Gianluca Longinotti Fact checked by Gianluca Longinotti
Updated: 8 may 2024
9 minutes

What is Binance Wallet?

First and foremost, let’s take a moment to understand what Binance Wallet is. It is a cryptocurrency wallet, completely decentralized and non-custodial (without custody), developed by Binance.

Binance Wallet is sometimes referred to as the Binance chian wallet, or Binance smart chain wallet, as it is built on the BNB Chain, a blockchain developed by Binance. The BNB Chain is designed to facilitate fast and secure peer-to-peer transactions. It also enables the creation of new tokens on the platform.

As a reminder, Binance (see review) is the world’s largest digital asset exchange and trading platform. This wallet allows those who hold it to:

  • Store
  • Send or receive
  • Manage and stake their digital assets securely.

The Binance DeFi wallet has gained popularity, becoming one of the favorite wallets for investors.

It supports a wide range of cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), or Binance Coin (BNB).

The Binance DeFi wallet also integrates the Binance DEX (decentralized exchange built, as the name suggests, on Binance). This allows users to trade directly from their wallet.

binance wallet homepage

Security

One of the main advantages of Binance Wallets are their security features. The wallet relies on advanced encryption methods to ensure the protection of users’ private keys. Users have complete control over their funds and associated data.

Binance Wallet operates by generating a unique private key for each user, used to securely store and access their cryptocurrencies.

Users can import their existing wallets or create a new wallet directly in the Binance Wallet DeFi application.

The wallet also provides users with a backup phrase that can be used to recover their account in case of loss or damage to their device.

Binance

  • Wallet designed for DeFi
  • Renowned exchange wallet
  • Total control over your cryptocurrencies.

What type of wallet is Binance Wallet?

Binance Wallet can be both a hot and cold wallet, depending on how it is used. If you connect your wallet to the internet, it is a “hot” wallet, allowing you to access your funds and perform transactions directly online.

However, users can also disconnect the wallet from the internet and store their private keys offline, making it a Binance cold wallet. This method is considered the healthiest and most secure way to store digital assets, significantly reducing the risks of hacking, theft, or phishing.

binance wallet

Features of Binance Wallet

As explained earlier, Binance Wallet is a multi-currency wallet. This means that various types of tokens and coins are supported and can be stored in the wallet. Bitcoin, Ethereum, Binance Coin, and all tokens based on the BNB blockchain are included.

The wallet allows users to send and receive cryptocurrencies, check their transaction history, and manage their assets. It also supports staking and trading for certain cryptocurrencies through access to the DEX. In short, it is highly functional!

Binance Wallet Availability

Another significant advantage of Binance Wallet is its availability. It can be used on mobile, tablet, or desktop, providing users with great flexibility. The Binance wallet app can be downloaded from the Google Play Store or the Apple App Store, and from the Binance website for desktop users.

In summary, it is evident that emphasis has been placed on accessibility, practicality, and security to provide users with a simple and concrete tool for storing and protecting purchased digital assets. This is Binance’s active participation in the democratization of trading and Web 3.0.

Which cryptocurrencies can be stored on the Binance Wallet?

Here is a list of cryptocurrencies compatible with Binance Wallet:

Naturally, this list is not exhaustive. The Binance DeFi wallet supports many types of cryptocurrencies, including tokens and projects based on the BNB blockchain. As you can imagine, there are many of them.

These buying, selling, and storage operations are facilitated by the consensus mechanism called Tendermint, which allows faster and more efficient transaction processing compared to other blockchain platforms.

In which countries is the Binance wallet available?

The digital asset storage wallet, signed by Binance, is available in most countries worldwide. Naturally, this is subject to change. Depending on legislative developments, a country may decide to prohibit cryptocurrency and its trading, and furthermore, the use of associated wallets.

Binance, the company behind Binance Wallet, is based in Malta. It has a global presence and serves clients across more than 180 countries worldwide. The company’s goal is to do everything possible to meet the technical, technological, and legislative challenges imposed by states and the needs of cryptocurrency.

As a result, regardless of where you are, we recommend performing all necessary verifications. This will ensure that you are in compliance and indeed have the right to use the Binance wallet.

Is the Binance wallet compatible with other hardware wallets?

There is a Binance wallet extension to several other wallets on the market, i.e. the Binance DeFi wallet is compatible with these several other wallets. Trust wallet? Binance is compatible. 

This cross-compatibility provides users with the opportunity to access additional security services. Here are some of the other hardware wallets compatible with Binance Wallet:

  • Ledger Nano S
  • Ledger Nano X
  • Trezor One
  • Trezor Model T

But how do you connect and use a hardware wallet with the Binance wallet? Users must follow the instructions provided by the wallet manufacturer and select the appropriate option in the Binance Wallet application.

Once the two wallets are connected, users can access their cryptocurrencies using their hardware wallet. This provides an additional layer of protection, especially against potential hacks or security vulnerabilities.

However, it’s important to note that this does not mean your wallets are invulnerable. Always pay special attention to your passwords and seed phrases to avoid losing them. Also, consider activating additional features such as two-factor authentication (2FA).

binance wallet buy crypto

Key Features of Binance Wallet

So, what can you do with the Binance DeFi wallet? There are several types of features that you can choose to use wisely. Here are the ones that could be most useful to you!

Multi-currency

As explained earlier, Binance Wallet is a multi-currency wallet. It supports various types of tokens and digital assets, allowing investors to centralize their investments in one secure place!

Mobile and desktop applications

The Binance Wallet is accessible both from a smartphone and a desktop computer. As a result, investors can access their funds from any type of device, making it very convenient, especially when on the move.

Sending and receiving cryptocurrencies

Another feature of the Binance wallet is the ability to send and receive cryptocurrencies. Users can simply scan a QR code or copy and paste a destination address, and it’s done. It takes only a few seconds. It’s very easy!

Trading and staking

The Binance Wallet allows users to have direct and fast access to the Binance DEX. It is Binance’s decentralized exchange platform, where you can buy or sell your tokens. Add to that a staking feature, allowing you to earn rewards, the value of which fluctuates depending on the token involved.

Integration of wallets

Binance Wallet is compatible with certain hardware wallets, such as Ledger Nano S and Trezor, allowing users to securely store their cryptocurrencies offline.

Backup and recovery

The Binance wallet provides users with a seed phrase that can be used to recover their account in case of loss or damage to their device. You can also add the two-factor authentication (2FA) feature for additional security!

binance wallet buy crypto landing page

What are the fees for Binance Wallet?

Yes, through the Binance wallet, Binance charges certain fees and commissions. By using this tool, you will face:

  • Withdrawal fees: Binance charges certain withdrawal fees when transferring cryptocurrency out of your wallet to another exchange platform. These fees remain very low.
  • Trading fees: If you trade directly from the Binance DeFi wallet on the Binance DEX, you will be subject to fees and commissions ranging between 0.04% and 0.1% per transaction.
  • In-app purchase fees: If you choose to buy cryptocurrencies using your debit or credit card in the Binance Wallet application, you may be subject to additional fees imposed by the payment service.

In general, the fees imposed by Binance on the trading side are quite low. That’s why many investors choose to turn to the platform to ensure they don’t pay astronomical amounts when settling their first investments or making transactions.

Is Binance Wallet Secure?

Yes, Binance Wallet is a secure wallet. It allows for the storage and proper management of digital assets. Several measures have been taken and implemented to ensure and guarantee the funds and data of users!

  • Seed phrase: We talk about a seed phrase when registering on a cryptocurrency platform or wallet. Indeed, when registering, the user receives a phrase with random words. This phrase is like a PIN code. In case of loss of their computer or other device, the user can simply enter this long password and retrieve all their funds.
  • 2FA (two-factor authentication): Binance Wallet DeFi integrates two-factor authentication. This additional security confirms that you are the person trying to log in. Generally, this is done by sending an SMS or email containing a code. You then have a few seconds (usually 60) to enter this code.
  • Multisignature: Before sending your funds from one wallet to another, to Binance or any other exchange platform, you can request that Binance implements multisignature. In other words, you will need to validate via multiple forms or methods the fact of transferring your funds.
  • Regular audit: Binance is the most widely used trading platform globally. It undergoes numerous audits to ensure the complete security of investors.
  • KYC: Like all platforms, Binance uses KYC. So, if you want to connect your wallet to the platform, you must register, which requires going through the Know Your Customer step. You need to enter a lot of personal information and documents to justify your identity.
  • External wallets and cold storage: Binance stores users’ funds in secure and offline cold storage, which helps prevent hacking or theft of users’ digital assets. Additionally, Binance Wallet is compatible with other wallets, including Ledger.

In the end, we see that many security measures have been put in place on the Binance side to ensure the use of a completely secure wallet. It must be said that millions of dollars are at stake. In case of a hack or problem affecting the Binance ecosystem, the entire blockchain and cryptocurrency technology, as well as individuals themselves, could be affected.

In this regard, the Tokize teams remind you that this content is for informational purposes only. It is not investment advice. If you want to invest in these types of highly volatile digital assets, only invest what you can afford to lose.

For what kind of user profile is Binance Wallet most suitable?

The Binance Wallet is an essential tool, central to the Binance ecosystem. Everything has been done to address both beginner traders, intermediate traders, and experienced traders. Let’s try to see more clearly on the usage methods and which features best meet the various profiles of investors:

  • Beginner traders: The Binance Wallet is very suitable for beginner traders who simply want to store their tokens without delving into the details of staking or DEX. Tutorials and FAQs are available on YouTube or even on the Binance platform, allowing you to set everything up in minutes.
  • Intermediate and experienced traders: For individuals whose level of knowledge and needs is more advanced, the Binance wallet has plenty to offer. In addition to the question of staking, it allows you to send cryptocurrency from point A to point B or access the DEX. Ultimately, one could almost think of the Binance wallet as an entire trading ecosystem in itself.

In short, we see that depending on user needs, an individual can easily find the right fit through Binance and its wallet. It is an essential tool whether you simply want to keep your tokens off a platform or want to delve a bit more into the world of DeFi.

Binance Wallet Customer Service

There is absolutely no doubt that Binance has a first-class customer service. Moreover, the company has established itself as one of the leading market leaders, thanks to its offering, platform, and especially its support.

Firstly, users can rely on 24/7 assistance. No matter when you need help, you can be sure to get a response to your questions. Add to that multilingual support. Whether in French, English, German, Chinese, or Spanish (and many others), you will always be well received.

But what is especially appreciable is the rather quick response time. Indeed, all requests are processed within 24 hours after submission. As a result, the user is not too disadvantaged, not too blocked, and can continue to trade. This is due to the quality of the staff, but also to the fact that multiple channels are used, such as email or live chat, which helps streamline and better distribute requests.

Finally, Binance offers a comprehensive FAQ that can work by keyword. On this FAQ, you can learn how to install or link your wallets on Binance. You can also learn how to install the DEX wallet (via PancakeSwap) in a few minutes. Step by step, everything has been done to help you see more clearly.

In short, the Binance teams offer a premium service. Their wallet is recognized as one of the best DEX wallets to install and download. Multiple assistance channels, multilingual processing within 24 hours, a comprehensive FAQ… You know where you’re stepping!

Binance Wallet: Our Final Verdict

In conclusion, it can be said that the Binance Wallet is one of the major assets of the platform. It meets real needs, especially in terms of security and accessibility. Powerful, it offers users a space to store, stake, and exchange their digital assets.

Moreover, the Binance wallet provides access to PancakeSwap’s DEX (see PancakeSwap review). This gives you a first step into decentralized finance. Nevertheless, you need to understand this concept to fully use it, to fully benefit from it!

However, once again, the Tokize teams do not offer any investment advice. This is, above all, a very objective opinion about the Binance wallet. If you want to invest in digital assets, feel free to do your own research and invest only what you can afford to lose.

Pros and Cons of Binance Wallet

  • Binance wallet is easy to download and install
  • It is secure (2FA, seed phrase...)
  • It offers quick access to DeFi
  • You need to know the DeFi universe
  • Binance can be overwhelming for beginners

FAQs - Frequently Asked Questions about Binance Wallet

Binance offers two wallets: the classic wallet, accessible directly from the platform, and the DeFi wallet, which is a web3 wallet, completely decentralized and non-custodial. By using the DeFi wallet, you can utilize bridges between chains and interact with DApps through the application.
Upon logging into Binance, you can access your wallet by clicking on Wallet – Pay. Here, you’ll get an overview of all the tokens in your possession.
The Binance Wallet functions like any other crypto wallet. Simply log in to gain access to information about your tokens. You can stake, trade, send your digital assets, and thus, effectively manage your account.