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How To Set Up Your Metamask Wallet

Published On: 26 December 2022.By .
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How To Set Up Your Metamask Wallet

MetaMask is a free crypto wallet software that can be connected to virtually any Ethereum-based platform. 

You’ll need to download suitable crypto-wallet software before you can build your first non-fungible token (NFT), lend assets on a decentralised finance (DeFi) system, or simply purchase and trade Ethereum-based tokens. This enables you to store any assets you generate or purchase, as well as connect to any platform established on the Ethereum blockchain.

While there are a number of different wallet services available, MetaMask is by far the most popular with over 20+ million monthly active users – up by 38x since 2020. To put it simply, MetaMask is a free hot wallet service available as a smartphone app or web browser extension. This means you can download it directly onto your phone or the Google Chrome, Mozilla Firefox, Brave or Edge browser similar to an ad blocker extension. The “hot” part simply means it’s permanently connected to the internet so that you can easily move your crypto assets around at any time.

Steps to Setup Your Metamask Wallet

Install the Metamask Extension for Chrome, Mozilla Firefox, Brave, Opera etc. and add the plugin

 

After installing click on the MetaMask icon

Then enter a password, confirm the password, and then click Create for a new Ethereum account. This account allows to send and receive Ether, ERC20 tokens and also allows you to deploy Smart Contracts.

MetaMask will now show you a 12 word recovery key (Seed) as below. These 12 words are the only way to restore MetaMask accounts if you forget the password. It should be stored in a safe location, such as in a notebook or USB key kept in a safe. Then click on ‘I’VE COPIED IT SOMEWHERE SAFE’.

Now you can trade Ethereum-based tokens.

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