The biggest cryptocurrency exchange platform is called Binance. Its successful journey in such a short span of time is noteworthy.
Binance has recently launched its Binance Smart Chain which is being considered a competitor to Ethereum. Its native token BNB is also popular in the crypto community. You can use the BNB tokens to pay trading fees, interact with the Defi products and access the Binance ecosystem. Moreover, you can also use the BNB tokens for payments and transactions on Dapps built on BSC.
Undoubtedly BNB is quite popular among investors and traders who use the Binance ecosystem. But at last, BNB is also a cryptocurrency that you need to store safely like other cryptocurrencies. As BNB is new in the crypto market, not all wallets support it.
Holders of BNB are constantly searching for a trustworthy and safe cryptocurrency wallet. You’ve come to the right place if you’re one of them.
Luckily, we have compiled a list of the best crypto wallets that support Binance Chain and Binance Smart Chain.
Which Crypto Wallet Type Should I Choose?
Before we proceed to review the best BSC-supporting crypto wallets, there are a few things that you must consider.
When you set out to explore crypto wallets, there are a few points that you must first get clear. These key points are:
- Should I get a software or hardware wallet?
- How secure is the wallet?
- How the wallet stores my private keys?
- What are account recovery options in the wallet?
- Does the crypto wallet support other blockchains along with BSC?
Also, there are different types of crypto wallets in the market based on custodianship, usability, and security. It’s important that you understand these wallet types before making your choice.
Let us have a look at each one of them.
Custodial Vs Non-Custodial Crypto Wallets
One major factor that you must consider while choosing a crypto wallet is the custody of the private keys.
Why is the custody of private keys essential?
Security of the private keys is crucial as the one who is in control of your private keys can access all your cryptocurrencies.
Custodial wallets are the ones where the third party has the authority over your private keys. In these wallets, your private keys are stored online on third-party servers which are prone to cyber-attacks. In a way, you can say that you do not own the private keys in the true sense.
People consider non-custodial crypto wallets safer than custodial crypto wallets. It is because, in non-custodial wallets, you have complete custody of your private keys. The third party only provide software assistance. The private keys are stored locally offline on your device. You are in charge of making sure that your private keys are secure.
Non-custodial wallets seem safer as you have private keys, but if you lose them you cannot recover your cryptocurrencies. In these wallets, you get a 12-word seed phrase that you must keep safe. It will help you recover your account in case of an emergency.
If you lose the backup seed phrase, you cannot recover your account. Not even their customer care can help you access your account.
On the other hand, custodial wallets are more convenient to use. In any case, if you get logged out of your account, customer service can help you access it.
Most of the BSC-compatible wallets are non-custodial wallets where you own your private keys. It also allows you to seamlessly interact with Dapps on BSC.
Hot Vs Cold Crypto Wallets
Hot crypto wallets are software wallets that are connected to the internet. Software wallets can be custodial or non-custodial crypto wallets. If you consider hosted crypto exchange wallets, those are custodial.
Cold crypto wallets are hardware wallets. These wallets are similar to hardware drives which you connect to your computer, transfer your cryptocurrencies and store them physically in the wallet.
Being connected to the internet hot wallets are prone to cyber risks. Whereas the cold wallet stores the cryptocurrencies offline.
People consider hardware crypto wallets as the safest option to store cryptocurrencies. But these wallets are impractical for crypto transactions. It will very inconvenient for you to use hardware wallets to interact with dApps on BSC.
4 Best Crypto Wallets For Binance Chain & Binance Smart Chain
Have a look at the top 4 crypto wallets that supports BEP-20 and BEP-2 token standards.
Developed by ConsenSys in 2016, Metamask is one of the best crypto wallets. You can use it both as a wallet and web browser. It is the best non-custodial wallet that supports BSC token standards. The wallet also supports Ethereum, Polygon, and Binance Smart Chain.
With the Metamask browser extension, you can easily interact with dApps and smart contracts. You can even swap tokens from anywhere, anytime. The swap feature combines data from DEX aggregators, DEXs, and Market Makers to ensure that users get the best price at the lowest gas fees.
The best thing with this wallet is that you have full control of your private keys. The wallets qualify for privacy and security features as well.
The wallet never asks you for any kind of personal identification information while set up. It also offers users a 12-word seed phrase, security vault, and safer login functionalities with strong security when they interact with Defi products on BSC.
Trust Wallet is an open-source crypto wallet. It is a mobile-only wallet that is compatible with only iOS and Android devices.
It is Binance’s official decentralized wallet where you get high security and full custody of your private keys. The wallet supports major blockchains like Ethereum, BSC, Binance Chain, and others. Thus, you can store and manage cryptocurrencies of all major networks.
The advantage of Trust Wallet is that you can buy cryptocurrencies from your credit and debit cards too. As it is labeled as Binance’s official wallet, you get seamless access to Binance DEX and popular BSC dApp like Pancakeswap.
The security features include 2-factor authentication, 4 digital login pin, biometric support, and more. You can even stake your BNB on Trust Wallet which offers a 30% APR.
Binance Chain Wallet
Binance Chain Wallet is the official and native wallet for BSC and Binance Chain. The wallet also supports the Ethereum blockchain network. You can use its browser extension on Chrome, Firefox, and Rave.
You can use the wallet to seamlessly interact with Defi products and dApps on BSC. Binance users can also use Binance Bridge for cross-chain transfers. The best thing with Binance Chain Wallet is that you can directly send cryptocurrencies to other wallet users without entering their wallet addresses.
You also get a Keystore file alongside a password to recover your account in case of emergency. Overall the wallet is the most suitable to interact with BSC.
If you are looking for a hardware wallet that is compatible with the BSC chain, SafePal is the best one. It is the first hardware wallet backed by Binance Labs. Its functionalities are similar to Trust Wallet. The only benefit you get with SafePal is the facility to interact with Defi products as well.
The Defi section on the wallet has links to popular Defi platforms and dApps. Unlike other hardware wallets, SafePal is a user-friendly wallet with a simple interface.
Keeping security in focus, the wallet offers 100% offline interaction via an Air-gapped mechanism. It means that you do not need any Bluetooth, wifi, USC, or NFC connections to interact with the wallet.
If you are into crypto trading or developing Defi or dApps, you need a secure, user-friendly, and robust wallet. Crypto wallets are an integral part of the crypto sphere that allows you to store, transfer and interact with Defi and dApps.
All 4 wallets mentioned above are the best in the crypto market right now. However, if you ask for one, Metamask is overall the best BSC-compatible wallet.
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