By now our readers know that CoinSutra believes in quality. That is one reason why we have been choosy about wallets. Also, with wallets it’s not just about the quality they offer; it is also the security.
If you are someone who has been here for a while, you will automatically sense the level of due-diligence that goes in everything we do.
Whether it is an Ethereum wallet or a Bitcoin wallet, we go that extra mile to find out the exact details so that we can share all the information with you.
We have repeatedly stressed that a good wallet is something which fits the following criteria:
- Private keys: Wallets where you control your private keys.
- Ease of use: Elegant UI for ease of use.
- Development community: Active development community.
- Backup & security: Backup and restore features.
- Compatibility: Compatible with different operating systems.
Note: Given these are early crypto days, so shortcomings, we expect faults, but they should not compromise the security of user’s funds at any cost.
Therefore, we regularly keep reviewing crypto wallets by using them personally and spending ample time with the wallets.
Therefore, in today’s article, we are going to talk about the MetaMask wallet and touch base upon these points:
- What Is MetaMask Wallet?
- MetaMask Team
- MestaMask Features
- Supported Currencies
- Supported Platforms
What Is MetaMask Wallet?
MetaMask is an Ethereum wallet that lets you connect to the Ethereum blockchain.
It is a web wallet which has several extensions for different browsers, which I will discuss further in the article.
Of course, being an Ethereum wallet means you can use it for managing, transferring, receiving your Ethers but also can use this wallet to interact with thousands of ERC20 tokens that thrive on the Ethereum blockchain.
MetaMask also allows you to access the world of the decentralized web by letting you use several Ethereum DApps through it.
The overall goal of MetaMask is simple: “Our mission is to make Ethereum as easy to use for as many people as possible.”
And it is quite evident from its team’s composition also (look here).
Developed by an experienced team of developers, UI, and QA people, the company is based out of California, USA.
- Intuitive UI
There is a dedicated user experience engineer in the MetaMask team which is why its UI is quite sleek and intuitive to use. MetaMask was one of the first Ethereum wallets I used for storing my ERC20 tokens, and I found it very easy to use.
Nowadays, if you are building something for Ethereum, it has to be multilingual given Ethereum is a decentralized project. That’s why MetaMask is present in 18 different international/national languages which makes it accessible to many users.
- HD Wallet
MetaMask is an HD wallet, so you don’t need to worry about backing up each public/private key pair. Instead, rely on the single seed that it produces during the set-up. But remember, losing this seed would be akin to losing all the stored crypto funds. Also, one can encrypt its seed by setting-up a secure password. Doing so will ensure your private keys never go online and will always remain in the browser.
- Custom Fee
Being an Ethereum wallet is not easy. One needs to provide customization for setting gas limit and gas price. This leads to a custom fee for transactions over the Ethereum network.
- Add ERC20 Tokens
You can also easily add new ERC20 tokens in MetaMask wallet. You can then manage and transact your tokens through the MetaMask wallet.
- Built-in Exchanges
You can also buy Ether using MetaMask wallet as they have integrated Coinbase (only for USA users using fiat) and ShapeShift (Using crypto). So if you are a US customer, or if you have any other crypto, you can exchange it for ETH within the MetaMask interface.
In 2021, Metamask added SWAP feature which enables you to exchange coin right from Metamask extension or mobile app:
- Network Options
Developers and advanced users who are developing DApps over Ethereum network can also access various testnets through the MetaMask wallet.
Supported Currencies on Metamask:
MetaMask supports ETH, BEP20, and all the ERC20 tokens.
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.
Simply go to Coingecko.com, and search for ERC20 token that you want to add to Metamask.
Under contract option, you would see Metamask icon, and click on it to quickly add the contract address to your Metamask wallet. (See below screenshot)
If for some reason the token is not listed on Coingecko, here is how you can manually add a token to Metamask.
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.
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.
How To Use MetaMask With Trezor
When you connect your Trezor device with MetaMask, your ETH account will be reflected in MetaMask’s UI as Trezor account.
Upon opening it in the app, you will see its entire transaction history, balance, etc.
However, all the operations which require signing with your private keys will happen through the Trezor device only and MetaMask will only send requests to Trezor. Take for example, while signing a transaction or a message.
Note: You can disconnect your Trezor after importing your account, and your transaction history will be remembered in MetaMask, as the app stores the public key to your connected account. To delete your history from the app, disconnect your account in MetaMask settings. Your account balance will remain intact. (Source: Trezor Blog)
Let make a transaction using MetaMask…
Let see signing a message using MetaMask…
How To Connect Trezor With MetaMask
- Download the latest version of MetaMask and install it in Google Chrome (the only supported browser at the moment). Use the beta interface for now. Here is How.
- Click on the account icon at the top right corner and select “Connect Hardware Wallet”.
- Plug in your Trezor and click on “Connect Trezor”.
- Trezor Connect will pop up, with a request to export public key. Approve to continue.
- Select the account you want to use and click on “Unlock”.
- You have successfully imported an account (its public keys) to MetaMask! Repeat for other accounts if you have more than one. (Source: Trezor Blog)
Well, I think this a huge development for MetaMask and Trezor both as it opens up endless possibilities for DApps and other ERC20 tokens. Plus, with this integration, one will be able to secure ERC20 and ETH in a much more reliable way.
Conclusion: Metamask review and tutorials
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 Uniawap, 1inchexchange, 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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Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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