What is and how to use Metamask

In this article, you will learn what Metamask is and how to use it.
Metamask is a decentralized cryptocurrency wallet that exists as a browser extension. This extension exists in both Chrome and Firefox. It is necessary to interact with decentralized exchanges, to connect to various applications and games, to enable staking on various platforms (Biswap, Pancakeswap), to work with testnets and much more. This article describes step-by-step instructions for installing, registering and using the main functions of this wallet.

1. How to install Metamask

To download and install this wallet, you need to go to the extension store of the corresponding browser and find Metamask in the search. Or just follow the link for Chrome and Firefox. After that, click the button to install the extension in the browser.

2. Creating a new wallet

After installation, you need to create a new wallet or import an existing one. Select “Create Wallet” > read and agree to the terms > create a password for entering the wallet > click “Next”.

Create a new wallet

Now is a very important point, you need to save your secret backup phrase. Thanks to it, you can always restore access to the wallet or import it on a new device. NEVER give access to it to any person, even if they introduce themselves as an admin. To see the words themselves, just click on the lock with the left mouse button and you will see all 12 words. You need to SAVE them, write them down in a text document, or better on a piece of paper and press the “next” button.

Secret phrase

In the next window, you need to select all the words in the correct order as in the previous step to confirm that you really saved this phrase. After successfully entering the data, you will be greeted by Metamask and a new profile will be created.

Phrase confirmation

3. Network selection

For further manipulations, you can work both with the small window on the right. Namely with the extension, and with a full tab in the browser by clicking on the settings in the extension, i.e. 3 dots and selecting the “Expand view” item.

Metamask deployment

The next step will be to add and change the network. by default, it works on the Ethereum network, but very often it is necessary to connect other networks, for example, such as BNB, Polygon or some others. There is nothing complicated in this, you just need to click on “Ethereum Main Network” and in the drop-down menu click on the “Add network” button.

Add a new network

In the tab that opens, you need to enter the following values:

Network name: Smart Chain

New RPC URL: https://bsc-dataseed.binance.org/

Network ID: 56

Symbol: BNB

Block Explorer URL: https://bscscan.com

Filling data about the network

After filling in all the data, press the “Save” button. That’s it, you’ve added the BNB network to your profile, now you can receive, send and receive cryptocurrencies on this network and connect to sites on this blockchain.

Added BNB

Similarly, you can add any networks, more details in the article about adding networks in Metamask.

4. Adding coins and tokens

There are 2 main ways to add or import coins to be displayed in your extension. The first is an import from a site you trust, it can be CoinMarketCap, CoinGecko, etc.

Example of adding BUSD

To do this, you need to go to one of the listed sites and find the coin you need, for example, BUSD. On the left in “Contracts” select the item “More”, that is, more, and from the list select the network we need, the one we are currently on, namely BNB Smart Chain and click on the fox. After that, a window will appear with the possibility to confirm the addition of the token.

Added BUSD token to Metamask

Sometimes it happens that it is necessary to add some token that is not placed on the listed sites. Maybe it’s a new token, maybe for any other reasons, for such cases there is a manual token addition. To do this, you need to click the “Import tokens” button, which is located below all your tokens.

Import tokens

Enter the contract address of the currency you need. If the scanner finds this currency, the other values will be pulled automatically, otherwise, you will need to enter the token symbol and the number of decimal places, this option is possible when the coin is just coming out. But be careful, because this way you can also add a scam coin.

Adding TWT manually

Once successfully added, the token will appear among all your other tokens.

Import success

5. Transactions and commissions

Metamask uses transactions to perform any operations, such as sending cryptocurrency, connecting to the site, staking, and much more. Each transaction has a commission (except for connecting to sites, such a transaction in most cases requires only simple confirmation). The commission differs depending on:

  • network (BNB BEP-20 much smaller fee reaches a few cents than on Ethereum ERC-20 ranging from a few dollars to tens of dollars per transaction);
  • network load (the more transactions at the same time, the greater the load on the network, so people who want to make a transaction faster increase their payment for the commission);
  • time (usually during the day the price is more expensive than at night due to the fact that there are more users).

That is why you should always have a certain small amount in the network you use to pay transactions, for example, 0.01 BNB is enough for BNB, which is equal to about 3 dollars now. It’s the same with all other networks, because everywhere transaction fees are charged, somewhere less, somewhere much more.

6. How to send and receive cryptocurrency through Metamask

In order to send cryptocurrency through Metamask, you first need to have a certain amount of coins to pay the commission. If everything is fine with this, then select the “Send” item.

Send from Metamask

Specify the address to send, or choose if you already have it saved

Insert address

Select the coin to send and enter the amount. Gas is the price per transaction. If you do not need very fast sending, then leave it unchanged, on BNB, usually the transaction takes no more than 5 minutes. In case of heavy traffic, instead of 5, you can specify 5.5 or 6 or even more, but the price for this transaction will increase accordingly, so be careful.

Enter the amount and commission

After entering all the data, press the “Next” button. Next, you need to confirm the transaction, the price for this transaction will be indicated here, and if everything is OK, click the confirm button.

Transaction confirmation

As for receiving, you just need to copy your wallet address by clicking the center of your address extension. After that, send this address to whoever should drop the coins for you, or if you are transferring from an exchange or from another wallet, just send the coins to this address.

How to get cryptocurrency to Metamask wallet

This article helps to understand how to use Metamask and that there is nothing very complicated about it. You don’t need a lot of money here, in order to use it, and you can create as many accounts as you want without any problems. Even in one profile, you can create several sub-profiles by selecting your account icon and the “Create account” item. Metamask is very easy to use and has the ability to connect to almost all crypto projects that support networks that are on Metamask, so having such a wallet is quite important nowadays.

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