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How to use your MetaMask wallet

How to use your MetaMask wallet

13 Apr, 2022 - 2 min read

MetaMask is a cryptocurrency wallet that’s growing in popularity rapidly. With MetaMask, users can hold and trade Ether and other ERC20 tokens. MetaMask also enables users to connect to Ethereum-based Dapps for trading or gaming easily and get a convenient entry point to the emerging world of DeFi apps. Without MetaMask, they would need to download the Ethereum blockchain and run a node.

Launched in 2016, MetaMask has played a central role in the adoption of decentralised applications on Ethereum. In September 2021, ConsenSys, the company behind MetaMask, announced that the wallet had over 10 million monthly active users (MAU). It’s witnessing the fastest growth in Asia, and the top 10 countries by user numbers are the Philippines, United States, Vietnam, United Kingdom, China, India, Russia, Brazil, Indonesia, and Thailand.

The MetaMask wallet can be used as a browser extension and is also available as an Android and iPhone mobile app. The MetaMask extension for browsers was launched first. The subsequent launch of the MetaMask app helped attract new users from global markets, including the Philippines, Vietnam, China, India, Indonesia, Thailand, and Brazil.

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This article is over two years old, last updated on April 13, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent cryptocurrency articles.

A non-custodial wallet

Wallets where a custodian holds the private keys are called custodial wallets. Users only have permission to send or receive payments. MetaMask works differently. With MetaMask, users hold the private key and fully control their funds. That's why it's called a non-custodial wallet.

How to use MetaMask

Download and Install MetaMask

To get started with MetaMask, download and install the official MetaMask extension or the mobile app. Depending on which browser you use, you can install the Google Chrome extension or the Firefox addon. Next, you need to create a wallet. As a MetaMask user, you will get everything you need to manage your digital assets, including your key vault, secure login, token wallet, and token exchange. Although MetaMask is a complex product and connects to the Ethereum blockchain, its user interface is simple and user-friendly. Your public and private keys are stored on your web browser and not MetaMask servers.

Connect to a Dapp or smart contract

When you want to connect to a Dapp or smart contract, you will need to find the ‘connect to wallet’ option on that app. As Dapps connect to MetaMask, it makes it simpler for you to access and use them. Within the Dapp, if payment is required, you will be asked whether it should be taken from your MetaMask wallet.

Swap Tokens

When you want to swap tokens, MetaMask accesses data from multiple aggregators and market makers. You can compare the prices and fees on various decentralised exchange aggregators, market makers, and DEXs. This helps you find the price most advantageous for you, and the lowest network fees. The MetaMask wallet fee of 0.875% is automatically included in each quote.

How to deposit into MetaMask

Once your MetaMask wallet is set up, you can deposit cryptocurrencies into it from an exchange or a hardware digital wallet. Look for your public address and copy it, then paste it into the platform you’re using to send currency.

Keeping your MetaMask wallet safe

You will be given a unique 12-word secret recovery phrase when you launch your MetaMask wallet for the first time. It’s critical that you don’t share this phrase with anyone. Anyone who has your secret recovery phrase or private key can steal from your account. If anyone asks you to share your secret recovery phrase or private key, even if they claim to be MetaMask staff, never share these. For additional security, if you have a large amount of ETH in your MetaMask wallet, you could consider getting a hardware wallet.

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This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

Jodie Humphries

Personal Finance Editor

Jodie Humphries is an experienced Personal & Home Finances Editor for RateCity with expertise in financial topics, including credit, loans, superannuation, mortgage and housing, insurance, telecommunications, and more. For over a decade, Jodie's journalism and editing career has seen work published at both Finder and Sharesight, and as one of RateCity's chief contributors, Jodie spends her time working on ways to make personal finances within reach of everyone in Australia.