Summary
Whether a crypto wallet is good or not depends on your needs. Security, custody, and interaction with smart contracts are some of the main points to consider. You may also want to access your wallet from multiple devices.
MetaMask, MathWallet, and Binance Wallet are good choices for browser extension wallets. If you like the mobile experience, MetaMask, MathWallet, Trust Wallet, and SafePal are available for iOS and Android. These wallets are decentralized and store your private keys on the device. SafePal also offers cold storage-based hardware wallets for anyone who wants the ultimate in security. Apart from the hardware version, all the crypto wallets mentioned are available for free.
Introduction
BNB Smart Chain (BSC) is relatively new, so not all wallets support BEP-20 tokens at this time. When you find a wallet that supports BSC, there are several types and options to choose from. Custody, security, and usability are important things to consider, but everyone has their own priorities. The five wallets below are slightly different from each other. The best way to choose is to try them all, then use the one you like.
Which type of crypto wallet should I use?
Before choosing a particular wallet, think about your needs. There is more than one type of wallet available. Most BSC wallets are noncustodial. This means you have control over the private key. BSC wallets are also usually hot wallets that allow you to connect to DApps or start staking easily. Each type of wallet has its own advantages and disadvantages.
1. Custodian - The wallet provider stores your private keys. This applies to your digital assets in an exchange wallet. Without having the private key, you do not have full control over the wallet. Maybe, you won't be able to connect to the DApp either. If you only want to do spot trading for BSC tokens and other crypto assets, then a custodial wallet is a reasonable choice. However, be careful. While these actions are safe to do on Binance, you should not entrust your funds to any custodial wallet or exchange.
2. Noncustodial - You own the private key. This is the safest option for most traders and investors as long as they take good care of the key and seed phrase. All of the wallets we'll discuss later are noncustodial 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 easy to use for making transactions, but they carry some security risks. Your private key is stored online along with your public key and can usually be accessed using a password set by the user. Just like any password protected service, you can be hacked or phished. To mitigate this risk, you should also use a two-factor authentication (2FA) method.
4. Cold wallet - You store private keys offline on special hardware. This option is the most secure way to store BSC tokens, but is often the most cumbersome method of conducting transactions and interacting with DApps.
You can easily use a combination of the above options to combine their strengths. However, for everyday transactions and DeFi applications, noncustodial hot wallets are a powerful and flexible option. Let's take a look at some of the most popular options.
MetaMask
MetaMask is a browser extension crypto wallet and mobile app that supports BSC and other blockchains, including Ethereum, Polygon, and BNB Chain. MetaMask was developed in 2016 by ConsenSys, a leading blockchain company. For several years, MetaMask only offered its own extensions, so it was still the most popular product.
The MetaMask browser extension allows you to conduct transactions and interact with smart contracts and DApps.
MetaMask also allows you to connect with various blockchain networks (you can add a custom mainnet). This wallet also allows you to sign transactions, manage public and private keys, and offers a Swap service that provides the best prices from several Decentralized Exchanges (DEX). MetaMask is a popular choice for BSC users because of its simplicity and ease of use.
Binance Wallet
Binance Wallet is the official browser extension wallet from Binance. Currently, this wallet supports Binance Chain, BSC, and Ethereum. Compared to the other wallets discussed, Binance Wallet is one of the most basic wallets. If you generally store your crypto on the Binance exchange, but occasionally use a DApp, the Wallet Direct feature can help.
By connecting your Binance account using Binance Wallet, you can transfer crypto assets such as BNB or ETH between the two without needing to enter addresses manually. If you are interested, read How to Use Binance Wallet.
Trust Wallet
Trust Wallet is an open source mobile application available for iOS and Android. This wallet is also Binance's official decentralized wallet that supports leading Ethereum ecosystem blockchains, including BNB Smart Chain (BSC) and BNB Beacon Chain. You also have full access to the private key via the seed phrase. The app has some additional built-in functionality, including purchasing crypto with 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 and governance token, namely TWT. Through this token, you can participate in decision-making, such as adding new blockchain support and integrating new tokens. You can also get discounts on DEX transactions and crypto purchases with TWT.
If you decide to try Trust Wallet, read our Connecting Trust Wallet to BNB Smart Chain (BSC) tutorial to get started.
MathWallet
MathWallet offers a crypto wallet browser extension, web-based wallet, and mobile app for iOS and Android devices. MathWallet supports around 40 different blockchains and was one of the first wallets to support BSC. Founded by MATH Global Foundation in 2017, the foundation has raised $12 million in a Series B round of funding led by Binance Labs.
If you want to use the same wallet on multiple devices, MathWallet offers a lot of flexibility. You can easily switch between mobile devices, browser extensions, and web-based wallets as needed.
SafePal
SafePal is a hardware wallet provider that also has a decentralized mobile wallet application. The functionality is similar to Trust Wallet with the addition of a Decentralized Finance (DeFi) section. This section features links to popular DeFi platforms and DApps, accompanied by a browser. If you want to access DApps without switching apps on the device, then SafePal is a great choice for both iOS and Android. The project also has an SFP utility token that is used for discounts and bonuses.
SafePal S1 Hardware Wallet
The SafePal S1 hardware wallet is a more affordable option compared to Trezor or Ledger Nano devices. If you want to store BSC tokens offline, this wallet offers higher security than any hot wallet as long as you keep your device secure. However, you must transfer tokens to the SafePal hot wallet to use the DApp.
Closing
Having a trusted and stable wallet should be a priority for all crypto owners. The five wallets mentioned in this article are trusted by the blockchain community and have millions of BSC users globally. The options for BSC itself are relatively few, but the main aspects remain the same: DApp interaction, custody, usability, and reliability. All these aspects depend on each user profile.
For active traders, non-custodial hot wallets will be the fastest way to trade while remaining safe. DeFi farmers will prioritize using browser extension wallets for greater control in connecting DApps via desktop. If you're just HODLing, then a simple mobile option could be a great choice.
Aside from the hardware options, the BSC wallets we recommend are free to use. You can choose based on the level of security required and ensure that the wallet functions properly. Most importantly, if you have a private key, keep it safe.
