How to Set Up A Metamask Wallet and Protect Your Coins Step-by-Step (With Pictures)
In this guide, we’ll tell you…
- How to set up your Metamask wallet (step-by-step)…
- Why every crypto investor needs a cold wallet (and how to easily connect one to your Metamask)…
- The best practices to protect your coins in the wicked wild west of Web3…
So what is Metamask?
Metamask is an ethereum wallet; which means you can store ether (ETH) and other ERC-20 tokens (tokens on the ethereum blockchain) on it.
You can also use dApps like Uniswap…
And do transactions with any ethereum address.
Here’s how to install Metamask.
How to install Metamask
Step 1:
Two web browsers support Metamask; Google Chrome and Firefox.
We’ll use Chrome for this example. First step to installing Metamask is to open Chrome and go to Metamask.io.
The page should look like this.
Now click the ‘Download Chrome’ button.
Step 2:
The button will redirect you to the chrome web store to add the web browser extension to Chrome.
Click ‘Add to Chrome’ to download.
This step adds the Metamask extension on your Chrome toolbar at the top right (the fox icon).
Step 3:
Once it’s downloaded, on the setup screen you’ll see 2 options:
Import an existing wallet or to set up a new wallet.
Since we’re new to Metamask, we’ll click “Create a Wallet.”
Step 4:
This part is pretty straightforward. Next you’ll create your password.
Step 5:
Next get your Secret Backup Phrase. And this is by far the most important step.
This 12-word seed phrase will allow you, or anyone with it, to access all of your digital assets (cryptocurrency & NFTs).
So do NOT share it.
I recommend you write your private keys on a physical piece of paper, and store it somewhere safe.
Do not store your phrase somewhere on your computer.
A hacker could gain access to it using Malware to spy on you (I know, kinda scary. We’re still in the wild west days in crypto.)
So write down your phrase on a piece of paper, then move onto the final step.
Step 6:
Congratulations! You finished the installation.
Now click “All Done’ on this confirmation page.
After that, the button should redirect you to Metamask’s platform where you can buy, send & swap.
With your Secret Backup Phrase, you can also open Metamask on your mobile device.
Just install the Metamask mobile app from the app store on iOS, or Google play store on Android.
So now that you’ve set up your Metamask Wallet, let’s go over how to protect your coins.
Now like I said, there’s lots of scams out there.
So we’ll cover a short list of best practices to keep your crypto safe and secure.
Let’s start with best way to protect your coins:
How to connect your Metamask wallet with a Cold Wallet so hackers can’t touch your tokens…
(you after this guide)
So what’s a cold wallet, and why is it the best way to protect your crypto?
A cold wallet is an external wallet that allows you to store your crypto offline.
Think of it like a digital safe.
Two examples of cold wallets are Ledger and Trezor.
This is the safest way to store your crypto because it’s offline.
Since there’s malware online, having large amounts in a Metamask wallet is like walking around with $5,000 in your pockets.
So let’s cover how to connect a cold wallet to your Metamask.
Step 1:
First, click the circle at the top right corner of the screen. Then select ‘Connect Hardware Wallet’.
Step 2:
Next, you’ll have the option to connect a Ledger or Trezor cold wallet.
If you scroll down, you should see the step-by-step instructions to connect your Ledger or Trezor wallets.
You can also import other wallets by clicking the ‘Import’ tab in the middle.
Just paste your details into the blank field, then click ‘Import.
If you have a Ledger or Trezor wallet, continue to the next step.
Step 3:
Connect your hardware wallet directly to your computer via USB port.
Step 4:
You’ll go through a few screens to allow Metamask to access your Ledger or Trezor wallet.
Then select the account you want to match up with your Metamask wallet.
Step 5:
That’s it!
You’ll have a new account in your Metamask wallet; and can store & withdraw your coins from your cold wallet.
So make sure anytime you send or receive crypto that the correct account is selected.
3 more best practices to protect your coins…
1. Be careful what links you click.
i.e. The randoms that slide into your Discord/Instagram DMs with links.
They’ll look something like this:
These links usually lead to fake exchange sites.
Or worse, a smart contract that ‘authorizes’ a scammer to wipe your Metamask account clean as a whistle.
That wouldn’t be a fun day.
2. Pay close attention to the spelling of Web3 sites.
And make sure you have the right address.
(For example, coingeckko.com vs coingecko.com).
3. Don’t brag on social media about how much crypto you have.
Unless you want to be an easy target for scammers.
And that wraps up this guide!
Congratulations. Now you know how to set up your Metamask wallet, and how to protect your coins in the wicked wild west of Web3.
I hope this guide provided lots of clarity and answered your biggest questions.
See ya next time.
