Summary
Choosing a cryptocurrency wallet depends on your needs. Security, custody and interaction with smart contracts are key points that you should consider. You may also want to access your wallet from different devices.
As for browser extension type wallets, MetaMask, MathWallet and Binance Chain Wallet are good options. If you prefer a mobile experience, MetaMask, MathWallet, Trust Wallet, and SafePal are available for both iOS and Android. They are decentralized options that store your private key on your device. SafePal also offers a cold storage hardware wallet, for those looking for maximum security. Except for the hardware version, all the mentioned cryptocurrency wallets are free to use.
Introduction
BNB Smart Chain (BSC) is relatively new, so not all wallets currently support BEP-20 tokens. When looking for a BSC compatible wallet, there are different types and options to choose from. Custody, security and usability are important elements to consider, and each person has their priorities. The five wallets listed below differ slightly from each other, so it's best to try them out and see which one you prefer.
What type of cryptocurrency wallet should you use?
Before choosing a specific wallet, think about your needs. There is no single type of wallet. Most wallets are non-custodial, meaning you control your private key. Additionally, BSC wallets are typically “hot wallets” that allow you to quickly connect to DApps or start staking. Each type has its advantages and disadvantages.
1. Custodial: The wallet provider has your private key. This is the case when you have your digital assets deposited in an exchange wallet. If you don't have your private key, you don't have full control of your wallet. You probably won't be able to connect to DApps either. For example, if you only want to spot trade BSC tokens and other crypto assets, a custodial wallet is a reasonable choice. But be careful. Although this is safe to do on Binance, you should not trust your funds to any custodial wallet or exchange.
2. Non-custodial: You own your private keys. This is the safest option for most traders and investors, as long as they are very careful with their keys and seed phrases. The wallets we will discuss later are all non-custodial options that allow you to interact with DApps.
3. Hot wallets: These cryptocurrency wallets are connected to the Internet and usually do not offer custody (unless you are using a centralized exchange). Hot wallets are ideal for making transactions, but they carry certain security risks. Your private key is stored online with your public key, and can be accessed using a password set by the user. Like any password-protected service, you could fall victim to hacking or phishing. To mitigate risks, you should also use two-factor authentication (2FA) methods.
4. Cold wallets): You store your private key without an Internet connection on specialized hardware. This option is the safest way to hold your BSC tokens, but it is often the least practical method for transacting and interacting with DApps.
You can easily use a combination of the above options to combine their strengths. However, for day trading and DeFi applications, a non-custodial hot wallet is a robust and flexible option. Let's see what some of the most popular options are.
MetaMask
MetaMask is a browser extension and mobile app crypto wallet compatible with BSC and other blockchains including Ethereum, Polygon, and Binance Chain. MetaMask was created in 2016 by ConsenSys, a prominent blockchain company. For many years, MetaMask only offered its browser extension version, which is why it remains its most popular product.
The MetaMask browser extension allows you to transact and interact with smart contracts and DApps.
MetaMask also allows you to connect to different blockchain networks (you can custom add mainnets). It also allows you to sign transactions, manage your public and private keys, and offers you a swap service that provides the best prices on multiple Decentralized Exchanges (DEX). MetaMask is a very popular choice among BSC users for its simplicity and ease of use.
Binance Chain Wallet
Binance Chain Wallet is the official browser extension wallet from Binance. Currently, it supports Binance Chain, BSC, and Ethereum. Compared to other wallets reviewed, Binance Chain is one of the most basic. If you primarily hold cryptocurrencies on the Binance exchange, but occasionally use DApps, its Wallet Direct feature may be useful.
By connecting your Binance account with the Binance Chain Wallet, you will be able to transfer crypto assets such as Binance Coin (BNB) or ETH between the two without needing to manually enter addresses. If this sounds interesting to you, check out How to Use Binance Chain Wallet.
Trust Wallet
Trust Wallet is an open source mobile wallet app available for iOS and Android. It is also the official decentralized wallet of Binance and is compatible with the leading blockchain ecosystems of Ethereum, BSC, Binance Chain and more. Additionally, you have full access to your private keys via a seed phrase. The app features some extra built-in functionality, including purchasing cryptocurrencies with a credit or debit card, and a wallet for non-fungible tokens (NFT). The Android version also has a browser for DApps.
Trust Wallet has a utility and governance token called TWT. Holding the token allows you to participate in decision making, such as adding support for new blockchains and integrating new tokens. With TWT, you can also get discounts on the DEX and on cryptocurrency purchases.
If you decide to try Trust Wallet, use our How to Connect Trust Wallet to BNB Smart Chain (BSC) tutorial to get started.
MathWallet
MathWallet offers a browser extension-type cryptocurrency wallet, a web-based 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. Founded by MATH Global Foundation in 2017, the foundation has raised $12 million in a Series B round led by Binance Labs.
If you want to use the same wallet on different devices, MathWallet offers a lot of flexibility. It's easy to switch between the mobile device, browser extension, and web-based wallet depending on your needs.
SafePal
SafePal is a hardware wallet provider that also offers a decentralized mobile wallet app. Its functionality is similar to that of Trust Wallet, but it adds a Decentralized Finance (DeFi) section. This section has links to popular DeFi platforms and DApps, as well as a browser. If you want to access DApps without having to change applications on your device, SafePal is an ideal option for both iOS and Android. The project also has the SFP utility token for discounts and bonuses.
Billetera hardware SafePal S1
The SafePal S1 hardware wallet is a cheaper option than a Trezor or Ledger Nano device. If you want to store your BSC tokens without an internet connection, this option offers more security than any hot wallet, as long as you keep your device safe. However, to use DApps, you will need to transfer your tokens to your SafePal hot wallet.
Conclusions
Having a trustworthy and stable wallet should be a priority for all cryptocurrency holders. The five wallets we just mentioned are trusted by the blockchain community and have millions of BSC users around the world. The selection is much smaller when it comes to BSC, but the key points remain the same: interaction with DApps, custody, usability and reliability. Remember that all this also depends on your user profile.
For an active trader, a non-custodial hot wallet will be the fastest way to trade and maintain security. DeFi farmers will appreciate the usefulness of a browser extension-style wallet for their greater control when connecting to DApps through their computer. If you're just HODLing, then a simple mobile app experience may be a good option.
The BSC wallets we just described are free to use, except for the hardware option. You can make your choice based on the level of security you need and making sure the wallet works reliably. And most importantly, keep your private keys safe and secure.
