Have you been wondering if Binance Chain is any good? When we speak of crypto exchanges, one of the first names that pop up in head is Binance. In a very short duration, it had become the synonym for an industry that had launched its cryptocurrency called BNB. As far as all of the efforts for crypto goes, it had also developed its version of blockchain and it’s called Binance Smart Chain.
Now let’s speak about the Binance Chain wallet. It is mainly the cryptocurrency wallet for having the access to Binance Chain, Ethereum, and Binance Smart chain. You will be able to securely store the crypto you own and also get connected with hundreds of projects for varied blockchains.
Whether you had been searching for a way to swap BNB for other cryptocurrencies or mint NFTs, you can easily do so through your browser extension wallets. Your Binance Chain Wallet presently supports Brave, Firefox, and Chrome.
As per the official website of Binance, their Smart chain is the blockchain that’s been created for allowing faster as well as decentralized trading. The blockchain’s high performance has been made for focusing on smarter contact programmability, and also intended for solving scalability issues that might have covered the entire blockchain community.
The coin/currency that has been used for trading in blockchain has also become a vital outcome of blockchains and the wallets are critical for storing it. The Binance Chain Wallet will be helpful with it. And here is everything that you need to know about it!
How is Binance Chain Wallet Unique?
Just at your first glance, you will feel that the Binance chain wallet is similar to some of the other wallets that are extension-based. Although some features make it different from any of the other options you have in mind.
In case you have your Binance account, you will be able to link the wallet with your Wallet Direct easily. This is the feature that will save you from copy-pasting the addresses while you transfer the digital assets present between these two.
You also have the choice of using the Gmail account to sign up through tKey for your wallet. In case you lose the wallet access, you have the recovery option through following three ways:
- Your Gmail login.
- When you use a local device.
- With the account password that was made during the set-up.
Keeping all private keys is a huge responsibility and making use of tKey is very useful. The two Binance chain wallet features make it very easy for a person that isn’t much familiar with the crypto wallets for getting started correctly.
Binance Chain Wallet Set up
In few minutes of your time, you will be able to set up the trust wallet and make use of BSC. Here are the steps you need to take:
- Download Binance Chain wallet over the homepage. All you need to do is pick your browser where the extension can be installed.
- After extension installation, you are going to see your sign-up page. You can go for the Gmail one too.
Note: You might also make use of your present crypto wallet in case you have the tKey credentials or seed phrase.
- Now tap on create wallet then choose ‘continue’ through tKey.
- You will see a pop-up window appearing in front of you to log in through Gmail. Binance chain wallet and tKey will be using your Gmail account for authenticating identity in the future when needed.
- Now you have to create your password for secondary protection in case you lose the private key.
- You are now going to see the seed phrase for Binance Chain Wallet. This can be used for account recovery. You will also have the choice of creating the seed phrase on your own. Make sure that it contains 24, 21, 18, 15, or 12 words.
- Always make sure that you aren’t using the seed phrase with anybody. See it as your pin or bank account password. In case it’s lost, you will still gain the access to your wallet through your tKey password and email address combination.
- Tap on continuing when you become sure of have securely saved your seed phrase.
You have now set up the Binance Chain wallet successfully. You also can make use of it for sending and receiving Binance Chain, BSC, as well as Ethereum tokens. You will also be able to interact with smart contracts and DApps over the blockchains.
Depositing BNB through Wallet Direct
If you feel like using and interacting with Binance Smart chain networks, it’s essential to have some BNB in your wallet. You will be able to pay the transaction fees through BNB while making transfers or for interactions through smart contracts. There are two kinds of tokens for BNB. One is BEP-20 and the other is BEP-2. As we need to interact through BSC in these situations, you will need to use the BEP-20 token.
In case you already have some BNB in your spot wallet, you might also get connected with your account over Binance Chain Wallet and using the feature called Wallet Direct. Here is the step-by-step guide:
- Tap on the icon over the top right of the screen of the wallet homepage. Now tap on ‘Connect with Binance account’.
- Now login to your account and click on ‘Verify and connect my address’.
- You are going to see another pop-up window asking you for a wallet connection. Tap on it for opening the Chain wallet and then tap Connect.
- Next, one has to permit signing in for a wallet. This is a step for verification that makes sure you are a wallet owner.
- Once this is done, you need to go through the authentication process of Binance as its final step for security check. In case you have 2FA linked with your account, you will need to use that as well.
- Once the verification happens successfully, your account gets linked with the wallet. You will be able to see it in your account section of the wallet or webpage of Wallet Direct.
- You can now begin transferring the funds from the account. Tap on Receive tab and select Wallet Direct.
You are now going to see the balance of assets that are available for transfer.
How To Make A Deposit Form A Different Wallet?
You also have the choice of making direct deposits through another account. For instance, we shall take a look at the process of transferring the BNB from the account wallet to your Binance Chain Wallet.
- Go on the withdrawal page of the Binance account, and then choose the BEP-20 network.
- On the Binance Chain Wallet, tap on Native Token and then the option of Receive.
- You are going to see the QR code that can be scanned or address for copying for withdrawing wallet. Note that all of the BEP-20 addresses begin with 0x and BEP-2 begins with BNB.
Adding New Token for Binance Chain Wallet Lists
1. Once you have completed the setup on Binance Chain Wallet, you are going to see the BNB balance by default. You will also be able to add coins through searching from the list that’s available by clicking on the + button.
2. Look at the token that you need for adding and clicking on the check box. Your wallet is going to accept token deposits even when you had not checked the list. Checking the token is going to make your balance visible.
How to Connect Binance Smart Chain to Binance Chain Wallet?
The interaction of Binance Smart Chain by using your Chain wallet becomes easier. It just takes a few minutes and you can start swapping, staking, and go with DApps interactions. Here is the step-by-step guide for connecting with your PancakeSwap. All DApps come with the same UI that can be used for connecting with the wallet.
- Click on Connect, which you see on the top right of your screen.
- Choose Binance Chain Wallet. Keep in mind that not all DApp will be supported using your Binance Chain Wallet.
- The pop-up is going to appear for asking if you need to connect the DApp. Tap on the option that says ‘Connect’ and click confirm.
- The wallet address will now appear on the top-right of the screen.
The Blockchain world has been rapidly evolving. One can conclude that something that was once seen as an innovative feature is now called obsolete. This has resulted in businesses that are working hard for keeping up with the changing landscape. Binance Chain Wallet is one of the best choices for your crypto wallet. This is especially true for people that already have a Binance account.
One can feel nervous when they are sending their crypto assets while they deal with addresses, therefore maximizing your Wallet Connect will be a great idea. This is the same for your seed phrases and private keys. It can seem like a huge obstacle for someone new with crypto, therefore making your wallets for easy use will be the best way of joining DeFi and crypto!