome users, you can download the MetaMask extension directly from the Chrome web store here.
Note: All extensions and apps are currently completely free.
After clicking Add Extension, Chrome should have automatically downloaded and installed it (If that’s what you settings are set to.) I’m not too sure about the process with other browsers but it should be fairly similar. Since Google Chrome dominates the browser market, we’ll discuss more about installing and setting up MetaMask via Google Chrome.
Create a new wallet
After your installation is successful, go ahead and click the extension (or after installation it should automatically take you to the MetaMask landing page by default).
Click “Get started” which will take you to the page where it gives you 2 options to choose whether you want to import an existing wallet or create a new one. Assuming you don’t have any wallets as yet, click “Create A Wallet”
You’re welcome.
This next page you might come across will be MetaMask asking you for permission to gather data from you to improve their service. Something like “MetaMask would like to gather usage data to better understand how our users interact with the extension. This data will be used to continually improve the usability and user experience of our product and the Ethereum ecosystem.”
It is up to you to click “No Thanks” or “Agree”
Create a password
The next step we get to is creating a password. I don’t think I should write an article about password security but I think I might have to since I know so many people who aren’t using secure passwords. And some of you seem to forget, this is money we’re dealing with here. Finances. Currencies.
Therefore, I implore you, ser or mem, to please create a secure password for yourself.
MetaMask requires you to create a new password with a minimum length of 8 characters. Figure that out and then re-type it again to confirm your password.
After that you have to agree to their Terms of Us. I’m 100% certain you’re probably not going to read that.
Secure your wallet: Save your Recovery Phrase
Your next task would be to setup and save your secret backup / recovery phrase. Emphasis on secret because you shouldn’t share this with ANYONE AT ALL.
I urge you to keep a copy of this in a secure place as it will come in handy in the future in case you need to access your wallet from a different device or browser.
- You can use a password manager like LastPass or 1Password to save your recovery phrase. Some of these applications can automatically enter the phrase for you when you need it – instead of having to copy and paste.
- You can also go the old-skool route and write it down on a piece of paper and keep it in your desk drawer for it to collect dust and rat poo.
- Or simply do it Big-Brain style and memorize it. (Create some sort of rhyme or rap. Don’t know, be creative)
I will emphasize again, you need to keep a copy of your recovery phrase before you proceed to the next screen or you’re f*cked.
Confirm your recovery phrase
The next screen you proceed to will ask you to re-enter your recovery phrase in the exact order.
After successfully re-entering your recovery / backup phrase, the next screen should be a window congratulating you for completing a task even a 3-month old baby could do. Click “All Done.”
All Done
I guess congratulations for successfully downloading, installing, and creating a new MetaMask wallet.
You should automatically be on the Ethereum Network on the home screen and any time you visit the MetaMask wallet page.
If you want to use MetaMask to trade primarily on Binance Smart Chain, you will need to connect the network to MetaMask (Guide coming soon!)
Now that you have your MetaMask wallet, you should your wallet address. You can find this under “Account 1.” This is the address you can transfer cryptocurrencies to when you are ready to start trading or buying anything on the chain.
Now when you access any DEX, DApp, NFT Marketplace, chart tool, any site that needs you to connect your wallet, you can now successfully do so easily because you have the MetaMask wallet and browser extension. Anytime you try to connect, a small MetaMask window will pop up to ask your permission or to approve a transaction.
I hope this article guided you in the right direction. If you have any thoughts, feel free to drop a comment below. Don’t forget to follow us on Twitter and join the Degen Clinic Telegram community.