Binance Wallet is the competitor to Metamask and Mew type of browser extension wallets. It was created by Binance itself and certainly has a lot of features for any Binance user. For people who use Binance, it is a great alternative to any other browser wallet. Doesn’t mean you can’t use it outside of Binance. It is specifically helpful towards the defi world and NFT world right now. With how all the other token worlds are expanding, it surely carved enough space to be known as a good wallet.
Obviously Binance backing means a lot to a product, however could it stand all by its own as well? If it was not related to Binance then it would have not been this popular, that part is guaranteed. However it also has no downside to it either, nothing that matters at least. Sure it is laggy at times but it is fast, secure and simple which provides everything we need from a wallet. So with the exception of brand awareness and marketing, the product itself is definitely worthy enough even without Binance. However that addition undoubtedly puts it at the top 5 wallet lists everywhere.
It is a wallet that is simple to use, simple user interface and there is nothing complicated about it. Since it is a newer brand compared to competition, it had the luck to know what people exactly want from others and build theirs accordingly.
This gave them a good fighting chance. To state the obvious, it is also made by Binance so it is very trustworthy and reliable at all times as well. The fact that it is simple to use and shows everything you want to show without any problems at all allows it to be loved by everyone from newbies to veterans. Definitely a wallet to consider as a good option.
Since it is a newer generation of wallet, it is prone to mistakes. There are some buggy and laggy situations where it takes longer than usual. Also if you are starting new then you would have to add an awful lot of new tokens to your wallet as well. All of this combined makes the early days of using the wallet a hardship.
However eventually it gets easier with you getting used to it as well. I would say there is one month worth of getting used to the period which is slower than most other wallets. That seems to be the biggest downside. With more time, they are fixing all the complaints and problems. So maybe in the future it might be easier to start.
You can connect your Binance account to your Binance Chain Wallet. After verifying your wallet you could send/receive with just one click. This allows any Binance user to have a wallet that is automatically connected. You can also register using your google account as well, which is rare as browser wallets go.
The fact that you could use your google account to connect if you ever forget your password is a great tool. tKey on google stores all your phrases and allows you to connect directly. Plus not having to worry about money transfer from one place to another when moving money in between wallet and binance is a great ease of mind as well.
Setting up Binance Chain Wallet
How to Register on the Binance Wallet?
If you would have bet on the right coins this year you could easily have 10xed your capital…
You could even have made as much as 100x which means you could have turned $100 into as much as 10k.
Experts believe this will happen again in 2021, the only question is which coin do you bet on?
My friend and cryptocurrency expert Dirk is personally betting on 3 under-the-radar cryptocurrencies for huge ROI in 2021..
Click here to learn what these coins are (watch till the end of the presentation).
All you have to do is download from ; https://chrome.google.com/webstore/detail/binance-wallet/fhbohimaelbohpjbbldcngcnapndodjp
After downloading you will be asked to register, type in a password and you will be given your seed phrases. Save them somewhere, pen and paper would be a good idea but on the computer is fine, and you are registered.
How to Use the Wallet?
Just like any other wallet, you have send/receive buttons, you have “+” button to add tokens if you would like to and projects you want to participate in will ask you to connect your wallet to their system which you can pick the Binance Chain Wallet option to use.
Depositing BNB with Wallet Direct
After connecting your Binance account with Binance Chain wallet via https://www.binance.com/en/wallet-direct Wallet Direct you can send and receive with ease. Just click on receive, and click wallet direct. It will show you the BNB option and you can send as much as you would like to by a few clicks only.
Depositing from another wallet
It is the same as any other wallet that you may use. Just click receive, or copy your address, and use that to send from wherever you want to. Copy and paste is a risky move so double check when you are sending money from anywhere to anywhere.
Adding new tokens to your Binance Chain Wallet list
Click the + button and the bottom and you will be offered with all whitelisted BEP20 tokens. If you want to add in a custom one then just paste the contract address and click add token.
Connecting Binance Chain Wallet to Binance Smart Chain
One of the best things about Binance Chain Wallet is that it comes in with BSC already connected, with the ETH network as well.
Binance Chain Wallet vs Other Wallets
As Metamask is the leading wallet in the browser world, Binance Chain Wallet has some serious competition. Some others like Myetherwallet (MeW) and Trust Wallet are also high up there. Since Binance Chain Wallet is a product of Binance, it became as much known as the other three as well very quickly.
You can put them in any order you would like to based on preference, but it is obvious that BCW is in the discussion for the top 4 wallets currently used. Which means it may not be the best one for you, but it is certainly high up the lists. If you use Binance a lot, and you would like to have that connection then it is a clear choice.
The fact that you could send/receive directly from Binance via direct wallet puts the biggest plus on Binance Chain Wallets column. If you are both in the DeFi world and also in the trading world at the same time, this duo provides the best offer on the table. Certainly not an unknown wallet either with over 1+ million downloads just on google store.
Binance Chain Wallet does not change the wallet world, it does not offer anything unheard of. You could consider their google connection as unique and definitely a big plus point for them. However nothing in Binance Chain Wallet is unique or better enough to make it the best wallet out there.
However it also does everything it is supposed to do very well, so it is not lower down the lists either. Which leaves it at a weird spot as ranking goes. If you believe it’s good enough to use then it’s done, no problems at all. However, if you prefer other wallets, and know that this one is also good, the only reason not to use it would be preference, otherwise there is rarely anyone who can give another reason than preference for not using it.
Which is totally understandable, even without Binance Chain Wallet, when asked if they prefer Trust Wallet or Metamask, people rarely can say bad things about the one they do not pick, so it is not a brand new situation. It is definitely a wallet everyone should at least download and see how it works. You do not have to make it your main wallet, or continue to use it, but it is highly advised to at least check to see how it feels.
Is Binance a wallet?
Binance is a crypto exchange website. World’s leading exchange based on volume and liquidity. Binance Chain Wallet on the other hand is their browser extension wallet product. Which you can connect to the crypto exchange website when you want to use.
Is the Binance wallet good?
It is certainly easy to use, has minimal problems (some lagging from time to time) and has no obvious downside. Which makes it one of the best in the market if not the best. It is also highly intuitive as well, because it was built after people used browser extensions for years. Which is how it puts what people like to do at the forefront of the wallet and makes you use it a lot quicker than other wallets.
Is Binance smart chain wallet safe
It is as safe as the Binance website itself and any other wallet. Certainly a huge army of developers behind it with Binance staff constantly working on it. However you should remember that Binance Chain Wallet itself does not need to be hacked in order for your money to be stolen.
If your computer has any malwares that steals your seed phrases then any hacker could get into your wallet and steal your money. So always make sure you download the right wallet and never download anything to your computer you are not %100 sure. A lot of people lost their whole balance over malicious software stealing their phrases.
9.3 Total Score
Ease of use
- Simple to use
- Supports all major blockchains
- Connects directly with Binance so you can send your coins from exchange to wallet very fast
- A bit buggy at times
CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com