NaN

Want even more alpha?
Get Icy Premium

Premium

Alerts

Published on March 4, 2022

How to Set up a MetaMask Wallet

Learn how to setup a MetaMask wallet with this easy to follow guide. We'll setup a wallet, import tokens and more.

7 min read

As the crypto space faces mass adoption, many projects and tokens built on a different blockchain network erupt. How do you jump in and get started? A crypto wallet such as MetaMask is the first step to kick off your crypto journey.
To make things easier for you, we’ve put together a MetaMask how-to guide to break down the topic with broad strokes and deeper nuances on what MetaMask can do, how you can set it up, and pretty much everything for you to get off the right foot.
metamask-logo.jpg

What Is MetaMask Wallet?

MetaMask wallet is the most prominent piece of software that stores crypto assets. It’s a non-custodial wallet, meaning that you have complete control over your private data, which in turn proves that crypto is yours.
Think of it as a virtual bank account that processes and stores crypto transactions. Typically, each crypto address comes with two keys: public and private. Both are saved in your crypto wallet, and you can access them at any time. With a non-custodial wallet, it’s your responsibility to keep your private key safe and sound.
This leading multi-asset wallet interacts with multiple blockchains and supports hundreds if not thousands of digital assets. Each asset represents a public address sent to other users to receive crypto and a private key for signing off transactions.
In 2016, ConsenSys introduced MetaMask to allow users to buy, sell, send and receive crypto in the simplest way. You can also delve into NFTs, explore DeFI, or play P2E blockchain games using MetaMask and decentralized applications (dApps).

How to Set Up a MetaMask Wallet?

First, you have to install MetaMask.

Install MetaMask

You can install MetaMask via the official page here. It’s available as a mobile app, supported by Android and iOS. On the other hand, you can access MetaMask via a browser extension.
  • The browser extension works in Firefox, Chrome, or Microsoft Edge. If Chrome is a browser of your choice, you can add it by selecting "Chrome" on their official page, clicking on the Install MetaMask for Chrome button.
  • You can download the mobile app for iOS devices by selecting iOS and clicking the MetaMask for iOS. You'll be redirected to the AppStore afterward.
  • For Android devices, you should click on the Install MetaMask for Android button. You’ll be linked to Google Store; then, you’ll be able to download the app.
  • metamask-homepage (1).jpg
    The browser extension and the mobile app have the same features and functions, including account opening.

    Creating Your Wallet

    Once you have successfully installed MetaMask software on your device, you'll get a welcome message suggesting you get started. Click on the corresponding Get Started button to keep going.
    MetaMask will allow you to create a new wallet or import an existing wallet using Secret Recovery Phrase. Once you stick to Create a wallet option, you'll get a random "help us improve MetaMask" message.
    At this stage, you have to set a new password. Choose a strong password as it protects your funds. Make sure to follow in-app suggestions to generate a reliable password. The rule of thumb is to write it down somewhere safe, far away from your device, in other words, where you can’t access it effortlessly.
    If you feel user agreements are not time-consuming or don’t want to get caught out blindly, you can read it by clicking Learn more and Create.

    Recovery Phrase — Your Pass

    For easy access, MetaMask encrypts all assets' private keys to create a single private key, randomly generated to a set of 12 words used to access your wallet.
    Don't risk losing your private key! It can result in you losing your funds. Protect your wallet by saving your seed phrase in a place you trust. It's the only way to recover access to your wallet if you get a new device or lose access.
    Upon clicking the Start, you'll be directed to the Secure wallet, where your Secret Recovery Phrase will be revealed, commonly known as seed phrase. Write it down either, and keep the seed phrase as the apple of your eye. Remember, this is the only way to recover your wallet if things go south. Make sure you’ve written all the words in the right order, as it matters.
    Once you have written it down clearly on a cryptotag or paper, double-check the words and ensure they are written down correctly. Next, you click Continue, where MetaMask will check whether you've written the words down. Confirm the words and Complete Backup.
    Kudos! You'll get a final message saying you have successfully protected your wallet.

    Get Familiar With MetaMask

    You're already one step ahead of being an Ether guru. Upon completion, you have access to all the features and functionality of MetaMask. Now it’s time to explore and use the wallet.
    First off, the MetaMask interface comprises two separate tabs. Activity tab and Assets tab. In the activity tab, you get to see the history of transactions you've made and have the option of viewing the full transaction history on Etherscan.
    The assets tab is the main page to access all your available assets. It offers four clicks used to perform different actions. These options are "Receive," "Buy," "Send," and "Swap."
    Just as their names imply, they are used to receive, buy, send and swap Ethereum-based assets.
    1. The Receive option gives you a QR code to receive an asset or request a payment.
    2. The Buy button gives you the option of buying Ether using a bank transfer or debit card.
    3. The Send button provides you the opportunity of sending assets to another wallet. All you need is sufficient funds for the gas fee and the recipient's public address.
    4. The Swap allows you to trade one asset for another—for example, swap Ether for DAI (popular stablecoin).

    How to Fund Your MetaMask Wallet?

    Funding your MetaMask wallet is easy and fast as transactions are always confirmed quite quickly; all you need is a sufficient balance.
    metamask-wallet-example.jpg
    For example, the Buy option allows you to buy Ether using the Wyre or your debit card seamlessly. Another way to top up your wallet is by requesting payment from another address, wallet. Imagine any of your friends have crypto assets. You can send them your wallet address and get your wallet funded. To do so, you just have to drop your public address.
    Never share your private key, seed phrase with anyone. Your private data is not required for funding or any other transaction. By sharing this sensitive data, you put all your funds at risk!
    You can copy the public address directly from your wallet by clicking the double-file icon below. Enter your wallet and find exactly the same icon to copy your public address. Then share it with your friends, colleagues, clients, etc.
    metamask-wallet-example-arrow.jpg
    Note that all actions on the Ethereum blockchain come with the so-called gas fee. You pay the gas fee whenever you interact with a network — be it creating a smart contract, swapping a token for another, or creating an NFT collection. This fee is calculated based on the supply and demand within the blockchain at the moment. A congested network involves a higher gas fee, while less demand costs you less. As a rule, your transactions cost less at night when many blockchain participants don’t interact with the chain.

    Bottom Line

    MetaMask is the most prominent non-custodial crypto wallet available today. You can set it up and trade tokens easily. Moreover, you only need one address to interact with multiple blockchains such as Ethereum, Binance Smart Chain, Celo, Arbitrum, Fantom Opera, Polygon, Aurora, and much more.

    Want more NFT insights?

    Unlock real time charts, price alerts, tracking and more with Icy Premium!