What is MetaMask?

MetaMask

MetaMask is an Ethereum wallet that allows you to store Ether (ETH), as well as any token running on the Ethereum blockchain, such as Binance Coin (BNB) or the Basic Attention Token (BAT). However, it's not just a wallet: it's also an Ethereum browser that allows you to interact with decentralized Ethereum applications (dApps) right from your web browser. It lets websites retrieve data from the blockchain and allows users to securely manage their various wallets.

What is MetaMask?

MetaMask is a wallet that also allows users to communicate with Ethereum's blockchain via dApps. Users can store not only crypto tokens but also data related to Ethereum (public addresses, private keys) like any other wallet. Moreover, MetaMask allows you to interact with websites running Ethereum-based applications and smart contracts, turning your web browser into an Ethereum browser.

Using MetaMask reduces the risk of theft through phishing or rogue websites because the private keys remain in MetaMask. MetaMask also has an anti-phishing tool with an updated list of rogue websites. Currently, the MetaMask extension is available on four browsers: Chrome, Firefox, Opera and Brave. It is not yet possible to use MetaMask in Safari.

What do you use MetaMask for?

MetaMask does not cost any money and is a browser extension or plug-in that you can install like any other add-on. To use it, you need a Chromium-based browser, such as Google Chrome, Brave or Firefox.

With MetaMask you can receive, store and send Ether or other ERC-20 tokens. There are plenty of crypto tokens that you can't store at major exchanges like Coinmerce — for example tokens that are still new. Before Coinmerce adds a new coin or token, it goes through a rigorous selection process to guarantee the security of our users.

MetaMask is an open-source wallet, and therefore it is possible to add any token that is an ERC-20 token. To add tokens, you can send them from a major crypto exchange, or through a decentralized crypto exchange (DEX). You will need to store Ether in your MetaMask wallet first before you can make a purchase, as these are Ethereum tokens and must be paid for with a Gas fee.

Next, you'll need to use a DEX like Uniswap, Sushiswap or Pancakeswap to swap a cryptocurrency for a token you would like to buy. After this, you still need to add the address of the token in your MetaMask wallet, after which the purchased tokens will be visible.

Advantages and disadvantages of MetaMask

Advantages:

• It is open-source and maintained by a large community that contributes to its development, improving security and features.

• It has a simple user interface that can be understood by almost anyone.

• You can access your own crypto, instead of leaving it on a central exchange.

• MetaMask's customer service is incredibly good, so if you have any problems, you always have somewhere to ask for advice.

Disadvantages:

• Instead of being a full node, MetaMask relies on remote nodes that sometimes have downtime, causing the application to stop working.

• Although MetaMask does not have access to your information, the browser you use does, which can compromise privacy.

• MetaMask is only limited to interacting with its named smart contracts and dApps, so it can't write and use new smart contracts.

How do I install MetaMask?

When you want to install MetaMask, go to the official MetaMask website and choose your browser from the list: Chrome, Firefox, or Opera. If you use Brave, it is important to know that it has not supported MetaMask for some time — instead, download the Chrome extension, which is fully compatible with Brave.

Next, add the extension to the browser. How you do this varies from browser to browser but is often done within a few clicks. After you have confirmed that you want to install the extension, MetaMask is successfully installed, usually within a few minutes.

How do I create a MetaMask account?

After installation, MetaMask should open like a page in your browser. If not, click on the MetaMask icon in the upper right corner. You will then be asked if you want to import a wallet or create a new one.

If you want to transfer a wallet from another device, choose to import a wallet — you will need the seed for this. If you do not have a MetaMask wallet yet, choose to create a new one. You will then have to create a password to secure the wallet. MetaMask stores your private keys locally in the browser, and with the password you can encrypt them so no one else can access the crypto stored in the wallet.

Finally, MetaMask will ask you to save a 12-word recovery sentence, which is the seed of the wallet. With this sentence, you can recover your funds if the device is broken, lost or stolen — simply reinstall MetaMask and import the sentence to restore the wallet. Always make sure this sentence is stored safely and not just on the same device.

Can I connect a hardware wallet to MetaMask?

If you have a lot of tokens in your possession, it might be wise to store them in a hardware wallet. This is much safer than storing them in the browser. A hardware wallet is a physical device you can disconnect from your laptop or computer, making it impossible for hackers to access your crypto when it is not connected.

It is possible to connect a cold wallet to MetaMask. For example, you can connect a Ledger Nano S or Trezor — the most popular and widely used hardware wallets. In the future, it will also be possible to connect other hardware wallets to MetaMask. On the MetaMask website there is a list of supported hardware wallets, so check there to see if your hardware wallet is compatible.