Home How-to What is MetaMask & How to Setup

What is MetaMask & How to Setup

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Metamask Wallet is a crypto software wallet that features a mobile app and chrome browser extension use to interact with the Ethereum Blockchain.

What is MetaMask Wallet?

MetaMask is a mobile wallet just like your normal FIAT wallets but in this stead, use to store cryptocurrencies, NFTs and access DApps.

MetaMask dubs as a software cryptocurrency wallet that is used to interact with the Ethereum blockchain.

As a crypto wallet, it gives users access to their Ethereum wallet and other decentralized applications on the Blockchain.

MetaMask according to Wikipedia was created by ConsenSys in 2016.

Prior to this MetaMask was only accessible through a desktop browser extension for Google Chrome and Firefox browsers.

Over the years, MetaMask has gain quite a lot of traction and popularity amongst crypto lovers and Blockchain Enthusiasts.

Just like Trust Wallet, MetaMask can be used to save and store tokens and NFTs.

What is MetaMask Used for?

To store and exchange BEP-20 tokens, you can manually add the Binance Smart Chain network to Metamask.

It was founded in 2016 by Aaron Davis and Dan Finlay with the intention of assisting cryptocurrency traders.

The MetaMask wallet connects a regular browser, such as Google Chrome or Firefox, to the Ethereum blockchain by acting as a browser extension.

The advantage of MetaMask is that it allows users to fully interact with Ethereum without downloading the entire blockchain.

It is possible to run an Ethereum DApp without hosting a full Ethereum node.

Top MetaMask Features

There are quite a number of features we observed that is quite impressive on MetaMask. They are:

  • Ease of Setup – MetaMask is easy to setup by anyone with just your phone number or email address. There are no special requirements to setup and all you need is follow some prompts.
  • Supports various Dapps: Various DApps are supported through the MetaMask extension.
  • Free to use: As a crypto wallet, there are no charges for storing your coins and tokens.
  • Unmetered Token numbers – There are no limits to the number of tokens or coins you can save on your MetaMask Wallet. As long as you have the smart contract of the coin or Wallet.
  • Unlimited Wallets on One App – Your MetaMask Wallet is a multi-wallet that supports multiple wallets in one.
  • Strong Security – Your MetaMask Wallet is unhackable once you have a strong password set and your login details are not visible to 3rd parties.
  • No Central Server – Information is not stored on MetaMask or a central server but on the Blockchain which cannot be manipulated.

How to Download MetaMask Wallet?

MetaMask is a mobile app and available on all major App Stores for download for most devices.

There are no excess requirements to downloading the Trust app as long as the app is available in your region and compatible with your device.

How to Setup MetaMask Wallet?

After you must have downloaded the MetaMask Wallet app on your device, or installed the add-on on any browser, here is how to setup your wallet.

Screenshot, Metamask wallet
  • Open the MetaMask App you just downloaded and click on Create New Wallet.
  • Accept the terms and conditions to proceed
  • Write down your key phrase in a secured location as that is the password to your metamask app.
  • Input your key phrase to create a new crypto multi-wallet.

How to Login to Metamask Wallet?

To Login to your Wallet, all you need to do is open your App or browser add-on.

More so, your key phrase is your login and recovery key at any given day for your Metamask Wallet App.

What are MetaMask Add-ons?

Does MetaMask has a chrome extension? As at the time of writing, there are about 4 browser extensions for metamask.

These includes:

  • Chrome Browser
  • Firefox Browser
  • Brave Browser
  • Edge Browser

What is MetaMask Wallet DApp Browser?

MetaMask DApp Browser is a functioning Web3 browser used to interact with any decentralized application (DApp).

MetaMask DApp browser ensures secure connection between you and decentralized application (DApp) on Ethereum or Binance Smart Chain, with support for Polygon, many more Blockchain.

Is MetaMask Wallet Safe?

MetaMask wallet is online, and as we know, anything online is more at risk than hardware wallets or offline ‘cold wallets’.

Like any ‘hot’ wallet, assets (coins, NFT, Domains) stored on Metamask can be compromised via security vulnerabilities on your device or internet connection

How to Use MetaMask Wallet?

When sending tokens, you may need to adjust the gas price (the charge you pay to miners).

On a few occasions, the proposed gas price with MetaMask was absurdly high (even taking into account that some tokens need more gas to send).

Going to EtherScan.io to see what others are paying to send the token you want to send, and then adjusting the gas price and gas limit to that, is a good idea.

You must authorize each action when using MetaMask. If you want to interact with a smart contract, go to the MetaMask page and confirm the action by clicking ‘Verify.’

Since its inception, MetaMask has served as an accessible entry point into the burgeoning dApp industry.

The number of users is growing as new dApp products and services emerge, with the Chrome extension reaching a million users in 2020 and only increasing exponentially in 2021.

MetaMask Mobile for Android and iPhone, the company’s first smartphone app, was released in September 2020.

The smartphone app, which has the same features as the browser-based version, allows users to create new profiles or log in with their existing MetaMask accounts.

Is MetaMask legit and safe?

Because MetaMask is a hardware wallet, it is safe to use to store and transfer large amounts of Ethereum or ERC 20 tokens.

Experts still recommend storing only small amounts to avoid mishaps, as using MetaMask and other crypto wallets is always a risky proposition.

Is MetaMask only for Ethereum?

MetaMask only appears to support Ethereum-based tokens, which marginalizes the world’s largest cryptocurrency, Bitcoin.

Can I withdraw money from MetaMask?

No, Metamask does not have a withdrawal page where you can transfer money from it to your bank card or bank account.

There is no way around it: you must send crypto from MetaMask to a major crypto exchange in order to receive fiat currency in your bank account.

How much is MetaMask gas fee?

MetaMask’s gas fees are determined by the state of Ethereum’s normal as well as congested traffic at the time of the transaction.

According to MetaMask’s website, an average standard transaction on the platform costs 21,000 Gwei. As transaction fees, 21,000 Gwei equals about 0.00231 ETH.

The Ethereum Merge could Proffer a solution to this however.

Can you transfer money from MetaMask to bank account?

Although withdrawing money from MetaMask may appear difficult, all you have to do is use a cryptocurrency exchange like Binance to complete the withdrawal process.

Sell your Ethereum for fiat currency and deposit the proceeds into your bank account.

Does MetaMask charge monthly fees?

MetaMask will not charge monthly or deposit fees to users for storing funds and having a wallet.

However, there are transaction fees when you buy, sell, or trade cryptocurrency.

Depending on the size of the data, the service fee ranges from 0.3% to 0.875%. (rather than the transaction amount).

How do I get MetaMask?

Go to MetaMask.io and simply tap the “Download” button to be directed to the appropriate store to download the extension or app for your device and browser.