Using cryptocurrencies for financial transactions has become increasingly popular in recent years. Some of the most popular assets today are Ethereum-based tokens such as Tether (USDT), Chainlink (LINK), and Binance coin (BNB).
For crypto-beginners, one of the first challenges is to find a solution as to where to store their assets, since cryptocurrencies need a special digital wallet. The market offers countless digital wallets, so it can be difficult to find one that is reliable, easy to use, and secure.
When it comes to sending and receiving Ethereum and ERC20 tokens, MetaMask is a great choice.
What Is a MetaMask Wallet?
MetaMask is an online cryptocurrency wallet. It comes in the form of a web browser extension available for Google Chrome, Brave, Vivaldi, Opera, and Firefox, and it’s also compatible with the Ledger and Trezor hardware wallets.
MetaMask is based on open-source code and has a dedicated developer community that constantly works on updating the platform so as to provide its users with the best quality of service.
Security is always a major concern when it comes to cryptocurrencies. MetaMask performs great in this field since they offer several layers of protection. To start off, the only way to access the users’ assets is through a user password. The second layer of user authentication is a unique 12-word seed phrase, known as a private key.
This means that the user’s main concern is to keep the password and seed phrase safe, and not to worry about the security of their funds. Still, using MetaMask combined with a secure hardware wallet is an even more secure option.
Because MetaMask deals with Ethereum-based transactions, all of them are publicly visible on Etherscan, as they are registered on the Ethereum blockchain. However, the MetaMask wallet account data is always kept private.
Features and Interface
There are lots of reasons why MetaMask is ranked as the best for desktop use among numerous Ethereum wallets. Its user-friendly interface and versatile features give it an edge over the competition. For instance, apart from storing Ethereum blockchain-based assets, you can also transfer tokens to cryptocurrency exchanges such as Coinbase, Binance, and other third-party websites through MetaMask.
Now, let’s take a look at a step-by-step tutorial on how to transfer tokens using MetaMask. For now, MetaMask covers only ETH, ERC20, and several custom tokens.
How to Transfer Different Types of Tokens
Transferring Ethereum (ETH)
All transactions from MetaMask require a small gas fee, which is standard for all transfers.
We will start with the ETH transfer process.
So, let’s say that you have some ETH in your MetaMask wallet and you want to transfer them to a third-party website.
- Open the MetaMask extension in your browser and make sure you’re logged into your account.
- Then, select the send option. This will open a window with a field that says recipient address, where you should paste the recipient’s wallet address. Be sure to double-check the address, since there’s no way to recover your assets if they get sent to the wrong address or a destination that is incompatible with the currency you sent.
- In the field amount, you can enter the exact amount of ETH you wish to transfer, using as much as 18 decimals.
- Clicking on the next button will prompt MetaMask to create a transaction window, with all the details. In the top section of this window, you can see your account details on the left and the recipient’s account details on the right. Underneath, you will see the exact amount of ETH you selected for the transfer. The Gas Limit and Gas Price fields can be changed, but it’s fine to leave them at their default values.
If you’re not sure about how much your ETH transaction from MetaMask will cost, you can use the ETH Gas station to calculate the price.
- When everything is in order, you just have to press the send transaction button to start the transaction. Just select Yes in the pop-up window and that’s it. Depending on the busyness of the network, it could take up to a few minutes to receive confirmation that the transaction is complete.
Transferring ERC20 Tokens
The process is relatively the same for ERC20 tokens, with a few differences.
- When initiating an ERC20 transaction, you fill in the amount section with the number of tokens that you want to transfer.
- Next to the amount field, you can select the ERC20 token from the dropdown list.
If you’re using MyEtherWallet (MEW) with MetaMask, it will automatically calculate the transaction gas limit based on average market activity and network busyness.
- It’s that simple. After the transfer is complete, you will see the transfer hash and details at the bottom of the page.
Transferring Custom Tokens
MetaMask also supports the transfer of custom tokens.
- At first, it can seem a bit complicated, since there is no send button next to the custom tokens. Instead, you have to use MEW, and connect it with your MetaMask account.
- After connecting MEW with MetaMask, all you have to do is add your custom token contract address in MetaMask. The custom tokens will then appear in the dropdown menu ready for sending.
- The rest of the procedure is identical to transferring ERC20 tokens.
A Few Words Before You Go…
As you can see, using MetaMask to transfer your tokens to third-party token addresses is relatively simple, and even more importantly, it’s secure. It’s no wonder that MetaMask is so popular among users because it’s easy to use, free, and available as a browser extension.