MetaMask is a browser plugin that simplifies the asset interaction with Ethereum‘s decentralized network, thus providing a cryptocurrency wallet that supports all ERC-20 tokens along with the other Ethereum-based dApp tokens.
Among the myriad of storage solutions for digital assets, MetaMask is considered one of the most convenient Ethereum wallets that features a relatively straightforward way of configuration and usage. In essence, Metamask serves the Ethereum platform the way Google Chrome supports the World Wide Web.
If you want to learn how to send tokens to and from the MetaMask wallet, keep reading the rest of this guide!
How to Transfer Ethereum and ERC-20 Tokens From Your MetaMask Wallet?
MetaMask lets you transfer your ERC-20 or ETH tokens in all directions – from a crypto exchange to your digital wallet, from your wallet to another user’s wallet, or even to a new MetaMask wallet.
For this, all you need to do is send the cryptocurrency to the address associated with your MetaMask account. Here’s a short tutorial on how to do it:
- In order to start using MetaMask’s functional features and transfer your crypto assets, first you’ll need to download and install the MetaMask extension from metamask.io to your preferred browser. After you’ve installed it, you’re ready to set up your Ethereum wallet by simply hitting the digital ‘Create a Wallet’ knob on MetaMask.
- Now it’s time to click the ‘Add Token’ button and start a transaction. Select the cryptocurrency you want to transfer from the dropdown menu. For instance, if you want to include Ether (ETH) in your transaction, simply click on the symbol for this cryptocurrency.
- The link labeled as ‘Details’, which is located right under the name of your account, will provide the information on your Ethereum address. At this address, you’ll conduct the transfer of the ETH assets.
- Copy the address into the designated recipient field, send it, and confirm it by activating the ‘Accept’ button with a click.
And – that would be it! Your digital assets will appear in your MetaMask wallet balance in no time.
How to Add Custom Tokens to Your MetaMask Wallet?
Adding custom tokens to your MetaMask cryptocurrency wallet doesn’t have to be a daunting task. The following list of instructions will surely help you navigate through this process more easily. Let’s try this:
- The first step is to determine the correct network. When adding ERC20 tokens, choose Ethereum Mainnet. To add the BEP20 coin, simply pick Binance Smart Chain from the dropdown menu.
- Upon entering your MetaMask wallet, use the ‘Search’ key and look for the token of your choice in the dropdown menu it offers.
- After you select your desired cryptocurrency, click on “Add Token” to add the token to your MetaMask account.
- In case you’re unable to find the cryptocurrency name you’re looking for in the dropdown menu, visit their respective block explorers or wallet addresses like EtherScan or MyEtherWallet (MEW), find and copy their token contract address details.
- Go back to your MetaMask wallet and paste the token’s address to the “Add Tokens” field, under the “Custom Token” tab. This will automatically retrieve the token symbol and decimals of the authentic token on Ethereum.
- When you complete the previous step, continue the process by adding the token to your new wallet. Simply use the ‘Add token’ button again, and – you’re done!
MetaMask Transaction Fees
The term “gas fees” reflects the charge associated with successfully completing a digital currency transfer or implementing a smart contract on the Ethereum platform. This trading fee goes to the miners who verify the transactions on the Ethereum network.
While MetaMask is among the most prominent third-party crypto wallets, its convenient services come with a rather hefty price. The high gas prices result from the high volume of transactions that need to be validated on the Ethereum blockchain.
However, in its defense, even the creator of this innovative technical solution could not predict the popularity cryptocurrencies enjoy today and create a platform that would accommodate an ever-increasing number of transactions.
You can refer to the ETH Gas Station or Etherscan’s gas tracker for more information on the pricing and the anticipated time of a transaction conducted on the Ethereum blockchain.
A Few Words Before You Go…
This browser-based cryptocurrency wallet provides easy access to the Ethereum blockchain without the need to download the entire chain of encrypted transactions, and even facilitates crypto trading with custom tokens. It’s compatible with Chrome, Edge, Firefox, and Brave browsers, as well as with some Android and IOS apps. Also, smart contracts and decentralized apps (dApps) are made available to the users of this interface.
For Ethereum and ERC-20 tokens, MetaMask is the go-to cryptocurrency wallet. Plus, you can now store and manage BEP-20 coins in your MetaMask wallet alongside ERC-20 tokens, thanks to MetaMask’s integration with the Binance blockchain. This online wallet also supports the Trezor and Ledger hardware wallets, which adds to the versatile functionality of MetaMask.