The Binance Wallet is a digital wallet specially designed to navigate the BNB Chain blockchain ecosystem. How to install and use this crypto wallet in order to interact with decentralized finance (DeFi) with crypto BNB?
Introducing Binance Wallet
Binance Wallet is Binance’s official self-hosted blockchain wallet.. Available as a browser extension, the Binance Wallet allows browsing the BNB Beacon Chain and the BNB Smart Chain. The first is used for governance and to delegate BNB tokens to different validators for the proper functioning of the network, while the second is the blockchain compatible with the Ethereum Virtual Machine (EVM), allowing to host decentralized applications (dApps) .
👉 Everything you need to know about the BNB Chain ecosystem
The Binance Wallet also allows interaction with the Ethereum (ETH) blockchain. If it is very similar to other wallets such as MetaMask, however, we can give it better visual comfort when using it. It also has some interesting features such as the swap of integrated tokens or the possibility of viewing its non-fungible tokens (NFT):
Figure 1 — Main view of Binance Wallet
However, Binance Wallet does not feature the ability to add custom RPCs, or Remote Procedure Call, to access other blockchains or switch RPC nodes. It is therefore its ease of handling that is its strength, by being a wallet suitable for beginnersor people who don’t need advanced features.
In order to download the Binance Wallet browser extension, there are two possibilities. The first, compatible only for web browsers built on Chromium, is to go directly to the Chrome Web Store. Be careful to download the right extension, namely the one offered by “Binance Chain”:
Figure 2 — Binance Wallet on the Chrome Web Store
The second option, which will be the one recommended for browsers like Firefox, for example, will consist of entering the query “Binance Wallet” in a search engine, to click on the result “Wallet Direct – Binance”. In doing so, be careful to be on “binance.com” and not any scam site, and click on “install wallet extension”:
Figure 3 — Binance Wallet Direct configuration page
After downloading the Binance Wallet browser extension, you will have the option to create a new wallet or import an existing one :
Figure 4 — Binance Wallet Setup
Configure a hot wallet
Let’s take a first example with the creation of a wallet, which will lead to the generation of a new seed phrase. This sequence of words must obviously remain confidential.and preferably copied outside of any device with Internet access (on a sheet of paper for example), to avoid potential hacks.
It is this passphrase that will allow you to reconfigure your wallet and regain access to your funds if you have to download the Binance Wallet again or change machines. Anyone who has access to this sequence of words controls the wallet attached to itso it goes without saying that the seed phrase taken as an example below is no longer secure:
Figure 5 — Example of seed phrase
By clicking on “Continue”, you will then have to enter 3 of the 12 words to prove that you have memorized the said seed phrase.
If you happen to lose this sequence of words, but you still have access to the wallet, do not panic. These 12 words represent in a simplified way what is called the private keyand on this type of wallet called “hot wallet”, it is possible to recover this private key, because the latter is stored in a file saved in the application.
To do this, go to the wallet settings as indicated by the arrow:
Figure 6 — Accessing Binance Wallet Settings
As you can see, you have several options, but to export a private key, you have to click on “Manage” at the top:
Figure 7 — Binance Wallet Settings
After clicking on “Manage”, you will find a menu similar to the one on the left side in Figure 8 below. By clicking on the circled symbol, you will be asked for your password. This done, you will have access to your private keywhich must benefit from the same confidentiality criteria as your seed phrase, it is moreover the raw version of it :
Figure 8 — Accessing a private key from Binance Wallet
Of course, the fact that it is possible to access a private key in this way means that it is stored somewhere. It also means that the Binance Wallet wallet is vulnerable in the event of a hack or virus on your machine. The best solution is therefore to use a physical wallet like those of the Ledger brand at the same time. By linking such a wallet to your Binance Wallet, you will drastically increase the security of the latter.
👉 Learn more about the Ledger Nano S Plus
Linking a hardware wallet to Binance Wallet
To link a hardware wallet to your Binance Wallet, choose the option of the same name shown in Figure 7. This will then be to open the application concerned on your hadware wallet to connect to the network of your choice:
- Binance App for BNB Beacon Chain;
- Ethereum app for BNB Smart Chain and Ethereum.
It may seem counter-intuitive to have to log into the Ethereum app to access networks other than this, but this is actually the case for every compatible EVM blockchain.
From experience, the Binance Wallet may have latencies before detecting your hardware wallet. If so, make sure your app and hardware wallet firmware are up to date before trying again. After detection, you can choose the addresses to import:
Figure 9 — Importing addresses from a hardware wallet
Deposit BNB on Binance Wallet
To use Binance Wallet on BNB Smart Chain, you will need BNB tokens to pay transaction fees (or ETH on the Ethereum blockchain).
To do so, two possibilities are available to you, and the first being buy directly from your wallet, through MoonPay’s integrated services. In fact, this option is not the most suitable because of the costs it generatesbut here is the procedure:
If we go back to figure 1 or 6, we see that the main menu of the application has a small “Buy” button. By clicking on it, your browser will redirect you to MoonPay services, from which it will be possible to buy BNB either by credit card or by bank transfer:
Figure 10 — Funding Binance Wallet with MoonPay
The second option, which is the most interesting, will consist of making a transaction from an address where you already have BNB. This can be a self-hosted wallet like Binance Wallet, MetaMask or Frame, or from a centralized platform like Binance.
First of all, copy your public address :
Figure 11 — Copying a public address to Binance Wallet
Next, let’s take the example of the Binance exchange. Select the BNB you own, and choose the withdrawal option. You can then paste the receiving address to send them to your Binance Wallet address.
Although this is usually done automatically, be sure to check that you have selected the correct address and the correct destination network before validating the transaction:
Figure 12 — Withdraw BNB from Binance
👉 Find our dedicated tutorial to buy cryptocurrencies from the Binance platform
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Add Tokens to Binance Wallet
You have certainly noticed it already, but the Binance Wallet only offers BNB crypto by default. It is obviously possible to send any token compatible with the corresponding networkbut it will need to be added to the application to be able to interact with it.
To do this, click on the small “+” at the bottom center of the Binance Wallet. You will then have a drop-down menu from which to search for the token to add:
Figure 13 — Adding tokens to Binance Wallet
If you cannot find the token you are looking for, you will need to manually add the address of your smart contract from the “Custom Asset” menu.
Let’s say we can’t find the CAKE token of the PancakeSwap protocol. You have to go to the BscScan site and type “CAKE” in the search bar:
Figure 14 — CAKE page on BscScan
Take care to search for the right token. In this case, we see that the official site is indeed the PancakeSwap DEX. An alternative method is to go through CoinGecko or CoinMarketCap to make sure you’re on the right page:
Figure 15 — CAKE page on CoinGecko
After copying the address of said smart contract, simply paste it into your Binance Walletfrom the “Custom Asset” menu mentioned above, then click on “Add Asset”:
Figure 16 — Adding a Custom Token to Binance Wallet
Connect Binance Wallet to a Protocol
The whole point of a self-hosted wallet like Binance Wallet is to be able to interact with decentralized finance protocols (DeFi). Since we previously talked about the decentralized exchange PancakeSwap, let’s see how to connect to it.
First of all, make sure you are on the correct protocol address, in this case “pancakeswap.finance”. In general, this is an important precaution to keep in mind before connecting to a protocol. Then select the network of your choice, here “BNB Smart Chain”, click on “Connect Wallet” and select the Binance Wallet:
Figure 17 — Connecting to PancakeSwap
The Binance Wallet browser extension will then open, and all you have to do is click on “Connect” to start using PancakeSwap:
Figure 18 — Approving a connection
After that, you will be able to use the different services of the protocoland this login process is common to all apps that support Binance Wallet.
👉 Learn more about the DEX PancakeSwap (CAKE)
Our opinion on the Binance Wallet
As we have seen, the Binance Wallet stands out for its sleek design and ease of use.
Although it may lack functionality for an experienced person, novice investors, or at least preferring to go to the basics, will see the ideal application to interact with the BNB Chain ecosystem.
This Web3 wallet thus offers all the necessary comfort to easily navigate decentralized finance, exchange cryptocurrencies or view your NFTs, all while owning your assets yourself.
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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