{"id":4520,"date":"2022-05-04T10:40:50","date_gmt":"2022-05-04T03:40:50","guid":{"rendered":"https:\/\/test.wikibinance.com\/?p=758"},"modified":"2022-12-13T11:48:49","modified_gmt":"2022-12-13T04:48:49","slug":"metamask","status":"publish","type":"post","link":"https:\/\/wikibinance.com\/en\/knowledge\/metamask.html","title":{"rendered":"What is MetaMask? How to trade with Metamask wallets"},"content":{"rendered":"

What is MetaMask?<\/b><\/h2>\n

MetaMask<\/strong>, one of the most widely adopted browser extensions, was founded by Aaron Davis and blockchain company ConsenSys. It serves as a crypto wallet<\/a> connecting to the Ethereum blockchain. With the significant utilities, users are able to to interact with the Ethereum ecosystem, which hosts a universe of decentralized applications (Dapps) without downloading an entire blockchain on their device. <\/span><\/p>\n

Therefore, it is one of the best Ethereum wallet solutions to gain quick access to decentralized applications (DEX), game platforms, betting sites and many other applications. <\/span><\/p>\n

MetaMask<\/strong> wallets are compatible with popular browsers such as Chrome, Firefox, Brave, and Microsoft Edge. It not only stores ETH funds but also holds tokens built on the protocol’s ERC-20 and ERC-721 standards.<\/span><\/p>\n

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MetaMask serves as a crypto wallet connecting to the Ethereum blockchain<\/figcaption><\/figure>\n

History and key features<\/b><\/h2>\n

MetaMask<\/strong> gained 400,000 users from the time it created the wallet in 2016 to September 2020. In October 2021, it acquired one million monthly active users. Prior to 2019, the Ethereum online wallet was only available as a desktop browser plugin for Firefox and Chrome. In September 2020, ConsenSys released the first official MetaMask mobile app for mobile devices on Android and iOS.<\/span><\/p>\n

According to an audit by the Least Authority, Ethereum online wallets offer top-notch features and functions in terms of security and design.<\/span><\/p>\n

What makes MetaMask<\/strong> more and more popular is its outstanding encryption technology, which securely stores passwords and personal keys in each user’s device. <\/span><\/p>\n

Furthermore, users have capability to connect multiple wallets and switch between the Ethereum main network, the main testnets, and even the Binance Smart Chain<\/a>.<\/span><\/p>\n

How to install and create Metamask wallets on Chrome browser<\/b><\/h2>\n

Step 1: <\/span>Go to <\/span>https:\/\/metamask.io\/<\/b><\/em>, click [Download <\/em><\/span>Now]<\/em><\/p>\n

Step 2: Click<\/span> [Install MetaMask for Chrome]<\/em>.<\/b> After that, you’ll be redirected to Chrome’s online store.<\/span><\/p>\n

\"MetaMask\"
Press [Download Now]<\/figcaption><\/figure>Step 3:<\/span> Select [<\/em><\/span>Get Chrome Extension]<\/em> \u21d2 [<\/em><\/span>Add to chrome]<\/em> \u21d2 [<\/em><\/span>Add]<\/em> \u21d2 [Done]<\/em><\/span>. You’ll see an icon on the browser like this.<\/span><\/p>\n
\"Once
You’ll see an icon on the browser like this<\/figcaption><\/figure>\n

Step 4: Click on the Metamask icon as above. Then click [<\/em><\/span>Get Started]<\/em>,<\/b> press [<\/em><\/span>Create a wallet]<\/em>\u00a0to create the wallet.<\/span><\/p>\n

\"Then
Click [Get Started]<\/figcaption><\/figure>
\"Then
Click [Create a wallet].<\/figcaption><\/figure>Step 5: Enter [I<\/em><\/span>mport wallet]<\/em> if you already have a wallet and remember “Private Key”. If not, click [<\/em><\/span>Create a Wallet] <\/em>to create a new wallet.<\/span><\/p>\n

\"Read
Read the terms carefully and select [I Agree]<\/figcaption><\/figure>Step 6: Read the terms carefully and select [<\/em><\/span>I Agree]<\/em>. Then enter the new password 2 times to confirm. Tick<\/span> [I have read and agree to the Term of use].<\/span><\/i><\/p>\n
\"Enter
Enter the password for the wallet and confirm, and then agree to the Terms of Use<\/figcaption><\/figure>\n

Step 7: Next you need to save 12 secret backup phrases, they are very important to back up and restore your wallet. Write this phrase on a piece of paper and store in secure location. If you want even more security, write it down on multiple pieces of paper and store each in 2 – 3 different locations. Anyone with this phrase can take your Ether forever.\u00a0<\/span><\/p>\n

\"Save
Save 12 secret backup phrases<\/span><\/figcaption><\/figure>\n

Step 8: You are required to reconfirm these 12 phrases, select the words in the correct order and press [<\/em><\/span>Confirm]<\/em>\u00a0to end the wallet creation process.<\/span><\/p>\n

How to trade with Metamask wallets<\/b><\/h2>\n

1. How to add an ERC-20 token to your wallet<\/strong><\/h3>\n

To add ETH or ERC-20 tokens into your MetaMask<\/strong> wallet from another exchange or wallet, you just need to send the address of the account you want to receive the token. <\/span><\/p>\n