Wallets are the fundamental user interface through which a person interacts with the cryptocurrency system. With more and more people using Ethereum, it’s important for users to set up an Ethereum wallet address so that they can fully control their assets. But as the Constantinople hard fork is fast approaching, we are not only looking for Ethereum wallets that store ETH but, more importantly, we are looking for those that support ERC20 tokens. That’s why today we are going to talk about the Metamask wallet which can do both. We will explain what type of Ethereum wallet is Metamask, how to set up an Ethereum wallet address on Metamask and how to add custom ERC20 tokens to it.
Metamask—an Online Ethereum Wallet
Online Ethereum wallets, also called web Ethereum wallets, are where you can store, send, and receive your ETH and ERC20 tokens and access them on the cloud. They help to keep your public and private keys, show your balance, and conduct
Unlike desktop Ethereum wallets, you can use them without restrictions of your location or device, which matters a lot to users. Although it is important to note that these type of wallets do have some security issues, as you are not the only one who hold the private keys. However, with proper precautions and follow-ups, your assets can be kept pretty securely and used fairly quickly and conveniently.
Metamask is now a popular Ethereum online wallet which allows you to run Ethereum DAPP right in your browser without running a full Ethereum node. It can be installed in various browsers: Google Chrome, Firefox, Opera and the new Brave browser. While in this article, we will use its Google Chrome extension to show you how to set up an Ethereum wallet address on Metamask.
How to Set Up your Ethereum Wallet Address on Metamask?
Now that we’ve explained what is Metamask and which type of Ethereum wallet it is, let’s get down to business. A step-by-step guide will be given to you on how to install Metamask and use its basic functions.
Go to their official website by searching Metamask, click on “GET CHROME EXTENTION” and add the extension to your Google Chrome, or whichever browser you’re using. The whole process is simple, easy, and should only take a few clicks as long as you follow the instructions.
To note, when you log in, your current account’s address is visible to every new site you visit. So you’d better sign out when you’re done using a site.
Metamask offers a lot of tips to ensure your account safety, especially regarding your password security. For example, as previously mentioned, they strongly advise to your secret backup seed phrase and keep it stored safely on an external encrypted hard drive or other storage medium. These suggestions are useful to any Ethereum wallet.
Click on the logo at the top-right corner of your browser and enter the main page. Here, you can choose to directly deposit Ether if you already have some, to buy some on Coinbase, or to trade and deposit Ether directly into your Metamask wallet.
More functions are provided, such as viewing your account on Etherscan, showing a QR code, copying your address to clipboard, exporting your private key, etc.
How to add a custom token on Metamask?
On Metamask, tokens are not supported by default, you have to manually add a custom token yourselves. Go to the menu of your wallet, and click “ADD TOKEN” to add it to your account. Enter the Token Address, Token symbol, and decimals; then click “NEXT”. In short, it’s easy to add a custom token on Metamask.
Overall, Metamask’s design is user-friendly, its instructions are direct and comprehensive, and is a rather trustworthy wallet for Ethereum traders.
This concludes today’s article about the frequently-used online wallet Metamask, how to set up an Ethereum wallet, and how to add a custom token on it. We hope you learned a lot, enjoyed the read, and stay tuned for more great content.