If you are on this post, you are probably searching for the right wallet to store your Binance Coin (BNB) safely. You may have already come by a few cryptocurrency wallets or not; this guide will provide you with a detailed review of the BNB wallet, its security features, and the best wallets to choose from on the market. You will probably have a few questions at the end. We have gathered likely questions and provided suitable answers to them.
Now, let’s get into the review.
What is BNB (Binance Coin)?
BNB or Binance Coin is one of the most renowned utility tokens in the cryptosphere, and it is the native token that fuels the Binance ecosystem. BNB was created in 2017 alongside the Binance decentralized exchange, with an initial supply of 200 million tokens. As of October 2021, 168,137,036 tokens are in circulation.
Due to the insatiable appetite of Binance for innovations and the inception of Binance Smart Chain (BSC), Binance coin has grown exponentially to become one of the most sought-after tokens by individuals and enterprise investors.
BNB can be purchased or sold like other crypto assets; it also offers a variety of benefits and applications. It can be used as a direct payment for goods and services or a settling medium for transaction fees on the Binance blockchain. With the growing interest in the Binance network, BNB holders search for the best and most secure wallet to store their Binance Coin.
What is a BNB wallet?
A BNB wallet or Binance Coin wallet is a decentralized crypto wallet that allows you to securely and safely store Binance Coin and other digital assets acceptable by the Binance Chain network. The Binance Chain Wallet is the native wallet of the Binance ecosystem. This wallet allows access to Ethereum, BSC, and Binance Chain.
Usually, you will find two types of BNB wallets, namely light node and full node wallets. A full node wallet is designed for intensive applications such as frequent trading activities where the user requires up-to-date information on all blockchain transactions. This type of wallet is resource-hungry, and using it will require a massive chunk of processing power for smooth operations.
On the other hand, Light node BNB wallets are quite the opposite of the entire node variants as they only collect and download necessary data from the Binance Chain network per time. In other words, light node Binance Coin wallets are less intensive and do not download unnecessary information. Your wallet choice will depend on the hardware available at your disposal and your needs for a BNB wallet.
BNB wallets are available as mobile apps, browser extensions, and desktop apps. When sending or receiving BNB to and from a BNB wallet, you will incur transaction fees, also known as gas fees. Usually, these fees are minimal; this is one of the competitive advantages of the Binance Smart Chain over Ethereum blockchain.
Before engaging cryptocurrency wallets for your digital assets, it is usually a great idea to familiarize yourself with the perks of the wallets and juxtapose them accordingly. The Binance Coin (BNB) wallet is one to consider for advanced crypto users or newbies who seek a feature-packed experience.
One of the essential features of a BNB wallet is handling users’ privacy by granting them access to their private keys. The concept of private keys might be alien to crypto newbies; here’s what it means. A private key is more or less a secret key essential to the secure storage of your crypto assets. Private keys are issued to you after creating your decentralized BNB wallet, which is not the case with wallets available on centralized exchanges (CEXs).
Other features of a BNB wallet include:
- Desktop and Mobile platform variants
- Enhanced security architecture such as fingerprint/password requirement per transaction
- Pin, fingerprint, and password for mobile wallets
- Real-time display of BNB balance in fiat currencies
- QR codes to facilitate the seamless transfer of BNB
- Purchase of BNB using credit card (depending on the platform)
The best Binance Coin (BNB) wallet
Before we proceed, it is essential to mention that Binance Coin (BNB) was formerly an ERC-20 token, meaning that it could be stored on any ETH compatible wallet. After the launch of Binance’s mainnet, BNB switched to become a BEP-2 token on the new Binance Chain. Also, the Binance Smart Chain (BSC) is compatible with BEP-20 tokens. In other words, if you are trading or storing BNB, you will need a wallet that is compatible with BEP-20 or BEP-2 tokens. At the moment, several renowned crypto wallets now support BEP-20 and BEP-2 coins, alongside ERC-20 tokens. This development makes it even easier to manage your cryptocurrency portfolio by allowing you to store multiple assets in one wallet and execute cross-chain transfers.
There are two types of crypto wallet infrastructure; software wallets and hardware wallets. Software wallets are often referred to as hot wallets, while hardware wallets are known as cold wallets. Let’s delve into some more details about these types of BNB wallets.
BNB hardware (cold storage) wallets
By definition, a hardware wallet is a physical crypto wallet or an off-the-internet hardware device that securely stores users’ private keys. This type of wallet is also known as a cold storage wallet. Generally, they are intended for prolonged storage of digital currencies and offer the best security for your assets.
Here are the top cold storage BNB wallets:
1. SafePal Wallet
SafePal wallet is the first cold storage wallet endorsed by Binance Labs. This hardware wallet offers a user-friendly and secure platform for digital assets, including NFTs, via a software product – SafePal App.
As a BNB holder, you can easily store, trade, and manage your coins via a friendly and intuitive SafePal App interface. Since this cold storage device is backed (investment-wise) by Binance, you can expect the best security architectures for both the software and hardware. Typically, a SafePal wallet cannot interact with any device online or via USB I/Os, WiFi, Bluetooth, or NFC. It functions 100% offline.
2. Ledger Wallet
Ledger wallet is the most sought-after hardware crypto wallet in the cryptosphere. It is simple to set up and provides top-notch security you can trust. There are two variants of this wallet; Ledger Nano S and Nano X. Both variants offer 100% support for Binance Coin (BNB).
Like the SafePal wallet, the Ledger wallet also preserves private keys offline and requires a passkey to grant exclusive access. During registration, you are issued a recovery phrase that ensures you can retrieve your account should you lose your wallet. Similarly, it utilizes a live mobile app that helps users manage their cryptocurrencies and security keys.
Furthermore, users can buy BNB and other currencies via the fiat gateway option on the mobile app or the in-built swap function. This wallet is 100% integrated with Binance Chain Wallet, allowing users to buy BNB and initiate transfers between different wallets.
3. Trezor Wallet
This one is the novel hardware wallet developed for Bitcoin storage, and it is renowned for its excellent security measures that ensure the safety of user assets. It is BNB-compatible and can be accessed via a USB connection to a computer. Trezor wallet currently supports over 600 digital currencies, including Bitcoin (BTC) and several altcoins.
BNB software (hot storage) wallets
BNB software wallets are the opposite of hardware wallets, as digital assets are not stored offline but only available online via mobile platforms, desktop apps, or plugins. There are numerous software-based Binance Coin wallets out there, but we have handpicked the very best for you.
Here are top BNB hot wallets to consider:
1. Binance Chain Wallet
This is Binance’s native cryptocurrency wallet, and it is accessible as a browser extension or plugin for popular browsers such as Mozilla, Chrome, and others. The Binance Chain Wallet enables you to send or receive your favorite assets across multiple blockchains, securely store BNB coins, and connect with Ethereum-based products. This wallet includes a “wallet direct,” which allows you to link your Binance wallet to the chain wallet.
2. Trust Wallet (TW)
Trust Wallet (TW) is a simple and 100% decentralized mobile coin management tool supporting virtually any digital coin. It also supports numerous blockchain and popular Binance Smart Chain dApps through an integrated Web3 browser. TW is the official cryptocoin wallet of Binance; hence, you can use Binance DEX via the app.
Also, this app offers two-factor authentication, secure pin login, and biometric support. You can swap BNB by leveraging the trading pairs on the Binance DEX interface of the app. Users can stake BNB on TW for about 30% APR.
MetaMask is available as both a mobile app and an extension for web browsers. It offers improved security when communicating with Decentralized Finance products across the BSC network. Although MetaMask was designed with the Ethereum (ETH) network in mind, BNB holders can use the wallet to store their assets by first integrating it with the Smart Chain. Once connected, you can begin staking, trading, and spending your BNB on Decentralized Exchanges and Applications, as well as interact with smart contracts.
4. Exodus Wallet
Exodus wallet is one of the most popular desktop variants of crypto wallets you will find out there. It supports all significant digital assets, and it features an internal swap function that lets users swiftly swap other assets to Binance Coin (BNB). Exodus wallet supports Binance Coin 100%, and users can store, send and receive BNB securely.
You can quickly receive funds using a QR code or a Binance Coin address with these wallets mentioned above.
There are numerous wallets on the market with support for BNB. Still, your choice must be guided by certain factors such as security, customer support, usability/User Interface, continuous development, and private key policies. Whether you prefer a Binance Coin hardware wallet or software wallet, ensure that you are making a choice that suits your needs.
What is BNB used for?
BNB is primarily used to settle trading fees and transaction fees on the Binance exchange.
What wallet supports Binance coin (BNB)?
There are numerous digital asset wallets on the market; you will be spoilt for choice. However, ensure that whatever Binance coin wallet you choose, software or hardware, supports BEP-2 and BEP-20 tokens.
How to download a BNB wallet?
BNB-compatible wallets can be downloaded from mobile application stores such as Google Playstore or Apple Appstore. For those that are available as web extensions, they can be downloaded via the.
Can I exchange Binance Coin from a BNB wallet?
Yes, it is possible to exchange Binance Coin directly from a BNB wallet. For example, Trust Wallet is integrated with a Binance DEx and an in-built browser that facilitates access to dApps like Pancakeswap, where you can exchange your BNB coin without leaving the app.
Binance to Support the Incoming Polkadot Parachain Slot Auction
- Binance exchange will support the Polkadot (DOT) parachain slot auction.
- The company plans to start the event in November, this year.
- Doing this will help Polkadot achieve its ecosystem development.
Amid the waves blowing around the incoming Polkadot (DOT) parachain slot auction, Binance exchange has also announced that they are ever-ready to support the Polkadot’s parachain event.
With this synergy, Binance emphasized that it will soon start its Polkadot parachain slot auction program mainly in November 2021. Additionally, the month set to begin the event by the Binance team moves in line with the proposed Polkadot parachain slot auction date.
Meanwhile, Binance didn’t officially give the exact day and time that it will start the event. At the moment, the only news we have is that the team aims to start the parachain event in November.
To clarify, Binance intends to do its part and what it can to help influence Polkadot towards achieving its ecosystem development milestone. In turn, doing this will also push up the growth and adoption of the Polkadot parachain slot project to the mainstream.
Also, for further info about the event, the Binance team noted that they will keep their eyes on it and provide the community with more updates.
Until then, the team assured that the community should expect a separate announcement in no time and more details than what they have disclosed now. In addition, Binance advised that the community should stay tuned as they are bringing more initiatives ahead.
Binance Angels Helped a Crypto User Recover Nearly $100,000
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Binance Angles, volunteers who support the leading cryptocurrency exchange’s community and projects, have helped a cryptocurrency user recover nearly $100,000 in the USDC stablecoin after the user sent the funds to the wrong address.
According to a post Binance published the user, identified only as Damien, sent 98,000 USDC on the Binance Smart Chain to the USDC contract address instead of to his own address on the exchange, leading to a loss of funds.
After the user conducted thorough research to find out what could be done, he went into despair and contacted Binance’s French-speaking community on Telegram. The community of over 23,000 is moderated by Binance Angels, who informed Damien there was a chance: Binance’s BNB Pioneer Burn Program.
The BNB Pioneer Burn Program
Binance’s pioneer burn program is a new initiative meant to help users restore funds they have lost due to honest errors on the Binance Smart Chain. Under the program, Binance covers the lost funds of eligible users by using money that was meant to be used on Binance’s quarterly token burns.
Damien was fortunate enough to see his case meet all of the criteria of the Pioneer Burn Program, meaning that in just 24 hours after his mistake was made, he received the 98,000 USDC back from the cryptocurrency exchange.
Binance’s blog post details that to be eligible for the program, users’ lost tokens must either be “BNB, “wrapped” tokens (e.g. WBNB), or “pegged” tokens (e.g. BTCB) supported via the Binance “Token Canal” Project,” and have to have been transferred to the BEP20 contract addresses verified on BSCScan so the loss can be publicly justified and recognized as moving the asset out of circulation.
The loss also has to be above $1,000 in value, but smaller than the amount of BNB that is projected to be burned during the upcoming quarter.
Binance Angels, it’s worth noting, are community volunteers who share their knowledge of the cryptocurrency space and of the Binance ecosystem with its community, and help users navigate everything that’s out there.
These volunteers don’t just help users, but also help translate and proofread content, manage both online and offline communities, and provide feedback on Binance’s features to help the exchange improve.
They are rewarded through exclusive invites to Binance events as either VIP guests or organizers, through meeting with the Binance team, and by attending behind-the-scenes meetings with them. Binance Angels also received limited-edition swag, and exclusive gifts.
Binance Coin Price Analysis: BNB is bullish for the next 24 hours
- Binance Coin price analysis is bullish today.
- BNB/USD broke above $460 after slight retracement yesterday.
- Closest resistance at $510.
The price of Binance Coin is presently bullish, as previous resistance at $460 was breached today, pushing BNB higher. As a result, we expect BNB/USD to rise further over the next 24 hours.
Binance Coin price movement in the last 24 hours: Binance Coin breaks $460, continue higher in the next 24 hours.
The price of Binance Coin is presently bullish, as a recovery in its price was seen after yesterday’s retracement, pushing the price back to higher prices. As a result, we expect BNB/USD to rise further over the next 24 hours. The market closed today at $470 for a gain of $9 in the last 24 hours.
A look at BNB/USD in the 4H chart shows that yesterday, the Binance Coin price dropped to a low of $450 and went into consolidation. Recovery was seen soon after, pushing the price higher and breaking above resistance at $460.
This week, however, the price broke above $460 and the 200 SMA (red). The break was supported by a rise in trading volume from yesterday’s low of $124 million to today’s high of $163 million. This has resulted in BNB/USD rising by close to 10% today, and we expect it to rise further over the next 24 hours.
The nearest resistance is seen at $510 (the price of Binance Coin on August 23), while support is found at $450. Over the day, we predict a break of this level will take place, pushing the price to $500.
BNB/USD 4-hour chart: BNB shows bullish movement
On the 4-hour chart, we can see bullish momentum still strong, indicating we will see further upside today.
Binance Coin’s price action has shown considerable bullish momentum over the last several weeks. On October 1, BNB/USD rose to a new high of $450.
Binance Coin (BNB) recovered Monday, establishing a higher low of $395 before spiking Tuesday again. The previous swing high was broken, allowing BNB to reach the next resistance at $460.
Binance Coin fell to test the $440 prior swing high barrier as support, with a little reaction following. Any additional selling yesterday was not apparent, so BNB/USD went back on a bullish trend over the previous 24 hours.
Binance Coin Price Analysis: Conclusion and
The market of Binance Coin today is showing promise of further gains in the next 24 hours despite poor sentiment across cryptocurrencies. Several new records for cryptocurrency prices have the nearest been set over the past few weeks, but now the market is slowing down, with trading volumes dropping dramatically. This is likely to affect Binance Coin prices soon have the as well.