MetaMask 101: A Complete Getting Started Guide for Crypto Investors

Cryptocurrency investors need to be laser-focused on security – and the safest way to store your crypto is in a wallet that only you control.

There are countless options available to you. But those of you who tune in for American Institute for Crypto Investors LIVE with Nick Black or follow along with our buying guides will notice one name that comes up over and over again: MetaMask.

MetaMask is a “hot wallet” that works with your internet browser and is installed as an extension. It’s one of the most popular wallets in the crypto space – and for good reason.

Having a MetaMask account will allow you to take advantage of moneymaking opportunities you wouldn’t have access to with a Coinbase account alone – like buying SingularityNET (AGIX), or staking Fetch.ai (FET), among other things.

With MetaMask, you can:

• Send Ethereum (ETH) to individuals and businesses.
• Store Ethereum and ERC-20 tokens. (ERC-20 tokens are stored and sent using Ethereum addresses.)
• Store non-fungible tokens (NFTs) and collectables.

 

Today, in this step-by-step guide, we’re going to show you everything you need to do to get your account up and running so you can start taking advantage of a whole new world of crypto investing…

MetaMask Pros and Cons

As with any other crypto wallet, you should always do your research to make sure you understand the risks of opening an account. So before we get started, here are some pros and cons that you need to be aware of…

MetaMask Pros:

• MetaMask is available in the App Store (for iOS users), Google Play (for Android users), and also in supported browsers, including Google Chrome, Firefox, Brave, and Edge. That makes it accessible to most people, no matter the device they’re on.
• The encrypted password required to log in to your wallet, the Secret Backup Seed phrase, is what makes MetaMask very safe to use.
• Another feature is that MetaMask doesn’t control your private key, making it very secure to keep your cryptos on.
• Finally, it is an open-source wallet, which makes it harder to hack, and there are always developers making the latest updates.

 

MetaMask Cons:

• Being an online wallet can be prone to hacks, especially if we’re talking about the browser being hacked. MetaMask does not have access to your information, but unfortunately, the browser you’re using does. This is a serious issue regarding the users’ privacy.
• It can take a while to confirm transactions through MetaMask, which can result in higher fees as well. Slow transactions happen when the network is overcrowded at specific times and usually takes longer to send tokens.

MetaMask is secure but it’s not perfect – you still need to take measures to protect yourself. The biggest security risk is exposing the keys to your wallet. Never divulge your private keys to anyone… Ever. For more security tips, check out our comprehensive guide to protecting your crypto.

Now that you’re aware of the pros and cons of opening a MetaMask account, we’re ready to get started!

Step 1: Download MetaMask

To create a new wallet, you must install the MetaMask extension first. Depending on your browser, there are multiple marketplaces to find it.

You can also download it from official website: Metamask.io.

When you download MetaMask, click on the extension icon in the upper right corner to open MetaMask.

You will be prompted to create a new account. Click “Create a Wallet.”

Step 2: Create Your Password

Once you have chosen to create your account, you will then be asked to accept the terms of use. After that, follow the prompts to create your new password.

Press the “Create” button.

Step 3: Secret Recovery Phrase

Once your secret backup phrase is revealed to you, immediately write it down on a piece of paper. You want to create multiple layers of security, and you can do this by storing your secret phrase on a USB drive.

The protection of this phrase is VITAL for the protection of your crypto.

If someone gained access to your phrase, your crypto would be at risk, and that would be a problem.

After you back up your secret phrase, you must re-enter it to confirm your backup phrase.

Step 4: Fund Your Wallet

You want to start navigating your wallet by getting to know what and where things are, such as your Ethereum address. You can easily copy the address by pressing the “Account details” tab.

The ways to fund your MetaMask wallet are with your credit or debit card, or you can buy ETH from an exchange and transfer the ETH into your MetaMask wallet.

On the “Account” tab, you can copy your ETH (Ethereum) address and then you will be able to send ETH. When you fund your account, you want to have extra ETH in your account to pay for Gas Fees (fees charged for every ETH transaction). The amount of traffic on the Ethereum blockchain at the time of your transaction will determine the amount of your Gas Fee.

In order for you to send crypto from your MetaMask wallet to another wallet, press “Send,” as shown below.

Choose where you want to send, and press “Add Recipient.”

Once you decide what amount you would like to send, you can select the speed in which you would like the transaction to take place. The speed options are slow, average, and fast. After that, press “Continue,” and then you can confirm your transaction.

Congratulations! Your MetaMask Account Should Be up and Running

Take care,

The American Institute for Crypto Investors Research Team

Topics: Ethereum (ETH), Fetch.ai (FET), SingularityNET (AGIX)

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