MetaMask/Little Fox Wallet Tutorial: How to use, download, and transfer funds?

The Difference Between MetaMask Wallets and Exchanges

In the world of cryptocurrency, there are various decentralized wallets, and MetaMask is just one of them, available as an app, Chrome plugin, etc.

An exchange can be thought of as a bank. You can trade various cryptocurrencies and use its financial services, but regardless, you’re still operating within this exchange, and your assets are still held in custody. Just like putting your money in a bank, if the bank goes bankrupt, absconds with your funds, or freezes them, there’s nothing you can do.

A “wallet,” as the name suggests, is like your own personal wallet. You keep your money in it, and unless you foolishly hand over your private key (keyword), you have complete control over your money and are not afraid of it being absconded with.

However, because you have complete control over your wallet, if you forget your password (keyword), there is no “forgot password” option. No one can help you, just like if you lose your wallet, going to the bank for it won’t help.

In short, centralized exchanges are like banks; they ultimately control the fate of your assets. A wallet, on the other hand, is like your personal purse; while you have complete control, no one can help you if something goes wrong.

So, why use a MetaMask wallet?

Since a wallet is for storing money, you can’t use it to trade contracts, buy or sell spot goods, or deposit funds. MetaMask is just a wallet; a wallet can only hold money (i.e., cryptocurrency).

Then why do you need a wallet at all? If you put your coins in it, won’t you be unable to do anything?

That’s because many decentralized services in the blockchain world (such as decentralized exchanges, DeFi, NFT platforms, etc.) require a connection to your wallet to use. These decentralized services don’t have membership mechanisms; they directly connect to your wallet and allow you to withdraw money to exchange for NFTs, other currencies, etc.

A wallet itself doesn’t have many functions, but it serves as a medium for accessing other decentralized services, which is why decentralized wallets are used.

MetaMask is one of the most well-known wallets, with a simple interface and abundant online tutorials, so it’s recommended as your first wallet.

MetaMask Tutorial: How to Download and Install the Little Fox Wallet

MetaMask Registration, Application, and Download Tutorial

First, please click here to apply for MetaMask. Currently, there are three versions available: Chrome plugin, iOS, and Android.

When applying for the first time, click “Create Wallet” on the right; if you have previously applied for MetaMask and have a mnemonic phrase, you only need to click the button on the left.
Next, create a password:
After creating your password, you’ll see a string of words; this is your “private key,” also known as your “mnemonic phrase,” and it’s extremely important!

MetaMask Mnemonic Phrase: The Most Important Thing! Read it carefully!

Note! This mnemonic phrase is your safe deposit box combination! Under no circumstances should you reveal it or forget it! Because decentralized wallets don’t have a “forgot password” function, once you lose your mnemonic phrase, no one can help you recover it!

Also, never enter your mnemonic phrase on any website! “Having your mnemonic phrase” = “Having your wallet.” Any website that asks you to enter your mnemonic phrase is a scam, without exception! (Except for the official MetaMask website)

It’s usually recommended to write these mnemonic phrases down in order and store them in a safe or similar place. Because it’s so important and absolutely cannot be revealed, some people suggest not even copying and pasting; it’s best to write it down by hand and keep it safe (and never lose it).
After clicking the next page, you will be prompted to enter the annotations in order:
Now you have your wallet. If you want to install MetaMask on your phone, remember to download it from the official website to avoid downloading a pirated app.

When you install the MetaMask wallet on a new device, you’ll need to save the mnemonic phrase before setting a password. The mnemonic phrase is more important than the password; the password is just to save you from having to enter it every time.

Now that you have your MetaMask wallet, the next step is to deposit money into it.

Next, we’ll transfer cryptocurrency from Binance to your MetaMask wallet!

Preliminary Tutorial: How are Cryptocurrency Transfers Conducted?

Before showing you how to transfer coins from an exchange to MetaMask, let’s explain how cryptocurrency transfers work.

Whether it’s a “wallet to wallet,” “exchange to wallet,” or “exchange to exchange,” whenever you transfer cryptocurrency from account A to account B, you need to confirm the following:

What cryptocurrency is being transferred?

Which blockchain will be used for the transfer?

What is the address? All three elements above are crucial; the blockchain and address of the “recipient” and “sender” must match, otherwise the transfer will fail! A failed transfer may not be recoverable!

It’s usually recommended to transfer a small amount first to confirm that the funds can be sent/received before transferring larger sums.

How to transfer from an exchange to MetaMask?

Next, we’ll show you how to transfer your coins from an exchange to MetaMask.

Then, in your exchange’s “Wallet” > “Spot Wallet” > “ETH Withdrawal” (click here), enter your MetaMask wallet address. (Remember to select “ETH Ethereum (ERC20)” as the mainnet type.)