Metamask is a cryptocurrency wallet with a large array of features that allows you to trade within your wallet and easily interact with Decentralized Finance applications or Layer2 solutions. In this guide I'll show how to install and setup your own Metamask wallet.
Visit Metamask's Website and select the download that is appropriate for you. In this example we will be setting up Metamask on a PC with Windows using Google Chrome. Once you hit the install button you will be redirected to Metamask's page in the Chrome Web Store. Select "Add to Chrome" and follow the installation dialog. Congrats! Now that you've installed Metamask lets get it set up.
"When you create a new MetaMask account, you are prompted to accept two screens concerning privacy and terms of usage followed by a page where you enter a password. This password is what allows you to unlock your local MetaMask account once installed. However, if your computer crashes or if you are somehow unable to access your MetaMask, this password will not help you gain access to your funds from another machine or after a crash.
The following page, where you are given your 12-word Secret Recovery Phrase, is the most important bit of information for you to record and keep safe in managing your MetaMask account.
You can write your Secret Recovery Phrase down on a piece of paper (or, you know, titanium) or a flash drive; optionally, we allow you to download a file containing the phrase."
Once you have safely stored your pass phrase and created a unique but memorable password then your wallet should be ready to use. If you've done everything correctly it should something like the image below when you click the Metamask icon in your browser.
Funding your Wallet:
You can fund your wallet through any exchange that allows you to on-ramp fiat currency. (Coinbase & Gemini are two of the more popular options) Simply setup your account and deposit USD or your local currency and swap them for ETH. Note that it may take some time for your funds to settle before you can withdraw them.
When you're ready to load up your Metamask wallet with crypto simply click on the fox Icon in your browser, click the three dots on the upper right side of the Metamask app, and select 'account details' from the dropdown menu. This will display a QR code and your wallet address.
Scan the QR code if you're using an exchange on your phone or copy and paste the address if you're using an exchange on your computer. Then enter the amount you'd like to transfer to your wallet and hit send only after double checking the address. The transaction should be confirmed within a few minutes and then your wallet will be ready for action! You can use TxStreet to check ETH transaction fees and confirmation times.
Warning: Be extremely cautious when transferring funds and always double check that the address is correct. There is no reversing a transaction once it has been confirmed.
Now that you have your wallet setup and funded you can use Metamask to access a vast world of web3 applications. Here are a few of my favorites:
- Create or join a fund on dHedge
- Use Layer2 Solutions like Polygon
- Do token swaps directly within your wallet
- Interact with a huge number of defi projects
- Try out test networks