In this article, I will introduce you to what Metamask is and provide a detailed guide on how to use it.
Table of Contents
What is Metamask?
Metamask is a cryptocurrency wallet based on the Ethereum (ETH) platform, and it also functions as an add-on plugin that allows you to run decentralized applications (Dapps) directly in your web browser. Currently, it supports browsers like Chrome, Firefox, Opera, and Brave, as well as mobile applications.
Metamask acts as a gateway, connecting users’ wallets to projects such as AMMs (decentralized exchanges), Lending platforms, and Liquidity Provision (Farming).
Using Metamask
By creating a wallet or importing a Private Key or Seed Phrase into Metamask, the system retrieves the assets in the wallet and displays them in the Metamask window, from which users can engage in various DeFi activities.
Metamask Wallet Review
Advantages:
- Easy to use with a user-friendly interface.
- Integrated Swap feature saves time by not needing to connect to other AMMs.
- As a popular wallet extension, it is automatically integrated into many new projects.
- Customizable gas fees, allowing users to adjust transaction speeds.
- Supports multiple blockchains.
Disadvantages:
- Relatively high swap fees.
- Cannot log into multiple wallet addresses at once; must log out to switch addresses.
- Does not automatically update asset data; users must manually integrate to see assets if they do not know the asset’s contract.
Is Metamask Safe?
Metamask is a non-custodial wallet, meaning it simply provides a means to access your wallet. It is one of the most popular wallets in the crypto space, making it highly unlikely to cause any loss to your assets.
However, losses can occur, for example, if a user’s Private Key is exposed or if malware on a computer accesses the Private Key while operating the wallet. Therefore, it is important to be vigilant in protecting your computer and phone.
Metamask Features
- Buy Crypto via Debit Card: Users can purchase crypto through Wyre with USD, which will then be transferred to their Metamask wallet.
- Send and Receive Money: After setting up a wallet on Metamask, users can send and receive crypto assets by copying their wallet address.
- Swap Crypto: Users can exchange assets directly on Metamask without needing to connect to an AMM.
Installing Metamask Wallet
Installation is straightforward. Here’s how to set it up on Chrome browser and mobile apps:
Add the Chrome extension from metamask.io, choose “Get Chrome extension”, add it to Chrome, and click “Done”.
After that, the wallet will display a start screen like this, you select Get Started.
Step 2: Create a Metamask Wallet Here, you will have two options:
- Import wallet: Restore a wallet if you have previously created one.
- Create a Wallet: Create a new wallet. I will choose “Create a Wallet” to create a new wallet.
Next, please read the terms and conditions below and click “I Agree”.
Enter a password, then check the box indicating you have read and agree to these terms of use ⇒ Click “Create”.
After that, Metamask will display a video tutorial on how to use the Phrase and secure your wallet. Once you have watched it, click “Next”.
Metamask will provide you with a 12-word sequence called the Secret Backup Phrase.
Note:
This Secret Backup Phrase is very important. In case you are logged out and forget your password, you can use it to restore your wallet. However, if you lose the Secret Backup Phrase, it means you will lose access to your wallet and all the assets contained within it.
Therefore, I advise you to save and secure it carefully. You might consider writing it down on paper to ensure its safety. And absolutely do not share your Secret Backup Phrase with anyone!
Once you have securely saved these 12 words, click “Next”.
Next, sequentially select each word in the order of the previous 12 words and click “Confirm”.
This completes the process of creating your Metamask wallet. Click “All Done”.
Below is the interface of the Metamask wallet.
You can pin the wallet to the Google Taskbar for easy monitoring by following the steps below.
Step 3: Log into Metamask Wallet
Each time you close the browser, Metamask will automatically log out. This means you need to log back into your Metamask wallet each time you want to use it.
To log into your wallet, simply enter the correct password and click “Unlock.” That’s it.
Installing and Creating a Metamask Wallet on Your Phone
Step 1: Download the App.
Currently, there are many fake applications out there, so please be careful and thoroughly check the information!Download the Metamask application using the following links:
- iOS: metamask.app.link/skAH3BaF99Android: metamask.app.link/bxwkE8oF99
After downloading the wallet, open the app, and at the wallet’s initial interface, press “GET STARTED”.
Step 2: Restore or Create a Wallet.
If you already have a Metamask account, choose to enter the Seed Phrase and input the 12-character key to restore your wallet.
If you do not have an account, select “Create A New Wallet”.
To accept the terms and conditions presented by the wallet and continue, click on “I agree.”
Enter a password for the wallet twice, ensuring that both entries are identical.
Continue following the instructions, and the app will provide you with a 12-word English Seed Phrase for backup purposes.
As I mentioned earlier, immediately after receiving this 12-word Seed Phrase, you should save it and secure it carefully. I recommend writing it down on paper and storing it in a safe place.
By clicking on the symbol shown in the image, you will be able to retrieve the 12 backup words.
And after correctly entering these 12 characters in their respective positions, you will have successfully created your Metamask account.
Guide to Depositing and Withdrawing Coins/Tokens on Metamask
How to Deposit Coins into Metamask Wallet
To deposit coins, simply click on the ‘Account’ section as shown in the image to copy the wallet address and send coins or tokens to this address.
Note: Make sure to send the coin/token to the corresponding blockchain wallet!
How to Add Tokens to Metamask Wallet
After you have successfully deposited coins/tokens into your wallet, but the balance of that particular coin/token does not appear, you need to follow these steps:
Step 1: Select “Add Token.”
Step 2: Enter the token you just deposited and select “Next.” For example, if you deposited USDT into an ERC20 wallet on the Ethereum network, you would enter “USDT” here.
Step 3: Click on “Add Token” to complete the process. At this point, the balance of USDT that you deposited should now be displayed in your Metamask wallet!
How to Transfer Coins from Metamask Wallet to an Exchange
Step 1: Select the token you want to transfer and click on the “Send” button.
Step 2: Enter the wallet address on the exchange to which you want to transfer the token.
Step 3: Enter the amount of the token you want to transfer and click “Next”.
Step 4: Adjust the transaction fee to a suitable level and then confirm the transaction to send the token.
Note: The higher the fee, the faster the transaction will be processed.
This completes the process of sending tokens from your Metamask wallet!
Guide to Restoring a Metamask Wallet
If you accidentally delete your wallet, the app, your browser, or forget the password to unlock your wallet, you can restore your Metamask wallet using the Private Key (or Secret Recovery Phrase) by following these steps:
Step 1: Choose “import using Secret Recovery Phrase”.
Step 2: Enter the 12 words from your Secret Recovery Phrase that you saved initially. Then, enter a new password twice to confirm it ⇒ Click “Restore”.
Thus, you can now restore and log into your old wallet with the new password you have created.
