Did you know that in Binance 2024 Anti-Scam Refund Initiative total Funds Recovered were $9.1 million and were returned to the scam victims and Losses Prevented are over $129 million secured through Counteractive steps. Binance has raised the bar for security in the crypto world. However, to seamlessly function into the Binance ecosystem and to store your $BNB and BEP-20 and BNB wallets are required. So, what are they?
BNB wallets are crypto wallets that allow the users to store, send, swap and receive Binance Coin (BNB) & BEP-20 Tokens. These BNB wallets support various dApps allowing users to interact with several applications without leaving the platform.
Now what are BEP-20 Tokens? The BEP-20 tokens are exclusively designed to work under the BNB chain network, BEP-20 stands for Binance SmartChain Evolution Proposal and are built on the Binance Smart Chain Network. BEP-20 tokens are similar to Ethereum’s ERC-20 tokens.
Top 5 BNB Wallets
Not all wallets support BEP-20 tokens and the BNB Smart Chain. Here are the Top 5 BNB Wallets to store BEP-20 & $BNB:
Binance Web3 Wallet
Binance Web3 Wallet, is a self-custodial wallet launched in November 2023, which is exclusively designed and managed by Binance to function efficiently within the Binance app.
Are you confused between the Binance wallet and the Binance Web3 wallet? It’s quite natural, let us make it easier for you:
The Binance wallet is a part of the Binance platform and is regarded as a centralized wallet used for storing Binance (CEX) funds. Using the binance wallet users can send, receive or trade cryptocurrencies.
However, the Binance Web3 wallet is a decentralized wallet within the binance platform, which is considered as a semi-custodial wallet. It focuses mainly on giving its users a mobile experience and providing its users with a much more convenient and decentralized experience compared to the centralized binance wallet.
Additionally, the Binance Web3 wallet is indeed a semi-custodial wallet, the users are not totally responsible for protecting their private keys, the Binance Web3 wallet mediates. In case of any loss of private keys the Binance Web3 wallet can help with the same, hence this provides reassurance amongst the users and makes the entire process more secure.
Thinking of choosing Binance Web3 wallet to store your BEP-20 Tokens & $BNB here are some features you need to know:
- Binance Web3 wallet provides robust security through Multi-Party Computing (MPC).
- Incase of any loss of private keys Binance Web3 wallet helps you with the recovery passcodes.
- Easy to use, its mobile experience makes it very convenient to every age group.
- Supports more than 70 networks
MetaMask
MetaMask is a leading wallet trusted by over 100 million users globally and is suggested to be one of the best wallets to store your BEP-20 tokens and $BNB.
The MetaMask wallet provides high security measures to store your digital assets and also allows the users to interconnect with other DApps by sending, receiving, swapping and trading on the same platform. Unlike Binance Web3 wallet, the MetaMask wallet functions on both desktop and mobile devices, providing the users with additional features and more security.
Not many wallets can compete with MetaMask in terms of security, all your transactions and details are kept private and only the user has all the access to it. Even if you’re engaging with several other blockchains all your data is under your control.
Here are some features differentiating Metamask from other Wallets:
- MetaMask wallet is compatible with both cold and hot wallets.
- Functions on both Mobile and browser extension.
- MetaMask has comparatively more users and has built a huge amount of trust within the crypto ecosystem.
- This wallet provides access to numerous decentralized applications, having a strong hold on its users by providing them with multiple options on the same platform.
Rabby Wallet
Rabby Wallet is a web3 wallet developed by DeBank to store, send and receive cryptocurrency. This wallet supports over 1000+ DApps providing a multi-chain experience like none other to its users.
Storing your BEP-20 Tokens & $BNB into Rabby would undoubtedly be a wise decision as this wallet has been integrated with over 115 chains. The Rabby wallet runs on multiple platforms like browser extension, mobile devices and desktop.
Here are some top features of Rabby which differentiates it from other wallets:
- Rabby wallet automatically gets sync with its appropriate chain. This helps the users to eliminate manual work of switching between chains.
- Supports hardware wallets, Institutional wallets and mobile
- Every single transaction made in a rabby wallet is firstly sent into a security engine for a pre-scanning to pick out any potential hazard.
SafePal
SafePal wallet can be a top choice for storing your BEP-20 tokens & $BNB as it has collaborated with Binance for spot trading, that gives the ability to trade without taking their funds out of their wallet.
Safepal was founded in January 2018 and is one of the fastest growing crypto wallets widely used for interacting with various decentralized applications. It helps crypto users to exchange, trade and store their cryptocurrencies and offer’s less swap fees across the several chains.
Safepal has over 10M+ verified users and is supporting 100+ blockchains helping the users to get everything on the same platform.
Here are some of the popular hardware wallets by Safepal to manage your cryptocurrencies:
- SafePal S1
- SafePal X1
- SafePal S1 Pro
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Math
Math wallet is a web3 crypto wallet which provides hassle-free access across different devices. These include the opportunity to store your BEP-20 tokens & $BNB on mobile devices, browser extensions, web wallets and hardware wallets.
Here are some features of Math Wallet for storing your BEP-20 tokens and $BNB :
- Supports 201+ blockchains
- Supports mainstream chains like Bitcoin, Solana and TON.
- Have developed several staking tools for blockchains like cosmos, BNBChain etc.
- Has its own multi-chain gas tracker app.
- Supports hardware wallets like ledger.
How to Create a BNB Wallet to Store Your BEP-20 Tokens and $BNB?
Creating a BNB wallet is important for storing your BEP-20 tokens and $BNB, here we will see the steps needed to follow for creating your BNB wallet:
Step 1: Select a BNB wallet
The first step is to select a trustable wallet which fulfills all your requirements. The top 5 wallets suggested in this article are Binance Web3 Wallet, MetaMask, Rabby, Safepal and Math Wallet.
Step 2: Download the wallet app
After carefully selecting a wallet you need to download the app on your mobile device or desktop, kindly ensure you get the app from its official website to avoid any online scams.
Step 3: Create an account
After downloading the app you need to set up the account by filling the necessary details required by the provider.
Step 4: Backup your account
After setting up your account you will get a recovery phrase, store the secret phrase keeping it private.
Step 5: Transfer your BEP-20 tokens and $BNB
After all the above process the last step is you store your tokens and start using your account, you will now be able to send and receive your tokens.
Conclusion
Binance being such a huge network with millions of active users, it is crucial to choose a reliable wallet to store your $BNB and BEP-20 tokens. The main factors to consider while choosing a BNB wallet is its security features as your tokens and data needs to be kept private and highly secure, choosing a compatible and user friendly wallet is equally important.
Always go for a wallet which provides all features on the same platform to avoid dogging. Doing your own research before selecting any wallet is of utmost importance.
