Metamask is a crypto wallet that ConsenSys developed. It operates as an extension of Chrome, Firefox, and Brave browsers. A crypto wallet is a software program or physical device used to store public and private keys.
We have hot and cold wallets. Hot wallets store keys online on a software program. On the other hand, cold keys store keys offline, making them more secure.
Metamask is highly popular among traders as it can be connected to any Ethereum blockchain. It gives you access to NFTs, DeFi platforms, and ERC-20 tokens, name it all. All this certainly sounds interesting, but how do you add tokens to Metamask?
Guidelines On How to Add Tokens to Metamask
First and foremost, you have to install Metamask. You can install the Metamask app or the browser extension. Head over to any search engine or Metamask’s official website, then download it.
Click on the 'Get Started button' then select the option 'Create a wallet.' Lastly, you will be asked to create a password and recovery key.
There are mainly two methods of adding tokens to Metamask. You can add existing tokens from the list or add token contract addresses manually.
Adding Existing Tokens from the List
Here all you need to do is transfer existing tokens from the list. Metamask has an exhaustive token list that is based on the Ethereum blockchain.
Step 1: Search for the Token You Wish to Add.
You can utilize Etherscan to search. After you have identified the token, retrieve its contact address.
Step 2: Go back to Your Metamask Wallet
Select the ‘Add another token’ option.
Step 3: Click on ‘Import tokens’
Once you have clicked on import tokens, Metamask will automatically update your tokens.
Adding Token Contracts Address Manually
Here you manually add tokens from the Metamask extension or app.
Step 1: Open Your Metamask Extension
Once you have opened your Metamask, select the ‘add tokens’ option.
Step 2: Add the Token and Its Custom Address
On the custom token tab, paste the token's address you wish to add.
Step 3: Add the Token Symbol and Decimals
You will also be required to fill in the token symbol and decimal.
Step 4: Click on the ‘Add Token Option’
Once everything is filled, press the add token option. Metamask will automatically update your tokens.
Benefits of Utilizing Metamask
Metamask genuinely has great benefits. It would be a wise decision to select it as your crypto wallet. Some of its benefits are;
Metamask has an easily comprehendible and very user-friendly interface. The features are straightforward, making it perfect for all traders.
In terms of security, Metamask got you. All information is strongly encrypted, plus there is a seed phrase to help in password recovery.
3) Backup and customer support
Metamask facilitates backup if you switch devices. It achieves this by the use of hierarchical deterministic settings. Hence no information will be lost in the process. The incredible customer service is always available to guide you if you wish.
Adding tokens to your Metamask enables you to trade and invest in most platforms. Although Ether (ETH) is already added by default, other tokens need to be added.