Brief content

Choosing a crypto wallet depends on your needs. Key points to consider are security, storage method and interaction with smart contracts. And the ability to access the wallet from different devices.

For browser extension wallets, MetaMask, MathWallet, and Binance Wallet are good options. If you prefer a mobile interface, MetaMask, MathWallet, Trust Wallet and SafePal are available for iOS and Android. They are decentralized and store your private key on your device. SafePal also offers a hardware cold storage wallet for anyone looking for the ultimate in security. Except for the hardware version, all mentioned crypto wallets are free to use.

Introduction

BNB Smart Chain (BSC) is a relatively new blockchain, so not all wallets support BEP-20 tokens yet. There are several types and variants of wallets that support BSC. Savings, security and usability are important, and everyone has their own top priorities. The five wallets below are all slightly different, so it's best to try them out and decide which one works best for you.

What type of crypto wallet should I use?

Before choosing a specific wallet, think about what you need. There are several types of wallets. Most BSC wallets will be non-custodial, which means you are in control of your private key. BSC wallets are also usually hot wallets that allow quick DApp connection or staking. Each type has its advantages and disadvantages.

1. Custodial Wallet – The wallet provider keeps your private key. An example is your digital assets in an exchange wallet. Without a private key, you are not in full control of your wallet. Chances are you won't be able to connect to the DApp either. For example, if you only want to spot trade BSC tokens and other cryptoassets, a custodial wallet is a smart choice. But be careful. Although it is safe on Binance, you should not trust your funds to any custodial wallets or exchanges.

2. Non-custodial wallets – you own your private keys. This is the safest option for most traders and investors as long as they take good care of their keys and seed phrases. Wallets, which we'll cover later, are non-custodial options that allow you to interact with DApps.

3. Hot Wallets – These crypto wallets are connected to the internet and are usually non-custodial (unless you use a centralized exchange). Hot wallets are convenient for transactions, but have some security risks. Your private key is stored on the network with your public key and is usually accessible with a user-set password. Like any other password-protected service, you can be hacked or phished. To reduce your risks, you should also use two-factor authentication (2FA) methods.

4. Cold wallet - you store your private key offline on specialized equipment. This option is the most secure way to store your BSC tokens, but is often the most impractical method for transacting and interacting with DApps.

You can easily use a combination of the wallets listed above to combine their strengths. However, for everyday transactions and applications in DeFi, a hot non-custodial wallet is a reliable and flexible option. Let's look at some of the most popular options.

MetaMask

MetaMask is a cryptocurrency wallet available as a browser extension and mobile app that supports BSC and other blockchains, including Ethereum, Polygon, and Binance Chain. MetaMask was developed in 2016 by the famous blockchain company ConsenSys. For years, MetaMask only offered their extensions, so this is still their most popular product.

The MetaMask browser extension allows you to make transactions and interact with smart contracts and DApps.

MetaMask also allows you to connect to different blockchain networks (you can add other main networks). The extension also allows you to sign transactions, manage your public and private keys, and offers swap services that provide the best prices on multiple decentralized exchanges (DEX). MetaMask is popular among BSC users due to its simplicity and ease of use.

Binance Wallet 

Binance Wallet is a wallet in the form of an official browser extension from Binance. The wallet currently supports BNB Beacon Chain, BSC and Ethereum. Compared to other wallets, Binance Wallet is one of the easiest. If you mainly hold cryptocurrency on the Binance exchange, but sometimes use a DApp - try the Wallet Direct function.

By connecting your Binance account to Binance Wallet, you will be able to transfer crypto assets such as BNB or ETH without having to enter addresses manually. If you're interested, check out How to Use Binance Wallet.

Trust Wallet

Trust Wallet is an open source mobile wallet available for iOS and Android. It is also the official decentralized wallet of Binance, supporting the leading blockchains of the Ethereum ecosystem, BSC, BNB Beacon Chain and others. You also have full access to your private keys via the seed phrase. The app has some additional built-in features, including buying cryptocurrency from a credit or debit card and a non-fungible token (NFT) wallet. The Android version also has a browser for DApps.

Trust Wallet has a utility token and a management token, TWT. By holding this token, you can participate in decisions such as adding new blockchain support and integrating new tokens. You can also get discounts on DEX and buy cryptocurrency with TWT.

If you decide to give Trust Wallet a try, use our Guide to Connecting Trust Wallet to BNB Smart Chain (BSC) to get started.

MathWallet

MathWallet offers a cryptocurrency wallet browser extension, a web wallet, and a mobile app for iOS and Android devices. It supports almost 40 different blockchains and was one of the first to support BSC. Launched at MATH Global Foundation in 2017, the fund raised $12 million in a Series B funding round led by Binance Labs.

If you want to use the same wallet on multiple devices, then MathWallet offers the flexibility you need. Depending on your needs, you can easily switch between a mobile device, a browser extension and a web wallet.

SafePal

SafePal is a hardware wallet provider that also has a decentralized mobile wallet application. Its functionality is similar to Trust Wallet with an additional decentralized finance (DeFi) section. This section has links to already popular DeFi and DApp platforms, as well as a browser. If you want to access DApps without switching apps on your device, SafePal is a good option for both iOS and Android. The project also has a native SFP token, which is used for discounts and bonuses.

SafePal S1 hardware wallet

The SafePal S1 hardware wallet is a more affordable option compared to the Trezor or Ledger Nano device. If you want to store your BSC tokens offline, it offers more security than any hot wallet, provided you keep your device safe. However, in order to use the dApp, you will need to transfer your tokens to SafePal's hot wallet.

Results

Having a reliable and stable wallet should be a priority for all cryptocurrency holders. The five wallets mentioned here are trusted by the blockchain community and have millions of BSC users worldwide. The choices are much smaller when it comes to BSC, but the key points are the same: DApp interoperability, storage, usability and reliability. It all also depends on your individual needs.

For an active trader, a hot non-custodial wallet will be the fastest and safest way to trade. DeFi farm users will appreciate the utility of a wallet with a browser extension for easier connection to DApps via a computer. If you are just a holder, then a simple mobile interface is what you need.

The BSC wallets we recommended are free to use, except hardware wallets. You can make a choice depending on the level of security you need and the reliability of your wallet. Most importantly, if you have private keys, keep them in a safe place.