MetaMask is a hot (software) crypto wallet with open-source code. It was created in 2017 as a browser extension and is now considered the primary wallet in the Ethereum ecosystem, acting as a bridge between all decentralized applications. This wallet allows you to store and transfer cryptocurrencies and NFTs, as well as purchase ETH. Various payment methods are available for buying cryptocurrency, including bank cards and payment gateways.
Earlier we wrote about Guarda Wallet – Crypto Wallet with Over 400,000 Coins and Tokens.
MetaMask Wallet – Registration
MetaMask is compatible with multiple platforms, offering extensions for Chrome, Firefox, Edge, and Brave browsers. There is also a mobile app available for iOS and Android.
The safest way to start using MetaMask is to visit the official website and find the large blue button with “Download” written in white. Clicking it will take you to the page where you can download the necessary browser extension or mobile app. The process is as follows:
- Choose the appropriate extension or app.
- Click “Install MetaMask for…”.
- Go to the relevant app page and click “Install” or a similar button like “Add to Chrome.”
- After installation, select “Get Started.”
- On the authorization page, choose “Create a Wallet” if you don’t have one.
- Create a password – the app will ask for it each time you log in to the wallet.
- Agree to the terms of use and click “Create.”
- Generate a secret phrase or private key. This is needed to recover the wallet in case you lose your password or change browsers. Remember or copy the phrase and store it securely.
- Confirm the secret phrase by placing the words in the correct order.
- Enter the main menu.
You can now start using your crypto wallet. The main page shows your assets and provides buttons to buy, exchange, or send tokens.
MetaMask Wallet – Features and Capabilities
MetaMask is a non-custodial wallet: private keys, passwords, and addresses are not shared with developers or third parties. The user has full control over their funds, and encryption happens within the app.
MetaMask offers a standard set of features for a crypto wallet, including:
- Storing, receiving, and sending tokens in connected networks.
- Storing, receiving, and sending NFTs.
- Using test networks with demo tokens.
- Buying ETH directly through supported payment options.
- Built-in DEX exchange.
The exchange allows trading tokens within the wallet using a decentralized exchange (DEX) aggregator, which finds the best token price and sets up the transaction route.
New users often wonder if MetaMask supports Bitcoin. It does not, but you can still use Bitcoin by converting it into an ERC-20 token like Wrapped Bitcoin (WBTC). While this may seem complicated, 1 WBTC equals 1 BTC and is used similarly.
You can transfer funds to MetaMask from crypto exchanges like Binance. First, get an address to deposit tokens:
- Open MetaMask.
- In the “Account” section, find your wallet address.
- Click on it – the address is copied to the clipboard.
- Go to Binance, select “Withdraw” in the wallet, choose the token, and paste the copied address in the “Address” field. Choose a supported network and specify the amount. Review the fees and, if acceptable, click “Withdraw.”
Once the transaction is completed, the tokens will appear in your wallet balance. The speed depends on network traffic. You can also send money to Binance from MetaMask. NFTs can be sent and stored just like regular cryptocurrency tokens.
MetaMask Wallet – Security Issues
MetaMask has three security levels: password, private keys, and a recovery phrase of at least 12 words. To access user funds, an attacker needs either the password and keys or the recovery phrase. Private keys are stored on the user’s device, while the recovery phrase can be stored in a location of the user’s choosing. To maximize security, do not save passwords on your device. Instead, write them down on paper and keep them in different places, or save them on another device not linked to the wallet. The same applies to the recovery phrase.
Since the private key is stored on the user’s device, it’s crucial to ensure device security by installing antivirus software, avoiding public Wi-Fi networks, and not clicking on suspicious links. For added security, you can sync MetaMask with a hardware wallet like Trezor or Ledger.
MetaMask has never been hacked since its inception. All cases of fund loss have been due to user carelessness, such as falling victim to phishing attacks or malicious software.
Setting Up MetaMask Wallet – Video
To better understand how to set up the MetaMask crypto wallet, watch this video:
Conclusion
MetaMask is a convenient and user-friendly hot crypto wallet. It is secure and reliable, though users often complain about its support for only one blockchain – Ethereum.
Frequently Asked Questions about MetaMask
Downloading the app or extension and using it is completely free.
Yes, but you need to convert it to WBTC.
Yes, it can work with hardware wallets like Trezor or Ledger.
Yes, it is possible, including support for USD.