How to set up a non-custodial wallet (Metamask)?
In this article, we will learn the step-by-step procedure to set up a non-custodial wallet.
In the previous article you would have learned about what a wallet is and the different types of crypto wallets that are available. One of the types of wallets was a non-custodial wallet (click here to learn more)
Let us learn how to set up a non-custodial wallet. We are going to use Metamask for this instance.
- Metamask is the most popularly used Non-custodial wallet. It is supported by almost all the DApps (Decentralized applications) that are available.
- Metamask has a chrome extension and a mobile app for both android and iOS.
- The user interface for metamask is very easy to use.
- Metamask supports viewing your NFTs based on the Polygon and Ethereum blockchain.
- It’s easy to add blockchain networks to the metamask wallets (we’ll learn about this in the next article.
- As it's a non-custodial wallet, Metamask does not store your keys whereas the chrome browser can store them in certain instances. Hence it is advised to clear all cache after usage and as a good practice, disconnect all sites from the wallet before closing it (I will explain the process in detail, stay tuned for the upcoming articles)
- Metamask is relatively safe when compared to the custodial wallets but not as safe as the hardware (physical) wallets.
- Setting up metamask as a chrome extension
👉 Step 1: Open the Google Chrome web browser.
👉 Step 3: Once the wallet extension is downloaded, click on the extension icon on the top right section of the browser window.
👉 Step 4: A new tab opens, click on the Get Started button to continue.
👉 Step 5: Click on the “Create a Wallet” button to create a new wallet.
👉 Step 6: Click on the “I Agree” button to agree to the data usage permissions.
👉 Step 7: You can watch a short video clip about the wallet’s functionality. Click on “Next” to continue.
👉 Step 8: You can view your 12 words secret recovery phrase now. This phrase is the master key to open your wallet in case you forget your password. Anyone who has this secret recovery phrase can access your wallet and tokens. Save this key somewhere safe where only you can access it. This is the only way to recover a forgotten password. If both the password and the secret recovery phrase are lost then the wallet cannot be accessed ever, not even the metamask team can help you with it. Click next once you’ve safely stored your secret recovery phrase.
👉 Step 9: Confirm your secret recovery phrase and click on next.
👉 Step 10: Voila! You are all done. You can copy your Ethereum wallet address anytime by clicking on the copy to clipboard.
The wallet will always be available in the browser’s extensions section. Enter your password to use it.
2. Setting up metamask as a mobile application
👉 Step 1: Download the metamask android/iOS application on your mobile device.
👉 Step 2: Click on “Sync & Import” then “Scan QR code”.
👉 Step 3: Log in to your chrome metamask extension above and click on the three dots on the top right of the extension.
👉 Step 4: Click on the Account Details and you’ll see a QR code to scan.
👉 Step 5: Scan the QR code on your mobile device to log in to your metamask account on your mobile app.
Note: You can create as many metamask accounts as you want. There are no limitations to it. The account above was created for testing and explanation purposes only.
Up Next: Decentralized Finance and how people earn large amounts in interest!