With the growing trend of decentralized projects, the world is shifting to get closer to a decentralized future. Decentralization improves the possibilities of a user-focused financial future and helps it to be more reachable. MetaMask has been introduced as the bridge towards decentralized applications. However, first it is required to learn about the idea of decentralization before you can make path through the bridge and fully immerse yourself into the decentralized world.
We have already discussed how to add tokens to MetaMask. We also explained the steps which let you see your tokens in your wallet. Here, we are learning the steps to deposit and withdraw tokens through MetaMask.
What is MetaMask?
MetaMask is a software cryptocurrency wallet which is used to interact with the Ethereum blockchain. It makes it possible for users to access their Ethereum wallet through a browser extension or mobile app, which plays a role of a bridge to interact with decentralized applications.
How to Deposit Ether (ETH) to MetaMask
Before depositing Ether into your MetaMask, you first have to set it up. In another article we already explained how to set your MetaMask up.
When you set up your MetaMask, go to your browser extension. If you’re using Google Chrome, it should be the puzzle piece on the top right of your window. Click on it to see the MetaMask that you installed previously.
In the case you already own Ether (ETH) from a wallet or an exchange, you can easily copy and paste an address and transfer your ETH to MetaMask. If you want exchanges, you usually find a tab that says ‘Withdraw’ to do the exchange.
How to withdraw tokens to MetaMask
Find the Withdraw page on your exchange in MetaMask. Then, paste your MetaMask Wallet Address onto it. As you see in the above photo, the address would be the series of letters and numbers underneath username CryptoGiggles. Click on the address given and it will be copied onto the clipboard. Confirm the amount of ETH you want to withdraw and confirm the transaction.
Otherwise, click on Buy button on MetaMask and you can buy the amount of ETH you wish. Just type how much ETH you want. Use the Wyre Widget to choose between Apple Pay or inputting your credit card information. Choose your option and confirm it; now you’ll find Ethereum in your wallet.
Deposit other ERC-20 tokens to MetaMask
MetaMask displays ERC-20 standard tokens you own on your account page. However, since the number of tokens on the Ethereum network are increasing, MetaMask doesn’t keep an authoritative list, but it allows you to add ERC-20 tokens you hold. Here are two different ways to add unlisted tokens to your MetaMask wallet:
First, you can enable an advanced feature. It automatically detects tokens held under your address, and easily add them to your wallet. It uses all the lists of tokens collected from various community token lists; notice that MetaMask doesn’t keep a proprietary list of ‘accepted’ or ‘valid’ tokens. In the case you choose this option, remember to always exercise caution surrounding unfamiliar tokens:
- Never connect your wallet to any website that you’re not familiar with, or you have no reason to find it trustworthy.
- Always be careful about an airdropped or unfamiliar token and do a good research before interacting with it.
- In the case your transaction fails, and an error is showed on the display a link directing you to a website, this is likely a phishing site, so DO NOT click this link.
If you do not want to use the automatic service or hold a less common token, there is a second method of adding tokens to your wallet, manually adding the token.
Advanced automatic token detection
Users are required to enable automatic token detection. It just takes a few steps. First, click on the identicon in the upper right-hand corner of the page, choose ‘Settings’, and then click on ‘Experimental’:
Find ‘Use Token Detection’, and switch to ‘On’. You may turn it off when you wish.
Return to your asset list, and now there are the tokens you weren’t seeing before.
Manually adding a token
To see your tokens, first go to MetaMask Extension and, then, click on the Assets tab. You can see a list of your tokens under this tab.
If your token is not listed automatically, you have to add the tokens manually. Find the Add Token button on your account page. You see a search bar, where you can find popular (standard) tokens easily. Type in the name of the token you would like to search. For example, if look for Chainlink (Symbol: LINK): just type in “LI” in the bar, and the search bar will return all the suggestions. Now select token of interest, and click Next to proceed. Finally, click Add token. Being redirected to your account page, the token you have just added will be listed.
How to add a custom token
Go to the Add Token page and click on the Custom Token tab to expand the search window.
Type the token address in the field called Token Address. In most cases, the Token Symbol and Decimals of Precision will appear. Choose the token and click Next to proceed. You will be redirected to confirm adding a token. Click Add Token to confirm.
The token’s contract address may vary depending on the network they are hosted on. For token projects on the Ethereum mainnet, block explorers such as Etherscan or Ethplorer could be used for search. For tokens on an alternative network, ensure the correct network is currently selected on your MetaMask and use the corresponding block explorer to search for the token. Further, you may also ask the person who sends you the tokens for the token’s contract address.
As the final words on how to deposit and withdraw tokens through MetaMask , users must notice that without the token address, then do not have the information required to track those tokens. Therefore, if a seller says that they may send the token not the address or unique transaction ID, users must consider the cases of defrauding.