If you want to trade DeFi, you will need to set up a reputable wallet that can be used to safely store your funds. One of the most widely used software wallets on the market is MetaMask. So, how do you use MetaMask for storing crypto? In this article, we will walk you through using the DeFi wallet step-by-step.

Why Use MetaMask?

MetaMask is a popular option for those looking for a software wallet because it integrates directly with the Ethereum blockchain. This means that you can use MetaMask to store not only ETH, but also any ERC20 tokens. In addition, MetaMask can be used across a variety of platforms, including desktop and mobile browsers as well as Crypto wallets like Trust Wallet.

MetaMask keeps tokens secure by storing them in an encrypted format on your device. In order to access your MetaMask wallet, you will need to enter a password. This ensures that even if your device is lost or stolen, your funds will remain safe.

In addition to being a secure storage option, MetaMask also makes it easy to trade crypto. The software wallet can be used to connect to a variety of decentralized exchanges (DEXes), making it a convenient option for those looking to trade ERC20 tokens.

Now that we’ve covered some of the basics, let’s walk through how to use MetaMask step-by-step.

How To Use MetaMask?

Step 1: Download the MetaMask extension

The first step is to download the MetaMask extension. Currently, MetaMask is available as an extension for both Firefox and Google Chrome.

To download the MetaMask extension, visit the MetaMask website and click on the “Download Now” button.

Once you have clicked the “Download Now” button, a pop-up window will appear asking you to confirm the installation. Click “Add Extension” to continue.

Step 2: Create a new MetaMask account

Once the MetaMask extension has been installed, you will be prompted to create a new account.

Click on the “Create Wallet” button to get started.

On the next screen, you will be asked to set up a password for your new MetaMask account. This password will be used to encrypt your MetaMask seed phrase, so be sure to choose a strong password that you will remember.

Once you have entered and confirmed your password, click on the “Create” button.

Step 3: Save your MetaMask seed phrase

After you have created your account, you will be given a seed phrase. This is a string of 12 words that can be used to restore your MetaMask account. It is important to store this seed phrase in a safe place as it is the only way to access your MetaMask account if you forget your password.

Click on the “I’ve copied it somewhere safe” button to continue.

Step 4: Set up Two-Factor Authentication (2FA)

The next step is to set up Two-Factor Authentication (2FA) for your MetaMask account. 2FA is an extra layer of security that will require you to enter a code from your mobile device in order to log into your MetaMask account.

To set up 2FA, click on the “Enable” button.

On the next screen, you will be given a QR code. You will need to download a 2FA app like Authy or Google Authenticator and use it to scan the QR code.

Once you have scanned the QR code, you will be given a 6-digit code. Enter this code in the “Token” field and click on the “Enable” button.

Step 5: Add Crypto to Your MetaMask Wallet

Now that you have created your MetaMask account and set up 2FA, it’s time to add some crypto to your wallet.

To do this, click on the “Add Token” button.

On the next screen, you will be asked to select the type of token you would like to add. For the purposes of this tutorial, we will be adding ETH. However, MetaMask can be used to store any ERC20 token.

Once you have selected the type of token you would like to add, click on the “Next” button.

On the next screen, you will be given a list of supported tokens. Select the token you would like to add and click on the “Add Token” button.

In this example, we will be adding ETH. However, the process is the same for any ERC20 token.

Step 6: Connect to SokuSwap DEX

The next step is to connect to a decentralized exchange (DEX) so that you can start trading crypto. For the purposes of this tutorial, we will be using SokuSwap.

To connect to SokuSwap, click on the “Connect” button.

On the next screen, you will be asked to select the type of account you would like to use. For the purposes of this tutorial, we will be using a MetaMask account. However, you can also connect a hardware wallet like Ledger or Trezor.

Once you have selected the type of account you would like to use, click on the “Connect” button.

Step 7: Start Trading Crypto

Now that you have connected to SokuSwap, you can start trading crypto.

To do this, click on the “From” drop-down menu and select the currency you would like to trade. In this example, we will be trading ETH.

Next, enter the amount of ETH you would like to trade in the “Amount” field.

Then, click on the “To” drop-down menu and select the currency you would like to receive. In this example, we will be receiving DAI.

Finally, click on the “Swap” button to complete the trade.

And that’s it! You have now successfully traded crypto using MetaMask.

Frequently Asked Questions

Is the MetaMask wallet safe?

The MetaMask wallet is a software wallet that is considered to be very safe. However, it is important to remember that no wallet is 100% secure and you should always take measures to protect your wallet, such as enabling 2FA and creating a strong password.

How do I add crypto to my MetaMask wallet?

To add crypto to your MetaMask wallet, click on the “Add Token” button. On the next screen, you will be asked to select the type of token you would like to add.

Does MetaMask have an app?

Yes, MetaMask has both a desktop app and a mobile app.

Do I need ETH to use MetaMask?

No, you do not need ETH to use MetaMask. However, you will need ETH if you want to add crypto to your MetaMask wallet or use MetaMask to trade crypto.

What is MetaMask?

MetaMask is a software wallet that allows you to store, send, and receive crypto. MetaMask can be used to trade crypto on decentralized exchanges (DEXes). MetaMask is also a browser extension that allows you to interact with decentralized applications (dApps) on the web.

Posted 
Jul 10, 2022
 in 
DeFi Education
 category

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