Ethereum wallets are totally different from Bitcoin wallet. Therefore, we need to pick Ethereum wallets with a different mindset altogether. Moreover, in Ethereum wallets we not only look for the capability to store ETH but also look for ERC20 support. That’s why today we are going to talk about the MetaMask wallet which has both these qualities. MetaMask is a self-hosted wallet to store, send and receive ETH and ERC20. It allows you to control your funds as it is an HD wallet that provides a mnemonic phrase that you can keep as a backup. MetaMask has its Chrome extension, Firefox extension, and Brave extension, but for this tutorial, we will keep the scope limited to Chrome extension version. Let’s get started with the following aims:
- How To Install MetaMask Wallet?
- How to manage (send/receive) Ether on MetaMask wallet.
- How to manage ERC20 tokens on MetaMask
How to manage (Send/Receive) Ether on MetaMask wallet?Now that you have installed MetaMask wallet, let’s see how to receive and send ETH on MetaMask. #1. To receive ETH, click on three dots as shown in the below image and click on “Show QR Code”. #2. On clicking “QR code”, you will see this QR code and ETH address which you can either scan or copy to send ETH on it. #3. Now to send ETH out of MetaMask wallet to any other wallet, click on “Send” as shown on the home screen of the wallet. #4. You will be able to see below screen where you can add “Recipient Address” & “Amount” that you need to transfer out. This way you can access your MetaMask and send/receive ETH and other tokens.
How to manage ERC20 tokens on MetaMaskManaging ERC20 tokens on MetaMask wallet is as easy as Ether itself. Note: MyEtherWallet support some ERC20 tokens by default but on MetaMask no ERC20 token is supported by default. That’s why one needs to add all types of ERC20 manually in MetaMask, a very easy task. 1. Once you have unlocked MetaMask, click on ‘Tokens’ as shown in this image and click on “Add Token”. #2. You will be able to see the below screen now where you can add the token details that you intend to add in MetaMask. Check out this article for a more detailed description of how to do this: How To Add A Custom Token In MetaMask (https://coinsutra.com/?p=9142&preview=true). #3. Once you have extracted details like contract address, token symbol, and token decimals, submit them and click “Add”. For example, I am adding these details for Binance (BNB) token extracted from here: https://etherscan.io/token/0xB8c77482e45F1F44dE1745F52C74426C631bDD52
- Token Symbol: BNB
- Token Decimals: 18
- Token Contract Address: 0xB8c77482e45F1F44dE1745F52C74426C631bDD52