In brief
Depending on your needs, which type of cryptocurrency wallet you should use. To make a choice, you must consider security issues, custody, and the ability to interact with smart contracts of each type of wallet. In addition, accessibility on different devices is also a factor that many users are interested in.
For browser extension wallets, MetaMask, MathWallet and Binance Chain Wallet are good options. If you prefer a mobile experience, MetaMask, MathWallet, Trust Wallet and SafePal are suitable wallets and are available on iOS and Android. They are decentralized wallets that store private keys on your device. SafePal is a provider of cold storage hardware wallets, with the highest level of security for cryptocurrency storage. In addition to hardware wallets, other cryptocurrency wallets are free to users.
Introduce
BNB Smart Chain (BSC) is a relatively new blockchain. Therefore, not all cryptocurrency wallets currently support BEP-20 format tokens. With existing BSC wallets, there are many different types and forms for you to choose from. Custody, security, and usability are important things to consider before choosing. The five types of wallets below are quite different, so you should learn about them before deciding to use them.
Which cryptocurrency wallet should I use?
Before choosing a specific wallet, think about what you need. In fact, there are quite a few types of cryptocurrency wallets. Most BSC wallets are non-custodial, meaning you are in complete control of your private keys. BSC wallets are also often hot wallets that allow you to quickly connect to a DApp, or start staking. Each type has its own advantages and disadvantages.
1. Custodial wallet - A type of wallet where the provider will hold the private keys for you. The exchange wallet that holds your digital assets for you is an example of this type of wallet. If you don't own your private key, you're not actually in complete control of your wallet. And you probably won't be able to connect to DApps either. For example, if you only want to spot trade BSC tokens or other cryptocurrencies, custodial wallets are a reasonable choice. But be careful. Because although keeping money on Binance is safe, with these types of wallets, you need to understand that keeping money on the exchange and custodial wallets is always risky and you cannot trust it completely.
2. Non-custodial wallets - With these wallets, you own your private keys. This is a safe option that most traders and investors use. However, you must manage your keys and especially remember the seed phrase. The wallets we will talk about later are all non-custodial wallets that allow you to interact with DApps.
3. Hot Wallets - These are cryptocurrency wallets that are connected to the internet and are typically non-custodial (unless you are using a centralized exchange). Hot wallets are convenient for making transactions but come with some security risks. Your private key is kept online using your public key, and it is usually accessible with a password you set. Like any password-protected service, you can be hacked or scammed. To minimize risk, you should use two-factor authentication (2FA) when using this type of wallet.
4. Cold Wallet - This is a type of wallet where you can store your private keys offline on a dedicated hardware device. This is the safest way to store BSC tokens, but also the least viable method when you want to make transactions and interact with DApps.
You can combine the use of the above wallets to promote the strengths of each type. However, for everyday transactions and DeFi applications, non-custodial hot wallets are a powerful and flexible option. Let's take a look at some of the most popular wallets of this type.
MetaMask
MetaMask is a browser extension and mobile cryptocurrency wallet app that supports BSC and other blockchains (including Ethereum, Polygon, and Binance Chain). MetaMask has been developed since 2016 by ConsenSys, a famous blockchain company. For many years, MetaMask focused solely on providing this application. So this is the most popular product of this company.
MetaMask browser extension allows you to conduct transactions and interact with smart contracts and DApps.
MetaMask also allows you to connect to different blockchain networks (you can add custom mainnets). It also allows you to sign transactions, manage your public and private keys, and offers Swap services at the best prices from multiple Decentralized Exchanges (DEXs). MetaMask is a popular choice among BSC users because of its simplicity and ease of use.
He knows Binance Chain
Binance Chain Wallet is also Binance's official browser extension wallet. Currently, the wallet supports Binance Chain, BSC and Ethereum. Compared to other wallets, Binance Chain Wallet is one of the simplest wallets. If you primarily hold your crypto on the Binance exchange but occasionally want to use a DApp, the Wallet Direct feature on the Binance Chain wallet will be very useful.
By connecting your Binance account to Binance Chain Wallet, you can transfer crypto assets like Binance Coin (BNB) or ETH between the two accounts without having to manually enter addresses. If you are interested, read more about How to Use Binance Chain Wallet.
Trust Wallet
Trust Wallet is an open source mobile wallet application available on iOS and Android. This is Binance's official decentralized wallet that supports leading blockchain ecosystems such as Ethereum, BSC, Binance Chain, and more. You have full access to your private keys through a seed phrase. The wallet also has a number of additional built-in functions, including buying cryptocurrency with a credit or debit card and wallet (NFT). The Android version also has a browser for DApps.
Trust Wallet has a utility and governance token, TWT. By holding this token, you can participate in decision-making, such as adding blockchain support and integrating new tokens. You can also get discounts on decentralized exchanges or buy cryptocurrency with TWT.
If you want to try Trust Wallet, read the article How to Connect Trust Wallet with BNB Smart Chai (BSC) to get started.
MathWallet
MathWallet is a cryptocurrency wallet and browser extension, web wallet, and mobile app for iOS and Android. MathWallet supports nearly 40 different blockchains and is one of the first wallets to support BSC. Founded by MATH Global Foundation in 2017, MathWallet raised $12 million in a Series B round led by Binance Labs.
MathWallet is a flexible wallet that can be used on many devices. You can easily switch your usage from mobile to a browser extension or web wallet, depending on your needs.
SafePal
SafePal offers hardware wallets and owns a decentralized mobile wallet application. Its functionality is similar to Trust Wallet, but adds a Decentralized Finance (DeFi) section. This section has links to popular DeFi and DApp platforms and it functions as a browser. If you want to access DApps without switching apps on your device, SafePal is a suitable choice, available on both iOS and Android. The project also has SFP tokens that are used for discounts and bonuses for users.
SafePal S1 hardware wallet
The SafePal S1 hardware wallet is a more affordable option than the Trezor or Ledger Nano devices. If you want to keep your BSC tokens offline, this type of wallet is a more secure option than any hot wallet - as long as you keep your hardware device safe. However, to use DApps, you will have to transfer your tokens to the SafePal hot wallet.
summary
Any trader or cryptocurrency user needs a stable and reliable wallet. The five wallets mentioned above have been trusted by the blockchain community and millions of global users. When choosing a BSC wallet, you need to consider the following factors: interoperability with DApps, custody, usability and reliability. Choosing which type of wallet will depend on your needs.
For someone who frequently transacts, a non-custodial hot wallet is a quite optimal choice because of its flexibility and relative safety. DeFi miners often use browser extension wallets because they are easy to control when connecting to desktop DApps. If you are just HODLing, then mobile wallets will be the simplest and most suitable choice.
Except for hardware wallets, the other BSC wallets we mentioned are free to use. Depending on the level of security and reliability of each type of wallet, you can make your choice. The biggest takeaway is that if you have private keys, make sure to keep them safe and secure .
