MetaMask is one of the most popular wallets today. It’s free of charge, easy to use, and can be connected to virtually any Ethereum-based platform. Let’s learn more about it and try to install the wallet.
What is MetaMask
It is a software, non-custodial cryptocurrency wallet that enables users to store, transfer and receive Ether and other ERC-20 tokens. MetaMask works as a browser extension.
How to use MetaMask
Users can manage their MetaMask wallets via the mobile application, as well as via the browser plugin that works with Chrome, Firefox and Opera. To use the wallet, one should be registered.
How does MetaMask work
It serves as a bridge between the Ethereum network and your browser. MetaMask operates with JavaScript, and appears on the web page you’re on in case you want to connect your wallet to some dapps, or process a payment.
What is MetaMask used for
MetaMask allows users to store and swap cryptocurrencies, interact with the Ethereum blockchain ecosystem, and host a growing number of decentralized applications.
MetaMask supported coins
The wallet supports over 450,000 coins across the Ethereum Network, BNB Chain, Polygon, and Avalanche. Recently it also started supporting NFT assets. MetaMask doesn’t support BTC, though.
MetaMask fee
A service fee of 0.875% is automatically factored into each quote. Users also pay gas for transactions. There are three fee options: low — lowest price and speed, market — a medium price for reasonable speed, aggressive — biggest fee and the highest transaction speed.
Is MetaMask safe?
MetaMask claims to be focused on privacy. The wallet is backed by a large community of users and developers who are constantly reviewing and updating their source code. There have not been any major hacking incidents yet. However, the biggest risk about MetaMask is that it’s a hot wallet which might be vulnerable to online threats like hacking, phishing, and theft.
How to set up MetaMask
Finally, let’s try to create our own MetaMask wallet in two simple steps.
#1. Download and install MetaMask
Go to https://metamask.io/ and click the download button. Choose your browser (e.g. Chrome), then click on “Install MetaMask for Chrome’’. It will take you to the store where you should click on “Add to Chrome”. The extension will appear in the plugin menu.
#2. Create an account.
Click on the extension icon in the upper right corner to open MetaMask. Click “Try it now” to install the latest version. Then click “Continue”. Think up a new password and click “Create”. Proceed by clicking Next and accept the Terms of Use.
Now we have come up to the most important moment — the secret phrase. It’s a 12 word seed phrase, and the only thing to recover your password in case you forget it. Click “Reveal Secret Words”. It’s recommended not to store the phrase digitally, so better take your time and write it down on a paper.
Verify your secret phrase by selecting the previously generated phrase in order. Click “Confirm”. Hooray! You have created your MetaMask account successfully.