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You need to choose a crypto wallet based on your needs. The following key points need to be taken into account: security, how the private key is stored, and interaction with smart contracts. You may also need to access your wallet from different devices.
If you're looking for a browser extension wallet, we recommend considering MetaMask, MathWallet, and Binance Chain Wallet. If you need a mobile wallet available on iOS or Android, then MetaMask, MathWallet, Trust Wallet or SafePal are suitable. They are classified as decentralized and store the private key on your device. SafePal also offers a hardware wallet for cold storage, an option for those who value maximum security. All mentioned crypto wallets can be used for free, with the exception of their hardware versions.
Introduction
BNB Smart Chain (BSC) is a relatively new blockchain, so not all wallets support BEP-20 tokens yet. However, just finding a wallet that supports BSC is not enough - you also need to decide on its type and functions. Each user has different priorities, but it is still important to consider the way the private key is stored, security and ease of use. In this article, we have listed five wallets that differ from each other. We recommend trying them out and deciding which one is right for you.
What type of crypto wallet should I use?
Before choosing a specific wallet, think: what exactly do you need? There are several types of wallets. Most of those that support BSC are non-custodial, meaning only you will have control over the private key. These are also usually hot wallets that allow you to quickly connect to DApps or participate in staking. However, each type has its own advantages and disadvantages that are important to consider.
1. Custodial wallets are wallets whose private key is stored by the provider. Typically, this storage method is used in exchange wallets. Without owning the private key, you cannot fully control your wallet. Most likely, you won't even be able to connect to DApps. For example, if you want to do spot trading with BSC tokens and other crypto assets, a custodial wallet would be a smart choice. But be careful. Even though trading on Binance is safe, you should not trust your funds to any custodial wallets or exchanges.
2. Non-custodial wallets are wallets in which the private key is under the control of the owner of the wallet. This is the most secure option for most traders and investors who want to be confident in the security of their private keys and seed phrases. All of the wallets we'll look at next allow users to interact with DApps.
3. Hot wallets are, as a rule, non-custodial wallets connected to the Internet (with the exception of wallets from centralized exchanges). Hot wallets are convenient for making transactions, but are not completely secure. The private key is stored on the network with the public key and is usually protected by a password set by the user. As with any password-protected service, you may become a victim of hacking or phishing. To reduce risks, it is wise to use two-factor authentication (2FA).
4. Cold wallets are wallets whose private key is stored offline on specialized equipment. This is the most secure way to store BSC tokens, but is often the least practical for making transactions and interacting with DApps.
You can easily match the benefits of all types of wallets according to your goals. Note that for everyday transactions and the use of DeFi applications, non-custodial hot wallets are the most reliable and flexible option. Let's look at the most popular of them.
MetaMask
MetaMask is a browser extension and cryptocurrency wallet application with support for BSC and other blockchains, including Ethereum, Polygon and Binance Chain. MetaMask was developed in 2016 by the famous blockchain company ConsenSys. For years, the company offered MetaMask exclusively as an extension—the wallet is still their most popular product.
With the MetaMask browser extension, you can make transactions and interact with smart contracts and DApps.
MetaMask also allows you to connect to different blockchain networks (and add your own main networks). Additionally, it gives you the ability to sign transactions, manage your public and private keys, and offers a swap service that gets you the best prices on multiple decentralized exchanges (DEXs). MetaMask is popular among BSC users due to its simplicity and ease of use.
Binance Chain Wallet
Binance Chain Wallet is the official browser wallet extension from Binance. It currently supports Binance Chain, BSC and Ethereum. Compared to other wallets, Binance Chain Wallet is quite easy to use. If you mostly hold your cryptocurrency on the Binance exchange, but occasionally use DApps, then Wallet Direct will be useful for you.
By connecting your Binance account to Binance Chain Wallet, you can move crypto assets like Binance Coin (BNB) or ETH between them without manually entering addresses. Read more about this in the article How to use Binance Chain Wallet.
Trust Wallet
Trust Wallet is an open-source smartphone wallet app available for iOS and Android. This is the official decentralized wallet of Binance, which supports the leading blockchains in the ecosystem: Ethereum, BSC, Binance Chain and others. It also gives the user full access to the private keys through the seed phrase. The app has some additional built-in features, including the ability to purchase cryptocurrency using a credit or debit card and the ability to store non-fungible tokens (NFTs). The Android version also has a browser for DApps.
Trust Wallet has a utility token and a governance token - TWT. By owning tokens, you can participate in decisions such as adding support for new blockchains or token integration. You can also get discounts on DEX and cryptocurrency purchases with TWT.
If you decide to give Trust Wallet a try, check out our guide on How to Connect Trust Wallet to BNB Smart Chain (BSC).
MathWallet
MathWallet offers a browser extension wallet, a web wallet, and an app wallet for iOS and Android devices. He was one of the first to support BSC and today works with almost 40 blockchains. MathWallet was founded by the MATH Global Foundation in 2017 - they managed to raise $12 million in a Series B funding round led by Binance Labs.
MathWallet provides great flexibility and can be used on multiple devices. With it, you can easily switch between your mobile device, browser extension and web wallet.
SafePal
SafePal is a hardware wallet provider that also has a decentralized application for mobile wallets. It works like Trust Wallet, but among other things, it contains a decentralized finance (DeFi) section with support for popular DeFi and DApp platforms, as well as a built-in browser. If you want to have access to DApps without having to switch between applications, then SafePal is the most suitable option for both iOS and Android. The project also has a utility token SFP, which is used to receive discounts and bonuses.
SafePal S1 hardware wallet
The SafePal S1 hardware wallet is a more affordable option compared to Trezor or Ledger Nano. If you plan to store your BSC tokens offline, it can provide more security than any hot wallet. However, to interact with DApps, you will have to transfer your tokens to the SafePal hot wallet.
Summary
Reliability and stability of the wallet are the main priorities for any cryptocurrency holder. The five wallets mentioned here are trusted in the blockchain community and popular among millions of BSC users around the world. There are not many wallets for BSC, but the key points that you need to focus on are still the same: interaction with DApps, method of storing the private key, ease of use and reliability. Your choice will depend on your user profile.
For an active trader, a non-custodial hot wallet will be the most effective option for trading while maintaining maximum security. DeFi users will benefit from a browser-based wallet extension that provides greater control over connecting to DApps from a computer. If you prefer to hold or “hod” cryptocurrency, then a mobile wallet may be suitable for you.
All of the BSC wallets we reviewed are free to use, with the exception of the hardware wallet. When choosing, try to focus on the level of security and reliability of the service you require. And most importantly, be as responsible as possible when storing your private key.
