You might think that the Binance exchange is the only option to store Binance Coin but that’s far from the case. Sure, it’s true you can store BNB on Binance but does that mean you should? These are all the questions we’re going to answer in this Binance Coin wallet choosing guide. But first, let’s review the key talking points.
Key talking points:
A Binance coin wallet is a cryptocurrency wallet that enables users to store Binance Coin (BNB) securely while also allowing the user to interact with the Binance blockchain for transactional purposes. There are many different types of Binance Coin wallets outside of Binance’s native wallet Binance Chain wallet. Ideally, you should find one that has a good mix of security and usability.
BNB used to be an ERC-20 token which meant it could be stored on an Ethereum wallet. However, Binance later launched its main net and BNB became a BEP-2 coin on the Binance Chain. Therefore, users must find a wallet that is compatible with BEP-20 and BEP-2 in order to store, send, and receive BNB.
When researching your Binance Coin wallet, make sure it comes with the following features:
The short answer here is “yes.” If you buy BNB on a crypto exchange, then that exchange will have a built-in BNB wallet for you to hold BNB until you decide to trade it or withdraw it. Even if you manage to buy BNB with cash from your friend, you still need a wallet to store Binance Coin.
Unfortunately not. Some wallets are built by criminals. These wallets have backdoors for hackers to easily steal your private keys and take off with your money. Other wallets are just built by bad developers who leave vulnerabilities in the wallet unbeknownst to them. Then, you have perfectly well-made wallets that just happen to lack high-quality security features like 2FA, security audits, etc. That being said, there are plenty of secure BNB wallets out there so don’t be afraid. Some wallets even come with insurance to protect your funds in the event of a bad event (e.g. like YouHodler wallets for example).
Any good Binance Coin wallet should be free. If someone is trying to sell you a Binance Coin wallet, be careful. All the best wallets out there are 100% free. It doesn’t cost anything to use a Binance Coin wallet aside from the blockchain fees associated with every transaction. Some wallets choose to cover those fees for you while others let you choose the fee (higher fees result in faster transaction time).
The crypto industry has come a long way over the years. Nowadays, Binance Coin wallet apps are so user-friendly, anyone can figure it out. To deposit or withdraw Binance Coin using your wallet, just open up your app and find Binance Coin in the wallet section. You should then see buttons to deposit or withdraw Binance Coin. Simply choose an option and follow the instructions. If you want to deposit, a deposit address will be provided. Just copy and paste that address so the person sending your Binance Coin can do so. If you are withdrawing BNB, then you need to copy and paste the address from the wallet on the receiving end of the transaction so you can send the Binance Coin there.
Binance Coin wallets come in all sorts of lovely shapes and sizes. So finding the best one for you should be a relatively easy task. Here are a few different types you can explore.
As its name suggests, a desktop BNB wallet is one that’s installed on a desktop computer or a laptop. Users get complete control over the wallet just as they would with a mobile wallet, just in a desktop environment. The main difference is that some desktop wallets have more advanced functionality like the ability to operate a complete node or full crypto exchange integration.
More or less, a mobile BNB wallet performs the same functions as a desktop wallet but on a mobile device such as a smartphone. Mobile BNB wallets are often more convenient due to their portable nature and the ability to scan QR codes for quick crypto transactions in stores or between peers. There are BNB wallets for all types of operating systems like Android or iOS.
Web BNB wallets are wallets that exist on a website or online service that allow users to send and receive cryptocurrency in addition to storing it. These wallets can be accessed anytime, and anywhere as long as there is the internet. Some of the most popular crypto services in the world are web wallets such as Coinbase, Kraken, Binance, and YouHodler. Security is a concern for web wallets but that can be managed with due diligence to make sure the web wallet you choose has a good history of high-level security and insurance. It’s also wise to use web wallets in tandem with the more secure hardware wallets.
There are countless articles out there dissecting different crypto wallets, trying to decide what is the “best Binance Coin wallet.” To be honest, there is no “best BNB wallet” for us as a collective whole. However, there is a Binance Coin wallet that is best for you and that depends on your wants and needs. At YouHodler, we tried our best to create a diverse, multi-faceted wallet that appeals to all sectors of the crypto industry. Is our wallet the best Binance Coin wallet? Well, that’s for you to decide.
When asking what the best Binance Coin wallet for beginners is, it’s important to first dissect what a beginner demands from a Binance Coin wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
Advanced Binance Coin users and investors also appreciate clean simple interfaces on their Binance Coin wallet; however, they also want something flexible enough that meets their high demands. Advanced crypto traders want a wallet with low transaction fees, built-in crypto exchange capabilities, advanced security, staking features, and advanced financial services like loans and crypto trading. Advanced users are busy people and they can’t be bothered using multiple apps for different activities. That’s why we designed YouHodler to be the true one-stop-shop solution for advanced users with a wide array of FinTech services to fit their every need.
Data suggests there will be over 18 billion mobile devices in use around the world by the year 2025. Suffice to say, we live in a mobile world and that’s only going to increase. Hence, mobile Binance Coin wallets are perhaps the most important wallets in development. There are thousands to choose from and the key is to find one with maximum efficiency and security. YouHodler’s mobile wallet has 2FA, 3FA, and the ability to lock your funds from withdrawal--requiring ID verification to unlock it. On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. For people ``on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all Binance Coin wallets match this quality but YouHodler tries its best to.
As mentioned earlier, it’s a smart idea to buy a Binance Coin hardware wallet to use in cooperation with your mobile or web wallets. Binance Coin hardware wallets are ideal for the long-term storage of crypto assets. Ideally, you want to keep some on a mobile or web wallet for payments, trading, and staking while keeping the rest safely in a secure hardware wallet. The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Trezor is another brand worth mentioning.
Once again, this comes down to the idea of “not your keys, not your crypto.” The best Binance Coin wallet for long-term software storage are wallets where you fully own the private keys. It’s best to use this in combination with more diverse web wallets to enjoy the benefits of both worlds.
The best Binance Coin wallets for security are the ones that prioritize security. Stay away from wallets that don’t have PIN options, 2FA, or basic security features. YouHodler has a PIN or thumbprint required to enter the app in addition to 2FA and 3FA upon request. We also run regular security audits to ensure our walls are strong and impenetrable. Lastly, we are backed by Ledger Vault and Fireblocks for insurance and secure crypto transaction management solutions.
While the battle between iPhones and Android phones wages on, it’s nice to know that crypto doesn’t pick sides. Most--if not all--of the most popular Binance Coin wallets can be found on both Android and iOS operating systems.
Click here to download YouHodler for Android.
We’re also at the Apple store too! Click here to download YouHodler for iOS and ready all about our Binance Coin wallet functionalities for your iPhone.