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If you’ve just taken an interest in Ethereum and its many uses, one of the first questions you should ask yourself is how you plan to store your Ether Coins. MetaMask is probably one of the most useful and popular applications. You can use MetaMask as an Ethereum wallet and as a browser extension. In this article, we go over how to add Ethereum Mainnet to Metamask.
What is the MetaMask wallet?
MetaMask is a very well-known and popular crypto wallet that supports Ethereum-based tokens (tokens according to the ERC-20 standard). It is a software-based wallet, which can also act as a mobile app or as an extension for the Google Chrome and Firefox browsers. MetaMask can not only serve as a regular wallet but can also connect to smart contracts and decentralized applications around the Ethereum network, such as the Polygon network.
MetaMask has existed since 2016 and was founded by ConsenSys. It has been available as a mobile app since September 2020 and shortly thereafter in October, the application passed the milestone of 1 million monthly users. August 2021 there were already 10 million active monthly users for MetaMask. MetaMask uses JavaScript as the programming language. The wallet’s famous logo depicts a fox’s head.
MetaMask is a so-called “hot wallet”. It can be used with any internet-connected device. This makes it less secure than a cold wallet such as Ledger, but a single individual user can very well use it for short- to medium-term cryptocurrency deposits.
How to set up MetaMask as an Ethereum wallet?
If you now want to set up the MetaMask as an Ethereum wallet, this is relatively easy. MetaMask is kept user-friendly so the application is particularly easy and quick to manage in everyday life. In the following, we will show you how you can set up MetaMask for yourself.
Step 1: Add MetaMask as a browser plugin
The easiest way to use MetaMask as an Ethereum wallet is to use it as a browser extension for your own web browser. The MetaMask browser plugin is specially designed for the Google Chrome browser. However, it can also be installed on the following browsers:
- Google Chrome
- Mozilla Firefox
- Brave
- Microsoft Edge
First, you download the plugin from MetaMask ‘s page. Here you click on “Download” and you can then select the respective plugin for Chrome, iOS, and Android.
Step 2: Add a new wallet
You can then add a new wallet. In the following window, you will be asked whether you already have a weed key or want to add a new wallet. Choose the second option.
Step 3: Set a password
Now you have to set a password for your MetaMask wallet. Enter the password twice and confirm your new password.
Step 4: Save backup key
After that, MetaMask will show you a secret backup key. In MetaMask, this is a sequence of 12 words that you have to remember in this order. Keep this key safe to restore MetaMask as your Ethereum wallet if necessary.
This is followed by another check to see whether you have written down your backup key. You will also receive storage tips.
If you have now completed these steps, you will see the main menu of MetaMask with the balance of your Ethereum wallet.
How do I fund my MetaMask wallet with Ethereum?
Now you can top up your Ethereum Wallet at MetaMask with Ether Tokens. There are various possibilities for that:
- Send Ether to MetaMask Ethereum Wallet: If you already own Ether, you can send it to your MetaMask Ethereum Wallet. To do this, you must copy the address of your wallet. On the following picture you can see where you can copy the address of your MetaMask wallet. Then you enter this address as the destination address when transferring from your other wallet.
- Buy Ether with Payment Provider: If you don’t already own Ether, you can buy it with two payment processors: Wyre and Transak. Both accept credit card payments. Transak also offers bank transfers. To do this, go to “Buy” at MetaMask and then select one of the providers.
How do I send Ethereum with the MetaMask wallet?
If you want to send ether, go to the “Send” function in your MetaMask Ethereum wallet! Then you enter the destination address. Then you select Ethereum as the token and set the amount before confirming.
How to Swap Tokens on MetaMask wallet?
If you want to do a token swap, go to the third option Swap. There you select the swap partner for your ether tokens and your amount of ether for the swap. Below that you can set Slippage Tolerance. This is the percentage of a price change that must be exceeded for your swap to be canceled before execution.
Can I connect my MetaMask Wallet to other websites?
Yes, you can connect your MetaMask to numerous websites such as Axie Infinity. The MetaMask application usually reports itself when you have logged on to the corresponding application. Here at Cryptoticker, we offer specific instructions for various applications.