If you are on this post, you are probably searching for the right wallet to store your Binance Coin (BNB) safely. You may have already come by a few cryptocurrency wallets or not; this guide will provide you with a detailed review of the BNB wallet, its security features, and the best wallets to choose from on the market. You will probably have a few questions at the end. We have gathered likely questions and provided suitable answers to them.
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Now, let’s get into the review.
What is BNB (Binance Coin)?
BNB or Binance Coin is one of the most renowned utility tokens in the cryptosphere, and it is the native token that fuels the Binance ecosystem. BNB was created in 2017 alongside the Binance decentralized exchange, with an initial supply of 200 million tokens. As of October 2021, 168,137,036 tokens are in circulation.
Due to the insatiable appetite of Binance for innovations and the inception of Binance Smart Chain (BSC), Binance coin has grown exponentially to become one of the most sought-after tokens by individuals and enterprise investors.
BNB can be purchased or sold like other crypto assets; it also offers a variety of benefits and applications. It can be used as a direct payment for goods and services or a settling medium for transaction fees on the Binance blockchain. With the growing interest in the Binance network, BNB holders search for the best and most secure wallet to store their Binance Coin.
What is a BNB wallet?
A BNB wallet or Binance Coin wallet is a decentralized crypto wallet that allows you to securely and safely store Binance Coin and other digital assets acceptable to the Binance Chain network. The Binance Chain Wallet is the native wallet of the Binance ecosystem. This wallet allows access to Ethereum, BSC, and Binance Chain.
Usually, you will find two types of BNB wallets, namely light node and full node wallets. A full node wallet is designed for intensive applications such as frequent trading activities where the user requires up-to-date information on all blockchain transactions. This type of wallet is resource-hungry, and using it will require a massive chunk of processing power for smooth operations.
On the other hand, light node BNB wallets are quite the opposite of the entire node variants as they only collect and download necessary data from the Binance Chain network per time. In other words, light node Binance Coin wallets are less intensive and do not download unnecessary information. Your wallet choice will depend on the hardware available at your disposal and your needs for a BNB wallet.
BNB wallets are available as mobile apps, browser extensions, and desktop apps. When sending or receiving BNB to and from a BNB wallet, you will incur transaction fees, also known as gas fees. Usually, these fees are minimal; this is one of the competitive advantages of the Binance Smart Chain over Ethereum blockchain.
Features of the Binance Coin (BNB) wallet
Before engaging cryptocurrency wallets for your digital assets, it is usually a great idea to familiarize yourself with the perks of the wallets and juxtapose them accordingly. The Binance Coin (BNB) wallet is one to consider for advanced crypto users or newbies who seek a feature-packed experience.
One of the essential features of a BNB wallet is handling users’ privacy by granting them access to their private keys. The concept of private keys might be alien to crypto newbies; here’s what it means. A private key is more or less a secret key essential to the secure storage of your crypto assets. Private keys are issued to you after creating your decentralized BNB wallet, which is not the case with wallets available on centralized exchanges (CEXs).
Other features of a BNB wallet
- Desktop and Mobile platform variants
- Enhanced security architecture such as fingerprint/password requirement per transaction
- Pin, fingerprint, and password for mobile wallets
- Real-time display of BNB balance in fiat currencies
- QR codes to facilitate the seamless transfer of BNB
- Purchase of BNB using credit card (depending on the platform)
The best Binance Coin (BNB) wallet
Before we proceed, it is essential to mention that Binance Coin (BNB) was formerly an ERC-20 token, meaning that it could be stored on any ETH compatible wallet. After the launch of Binance’s mainnet, BNB switched to become a BEP-2 token on the new Binance Chain. Also, the Binance Smart Chain (BSC) is compatible with BEP-20 tokens. In other words, if you are trading or storing BNB, you will need a wallet that is compatible with BEP-20 or BEP-2 tokens. At the moment, several renowned crypto wallets now support BEP-20 and BEP-2 coins, alongside ERC-20 tokens. This development makes it even easier to manage your cryptocurrency portfolio by allowing you to store multiple assets in one wallet and execute cross-chain transfers.
There are two types of crypto wallet infrastructure; software wallets and hardware wallets. Software wallets are often referred to as hot wallets, while hardware wallets are known as cold wallets. Let’s delve into some more details about these types of BNB wallets.
BNB hardware (cold storage) wallets
By definition, a hardware wallet is a physical crypto wallet or an off-the-internet hardware device that securely stores users’ private keys. This type of wallet is also known as a cold storage wallet. Generally, they are intended for prolonged storage of digital currencies and offer the best security for your assets.
Here are the top cold storage BNB wallets:
1. SafePal Wallet
SafePal wallet is the first cold storage wallet endorsed by Binance Labs. This hardware wallet offers a user-friendly and secure platform for digital assets, including NFTs, via a software product – SafePal App.
As a BNB holder, you can easily store, trade, and manage your coins via a friendly and intuitive SafePal App interface. Since this cold storage device is backed (investment-wise) by Binance, you can expect the best security architectures for both the software and hardware. Typically, a SafePal wallet cannot interact with any device online or via USB I/Os, WiFi, Bluetooth, or NFC. It functions 100% offline.
2. Ledger Wallet
Ledger wallet is the most sought-after hardware crypto wallet in the cryptosphere. It is simple to set up and provides top-notch security you can trust. There are two variants of this wallet; Ledger Nano S and Nano X. Both variants offer 100% support for Binance Coin (BNB).
Like the SafePal wallet, the Ledger wallet also preserves private keys offline and requires a passkey to grant exclusive access. During registration, you are issued a recovery phrase that ensures you can retrieve your account should you lose your wallet. Similarly, it utilizes a live mobile app that helps users manage their cryptocurrencies and security keys.
Furthermore, users can buy BNB and other currencies via the fiat gateway option on the mobile app or the in-built swap function. This wallet is 100% integrated with Binance Chain Wallet, allowing users to buy BNB and initiate transfers between different wallets.
3. Trezor Wallet
This one is the novel hardware wallet developed for Bitcoin storage, and it is renowned for its excellent security measures that ensure the safety of user assets. It is BNB-compatible and can be accessed via a USB connection to a computer. Trezor wallet currently supports over 600 digital currencies, including Bitcoin (BTC) and several altcoins.
BNB software (hot storage) wallets
BNB software wallets are the opposite of hardware wallets, as digital assets are not stored offline but only available online via mobile platforms, desktop apps, or plugins. There are numerous software-based Binance Coin wallets out there, but we have handpicked the very best for you.
Here are top BNB hot wallets to consider:
1. Binance Chain Wallet
This is Binance’s native cryptocurrency wallet, and it is accessible as a browser extension or plugin for popular browsers such as Mozilla, Chrome, and others. The Binance Chain Wallet enables you to send or receive your favorite assets across multiple blockchains, securely store BNB coins, and connect with Ethereum-based products. This wallet includes a “wallet direct,” which allows you to link your Binance wallet to the chain wallet.
2. Trust Wallet (TW)
Trust Wallet (TW) is a simple and 100% decentralized mobile coin management tool supporting virtually any digital coin. It also supports numerous blockchain and popular Binance Smart Chain dApps through an integrated Web3 browser. TW is the official cryptocoin wallet of Binance; hence, you can use Binance DEX via the app.
Also, this app offers two-factor authentication, secure pin login, and biometric support. You can swap BNB by leveraging the trading pairs on the Binance DEX interface of the app. Users can stake BNB on TW for about 30% APR.
MetaMask is available as both a mobile app and an extension for web browsers. It offers improved security when communicating with Decentralized Finance products across the BSC network. Although MetaMask was designed with the Ethereum (ETH) network in mind, BNB holders can use the wallet to store their assets by first integrating it with the Smart Chain. Once connected, you can begin staking, trading, and spending your BNB on Decentralized Exchanges and Applications, as well as interact with smart contracts.
4. Exodus Wallet
Exodus wallet is one of the most popular desktop variants of crypto wallets you will find out there. It supports all significant digital assets, and it features an internal swap function that lets users swiftly swap other assets to Binance Coin (BNB). Exodus wallet supports Binance Coin 100%, and users can store, send and receive BNB securely.
You can quickly receive funds using a QR code or a Binance Coin address with these wallets mentioned above.
There are numerous wallets on the market with support for BNB. Still, your choice must be guided by certain factors such as security, customer support, usability/User Interface, continuous development, and private key policies. Whether you prefer a Binance Coin hardware wallet or software wallet, ensure that you are making a choice that suits your needs.
What is BNB used for?
BNB is primarily used to settle trading fees and transaction fees on the Binance exchange.
What wallet supports Binance coin (BNB)?
There are numerous digital asset wallets on the market; you will be spoilt for choice. However, ensure that whatever Binance coin wallet you choose, software or hardware, supports BEP-2 and BEP-20 tokens.
How to download a BNB wallet?
BNB-compatible wallets can be downloaded from mobile application stores such as Google Playstore or Apple Appstore. For those that are available as web extensions, they can be downloaded via the chrome web store.
Can I exchange Binance Coin from a BNB wallet?
Yes, it is possible to exchange Binance Coin directly from a BNB wallet. For example, Trust Wallet is integrated with a Binance DEx and an in-built browser that facilitates access to dApps like Pancakeswap, where you can exchange your BNB coin without leaving the app.