Image Source / MetaMask

MetaMask is a software cryptocurrency wallet - it doubles as a wallet and a browser extension. As a wallet, it is useful for sending, receiving, storing, and swapping cryptocurrency tokens. As a browser extension, it aids interactions between the associated browser and decentralized applications (dApps) that exist on Ethereum’s network, or Ethereum-compatible networks.

Fungible tokens (cryptocurrencies) and non-fungible tokens (collectibles, game items, digital art/assets) can be added to MetaMask wallets. MetaMask is compatible with tokens that obey the ERC-20 standard. There are over 650,000 existing ERC-20 smart contracts. MetaMask keeps a list of popular compatible tokens and automatically detects them when inputted. Less popular options can be put in manually.

The purpose of this article is to show the process of adding tokens to your MetaMask wallet.

Understanding the MetaMask Wallet

In order to use a MetaMask wallet, one has to be created. On mobile devices, the application has to be downloaded: use PlayStore for Android applications and Appstore for iOS applications. It is compatible with several browsers, such as Google Chrome, Microsoft Edge, Safari, and others. Be careful to avoid MetaMask clones, as they have striking similarities and carry malicious intent.

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After downloading the app, you have to sign up. Follow the instructions and set up a strong password. A twelve-word phrase for password recovery will be generated for your account, which will not be saved by MetaMask. Remember that Metamask will never ask for your password or your recovery passwords for any of your accounts.

When the wallet has been created successfully, it generates a public key and a private key. A public key is your wallet address. It can be shared with others and can be used to receive cryptocurrency tokens.

A private key should be kept private (no pun intended). This key grants admin access to your wallet address. It can be used to withdraw, send, receive, and swap cryptocurrency tokens. It could be disastrous if it lands in the wrong hands.

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The next step after wallet creation is to add MetaMask as a wallet extension to your browser. This is done by installing it and logging into your wallet/creating a new one. Remember to grant extension permissions on your browser, and tweak the privacy settings to suit your preferences.

When all of this is done, you can go ahead to add tokens to your wallet.

Researching the Token

Now that your account has been set up and you want to add tokens to our wallet, it is important to carry out detailed research. These are details you need to look out for.

Visit the website to confirm its authenticity. Learn more about the developer team, their road map, and their token’s use case.
Read the project’s roadmap. It can be found on the website and should provide detailed information about the token. Do not add the token to your wallet if the roadmap seems fishy.
Check the token’s market specifications. These include the token’s price, market capitalization, trends, and data patterns. Make sure to check how the token is faring on independent crypto metric platforms like CoinGecko and CoinMarketCap.

Check the token’s address, transaction history, and balance using a blockchain explorer. Examples of these are Etherscan, Blockchain.com, Blockchair, BlockCypher, etc.

Steps to Add Tokens to a MetaMask Wallet

These are the steps to add tokens to your MetaMask wallet.

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1. First, gain access to your MetaMask wallet.

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2. Navigate to the Tokens section on the page. Since MetaMask exists on the Ethereum blockchain, ETH is already there as a default token.

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3. Click on Import Token. Use the search bar. Check for the token of your choice and click on Add.

4. After adding your token, you’ll be able to view it in your Assets tab.

5. Confirm the token’s addition.

6. You can swap this token for other tokens of your choice.

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Another method of adding tokens involves manually entering a desired token's address in the Custom Token search bar on your MetaMask wallet.

Image Source / Etherscan

Specified token addresses can be found on blockchain explorers like Etherscan. When you find it, repeat the process above of adding the token to your wallet.

There you have it. You have successfully added cryptocurrency tokens to your MetaMask wallet!

Troubleshooting Common Issues

Ensure to address potential errors that may occur during token addition. If you come across any issues while setting up your MetaMask wallet, reach out to the support team. Endeavor to store your passwords, keys, and recovery phrases in a hardware wallet. You can also write them down for safekeeping.

Remember that MetaMask would never ask for your passwords or recovery phrases. While scouting for tokens, do not click on external links without caution.

Security Measures While Adding Tokens

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There are multiple security measures to be considered when adding tokens to your MetaMask wallet. Some of them are:

Do not share your private keys and recovery seed phrases with anyone. These are unique and cannot be replaced by anyone else’s.
Protect your created wallets. If you come into possession of large amounts of ETH/Ether, separate them into several accounts and store their access information in a hardware wallet.
Do not connect your wallet(s) to unknown websites, as they may be scam sites.
Be careful when adding tokens. There are several phishing sites that resemble MetaMask. They may send emails requesting KYC details, fake airdrops, and NFTs.
From time to time, run anti-malware/anti-virus programs on your devices. These will detect sites and extensions with malicious intent.

Conclusion

MetaMask has proven to be a safe way of accessing cryptocurrency tokens and digital assets. Carry out transactions only with verified tokens, and implement security measures to prevent the loss of your digital assets.