MetaMask Wallet: Crypto wallet for Defi and Web3 Dapps

MetaMask Wallet - Complete guide for the account setup

The craze of cryptos is at its peak. Everyone has been investing some of their money in it whether in high volume or in low volume. Although it depends completely upon the capacity of the trader. Those who have just started investing should not go for a big amount because there is more risk in the beginning. And if you have already evaluated the MetaMask Wallet and decided that you want to choose it for keeping currencies then this guide is for you. In our article, all the points of How does MetaMask wallet work are explained.

How to download MetaMask browser Extension and Application?

Since this article is all about how to use MetaMask Wallet then why not start with the most primary step which is the downloading wallet extension as well as a mobile application? In this section, we will tell you about both the process.

Installation of Wallet Extension

If any user wishes to install the browser extension of the wallet because they are more comfortable with using their laptops or PCs. Then below are installing steps for the browser:

1. Open the link  https://metamask.io/. Or you can also open the website of MetaMask. 

2. Then press the option ‘Install MetaMask for Chrome’.

3. You will be redirected to a new tab of Chrome Web Store.

4. Press ‘Add to Chrome’.

5. A pop-up question will be asked where you will have to press ‘Add Extension’.

6. Then after some time, the MetaMask Wallet extension would be downloaded. 

MetaMask app download

Some users feel more convenient while using a mobile application instead of a browser extension. Then the following steps should be followed but remember that these steps are for Android users only:

1. Open the Play Store.

2. Then search for MetaMask.

3. Now press the install button.

The process of installing has now been completed and you can now register yourself on it.

Process of MetaMask sign up

To begin trading crypto assets, you must register on a good wallet that will secure all the assets. And if you have decided to use the MetaMask Wallet for this then here is how you can sign up for this:

1. First download and install MetaMask Wallet Extension.

2. Then click open the wallet.

3. Now press the ‘Create a new Wallet’.

4. You will be required to fill out a form. A few minimum details are asked here.

5. After this, you will be asked to create an account passcode that would be used every time for the login process.

6. Once the password is created, MetaMask secret recovery phrase will be revealed to you.

7. You will have to secure your secret recovery phrase and then click ‘Continue’. 

8. To make sure you have secured your secret phrase, a simple test would be taken of you.

After the test completion, your account would be registered. 

Steps of MetaMask login

Sometimes it might happen that a user gets logged out of the device if not using the wallet for a long time. So in situations like this follow our steps for MetaMask login with password:

1. The first step is to open the MetaMask Wallet.

2. Then you will see the login button.

3. In the text field enter the login credentials.

4. Wait till the confirmation.

If all the details you have entered are correct then you will be logged in. And if the details are not correct or you forget them then you will have to import your wallet using the secret recovery phrase. And if the phrase is not stored then there is nothing left to do to get your account back. And if you do not have the application installed of MetaMask Wallet then you can download it by using the link https://metamask.io/download/. Another point to be kept in mind is that at the time of making a transaction make sure to copy the correct MetaMask Wallet address of the recipient. 

Is KYC Verification required?

The simple answer to your question is ‘No’. MetaMask wallet will never ask any of its users to complete their KYC (Know Your Customer). And if you receive any mail that is asking you for a MetaMask KYC update then it's fake, so do not fall under this trap. The mail will most likely tell you to open the link and then update the KYC. But remember that not only MetaMask but mostly none of the decentralized crypto exchanges do not ask for such things. So you need to think carefully before opening any random link received in the email.  

Wrapping it up

In this article, all the steps of operating the MetaMask are provided. Although the MetaMask Wallet is safe for executing any kind of transaction, the user should also take some actions to keep the account safe. For instance, a user should not indulge in any message that is received by him saying ‘MetaMask Wallet update email’ because all of these messages are fraud. Since you have never entered your email address on this platform then why would MetaMask ask you to update it?

FAQs  

Is MetaMask a safe wallet? 

Yes, MetaMask is a secure wallet for storing all your cryptocurrencies. Also even if the platform gets hacked it is not easy for your account to be hacked also because it is a decentralized exchange. 

What is the MetaMask fee?

The fees of MetaMask are reasonable. The price charged is within the range of the customers. The platform charges 0.875% for executing transactions through the MetaMask Wallet.

Is it safe to have MetaMask on my phone? 

Using of MetaMask on mobile is safe. There is no need to worry that MetaMask will get access to your personal information stored on your phone. 

What are the risks with MetaMask wallet?

The only risk of using MetaMask Wallet is that it could be hacked and all the digital assets could be stolen from the account. And to reduce this risk MetaMask has introduced the manual verification of each transaction before execution.