Binance Chain Wallet: How to Install, Use and Secure!

Binance has introduced its own cryptocurrency wallet - Binance Chain Wallet. It is designed to work with Binance Smart Chain, Binance Chain, and Ethereum. The wallet supports thousands of cryptocurrency tokens, NFTs, and coin staking.

The wallet appears as a browser extension and can be easily linked to a Binance exchange account. The Gmail service helps recover the account if access to the wallet is lost. Binance Exchange Wallet is considered user-friendly and suitable even for beginners. This article will focus on installing, configuring, and using the wallet from the well-known Asian exchange.

Install and Start Using Binance Chain Wallet

It is best to proceed with the work in one of the supported browsers:

• Chrome;
• Firefox;
• Brave;
• Edge

Open the provided link in the preferred browser and click on "Download," as shown in the image below.

Open the necessary browser on your computer and click on the icon.

Next, you will be redirected to the browser's extension store. We will consider the installation process for Chrome, but it is quite similar for other browsers. Click "Install."

Click on the following icons to pin the wallet to the browser toolbar and have quick access to it at any time.

The extension is installed and ready for use.

Binance Smart Chain Wallet - Creating and Importing an Existing Wallet

The easiest way to start using the wallet is to import an existing wallet. Click "Use existing wallet." The system will then offer 4 options to access the wallet:

Next, let's go through creating a new cryptocurrency wallet using the Binance extension. Follow the steps below to create a seed phrase.

Then come up with a password that contains both lowercase and uppercase Latin letters and at least one symbol. Familiarize yourself with the seed phrase. Do not copy it; write it down on a piece of paper and store it in a secure place. Click "Continue." The system will check the correct order of the words; you will need to enter several words in the suggested order.

Done! The wallet is created, and you can proceed to explore the application's functionality.

Binance Chain Wallet - Setup and Usage

To use the wallet more comfortably, it is necessary to familiarize yourself with its main functionality. The application is quite intuitive, so you can grasp it in a few minutes. The main buttons on the main window include:

Familiarize yourself with the features, select the appropriate network, and add the relevant tokens to the "Assets" section. This will allow you to work comfortably. The "Account" menu allows you to add a new account, import private keys, connect a hardware wallet, or lock access to the application until the next use. However, the main and most important settings are located in the "Settings" menu:

Binance Wallet has straightforward and user-friendly settings.

Depositing and Withdrawing Funds

There are several ways to deposit funds into the Binance wallet.

• Transfer to the wallet number. On the main page, copy the wallet number using the designated button and send it to your friend or counterpart. Additionally, you can transfer funds from another wallet, having the new Binance wallet number.
• On the main page, click "Receive." A window with a QR code will open, which can be easily scanned using a mobile device. This method allows for easy fund deposits from a wallet installed on your phone.

• The last method of depositing is Wallet Direct. The wallet can directly connect to the Binance exchange wallet. This allows managing cryptocurrency directly from the browser extension. Go to the specified tab.

Next, log in to your Binance account and confirm the action.

Then confirm the synchronization agreement.

The system will verify the correctness using an encrypted message. This ensures that the accounts belong to you.

Next, the wallet address to be connected is provided.

Proceed with verification via phone number and email address.

Afterwards, exchange tokens will become available in the extension. You can check the connection status in the corresponding extension section.

How to withdraw to Binance wallet or other wallets - the extension offers several options.

• Click "Send" on the main page. Select the coin, recipient's wallet, and specify the amount. Then click "Send".

• Click on a specific token in the list. In the new window, click "Send". Specify the recipient's address and the amount.

The wallet allows for quick and convenient fund withdrawals.

Advantages and Disadvantages of the Wallet

The wallet indeed has many useful features:

• Easy management of thousands of tokens in popular networks;
• Seamlessness - tokens are easily transferred from the exchange account to the wallet, eliminating the need for copying or rewriting wallet addresses;
• tKey from Torus - an official Binance partner, providing an easy way to recover lost access to the wallet;
• Token staking for additional income;
• In the near future, mobile browser Web3 and token swapping will be launched.

Users also find some negative aspects:

• Users do not see the difference between the networks in which transactions are carried out, so creators should add educational materials;
• Weak technical support and repetitive responses;
• Occasional issues with the application not launching in the browser, and users also complain about other "bugs";
• Users may face difficulties when using hardware wallets.

Concluding Remarks

It is essential to protect your funds from various scammers. Therefore, your computer must have an installed antivirus program. Users should follow simple steps:

• Trade on well-known platforms and avoid installing suspicious applications;
• Create a separate email that will be used only for this wallet;
• Do not take a photo of the seed phrase and do not store it as a screenshot; write it down on a piece of paper;
• Enable two-factor authentication on the Binance exchange;
• Avoid suspicious or too lucrative offers online and do not provide personal information to unknown individuals.

Such an approach will undoubtedly protect you and your funds from malicious actors. Using the Binance wallet application will be the most secure option.