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
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.
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.
Congratulations! Your MetaMask Account Should Be up and Running
Take care,
The American Institute for Crypto Investors Research Team
Hi, thank you for this info.
Yes, I am very concerned using MetaMask. I will however look at it. I have a Trezor which was recommended through Nick as a lifetime member of AICI. A question: Do you still get interest on certain coins you hold even if they are in a cold wallet? I would think not but not sure
The strategies that I share with you guys I use them myself.
Do you still get interest on certain coins you hold even if they are in a cold wallet?
Yes you should.
I have just gone on MetaMask – got this warning
This site has been reported as unsafeHosted by http://www.metmasak.io
Microsoft recommends you don’t continue to this site. It has been reported to Microsoft for containing phishing threats which may try to steal personal or financial information.
Check the web address – might be worth highlighting to other members
Sounds good.