MetaMask is one of the most popular means of storing your Ethereum (ETH) and other ERC-20 tokens. The browser extension is significant for people that regularly make use of ETH and its tokens as it is secure and allows users to have quick access to their funds.
We will now take a look at a short but comprehensive guide to setting up a MetaMask account.
You can also follow me as I walk through the steps in my comprehensive video below:
Opening and setting up an account with MetaMask is very simple.
Download and install Metamask web browser extension
First, download the MetaMask web browser extension. MetaMask has extensions for Chrome, Firefox, Opera and Brave browsers.
Click the button for your web browser and add the MetaMask extension for your browser.
Once you get to the extension store on these browsers, search for MetaMask and click on “Add to” browser.
Once it has been installed, an icon the shape of a fox will appear on the top right-hand corner of your browser .
Create a new wallet
The next step is to click “Get started” on the webpage and select the option to create a new wallet. There will be terms and conditions that pop up afterwards for you to read and accept.
Afterward, you will be asked to create a password for your account.
It is best to create strong passwords that other people can’t easily guess such as your birthday. Thus, a secure password should contain numbers and letters arranged uniquely.
You will then be provided with a unique 12-word backup phrase for backing up your wallet.
It is advisable to write down the backup phrase on piece of paper and save the document in a place where you can’t lose it.
Some people would save the backup phrase on their computer notepad and save it on their laptops or hard drives. This is not advisable as hackers could access the recovery key if they attack your computer. Thus, to keep your funds safe, write it down on a piece of paper instead.
Next, you will be asked to confirm your secret backup phrase. Once you do that, your account is set and ready to use.
Congratulations! you’ve correctly set up your MetaMask account!
Click on the MetaMask browser extension i.e. the fox logo on your browser, then click on the “Deposit” button on the pop up window.
NOTE: you can also have a better view of your account by clicking “…” on the pop up window and “Expand view”.
Several options would pop up, for example you can directly deposit ETH or or from your Shapeshift account. Also, you can buy the ETH directly from third-party sellers such as CoinSwitch and Wyre.
Choose your preferred method for depositing ETH to your Metamask wallet.
For this tutorial I will teach you how to directly deposit Ether from your other accounts. So click “View Account” next to the option “Directly Deposit Ether” to display your deposit address.
You can tell this is an ETH address since the address starts with “0x”.
You can directly deposit ETH from another wallet to your MetaMask wallet by either: (i) scanning the QR code; or (ii) copying the “0x” address onto the “send” address on the wallet you are sending ETH from.
You can check if you’ve received the ETH and your balance by clicking the fox logo on your web browser.
Once you have ETH in your MetaMask account, you can send it to other wallets, exchanges, or use it to make purchases online and in store.
To send ETH, click on the fox logo on your web browser and click “Send” on the pop up window.
Then fill in the recipient address, type of asset (e.g. ETH), amount and transaction fee.
You will then see a little notification saying “Confirmed Transaction” on your web browser once the funds have been sent.
When should I use MetaMask or cryptocurrency hardware wallets such as Ledger Nano S, Ledger Nano X or Trezor?
It is recommended to use MetaMask for small, day to day transactions.
For example I usually keep less than US$100 worth of ETH on MetaMask. This is because MetaMask does not have the secure features found in hardware wallets.
For larger transactions it is safer to use hardware wallets. Click on these links for a complete guide to the Ledger Nano S, Ledger Nano X and Trezor hardware wallets.
How do you use MyEtherWallet with MetaMask?
First, go onto the MyEtherWallet webpage. Be careful not to misspell the name as there are fake MyEtherWallet websites out there trying to scam people.
On the webpage click “Access my wallet” and select “MetaMask”. On the pop up window “Access by MetaMask”, click “Access my wallet”.
Another pop up window “MetaMask Notification” will show up. Sometimes this does not happen. If so, simply close your browser and try again.
On the second pop up window “MetaMask Notification”, click “Connect” to collect MyEtherWallet with your MetaMask account.
Your MetaMask is Locked: How to fix it?
A common bug that people encounter is when they are interacting with a Dapp and sometimes they see the messages “Your MetaMask is locked” and “Simply open MetaMask and follow the instructions to unlock it”.
If this happens, click on the fox logo on your browser, and the round orb on the pop up window.
Then click on “Settings”, then “Security and Privacy” and DISABLE “Privacy Mode” using the slider bar.
Once you’ve disabled privacy mode, your application or Dapp should function.
MetaMask Apple Pay integration: buy crypto using debit or credit cards!
MetaMask has recently rolled out exciting new features for iPhone and Apple Pay users! Users can now buy cryptocurrency using debit or credit cards directly without needing to transfer Ether ($ETH) from centralized exchanges like Binance. This will help users save up on transaction fees and make the crypto on-ramp process much easier.
MetaMask uses Wyre and Transak to support its debit and credit card transactions. Using Wyre API, users can now use their Visa and Mastercards stored on Apple Pay to buy ETH, subject to a daily maximum deposit of US$400. Gas fees would also be lower and some transactions may even be gasless if done on a private blockchain or the fees are paid for a project. On the other hand, through Transak, users can buy stablecoins such as Tether (USDT), USD Coin (USDC) and DAI on the Ethereum mainnet. Now, with the latest update, users can also make bank transfers and use debit or credit cards to buy crypto using over 60 fiat currencies.
In particular, US users can now also buy Fantom ($FTM) and Avalanche ($AVAX) native tokens on MetaMask.
Congratulations on setting up your account! Now you are ready for ADVANCED tips and tricks such as:
- How to reduce transaction fees;
- how to cancel incorrect transactions;
- how to use your Ledger cryptocurrency hardware wallet with MetaMask;
- how to save your frequently used contacts (addresses) to MetaMask;
- how to speed up stuck transactions….and more!
Check out our video which will walk you through the process step by step:
I will also show you how to access smart contracts that you can program yourself. Make sure to SUBSCRIBE so you won’t miss out!