{"id":1248,"date":"2021-09-10T11:56:46","date_gmt":"2021-09-10T11:56:46","guid":{"rendered":"https:\/\/de.fi\/blog\/?p=1248"},"modified":"2023-07-26T23:06:38","modified_gmt":"2023-07-26T23:06:38","slug":"metamask-how-to-create-your-crypto-wallet-and-how-to-not-get-scammed-out-of-all-your-crypto-cbd5f9a2db2","status":"publish","type":"post","link":"https:\/\/de.fi\/blog\/metamask-how-to-create-your-crypto-wallet-and-how-to-not-get-scammed-out-of-all-your-crypto-cbd5f9a2db2","title":{"rendered":"Metamask: How to create your crypto wallet and how to not get scammed out of all your crypto!"},"content":{"rendered":"

Did you know this is a transcript from the full video? Want to watch it? check it out! Watch the full video on Youtube -><\/a><\/p>\n

Table of Content<\/h2>\n

Hello, De.Fiers!
\nWhat is MetaMask? Is Metamask a non-custodial wallet?
\n5 steps to start using Metamask
\nPeople are Scamming
\nHow to stay safe with De.Fi<\/p><\/blockquote>\n

Hello, De.Fiers!<\/h2>\n

Welcome back. I\u2019m Chris Comrie, the marketing manager at De.Fi.<\/p>\n

Thank you for joining us here at De.Fi. We\u2019re going to walk through how to set up a MetaMask DeFi wallet<\/a> for the very first time. The very first thing that we want to do is you can just Google MetaMask and it should pop up here. Now, one really important thing is to make sure you go to https:\/\/metamask.io<\/a> (be careful, avoid phishing).<\/p>\n

Here we are, this is their website.<\/p>\n

\"\"<\/p>\n

What is MetaMask? Is Metamask a non-custodial wallet?<\/h2>\n

If you already know what a MetaMask wallet is, and a noncustodial wallet is, go ahead and skip forward about 1 scroll here. But if you don\u2019t, I\u2019m going to quickly give you an overview of what it is.<\/p>\n

\n

MetaMask is a non-custodial wallet.<\/h1>\n<\/blockquote>\n

It allows you to hold and trade cryptocurrencies and hold and trade NFTs.<\/strong><\/p>\n

What does non-custody mean?<\/h3>\n

And it\u2019s considered, what\u2019s called a MetaMask wallet, and it differs from Coinbase or Gemini or Binance. And that it\u2019s, non-custodial what non-custodial means is nobody else has custody of it \u2014 only you own your private keys.<\/p>\n

You don\u2019t have a custodian, which means you completely own a hundred percent of what\u2019s in your wallet, when you deposit money in a bank, or when you buy cryptocurrency on Coinbase or Gemini, they technically own that asset.<\/p>\n

De.Fi is a non-custodial platform as well.<\/p>\n

If you remember, you might\u2019ve heard about bank runs. When people go in to get all their money out of a bank, and the bank says \u201csorry, we don\u2019t have your money\u201d. The bank doesn\u2019t owe you that money. They owe you an IOU [a written acknowledgement of debt that one party owes another] on that money. Which means when you deposit money in a bank, you just own an IOU. You actually don\u2019t own that money anymore.<\/p>\n

That\u2019s why they\u2019re allowed to loan it out and make investments with it.<\/p>\n

\n

MetaMask wallet is just a plug-in<\/h1>\n<\/blockquote>\n

And sometimes pay you a very, very, very small interest rate. With a Web 3.0 non-custodial wallet like MetaMask, you have complete custody of that. You own the physical assets in a digital form, but you own them in your wallet. You own and have 100% complete control of any cryptocurrency or any NFT that is inside your wallet.<\/p>\n

Metamask is a compatible wallet for the hardware wallet Ledger<\/a>. The Metamask Wallet lets you connect your Ledger device to their platform, so you can securely display your balances and manage your transactions.<\/p>\n

5 steps to start using Metamask<\/h2>\n
    \n
  1. Let\u2019s get rocking, make sure metamask.io and go ahead and hit download.<\/li>\n<\/ol>\n

    \"[https:\/\/chrome.google.com\/webstore\/detail\/metamask\/nkbihfbeogaeaoehlefnkodbefgpgknn](https:\/\/chrome.google.com\/webstore\/detail\/metamask\/nkbihfbeogaeaoehlefnkodbefgpgknn)\"<\/p>\n

      \n
    1. Now you have to go to the Chrome browser.<\/li>\n<\/ol>\n

      \"[https:\/\/chrome.google.com\/webstore\/detail\/metamask\/nkbihfbeogaeaoehlefnkodbefgpgknn?hl=en](https:\/\/chrome.google.com\/webstore\/detail\/metamask\/nkbihfbeogaeaoehlefnkodbefgpgknn?hl=en)\"<\/p>\n

      You want to hit install MetaMask for Chrome. It\u2019s going to take you to the Chrome Web Store where you get extensions again, make sure it\u2019s from metamask.io and click add to Chrome. And we\u2019re going to go ahead and get started.<\/p>\n

        \n
      1. If you already have a wallet, you\u2019ll know what to do on the next page, but since we don\u2019t, we\u2019re going to click \u201cYes, let\u2019s get set up and create a new wallet\u201d.<\/li>\n<\/ol>\n

        \"\"<\/p>\n

          \n
        1. Now you can create a password. You can reset this password, it\u2019s not a big deal, what you make it, but just make it something that\u2019s not super easy to get into and click agree and continue.<\/li>\n<\/ol>\n

          I really recommend watching this quick little video.<\/a><\/p>\n

          \"\"<\/p>\n

          I\u2019ve already seen it and I already know what it says, and I\u2019m gonna explain to you what it says, but just remember that this is basically a safety security box.<\/p>\n

          Anyone gets the key to your safety security box, they can clean you out.<\/p>\n

          Secret Phrase in MetaMask<\/h2>\n

          They can take all your assets, they can take all your NFT. They can take all your cryptocurrencies. This is the key. This is the most important part of this entire video. There\u2019s one thing that you need to remember \u2014 never give anyone your Secret Phrase, never give anyone your secret keys.<\/strong><\/p>\n

          These are all kind of the same words, never show anyone, never tell anyone, because if somebody gets access to this, they can clean you out. And there\u2019s no way to reset this. You have to write down the Secret Phrase and stick it somewhere that you can access it if you forget, but nobody else can access. This is the most important part. I can\u2019t stress this enough. You hear scam stories all the time.<\/p>\n

          People losing tens or twenties or hundreds of thousands or millions of dollars worth of crypto, worth of NFT, worth of digital assets, because they accidentally gave out their Secret Phrase.<\/p>\n

          \"\"<\/p>\n

          .And it doesn\u2019t just happen to dummies. It happens to really smart people, too. People are scamming and they accidentally get manipulated by their social engineering. I\u2019m not trying to scare you. I\u2019m just trying to make sure you understand how important this is. If you\u2019re doing this on your own, never let anyone else see it. I\u2019m just doing a tutorial.<\/p>\n

          And I\u2019m going to throw away this wallet. It doesn\u2019t matter to me. You take these words and you write them down somewhere. You write them down on a piece of paper, stick it in a safe that nobody can access it, hide it somewhere that nobody can find it.<\/p>\n

          Because again, if somebody finds it, they clean you out and it hurts. I\u2019m going to write them down right here. Again, don\u2019t do this because I\u2019m not going to use this wallet. This is not my wallet. It\u2019s just a throwaway wallet. Make sure you write those down and hit next. And then you\u2019ve got to confirm your backup Phrase here.<\/p>\n

          \"\"<\/p>\n

            \n
          1. The last 5th step to set up your wallet \u2014 Hit confirm, and congratulations. You technically have made your wallet right now.<\/li>\n<\/ol>\n

            \"\"<\/p>\n

            Then you just hit all done and they\u2019re just telling you the seed phrase is now your secret recovery phrase.<\/p>\n

            If you see this page \u2014 congratulations, you\u2019ve done it correctly.<\/p>\n

            \"\"<\/p>\n

            And you\u2019ve now made your MetaMask wallet. You\u2019ve now made a noncustodial wallet.<\/p>\n

            People are Scamming<\/h2>\n

            So, do you not share your recovery phase?<\/p><\/blockquote>\n

            Even if someone says \u201cHey, let me help you. I can, you know, if you\u2019re having problems, let me help you<\/em>\u201d Don\u2019t do it. They\u2019re scamming you!<\/strong><\/p>\n

            This is your address number right here. That\u2019s really important.<\/p>\n

            \"\"<\/p>\n

            When you buy your cryptocurrency from an exchange like Coinbase or Gemini or Binance \u2014 this is the address that you will send that cryptocurrency to.<\/p>\n

            And I will have to walk through it in another video. I just wanted to quickly explain how to set up your MetaMask, but this is your, Address number. And it\u2019ll display all your cryptocurrencies right here, and you can go to your activity and I\u2019ll show you any transactions here. And then if you have NFT, this will show up there as well.<\/p>\n

            The De.Fi Risky Contract Manager<\/p>\n

            If you want to find the easiest way to avoid risky smart contract approvals and unlimited allowances, you need to use the De.Fi Risky Contract Manager.<\/p>\n

            Rather than having to manually review smart contract approvals, the Risky Contract Manager allows you to quickly and easily modify your limits and revoke approval if necessary.<\/p>\n

            It protects you from situations where you have approved a dapp with unlimited approvals and are at risk of this being used to transfer an unlimited amount of tokens from your address.<\/p>\n

            How to stay safe with De.Fi<\/h2>\n

            \"\"<\/p>\n

            If you want to stay safe in DeFi, follow these steps:<\/p>\n

              \n
            1. Go to the De.Fi website and navigate to the Risky Contract Manager, which can be found here: https:\/\/de.fi\/shield<\/a><\/li>\n
            2. Connect your Metamask wallet to start working with the tool. In the example below, you can see how the tool displays the contracts with allowances from your wallet.<\/li>\n<\/ol>\n

              \"\"<\/p>\n

                \n
              1. In the Allowance column, you can see if you have approved unlimited allowances because these are marked with an infinity sign (\u221e).<\/li>\n
              2. If you want to revoke some allowances from suspicious smart contracts, click on the \u2018Decline contract\u2019 option under Actions. If you don\u2019t want to review each contract and instead want to Decline them all, choose \u2018Decline All\u2019 in the top right hand corner.<\/li>\n
              3. If you want to decline separate token allowances, just choose the token, enter the exact amount you want to allow for spending and click the Update button.<\/li>\n<\/ol>\n

                Thank you so much for joining me!<\/p>\n

                Check our guides:<\/h2>\n

                Tezos Ultimate Yield Farming Guide [Infographics]<\/a>
                \n                Solana Network Ultimate Yield Farming Guide [Infographics]<\/a>
                \n                Fantom Network Ultimate Yield Farming Guide [Infographics]<\/a>
                \n                Huobi ECO Chain Ultimate Guide for Yield Farming<\/a>
                \n                Polygon Network Ultimate Guide for Yield Farming<\/a>
                \n                Binance Chain Ultimate Guide for Yield Farming<\/a>
                \n                EOS Ultimate Yield Farming Guide<\/a><\/p>\n

                And join us on twitter <\/a>and telegram!<\/a><\/p>\n

                Good luck in farming!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

                Did you know this is a transcript from the full video? Want to watch it? check it out! Watch the full video on Youtube -> Table of Content Hello, De.Fiers! What is MetaMask? Is Metamask a non-custodial wallet? 5 steps to start using Metamask People are Scamming How to stay safe with De.Fi Hello, De.Fiers! […]<\/p>\n","protected":false},"author":3,"featured_media":1249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[6,13,27,26],"class_list":["post-1248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-blockchain","tag-ethereum","tag-ledger","tag-metamask"],"acf":[],"yoast_head":"\nMetamask: How to create your crypto wallet and how to not get scammed out of all your crypto!<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/de.fi\/blog\/metamask-how-to-create-your-crypto-wallet-and-how-to-not-get-scammed-out-of-all-your-crypto-cbd5f9a2db2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Metamask: How to create your crypto wallet and how to not get scammed out of all your crypto!\" \/>\n<meta property=\"og:description\" content=\"Did you know this is a transcript from the full video? 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