The Beginner's Guide to The Binance Smart Chain Wallet
Cryptocurrencies are digital assets or virtual currency. We can’t touch or feel them, as they don’t exist in any physical shape or size. Thus, it can't be stored anywhere.
So where are they kept? Where can you access them?
The answer is crypto wallets!
A crypto wallet is a software application that enables us to access, manage and monitor our crypto assets safely and securely.
But crypto wallets do not actually contain any cryptocurrency. Instead, they contain a digital key (public and/or private keys) that unlocks your digital assets. Crypto wallets utilize blockchain technology to store, buy, sell, or transfer crypto assets.
One such app that allows users to access DApps built on the Binance Smart Chain network is the Binance Smart Chain Wallet. It is a completely free and secure plugin that can be easily added to your browser like any other browser extension. Currently, the Binance Smart Chain wallet extension is available only for Chrome, Firefox, and Brave browsers.
Apart from the DApps built on the Binance Smart Chain, it provides you with the flexibility of connecting with thousands of other DApps built across different blockchains, including Ethereum.
Are you excited to upgrade your crypto wallet to the Binance Smart Chain Wallet? Then read on!
Here’s a quick look at what we cover in this article:
- What is Binance Smart Chain Wallet?
- How to Install Binance Smart Chain Wallet on your Browser?
- How to Set Up and Use the Binance Smart Chain Wallet?
- How to Connect the Binance Smart Chain Wallet to Binance Account
- How to Transfer BNB between Binance Smart Chain and Binance Chain
- How to Add Another Account to your Binance Smart Chain Wallet?
- What are Custom Tokens and How to Add Them to your BSC Wallet?
- Before you go...
Now, let’s dive in!
What is Binance Smart Chain Wallet?
Binance Smart Chain Wallet is the official wallet for the giant Binance network. Binance is a cryptocurrency exchange, a digital platform on which you can trade various cryptocurrencies.
The Binance Smart Chain Wallet provides an easy gateway for accessing services built on not just the Binance Smart Chain network, but also the Binance Chain, and the Ethereum network.
A blockchain that runs in parallel to the Binance Chain, the Binance Smart Chain (BSC)has the additional benefit of smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM).
There are two types of BNB tokens used to carry out the transactions on the Binance Smart Chain. BEP-2 and BEP-20 are the standard tokens for the Binance Chain and the Binance Smart Chain respectively.
Make sure you have some BNB available in your wallet to pay the gas fee for any trades on the BSC network.
How to Install Binance Smart Chain Wallet on your Browser?
To get started with Binance Smart Chain Wallet, you need to have a ready-to-use browser installed on your device. Once you have a fully functional and operational browser, Binance Smart Chain Wallet can be easily added as an extension to your browser.
As mentioned before, you can either use Chrome, Firefox, or Brave to install the Binance Smart Chain Wallet.
To add the wallet to your browser, perform the following steps:
- Open up the browser and search for “Binance Smart Chain Wallet,” or you can directly click here.
- Scroll down to select the Google Chrome extension link.
- Hit “Add to Chrome.”
- Click on “Add Extension.”
- After successful installation, you will receive a notification at the top right corner of the toolbar showcasing the Binance Smart Chain Wallet icon with a message that it has been successfully added to your chrome.
- Now, the wallet extension has been successfully added and is ready to proceed with the setup.
How to Set Up and Use the Binance Smart Chain Wallet?
In your Chrome browser, you will now be able to see a Binance Smart Chain Wallet icon at the top right corner. If you are not able to see it, then click on the extension’s icon. It looks like a white puzzle piece. Now choose Binance Smart Chain Wallet by clicking on the pin next to it.
The yellow Binance Smart Chain Wallet icon will now appear among your browser extension options.
- When you click on this Binance Smart Chain Wallet icon, it will show up with two options: “Use existing Wallet” and “Create Wallet.”
- Select the second option to ‘Create’ a new wallet.
- It will then ask you to select your preferred method. We will create the wallet by using both ways one by one.
Method 1 for Creating Wallet: Generate Seed Phrase
- Select “Generate Seed Phrase.” Seed Phrase is the key to your funds. Anyone who has access to your seed phrase can move your funds in and out of your wallet. Make sure to store it in a safe place and do not share it with anyone in any case.
- Create a strong password as directed and hit ‘Continue’.
- It will now show you the Seed Phrase. Click to copy the seed phrase. Save this to a safe place on your device, download it onto an external drive and/or write it down on a piece of paper and put it in the locker to enhance safety. In other words, just ensure you have the seed phrase safely stored for when you need it again later. Never lose your seed phrase and don’t let anyone else get their hands on it.
- Click “Continue.”
- On the next page, confirm the Seed Phrase by typing the correct word against the shown number.
- You are all done now. Your Binance Smart Chain Wallet is ready to send and receive funds.
Method 2 for Creating Wallet: Using a Gmail Account
- Now, let’s move on to see the second method of using a Gmail account to create an entirely new wallet.
- Instead of choosing “Generate Seed Phrase,” choose the second option, which says “Continue with tKey via: G.”
- A pop-up will appears asking you to login into your Gmail Account. Binance Smart Chain Wallet can be recovered by using your Gmail account and tKey password in the future if, you lose access to it. This is a fantastic feature of Binance Chain Wallet, compared to other crypto wallets available in the market.
- Enter your email ID followed by your Gmail account password to proceed.
- It will then ask you to verify your wallet with a password. Set a strong password as instructed to add an extra layer of security to your Binance Smart Chain Wallet account. Hit ‘Continue’ to move a step closer to your account creation.
- You will now see your Binance Chain Wallet Seed Phrase. The Wallet also provides you an option to create your own Seed Phrase. You can select one of these choices, but make sure to write it down and store it in a safe place. Seed Phrase is just like PIN to your bank account so, you see how important it is to protect and safeguard it.
- Click to continue with the Binance Smart Chain Wallet setup.
- Your wallet is now ready to receive and send funds.
- If you want to receive funds in your Binance Smart Chain Wallet, Hit the “Receive” button on the first page to copy your public account address or scan the QR code. Share it with the sender to receive funds into your account.
- Similarly, Click on the Send button to send the amount, followed by entering the receiver’s details and the amount you wish to send.
- Make sure to have some BNB in your account to pay the gas fee.
- You can easily buy Binance Coin (BNB) from the Binance exchange by making payments through your debit or credit card.
How to Transfer BNB Between Binance Smart Chain and Binance Chain
Now to actually start using your wallet on the Binance Smart Chain, you need some BNB in your wallet. BNB tokens are required for paying transaction fees for the activities you do on the BSC platform
Bep-20 and Bep-2 are the two types of BNB tokens. While Binance chain uses Bep-2, the Binance Smart Chain requires Bep-20 tokens
So to get some BNB Bep-20 tokens into your BSC wallet, there are two main steps:
1. Connect your BSC Wallet to your Binance account (Wallet Direct)
2. Transfer BNB from your Binance account to your BSC Wallet
Here we are working with the assumption that you already have BNB in your Binance account. If not, then buy or trade for BNB on Binance.com first. Check out our article on The Beginner’s Guide: How to Convert USDT to BNB on Binance.com
Now let's check out the above two steps in detail.
Wallet Direct: How to Connect Binance Smart Chain Wallet to Binance.com Account
Now that you have a Binance Wallet, you can transfer your tokens from your Binance account to your Binance Chain Wallet. It's quite simple actually. Here’s your step by step guide:
1. Log into your Binance account. Click on ‘Wallet’ from the top menu bar of the site. Choose ‘Fiat and Spot’ from the drop-down menu.
2. Click on ‘Wallet Direct’ on the top right side.
3. Click on the ‘Verfiy and connect my address’ button.
4. Click on the ‘connect to wallet’ button.
5. Now a Binance wallet notification will pop up with Binance.com asking for access to your Binance wallet. Click on ‘Connect’ to proceed.
6. The notification window will vanish, but don't worry. The following pop up will appear on your Binance browser page:
7. Click on the ‘Sign with wallet’ button. You’ll get another pop-up notification from your Binance Wallet asking you to confirm the same.
8. Now you need to verify the address ownership one final time by clicking on the ‘Bind’ button in the following pop-up.
9. This will redirect you to another window for entering OTP from your registered email and from your registered phone number. Once you have completed that step, your Binance Smart Chain Wallet is officially connected to your Binance account.
10. Your Wallet address appears in the Connect Address list. You can choose to disconnect the Wallet anytime by using the ‘Disconnect’ button.
Congratulations! You have done it.
How to Transfer BNB from your Binance.com to your BSC Wallet
Now that you have connected your BSC wallet to your Binance account, you can start transferring crypto tokens back and forth between them.
Our target here is to get some BNB into your BSC Wallet. You can do this in two ways.
- Using BSC Wallet to Get BNB from Binance.
- Using Binance Account (another wallet) to deposit BNB in BSC Wallet
Let’s check out the first method:
Using BSC Wallet to Transfer BNB from Binance
1. Open your BSC Wallet (using your browser extension button). Click on the ‘Receive’ button.
2. Now choose the receive method. Click on ‘Wallet Direct’.
3. This shows you the assets held in your Binance account. Click on the BNB section.
4. Now you get the page for entering how much BNB you want to transfer. So enter the desired amount of BNB.
5. Now you can see the transaction details including the fee and the final amount of BNB you will get. Press ‘Next’ to proceed.
6. Now you will be asked to enter the phone verification code and the email code sent to your registered phone number and email ID.
7. Once you enter the codes and confirm the transaction, you can see the transaction status here. As you can see, it changed from pending to received once the transaction was completed.
8. Now the BSC Wallet clearly displays the assets it holds.
The BNB tokens have now been successfully transferred from the Binance account to the BSC Wallet.
Depositing BNB in BSC Wallet from Another Wallet
Now let's take a look at the second method of transferring BNB from your Binance.com account to your BSC Wallet. You can use this method to receive funds, into your BSC Wallet, from any other compatible wallets (not just the Binance account wallet).
Here we start with the Binance account wallet as the source of the funds (BNB). Then move to selecting the address of the BSC wallet and entering it as the destination for these funds.
So start by logging into your Binance.com account.
1. Click on ‘wallet in the main menu and go to ‘Fiat and Spot’.
2. Click on the ‘Withdraw’ button (next to Deposit).
3. You have two choices - Crypto and Fiat. Click on ‘Crypto’.
4. This takes you to a page with your crypto holdings. Here it shows BNB and USDT. Click on the BNB to withdraw or transfer it to your BSC wallet.
5. BNB is of two types. BEP-2 and BEP-20. BEP-2 is the native token of the Binance Chain while BEP-20 is for the Binance Smart Chain. So the token we need for the BSC wallet is BEP-20. It is most important that you choose this correctly as sending the wrong token type to the wrong network can result in losing those assets.
6. When you click on BEP-20, you get a pop up reminding you that you have chosen the BSC network. Click on ‘I understand’ to confirm you are aware of what you are doing.
- The next step is to enter the destination BSC Wallet address. So leave your Binance browser window open and go open your BSC wallet to get that address. The wallet displays its holdings (namely the BNB we transferred in the previous tutorial on using BSC wallet to exchange funds with the Binance account).
- Click on the ‘Receive’ button.
- Click on ‘Address or QR Code’.
10. The box above the QR code contains your BSC wallet address. Keep in mind that BEP-20 addresses begin with the prefix 0x. Click on the copy icon next to it. You can now go back to your Binance account browser and paste the address there.
11. It does feel like a relief to see the green message that ‘the wallet address entered is compatible with the corresponding network’. Now you can enter the value of the BEP-20 tokens you want to transfer. Note that there is a transaction fee of .0005 BNB.
12. Click on ‘Withdraw’ to initiate the transaction.
13. You again get a pop-up reminding you that BSC is the transfer network and not many tokens support the BSC network. You need to click ‘Confirm’ that you are indeed transferring the tokens to a BSC-supported platform.
14. Here comes another pop-up asking you to ensure your address is correct and on the same network. These repeated warnings and pop-ups can be quite stressful for beginners who are terrified of taking the wrong step and seeing their crypto vanish before their eyes. Go ahead and click on ‘Continue’.
15. No, the test is not over yet. You still have to enter codes sent to your registered phone and email ID - to confirm the transaction yet again.
16. Now for the last and final step - Click on ‘complete.’ Scroll down to view the status of your transactions.
Transaction status changes from ‘processing’ to 'completed’ once it's done. Don’t worry, it takes a few moments (or minutes).
You can check your BSC Wallet to see if you have received the funds. The funds have now been added here- as you can see in the above image!
How to Add Another Account to your Binance Smart Chain Wallet?
A user can have multiple accounts or multiple public addresses in the Binance Smart Chain Wallet. If you want, you can segregate them by giving a name to each account and can use each of them for a specific purpose.
To add an account perform the following steps:
- Click on the account icon at the very top right corner of the app.
- You will now see the default account named Account 0.
- To add more accounts, hit “Add Account” just below the Wallet Direct option.
- Click confirm after entering the account name of your choice.
- You can now see that you own two accounts, each with a different wallet address.
What are Custom Tokens and How to Add Them to BSC Wallet?
With regard to the Binance Smart Chain wallet, custom tokens are digital assets that are not added to your wallet by default. Usually, the Binance Smart Chain Wallet will only show your BNB balance. However, you can add custom tokens to your wallet by entering their token contract address.
To add a custom token:
- Open the wallet extension and scroll down to click on the “+” sign.
- Switch to the Custom Asset tab.
- Enter the token contract address you want to add.
- You can find the token smart contract address through https://bscscan.com/
- Click “Add Asset” to add the token to your wallet list.
- You can also add a token by checking the checkbox against a token in the search tab.
1. Can I use Metamask or Trust wallet to interact with DApps built on the Binance Smart Chain Network?
Yes, Metamask and Trust Wallet are both designed to support DApps built on the BSC network. But, you need to configure Metamask before using it with any BSC-based DApp, while Trust Wallet doesn’t require any configuration and can be used directly.
2. What are Hot and Cold Wallets?
Hot wallets are crypto wallets that are more prone to online attacks like mobile wallets, desktop wallets, and web-based wallets. However, not all crypto hot wallets are vulnerable to attacks but are considered less secure to hold crypto than cold wallets.
Cold wallets are hardware wallets like Ledger, designed to provide you the physical ownership of your assets. Hot wallets are easily accessible and usable when compared with cold wallets. The Binance Smart Chain Wallet is a hot wallet. But don't worry, it is one of the most secure hot wallets in the crypto market today.
Before You Go…
Binance Smart Chain Wallet is a fantastic choice for users who want to experience seamless interaction with BSC-based DApps.
Binance always promises its users to bring in new advancements that can simplify their crypto journey, and by launching Binance Smart Chain Wallet, it has added one more to the list. Their new feature of logging in with the Gmail account is outstanding.
This wallet from Binance allows you to make stress-free transfers across chains and easy monitoring of your assets, all in a very secure manner.