Ethereum wallets are totally different from Bitcoin wallet. Therefore, we need to pick Ethereum wallets with a different mindset altogether.
Moreover, in Ethereum wallets we not only look for the capability to store ETH but also look for ERC20 support.
That’s why today we are going to talk about the MetaMask wallet which has both these qualities.
MetaMask is a self-hosted wallet to store, send and receive ETH and ERC20. It allows you to control your funds as it is an HD wallet that provides a mnemonic phrase that you can keep as a backup.
MetaMask has its Chrome extension, Firefox extension, and Brave extension, but for this tutorial, we will keep the scope limited to Chrome extension version.
Let’s get started with the following aims:
- How To Install MetaMask Wallet?
- How to manage (send/receive) Ether on MetaMask wallet.
- How to manage ERC20 tokens on MetaMask
How To Install MetaMask Wallet
#1. Go to MetaMask.io and access the MetaMask Chrome extension as shown below.
Note: There are many phishing scams around MetaMask, so be careful and bookmark the MetaMask wallet official link and never forget to check for secure https connection.
#2. Now install the chrome extension and click on “Add extension”.
#3. Now, you can see the added chrome extension that shows the “privacy notice” where you need to “Accept”.
#5. Now set up the password and create your wallet by clicking “Create”. Remember, this password is for encryption so create a strong one.
#6. The seed words will be shown that you need to copy somewhere offline and store in a secure manner. Note: I have shown you these 12 words here but they are not to be shown to anyone.
#7. Once you have copied, click on “I’ve Copied It Somewhere Safe” and you will see this home screen of the wallet. This marks the completion of installation of MetaMask wallet.
How to manage (Send/Receive) Ether on MetaMask wallet?
Now that you have installed MetaMask wallet, let’s see how to receive and send ETH on MetaMask.
#1. To receive ETH, click on three dots as shown in the below image and click on “Show QR Code”.
#2. On clicking “QR code”, you will see this QR code and ETH address which you can either scan or copy to send ETH on it.
#3. Now to send ETH out of MetaMask wallet to any other wallet, click on “Send” as shown on the home screen of the wallet.
#4. You will be able to see below screen where you can add “Recipient Address” & “Amount” that you need to transfer out.
This way you can access your MetaMask and send/receive ETH and other tokens.
How to manage ERC20 tokens on MetaMask
Managing ERC20 tokens on MetaMask wallet is as easy as Ether itself.
Note: MyEtherWallet support some ERC20 tokens by default but on MetaMask no ERC20 token is supported by default. That’s why one needs to add all types of ERC20 manually in MetaMask, a very easy task.
1. Once you have unlocked MetaMask, click on ‘Tokens’ as shown in this image and click on “Add Token”.
#2. You will be able to see the below screen now where you can add the token details that you intend to add in MetaMask. Check out this article for a more detailed description of how to do this: How To Add A Custom Token In MetaMask (https://coinsutra.com/?p=9142&preview=true).
#3. Once you have extracted details like contract address, token symbol, and token decimals, submit them and click “Add”. For example, I am adding these details for Binance (BNB) token extracted from here: https://etherscan.io/token/0xB8c77482e45F1F44dE1745F52C74426C631bDD52
- Token Symbol: BNB
- Token Decimals: 18
- Token Contract Address: 0xB8c77482e45F1F44dE1745F52C74426C631bDD52
#4. BOOM🌟⚡💥🌟⚡💥🌟⚡💥 You will be able to see the balance amount of BNB and BNB will be added to MetaMask, as shown below. Similarly, you can add any ERC20 token to MetaMask anytime.
MetaMask wallet is the second best ETH and ERC20 wallet one can get after MyEtherWallet.
Another advantage of this wallet is that it automatically blocks suspected websites if it is ON.
There is more. Through the MetaMask wallet, you can access DApps like CryptoKitties and other Ethereum applications. Hence, it also acts like an Ethereum blockchain browser.
This a multi-purpose wallet and I use it many times for quick desktop transactions as well as a security protection against phishing websites.
I hope you liked the tutorial on getting started with MetaMask and also how to send/receive ETH/tokens through it.
Please feel free to drop a comment or questions if any. Let us keep learning and sharing the crypto revolution with Coinsutra.
Until next time.
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