How to Create a MetaMask Wallet (For DeFi Beginners)
The first step for any DeFi newbie is creating a decentralised wallet. Unlike a wallet that you may have on an exchange like Coinbase or Binance, this is a wallet that belongs entirely to you and you have total control over everything that happens to it (for better and worse).
MetaMask is currently the most popular wallet for DeFi, and it’s a good place to start for beginners. MetaMask is a browser extension that you can use to interact with almost any DeFi platform seamlessly with just a few clicks.
Step-By-Step Guide to Creating a MetaMask Wallet
- To install MetaMask, simply go to https://metamask.io and click “Download now”.
2. MetaMask is compatible with Chrome, Firefox, Brave, or Edge. In this guide we’ll use Chrome, but the steps for other browsers are similar. You can use MetaMask on mobile devices too, but it’s much easier to interact with the DeFi universe through a web browser. If you’re happy using the Chrome browser, select “Install MetaMask for Chrome”.
3. You will be redirected to the Chrome web store. Select “Add to Chrome”.
4. When prompted, click “Add extension”.
5. Once the extension is added, a new tab should open with the option to “Get Started”.
6. Unless you already have a MetaMask wallet, on the next screen you should pick “Create a Wallet”.
7. You will be presented with a page saying “Help Us Improve MetaMask”. It doesn’t really matter what you pick here, it won’t affect your wallet in any way. If you want to share a little bit of data with MetaMask, you can choose to do so.
8. Next you need to create a password. Make sure it’s something secure, but also something you can remember! This is a conventional password that you’ll enter each time you load up MetaMask in your browser, but it’s not the all-important recovery phrase, which is created in the next step.
9. MetaMask will invite you to view a short video explaining the importance of the recovery phrase (AKA “seed phrase”) and how it works. Feel free to watch the video, and then pick “Next”.
10. Follow the instructions to reveal the secret words. These are of critical importance. If you lose these words, you will lose access to your account, potentially losing all your assets! Also, if someone else gets hold of this seed phrase, it’s possible they could access your account and drain your funds. It’s therefore of utmost importance that you take steps to store this phrase in a secure way.
11. MetaMask will then test you to check you really have recorded your seed phrase. Enter the words in the correct order to proceed.
12. Your wallet is now set up and ready to go! Read the tips provided by MetaMask on keeping your seed phrase secure and then pick “All Done”.
13. Read about the latest updates to MetaMask and close the window.
14. You can now view your wallet and see your balance. In the top right corner, the current network is displayed. By default, this is the Ethereum Mainnet, but in your DeFi adventure it’s likely you’ll need to switch this at various points to take advantage of lower fees and a wider range of platforms. This will be covered in detail in a future guide.
15. In Chrome you may want to pin the MetaMask extension so you can access it more easily. If you choose not to, it will still always be available from the jigsaw icon. It’s worth noting that when you start interacting with the various DeFi platforms, these will usually connect with MetaMask automatically, saving you from opening it up separately each time.
Now that your new wallet is all set up, you’re ready to get started! The next step will be adding funds to this wallet, which you can read about here. Welcome to DeFi!
