How to Keep Your Funds SAFE — MetaMask Guide

If you’re keeping everything in the same wallet and/or use the same wallet for every project then I have to point it out to you that you might need to change your habits.

Table Of Contents

What’s the best option?

The best option you can go for is having multiple wallets, using one wallet per project, and keeping the funds that you’re not currently using in a main wallet that doesn’t interact with any contract, in a hardware wallet such as Ledger or in Binance.

This is how your wallet structure should look like, if it doesn’t look like this, make it.
This type of wallets structure is the one I personally use.

Why should I have multiple wallets?

There are many advantages when it comes to having multiple wallets, here are a couple of them:

  • More privacy.
  • More security.
  • Your wallet can be hacked from outside.
  • Your funds can be stolen if you allow a sketchy project to spend your tokens.

What’s spending allowance?

Let’s make it simple:

  • Farming
  • Staking
  • Providing liquidity
  • Swapping tokens
  • And so on…
Examples from PancakeSwap.finance and TrapHouse.vip
Yes, I know, now it begins to feel a little bit scary, doesn’t it?

Isn’t it hard to manage so many wallets?

No, not at all!

Example of having multiple wallets.

How do I do it?

I’m so happy you’re taking this step in protecting your funds.

Step 1) Create a main wallet.

Creating a brand new wallet right now it’s safer than using your old one as the main one (obviously). Let’s do it!

  • Install the MetaMask extension if you don’t have it already. (MetaMask.io)
  • Create a new wallet with a new seed phrase.
  • Save the seed phrase on a piece of paper. (Please don’t forget to do this step)
TIP: Name it “Main Wallet” or “SAFE Wallet” or whatever you think it’s nice.Tip: Transfer the tokens from your old wallet(s) to this main wallet for now. It'll make this whole guide easier to follow.

Step 2) Create new wallets, one for each project.

I assume you took my advice above and transferred all of your tokens to the “Main Wallet”, so now let’s create a new wallet for each project!

  • Click on your wallet’s avatar.
  • Click on “Create Account”.
  • Choose a name for it. (I prefer to use the following: “Project Name” + “Wallet”)
  • Your CAKE in your PancakeSwap wallet.
  • Your DRUGS in your TrapHouse wallet.
  • Your NYA in your NyanSwop Wallet.
  • Your NAR in your Narwhalswap Wallet.
  • Your STAX in your StableXSwap Wallet.
  • I think you got the idea already.
P.S: Yeah, this might be a little bit costly for tokens that burn every TX.Proceed with caution.

Where can I find my private keys?

This one is easy, your private keys are just a few clicks away.

  • Click on the three dots line.
  • Click on “Account details”.
  • Click on “Export Private Key”.
  • Confirm your password.
  • Taa-daa, here is your private key.

How to store my private keys safely?

You stored your seed phrase on a piece of paper (I really hope you did). That was easy, but private keys… yeah, those are a pain to write on paper.

BONUS — How To Revoke Spending Access

The easiest way to revoke spending access is via allowance.beefy.finance.

  • Pick the contract you want to revoke the access of.
  • Click “Revoke”.
  • Accept the TX within MetaMask.

Conclusion

With just a few steps and a little bit of management you can keep your funds safe.

  • Have a main wallet that never interacts with any project.
  • Have one wallet per project.
  • Keep the funds you don’t use on the “Main Wallet”.
  • Keep high valuable funds in Binance or Ledger.

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The Ape of #BSC. News, trades, speculations; all #BinanceSmartChain

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The Ape of #BSC. News, trades, speculations; all #BinanceSmartChain