Are you getting into cryptos and want to open your first wallet? Metamask might be a solution for you. We explain everything to you about the most famous wallet on the market, the one with the head of a fox that you can install in 5 minutes flat.
Mis à jour le 12/03/2022 à 16:39
To store your cryptocurrencies, there are several solutions, the most decentralized of which is the use of wallets.
A wallet is simply a digital wallet of which you are the sole owner and the only one to have access to it.
Wallets, there are in several forms. We distinguish :
Soft wallets are digital wallets that are only virtual.
Hard wallets are digital wallets in the form of physical hardware (comparable to an external hard drive).
Some soft wallets come in the form of an extension that the user installs on his browser and with which he can very simply connect to decentralized finance protocols or simply use it as a cryptocurrency wallet.
They are very practical because they are easy to use and set up to start buying cryptos independently.
The advantage of using a wallet rather than storing your cryptos on an exchange platform is that with the wallet, you actually own your tokens. You interact directly with the blockchain and do not depend on any structure.
The disadvantage of a wallet, and decentralized finance in general, is that you are the only manager of your funds. Which means that in case of hacking of your wallet, loss of your secret key, or any other problem, no one can help you.
The best known browser wallet is probably Metamask.
The Metamask wallet is a wallet present on the Ethereum blockchain. It is one of the best known on the market and has more than 10 million downloads on the Google Chrome extension.
Most decentralized applications offer to connect a Metmask wallet to use their platform. It is undoubtedly the simplest and most versatile wallet as a first crypto wallet.
Metamask is therefore a wallet that is available directly on browsers, in the form of an extension.
There are in particular :
Metamask now also offers their wallet via mobile application available on iOs and Android.
The goal of Metamask is to offer a very accessible and easy to install wallet for anyone who wants to enter the world of crypto with limited knowledge.
It is a very good alternative as a beginner or as a user who is looking for a certain intuitiveness and a certain comfort of use.
By default, the Metamask wallet interacts with the Ethereum network. However, it is possible to add other networks later to complete your wallet and be able to transfer other tokens.
In particular, it is possible to add the Binance Smart Chain on Metamask, or even the Avalanche network, Matic, etc.
If you decide to use the Metamask wallet, it’s very simple. Here is how to download the wallet and then go to the configuration of it.
You can also go directly to your browser’s extension marketplace to download it by typing “Metamask” in the search bar.
If you want to use Metamask via a mobile application, go to the store that corresponds to your operating system (App Store, Google Play Store), insert “Metamask” in the search bar and download the application.
Once installed, we arrive on the Metamask home page :
Click the Start button.
We then arrive on this page which asks us if we already have a wallet or if this is the first time we have downloaded Metamask.
Warning
This allows us to remind you that one of the major risks of the entire decentralized crypto sphere is that access to your wallets and your accounts depends only on you. All the value that your wallet contains depends only on a password, a recovery phrase and if you forget it, no one can reset your password like when you forget your Instagram password.
Next step in wallet configuration: Metamask asks you to save data about your use of the extension while remaining 1000% anonymous.
Then you have to save a password. Unlike many sites that require 18 characters, special characters, letters, capital letters, … Here, Metamask only requires 8 characters minimum.
After the password, it is the crucial moment to recover a string of words that will constitute your recovery phrase.
This recovery phrase is unique and generated only once. Metamask warns you of the same things we told you above.
You are the only holder of this sentence and if you lose it, no one can help you. Also, if someone gets it, they can take control of your wallet and will be within their rights.
After taking all the precautions and recording the 12-word sentence that Metamask gives us, we go to a stage where they ask us to rewrite our sentence to be sure we have recorded the correct one.
Ensuite, notre wallet Metamask est créé !
We then arrive on the wallet :
There are 3 buttons :
The Buy button allows you to buy Ethereum directly via external platforms (Transak, Moonpay, Wyre). You can therefore buy ETH directly with your bank card and they will be added to your wallet.
You can also transfer ETH if you have it on another wallet, or an exchange platform. Your unique address is the one that appears below “Account 1”. This is the address you can use to send ETH to your account.
The Send button allows you to send ETH that are on your wallet by simply indicating the address to which you wish to send them.
The Swap button allows you to exchange your ETH (or other) for other tokens available on Metamask. We find most of the main cryptos on the market. The Swap function has a slippage tolerance.
The slippage tolerance is a safety margin (generally 2 or 3%) whose purpose is that if the price fluctuates beyond the margin indicated between the passage of the order and its confirmation, it is canceled.
The Metamask wallet is a very intuitive and very complete wallet that can be self-sufficient when you get into cryptos since you can do everything there between buying your first tokens with euros, sending tokens and even the swap which also allows you to store other cryptos if you want to hold cryptos.
However, to buy and keep other tokens, it may be interesting to do so via exchange platforms such as Binance which will offer to place these tokens in safe savings with attractive interest.
The interest of Metamask is to have a wallet strictly speaking with which you can interact with different decentralized protocols such as lending protocols, staking, etc. to carry out transactions there and having direct access between the protocol app and your crypto capital.
⚠️ This article is published for informational purposes and should not be considered as investment advice. Crypto-currency trading involves risk and it is important not to invest more than you can afford to lose.
InvestX is not responsible for the quality of the products or services presented on this page and shall not be held liable, directly or indirectly, for any damage or loss caused as a result of using any goods or services highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
Web editor for many years and SEO specialist, Thomas became an editor for InvestX when the site was launched. Passionate about the field of crypto and Web3, Thomas has made it his mission to deliver maximum value and introduce readers to the world of blockchains, considered for him as the world of tomorrow.
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