Looking for an easy way to set up Meta Mask? You have come to the right place. In this article, we will tell you the easiest way to set it up in simple, actionable steps.
What is Meta Mask?
Meta Mask is a free to use browsing extension and a smart phone application that allows you to interact with the Ethereum block chain. Essentially, it enables you to send and receive coins from your crypto currency wallet along with using a vast array of decentralized apps built on Ethereum blockchain.
Setting Up Meta Mask in Simple Steps
Follow these steps and you will set up Meta Mask in no time at all:
Download Meta Mask
- The first step is to download Meta Mask. Visit the website: https://metamask.io There you will see a list of supporting browsers; Chrome, Brave, Firefox, and Edge.
- As an example, I’ll take Chrome. You simply have to click install Meta Mask and Add extension.
- As soon as it’s downloaded, you can either input an existing wallet or create a new wallet.
- Creating a new wallet is very simple. Click on creating a new wallet, give permissions and set up the password. This is a secondary password.
- One you are done with that, you will be taken to a security screen. This will essentially be your recovery phrase.
Meta Mask Settings
- Once the first step is done, you can go on to the dashboard and click settings.
- This page will allow you to change your currency conversion, select your primary currency, and the language.
- If you click advanced settings, you can download the state logs, reset the account if you wish to get rid of all your transactions.
- Once that’s done, you can go back to the dashboard and click 3 dots at the right side of your screen to check account details. Here you will see your Ethereum address. This is the address that will be used to send Ethereum based token to your Meta Mask account. It will also have a QR code.
Setting Up Contacts
- Setting up contacts is very important if you wish to send crypto currencies to other accounts.
- Click settings and then click contacts to add accounts.
- I would recommend opting for a simple user name associated with each address to avoid confusion.
Token Support
- On dashboard, click add token.
- It will open a pop up where you can search for token by the token address or the name.
- Make sure that the token you add are legitimate and avoid getting scammed.
- Select the right option and click add token.
- You can go to your wallet and see the newly added token.
Buying Crypto Currency
- Click buy. Meta Mask will show you a list of third party service providers.
- Once you click the service, you can enter the amount you wish to purchase.
- You will need to enter debit card details for this purchase.
- You will be able to see exchange rates, transaction fees, and network fee right away.
- Go ahead if you feel comfortable with the overall rates(I would recommend comparing rates of different service providers).
Token Swaps
- You can actually swap Ethereum based token using third party services with Meta Mask.
- Simply click swap to proceed.
- Meta Mask will actually present you with the best possible price for your swap. If you are happy with the swap, go ahead and press swap.
- Make sure to set a slippage tolerance. Generally, a 2% is enough unless you are trading very large amounts.
Connecting External Wallets to Meta Mask
- Go to settings on your dashboard and click ‘connect hardware wallet’.
- You can link up your ledger or trezor.
- You will see detailed, easy to follow instructions on the page that are of immense help while connecting a wallet.
Send/Receive Crypto Currency on Meta Mask
- In order to send crypto currency, click send and enter the address of wallet into the recipient.
- You can also select the speed of transaction which is a great option to have.
- You can control over the gas prices by altering the advance settings.
- Turn on advanced gas controls.
- You can set gas price and limit. (Bonus Tip: See recommended gas prices on the website Ethereum Gas Station)
Edit Transaction
- You can speed up or even cancel the transaction on Meta Mask once you have submitted it but prior to it has been sent.
- Simply select ‘speed up’ or ‘cancel’ option as per your needs.
We hope you found this article helpful. We have tried to cover all the basic steps in the simplest way possible. If you have any questions, feel free to reach out to us and we would love to assist you.
