Creating a MetaMask Wallet
What is MetaMask?
MetaMask is a DeFi wallet you can use to access decentralised applications, websites and protocols built on cryptocurrency blockchains.
This wallet allows for approved decentralised applications to access your assets without giving away your private key, making it one of the safest DeFi wallets on the market.
Creating a MetaMask
For this guide, we will be explaining how to set-up MetaMask through the browser extension. Currently, MetaMask supports Chrome, Brave, Firefox, and Edge. MetaMask is also available for download on iOS and Android on their respective app stores.
Step 1: Install the browser extension on their official website.
Step 2: Once you’ve added the extension, Create a new wallet, and your password.
Step 3: You will be given a private backup phrase, which you must keep.
IMPORTANT:
Copy your private backup phrase down and keep it in a very safe place. You will lose access to your funds if you lose both your password and private backup phrase.
Lastly, do not give your private backup phrase to anyone (not even your mom!).
Gas Fees
Before you can use any decentralised applications, you’re going to need funds in your wallet to pay for gas (transaction) fees.
By default, MetaMask is connected to the Ethereum Mainnet, meaning you will need Ethereum (ETH) tokens.
Do note that every action involving movement of funds in crypto, in most cases if not all, requires a gas fee.
Getting ETH into MetaMask
If you already own ETH somewhere else, you may transfer it directly into your MetaMask wallet. You can find your wallet address at the top of the interface.
Alternatively, MetaMask also has an option to purchase ETH directly through fiat by clicking “Buy”. However, take note of the network fees as Ethereum is known for their ridiculously high gas fees.
Other Networks
MetaMask supports various ecosystems, which allow you to use custom blockchain networks.
Let’s assume you’ve just about had it with those Ethereum gas fees.
Another option you may consider is moving to a completely separate smart contract ecosystem, such as the Binance Smart Chain (BSC).
BSC Network on MetaMask
To configure your MetaMask wallet to support the Binance Smart Chain (BSC), follow these steps:
Step 1: Open your MetaMask wallet interface and click on the top, where it says “Ethereum Mainnet”.
Step 2: A drop list will appear and at the bottom, click “Add Network”.
(“Custom RPC” for older versions)
Step 3: MetaMask will take you to Network Settings, where you will key in the information and details for the custom network. For BSC, key in these details:
Step 4: Click on “Save” and you should be good to go!
You should be able to see “Smart Chain” at the top as a network now. A BSC wallet address will automatically be generated for you as well.
Getting BNB into MetaMask
Just like how the Ethereum Mainnet uses ETH tokens for gas fees, the Binance Smart Chain uses BNB tokens.
Similarly, if you already own BNB somewhere else, you could transfer it directly into your MetaMask wallet. However this time, make sure you enter in your BSC wallet address.
Alternatively, you could send your ETH to a centralised exchange (CEX), like Binance or Kucoin to swap for BNB, and then send it back into your MetaMask.
If you’re slightly more adventurous, you could also swap your ETH for BNB by using decentralized applications, such as Uniswap or PancakeSwap. We definitely recommend you to watch tutorials or research more on this method before trying it.
Unfortunately, MetaMask does not have an option to purchase BNB directly through fiat at this point of time.
Using MetaMask
We think MetaMask is a great DeFi wallet to use. It has a simple UI and it’s pretty easy to set-up considering it’s extreme versatility — the vast number of decentralised applications and custom settings it’s able to support.
Now, DeFi wallets are an extremely important tool in the crypto space, because it gives us better ownership and security over our digital assets.
That being said, we should still be extremely careful with the risk of potential phishing links, scams, hacks and fraud. You should always check the domain or site before connecting your wallet, because you would be giving them permission to access it.
Furthermore, we don’t recommend holding your digital assets on CEXs. In the case of the CEX crashing, you could potentially lose all your assets. If you’re holding certain assets for an extended period of time, moving it to a DeFi wallet could be significantly safer. You can move it onto a ledger or hardware wallet to be extra safe.
Of course, if you frequently trade by the minute, hour or day, it would make more sense to keep your assets on CEXs.
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