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What is MetaMask? How To Setup And Use The Wallet?

Updated on :  

08 min read.

If you are thinking of investing in cryptocurrencies, having a crypto wallet is one of the basic things you will need to get started. There are various options available in the market on which you can rely. However, if you are targeting to explore the Ethereum blockchain, MetaMask can be a suitable option. Read on to know more about this crypto wallet. 

How does MetaMask work?

Founded in 2016 by blockchain software company ConsenSys, MetaMask is a crypto wallet that supports Ether and other ERC-20 tokens. You can use it from your PC or laptop as a browser extension or install its mobile application on your smartphone. 

With MetaMask, you can access all the decentralised applications of the Ethereum blockchain, invest in NFTs and utilise smart contracts. Moreover, as it is a browser extension on your computer, it saves a lot of space since you do not have to sync the entire blockchain in your system.

How to install MetaMask on your computer?

You can set up MetaMask on your computer within a couple of minutes. Google Chrome, Firefox, Brave, Edge, or any Chromium-based browser will do. Let’s take the example of the Chrome browser to help you understand better. To download and install MetaMask, follow the given steps:

  1. Go to the MetaMask homepage, press ‘Download’, and click on ‘Install MetaMask for Chrome’. 

You will now be redirected to the Chrome web store. 

  1. Click on ‘Add to Chrome’
  2. Select ‘Get Started’ and then click on ‘Create a wallet’
  3. Then select any one of the options ‘No Thanks/I Agree’
  4. Create a strong password; it must be at least 8 characters long
  5. Confirm your password and check the box to accept the Terms of Use
  6. Hit the ‘Create’ button 

You will be given a 12-word backup phrase. Copy it down somewhere safe. Anyone with access to this phrase can gain entry into your account. So, it is crucial to keep it very safe. 

  1. Now, click on ‘Next’
  2. Confirm your backup phrase by entering it in the correct order
  3. Click on ‘All Done’

You are now ready to buy, sell and swap tokens using your MetaMask crypto wallet.

For an android phone, you can download the MetaMask – Blockchain Wallet app from the Google Play Store. For an iPhone, you can download the same from the App Store.  

How to link MetaMask to a crypto exchange?

You need to connect your crypto wallet to the exchange server to buy and sell tokens from a crypto exchange. Let’s take the example of Uniswap. You can follow the steps given below:

  1. Go to Uniswap.org and click on ‘Use Uniswap’
  2. Click on the ‘Connect to a wallet’ button
  3. From the list, select a wallet of your choice (MetaMask in your case)
  4. Enter your MetaMask password

Your wallet is now connected to Uniswap. You can now buy and sell tokens from this exchange. 

How to buy and sell MetaMask tokens?

To buy tokens with MetaMask, you must deposit either Ether or any ERC-20 token. The steps are as follows:

  • Go to the MetaMask extension on your browser and enter your password to unlock 
  • On the front page, click on the ‘Buy’ button and click on ‘Directly Deposit Ether’
  • Press the ‘View Account’ button located under it

You will see the wallet address and the QR code.

  • Copy the wallet address and go to a crypto exchange of your choice to purchase tokens
  • Click on the ‘Send’ option in the crypto exchange, enter your Wallet ID and other required information
  • Hit ‘Send’ 

The crypto exchange will take some time to initiate and complete your transaction. It will take place through the Wyre or Transak payment gateway. With the Wyre payment gateway, you can pay with your debit/credit card or a bank transfer. After the payment is complete, the amount of Ether you purchased will be deposited into your crypto wallet. 

How to buy Ether on MetaMask using Wyre?

If you want to buy Ether using Apple Pay, bank transfer, credit, or debit card, this will be the best payment gateway. You can follow the steps mentioned below:

  1. Open the MetaMask wallet and enter your password
  2. Click on the ‘Buy’ option
  3. Select ‘Buy ETH with Wyre’ and then press on the ‘Continue to Wyre’ option

After this, you will be redirected to a new browser tab.

Select your preferred payment method and enter the amount 

Note – Your transaction fees will vary with the payment method you choose

Fill in your payment details 

Based on your payment method, the nature of the details required will change.

Verify your details one more time and hit ‘Send’

If you use a credit or debit card, your bank will send you an OTP. Enter the OTP when asked, and your payment will be processed.

Check your balance in the MetaMask wallet

If your payment method is a bank transfer, you must wait five business days for the transaction to process. In the case of the other methods, the transaction is processed instantly.

How to swap tokens using MetaMask?

Apart from buying and selling, you can swap or trade your tokens using MetaMask. The steps are:

  1. Open the MetaMask wallet and click on the ‘Swap’ button 

You will now see two fields, ‘Swap To’ and ‘Swap From’. 

  1. Enter the token you wish to swap from in the ‘Swap From’ field and select the token you want to swap to in the ‘Swap To’ drop-down menu 
  2. Set the Advanced Options according to your preference and click on Review Swap

MetaMask will show you different quotes from individual decentralised exchanges and DEX aggregators. 

  1. Please select a quote which suits you best and also note its estimated gas fee
  2. Press on ‘Swap’ 

Your token swap is now complete. 

Being open-source software, MetaMask’s active development community contributes to its growth. This cryptocurrency wallet has also combined ShapeShift and Coinbase exchanges, so it’s easy for you to exchange Ether and other ERC-20 tokens. With its consistent customer support, MetaMask is surely a crypto wallet that you can rely on.