Easy MetaMask Guide: Setting Up for Beginners

MetaMask is a digital wallet which allows users to store and manage their Ethereum-based assets, including cryptocurrencies and tokens. In addition to this, it also enables users to interact with decentralized applications (dApps) securely and intuitively. Therefore, it has become a critical tool for those interested in participating in the world of Ethereum. This MetaMask tutorial for beginners guide aims to provide a step-by-step guide on how to set up this digital wallet and utilize its features effectively. Here are three highlights of this tutorial: a detailed explanation of MetaMask and its features, creation of a new MetaMask account, and how to connect to decentralized applications (dApps).

Metamask is a free to use browser extension and smartphone app that allows you to interact with the ethereum blockchain on metamask you can send and receive coins from your cryptocurrency wallet and use any of the vast array of decentralized apps built on the ethereum blockchain hey guys james here and in

This video i’ll show you how to download install setup and use the metamask browser extension all of these sections of this video are listed as timestamps in the description box for you alongside some other helpful resources so make sure to have a look if you need more information

If you come to the metamask website you can see the support that metamask has you can use it on chrome firefox brave and edge browsers sorry safari users no support for safari as yet there is an iphone app though as well as an android app as well we’re going to come straight

To downloading metamask though so for chrome which i’m using you can just click install metamask it’s then going to take you through to the chrome store and you just have to click add to chrome download it add the extension and then you can get started when it is

Downloaded you’ll see the option to either import an existing wallet or to set up a new metamask wallet if you already have a wallet and have the seed phrase just click on import wallet put that password in and then it will upload your wallet but let’s click on add a new

Wallet and we’ll create that right now i agreed to send some data to metamask it’s not going to reveal my identity or anything but they can use it to make the service better then you have to create a password this is a meta mask password this isn’t the recovery phrase or the

Private keys for your wallet this is a secondary metamask password that you can use so create that password for your metamask account then when you have that it will take you through to the security phrase screen and this is the recovery phrase for your wallet on the next

Screen you’ll just have to confirm the recovery phrase so that metamask know that you wrote it down properly and once that has been input it will let you into meta mask we can see also that metamask has made some upgrades to token swapping metamask now uses a list of decentralized exchanges including

Uniswap total one-inch exchange and even some professional market makers it’s a really good upgrade and i’ll get onto all the benefits of this later on in the tutorial in the section about swapping tokens once everything is set up your dashboard should look something like this and you

Can actually go to the settings up here go to info and help and then you can see your metamask version obviously they’re making updates all of the time and there are some good updates that metamask have made recently that i’ll get onto in a little bit but let’s just come to the

Settings and get everything set up first so we’ll come down to settings now you can change your currency conversion here so put that to your currency and down here you can choose the primary currency this is how all of the holdings in your metamask wallet are valued at the moment

It’s set to ethereum i’m going to change this over to fiat so all of the holdings that i have will be given to me in a value in us dollars and that’s just easier for me to understand you can choose the current language as well and there’s actually quite good language

Support in metamask so definitely can be used by many people and as we come over to advanced we have some state logs you can download those if you wish you can also reset the account to get rid of all of your transaction history if that’s something that you might want to do

There are also some other controls including advanced gas controls i’ll cover them in the section later on in the video as we come back to the main page though you can always get to that by clicking the icon by the way we’ll just come over to these three dots on

The right hand side and then we’ll look at our account details what comes up is your ethereum address on your metamask so if you ever want anyone to send you some ethereum based tokens some erc20 tokens to your metamask account they can scan this qr code with their smartphone if they have

A wallet app on there or you can copy this address and then paste it into those other services so you can send this account some tokens you can also rename your account here so i’m going to do that and i’m just going to put james’s wallet

That’s good for me i’ll just click tick there and then just off and then now my wallet is a little bit more personal the next thing that you might want to do is set up some contacts and this is really important if you want to send some cryptocurrency to other accounts you can

Come down to settings again and then come over to contacts as you can read here all of your metamask created accounts will be automatically added to this section but you can go and create other ones as well the reason that you’d want to do this is because ethereum addresses or any cryptocurrency address

Is an extremely complex list of letters and numbers and obviously it’s very easy to get this wrong if for some reason you copy and paste in the wrong way or anything like that it’s going to be an error and potentially you could lose tokens by doing this so what you can do

Is set up a simple username and then attach an address to this so if you have a friend called bob you could put bob in here attach his ethereum public address right here and then click save next time you want to send some funds over to that

Specific account just click on bob and that will be sent over to the account without any worries that’s it for the settings though so why don’t we move on to adding token support in metamask and you can do this quite easily by coming down to add token you

Get ethereum support as standard of course because it is an ethereum based wallet but if you want to add support for other tokens simply come to add token and then search for the token either by using the token address or the name i’m just going to type in a ticker

Right here which is ava or arve this is an ethereum based token and you can add this very easily why metamask is a little bit different is that it is a decentralized platform and it’s important to know that different tokens can actually be given the same name and

Even the same token icon this is important to know because you could get scammed and actually be buying or sending a token that you think is over but it actually isn’t in any case metamask does scan some reputable sites to make sure that these tokens are legitimate so let’s go and

Add this one by clicking here we can go through to the next option and then you can just add the token right here onto the meta mask and you have the token we can go back to my wallet and you can see support now for ethereum and this second token

Next up let’s come to buying some cryptocurrencies on metamask and metamask do actually link up with some third-party service providers that allow you to do this the way that you can buy and deposit some ethereum tokens onto your metamask is using wire so if we just continue to wire and see some of

The options here why is a third party and is not meta mask it’s just providing a service here for metamask users they do have their own fee structure as well which is 0.75 percent for purchases or a flat fee whichever is higher you can simply enter the amount that you want to

Purchase right here and it will show you how many ethereum that you can purchase can choose your currency that you want to pay in right here and the token obviously ethereum that it’s being changed into this is the address of your metamask wallet right here and you do

Have to use a debit card for this now we can see some of the exchange rates and the transaction fee overall you can see not just the transaction fee but also the network fee so they’ll actually be using the ethereum network to send those

Coins to you so you have to keep all of these fees in mind 30 for a fee is very expensive compared to some other centralized exchanges like binance or even coinbase the network fee itself of course is out of the control of metamask or even wire this is a network fee on

The ethereum network so if you were to go ahead and purchase some ethereum in a lower cost trading account like binance you would have to pay those network fees anyway but you can see the network fees are making this transaction incredibly expensive so it is an option for us but

Maybe uh one that is too expensive for right now another third-party service that metamask does provide though is trading or swapping of ethereum-based tokens and they’ve actually upgraded this recently and i think they’ve done a really good job so let’s come to swap and we can actually swap one ethereum based token

For another after the recent upgrades metamask will now plug into some of the most popular decentralized exchanges that run on the ethereum network remember at the start we saw that flyer detailing the upgrades that they’ve made well now metamask will look at all the different dexes or decentralized

Exchanges and get you the best possible price for your swap and exchanges used include uniswap one inch and some other popular decentralized exchanges for a lot of people i do believe centralized exchanges offer a lot of benefits including low fees and extra features but if you want to trade anonymously

Then metamask will be a better option for that and what’s nice is that you don’t even have to go over to something like uniswap link your wallet with uniswap and then go ahead and swap tokens you can do that right now within metamask so it makes it so much easier

For you if you want to swap then just simply choose the tokens that you want to swap so let’s put in one ethereum token right here and then we can choose the swap 2 token so this is the ethereum token that will be selling and then obviously to swap one token into another

We’ll be buying this token or swapping into this token so let’s just choose unit swap as an example so we could be giving over one ethereum based token and then getting how many other uni-swap tokens that that is worth you can also read down here that metamask are

Verifying the validity of this token verified on six sources like i said before scam tokens could actually have the same name as an original token that you might want to swap into so it’s good that metamask verifies that this is a proper original token verified on six

Sources so that we know that we’re actually buying the real thing as we come down to advanced options right here you can set a slippage tolerance this is important because we are not using a centralized exchange to buy and sell a cryptocurrency with another person we are actually using decentralized

Liquidity pools and what that means is we’re using the ethereum network to go ahead and swap a couple of tokens and every time that you use the ethereum network you’re going to have to pay fees for the network and you need to make sure that your transaction is going to

Go ahead in normal times a slippage tolerance of two percent should be plenty unless you really need to get something done as fast as possible or you’re trading very large amounts you might want to go to custom and bump it up to maybe three four or even five

Percent but for most people and most transactions two percent is going to be plenty we can then come down to review swap and you can see that metamask will go ahead and scan all of the best decentralized exchanges to get us the best price so let’s click on review swap

And you can see one inch total exchange and a few other exchanges are all going through this process and metamask will find the best swap price for us right now new coats will be given to us in around 35 seconds but you can see now that our one ethereum token could be

Swapped into 68.13 uniswap tokens and then down here you will see the estimated network fee for this transaction and the possible max network fee that you may be charged overall so ethereum network fees are outrageous at the moment but this is nothing that metamask has control over

We can also see the fee that metamask charges which is 0.875 percent just to keep you in the clear here uniswap charges 0.3 so metamask are charging us a little bit on top for the ease of use of checking all of those different exchanges and trying to get us the best price

If you’re happy with that swap though simply go ahead and press swap and that will be done for you and then ethereum from your account will be swapped out and you’ll get some in this case uniswap tokens back into your metamask wallet next up we’re going to connect some

External wallets into metamask i’ll put a link to the tresor hardware wallet homepage if you are considering one of those they allow you to keep all of your private keys offline increasing security of your cryptocurrency holdings and you can click that link to find out if one

Of their offerings might be for you we can come up to the settings up here then and we’re going to connect a hardware wallet through this option and as of making this video you can link up your ledger or trezzle and you get some good instructions on how to do this as well

Firstly you have to connect your hardware wallet to your computer via the usb port and then you have to select the account that you want to match up with your metamask wallet having done this before what you will have to do is go through a couple of screens where you

Just allow metamask access into some of the public keys and other options with your trezor wallet once the trezor wallet is plugged in should be an easy process this screen also gives you other options to connect other wallets though so you can actually import other wallets that you may have simply enter the

Details of the wallet in here and import it it will actually import it into a new account in your meta mask and you can have multiple accounts in metamask if you click on these settings up here we named account one james’s wallet but you can create new accounts and import new

Wallets and have many different accounts within your metamask and use the same login password into your metamask to gain access to multiple wallets within this if you don’t have an existing wallet that you want to import but you do want to create a new wallet for some

Reason come to create name the account and it will create a completely new account for you once you have all your accounts and while it’s set up though we can deposit cryptocurrencies into your wallets quite easily anytime you want to deposit anything into a metamask wallet make sure that the correct account and

Wallet is selected right here click on your account details and this is the information that the sender will need if you want to send cryptocurrencies from your meta mask though click on send and then enter the address of the wallet in the ad recipient field you can actually

Also choose a speed for the transaction which is a really good option in metamask so you can choose between slow average and fast and obviously the faster you want a transaction done the more you’re going to have to pay you can gain further control of your gas prices

By coming up to the settings so we’ll come to settings right here and then we’ll come to advance like i said at the start we have some advanced gas controls and you can come and turn these on a gas limit is the maximum amount of gas

That you are willing to spend for the transaction and the gas price in metamask this is the max amount you are willing to pay per unit of gas gas prices are measured in guay guay is just the smallest unit of ethereum you can think of guay a little bit like having a

Penny in the dollar but metamask actually populates this for you most of the time based on typical values that you would be expected to pay given the size of your transaction you can also change the gas fees manually though to whatever you choose based on how fast you want your transaction to be

Processed metamask actually advises using the website ethereum gas station for this to give you a ballpark of what you should be spending so we can actually come over to that website right now and you have three options here first is trader this is the fastest transaction so you can see asap so

You’re gonna have to pay more in gway then fast is a little bit cheaper and then standard is the cheapest you can also double check this on a different website called etherscan and the ethereum gas tracker on this website and you can see that the low is 209 which is

Actually a little bit cheaper than ethereum gas station so you can have a look at these prices if you want to put the amount of way in and actually change it manually yourself when you’re going through a transaction another neat feature of metamask is the ability to speed up or even cancel a

Transaction after you have submitted it but obviously before it has been sent you can actually come down to the option that looks like this and then just press this icon cancel you can also go over to the second option which is speed up and by pressing this option you can actually

Choose the speed options so you may have to pay a little bit more in gas fees if you want to cancel the transaction or speed it up so just keep that in mind overall but it’s nice to have those options just in case you want to do something with the transaction after

You’ve gone through and pressed okay if you need any more help with metamask including how to link metamask with various mobile or hardware wallets do check out the metamask playlist on the channel i’ll link some other helpful videos in the description box for you as

Well do hit the like button if you found value in this video subscribe for way more helpful cryptocurrency content and i’ll see in the next one

MetaMask is a browser extension that allows users to access Ethereum blockchain and interact with decentralized applications. To set up MetaMask, first install the extension, create a wallet, and securely save the seed phrase. It is possible to buy, send, and receive Ethereum through MetaMask. Overall, MetaMask is a simple and essential tool for anyone wanting to use any Ethereum-based applications.

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