Binance Coin (BNB) is the coin of the popular crypto exchange Binance. In February 2021, BNB entered the TOP-3 cryptocurrencies with the highest capitalization, and currently it continues to hold this position. We will tell you how to properly organize the storage of Binance Coin, and which crypto wallets are the best for working with BNB.
Binance Coin wallet: options
There are several types of cryptocurrency wallets. Each of them has its own characteristics, advantages and disadvantages.
For example, hardware wallets have a high level of security, but it is inconvenient to use them for frequent transactions with cryptocurrencies. In contrast, mobile wallets are suitable for users who need to buy, sell or transfer coins frequently. At the same time, such wallets are inferior to hardware wallets in security.
In this article, we will take a look at all types of BNB wallets available on the market. Learn about the pros and cons of each type of digital asset storage in our article.
Choosing a software wallet for Binance Coin
Trust Wallet is Binance's official digital wallet. It can be used to securely store BNB and manage private keys to access assets. Only available as a mobile app .
Trust Wallet interface
Trust Wallet supports two-factor authentication. The program also has account protection through biometrics and PIN codes.
Trust Wallet has a built-in browser through which you can use decentralized applications based on the Binance blockchain - Binance Chain. In addition, the web browser allows you to work on the PancakeSwap decentralized exchange.
An important feature of Trust Wallet is the availability of a BNB staking service.
Pros of Trust Wallet:
- Official Binance Wallet.
- Simple and user-friendly interface.
Cons of Trust Wallet:
- Available as a mobile app only.
Binance Smart Chain Web Wallet
The browser-based Binance Smart Chain wallet allows you to check balances, transfer, receive and store BNB coins on the Binance Smart Chain network.
Binance Smart Chain Online Wallet Interface
There are only 2 buttons on the wallet’s main page: “Create Wallet” to create a new BNB wallet and “Unlock Wallet” to enter an existing wallet.
When creating a wallet in the Binance Smart Chain Online Wallet, the user is given a file with access keys and a password.They must be preserved in order not to lose access to the assets.
There are three ways to log into your online wallet:
- By Keystore File;
- By Mnemonic Phrase;
- By Private Key.
The internal interface of the wallet is minimalistic. It provides the following main features: checking balance, sending funds, copying wallet address and some other functions.
Pros of Binance Chain Online Wallet:
- Doesn’t require much time to get started.
- Intuitive interface.
- No installation required.
- Stores login information only on the user's side for additional security.
Cons of Binance Chain Wallet:
- Available in browser format only.
- Works only with BEP20 format network.
Metamask is a well-known cryptocurrency wallet. It is available as a browser extension and a mobile application. The developers of Metamask ensured asset security by means of access keys and a secret phrase.
The wallet allows you to exchange BNB in decentralized applications and conduct other transactions. Metamask can also be used for transactions with Binance Coin on decentralized exchanges, within the project network, and interaction with DeFi protocols.
Pros of Metamask:
- The wallet is available in two formats.
Cons of Metamask:
- The wallet is inferior to hardware versions in terms of security.
Atomic Wallet is a multifunctional desktop crypto wallet. It is distinguished by its high indicators of safety and ease of use. BNB tokens can be exchanged in the wallet interface.
One of the features of Atomic Wallet is the presence of a crypto-fiat gateway. It allows you to purchase digital assets and exchange them for other coins.
Pros of Atomic Wallet:
- The wallet supports many functions.
- High level of security.
- The wallet has a crypto-fiat gateway.
Cons of Atomic Wallet:
- Users have noted that Atomic Wallet sometimes delays transactions.
- Atomic Wallet works only with the oldest BNB network - ERC20 and does not warn users about it. But if you send coins from the BSC wallet (BEP20) to the Atomic Wallet, they simply won't reach. It's easy to make a mistake, since the BEP20 and ERC20 wallet addresses are in the same format.
Exodus is perhaps the most popular desktop crypto wallet. It allows you to safely store most of the popular cryptocurrencies, including BNB, and if necessary, perform various operations with coins.
Pros of Exodus:
- Multifunctionality: you can both perform operations with coins and make an exchange.
- There has been a long time that speaks about the reliability of the project.
- Supports all BNB networks: BEP20, BEP2 and ERC20.
Cons of Exodus:
Hardware wallets for BNB
Ledger is one of the most popular lines of hardware cryptocurrency wallets. With the help of it you can organize the secure storage of digital assets off the network.
To work with BNB, you can choose one of two Ledger models: Nano X or Nano S. Both devices are similar in shape to flash drives. To carry out operations with cryptocurrency, wallets need to be connected to a computer.
The safety of users' assets is ensured due to the lack of network access to cryptocurrency. Wallets also protect funds using access keys and PIN codes.
For the convenience of working with Ledger, device users were offered the Ledger Live app. The program, among other things, supports gateways with which you can buy and exchange digital assets.
Pros of Ledger:
- High level of security.
- It is possible to restore access to the cryptocurrency even if the device is lost.
Cons of Ledger:
- Inconvenient for daily spending of cryptocurrency.
SafePal is a hardware wallet that has been directly supported by the Binance team. To simplify the process of interacting with assets, the SafePal App is available for device users.
The wallet can be used to conduct various transactions with Binance Coin. In particular, SafePal users can trade cryptocurrencies. The wallet also supports NFT .
- The wallet was developed with the support of Binance.
- High level of security.
Cons of SafePal:
- The wallet is made of fragile material.
There are various wallet models for Binance Coin on the market, among which every user can find a suitable solution.
A combination of different approaches to storing cryptocurrencies can be an effective solution. For example, BNB for everyday spending can be kept in a convenient mobile or browser wallet. For long-term storage, hardware versions are a better option.
Jamie is a graduate MBA from the UCLA Anderson School of Management and now is engaged in cryptocurrency analytics and forecasts. She also writes extensively on blockchain, cryptocurrency, and the modern digital technologies for business.
Jamie's Twitter: https://twitter.com/@JamieEMartinez1