Binance-Coin Wallet Reviews 2020

Binance Coin (BNB) has enjoyed a strong rise to prominence since it was launched as the native cryptocurrency for the Binance crypto exchange in 2017. It fuels transactions on the Binance chain and you can also use it as a payment method at several third-party vendors. A Binance Coin wallet allows you to store BNB, check your balance, receive payments and make deposits.

You have several different options when searching for the best wallet for Binance Coin, and this article arms you with all the information you need to discover your ideal wallet.

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Most Popular Wallets for BNB

Wallet support for BNB is strong and you have a wide variety of different options when looking for the best wallet for Binance Coin. Binance Coin wallets fall into several broad categories: mobile wallets, desktop wallets, web-based wallets, hardware wallets and paper wallets. A paper wallet is simply a piece of paper with your public and private keys printed on it, but the alternative options are a lot more sophisticated.

A hardware wallet provides you with cold storage of your keys, which ensures they are kept safe from hackers. You will also enjoy features like an OLED screen and buttons that allow you to check your balance and confirm transactions. A good hardware Binance Coin wallet can link up to multiple devices via Bluetooth, and it will support hundreds of different coins, while allowing you to install several crypto applications. The main downside of a hardware wallet is the initial cost, while it is not the most convenient option and you could end up losing it.

The easiest way to store BNB is to opt for a web wallet, which you can access via a browser on any device. However, many of these wallets are insecure due to phishing attacks. You can alternatively go for a software wallet, which will sit on either your mobile or desktop. They are highly convenient, and many come with a wealth of exciting features and offer an excellent user experience, but they are connected to the internet, which means hacking remains an issue.

The boundaries between these Binance Coin wallet categories are starting to blur. For instance, some are available as desktop, mobile or web-based wallets. Some web wallets integrate with hardware wallets, allowing you to safely store your BNB offline on your hardware device and still benefit from the convenience of a web wallet.

Who Should Make Use of This Comparison?

This article is aimed at anyone that regularly trades on Binance, the world’s largest crypto exchange. Binance Coin is the native cryptocurrency on the exchange and it provides you with discounted transaction fees, so there is a clear motivation for traders to select BNB as a cryptocurrency to invest in. You can store crypto on an exchange, but this is not recommended, as you do not control the private key to your exchange wallet, and exchanges are common targets for hackers.

A Binance Coin wallet is your best bet when it comes to keeping your holdings safe and secure, and this comparison will help you find the best wallet for Binance Coin, tailored to your personal requirements. Most crypto investors, traders and miners hold a wide range of coins, so you can use this comparison if you plan to store Binance Coin along with Bitcoin, Ethereum, Ripple and so on. You can always browse look for Bitcoin Wallets and browse Ethereum wallet reviews, Ripple wallet reviews, Tether wallet reviews and so on, but the best Binance Coin wallet options are generally compatible with all the largest cryptocurrencies too.

You can use this comparison to find one great crypto wallet that allows you to store all your holdings in one convenient place. This comparison should prove useful to newcomers to crypto investing and seasoned investors alike. New wallets are launched on a regular basis, and you may find a better Binance Coin wallet than the one you are currently using.

How to Identify the Best Binance Coin Wallets

There are a number of factors you should look out for when selecting a Binance Coin wallet:

Security

Security should be your primary concern when searching for somewhere to store your Binance Coin. Binance Coin wallet providers should invest in the latest advanced encryption software, and features such as two-factor authentication should be included. You should also stick to Binance Coin wallets that have managed to avoid any security breaches. It should also be easy to back up your wallet and restore your funds if something goes wrong.

Versatility

Versatility is another key trait for a crypto wallet that supports Binance Coin. Very few investors will only hold Binance Coin, so you should try to identify a wallet that supports a wide variety of different coins. Even if you only have Bitcoin, XRP and Binance Coin right now, you might want to hold more altcoins in future. Finding a versatile wallet now can save you having to search for Litecoin wallet reviews, Bitcoin Cash wallet reviews, Bitcoin SV wallet reviews, EOS wallet reviews and so on further down the line.

Usability

Usability is often overlooked by people searching for a Binance Coin wallet, BCH wallet or BTC wallet, but you should not settle for a poor user interface. Many BNB wallets are slick and polished, which makes it much easier and quicker to conduct transactions and perform admin. Several Binance Coin wallets also include advanced features like an in-wallet exchange and support for multi-signature transactions, so do not settle for second best.

Development & Updates

Development is an important factor for anyone searching for the best Binance Coin wallet. An active, talented development team will constantly tweak and upgrade the wallet to exploit technological developments, counter new security threats and improve the user experience. Stick with reputable Binance Coin wallet providers that have a strong standing among the crypto community.

Technical Support

Support is also important for anyone that wants to use a Binance Coin wallet. You should be able to enjoy impeccable customer service during the Binance Coin wallet sign up process, as the representatives can explain how to create Binance Coin wallet address and answer your various questions. Strong customer service is even more important if you have a problem with a transaction. You should try to identify a Binance Coin wallet provider that offers 24/7 support, and make sure it is available in English.

Editor’s Recommendation

An Exodus BNB wallet makes a great choice for anyone that would like a desktop or mobile wallet. It is one of the first multicurrency wallets, founded in 2016, and it allows you to store Binance Coin along with more than 100 altcoins. The user interface is exceptionally polished, and ShapeShift integration means you can exchange BNB for other coins on the exchange. One of the main upsides to choosing an Exodus wallet is the human support it provides on a 24/7 basis. It is not fully open source, but it has a strong security history, it makes it easy to view your portfolio holdings at a glance and you can use it anywhere.

If you are looking for a hardware Binance Coin wallet, a Ledger Nano X makes a very strong choice. This hardware wallet is peerless when it comes to security, as it provides cold storage and allows you to retain control of your private keys. Recovery is easy if you lose it, while it is lightweight, durable and easy on the eye. The Ledger Nano X sets the gold standard for hardware wallets, as it supports more than 1,500 coins, offers huge storage potential and comes with Bluetooth connection. You can also use the Ledger Live platform on your smartphone to manage your BNB and other coins, and to grow your assets.

How Our Experts Test Binance Coin Wallets

Our experts will buy all the latest hardware wallet models from leading providers such as Ledger and Trezor. They assess the price to quality ratio, shipping times and ease of set up. They download the accompanying software and judge how strong the user experience is, how simple it is to conduct transactions and the number of useful features on offer. The reviewers will also make a note of the number of cryptocurrencies each wallet supports alongside Binance Coin, and how easy it is to connect the wallet to a wide range of different devices.

They will conduct a thorough analysis of the business behind the wallet, gauging how reliable, reputable, trustworthy, transparent and innovative each wallet provider is. The reviewers are fully immersed in the wonderful world of crypto, and they will speak to many industry insiders to gain a full perspective of the strengths and weaknesses of the development teams backing each wallet. They will also interact with the customer support representatives to assess how helpful, professional and knowledgeable they are, and how long it takes to receive a useful response.

The reviewers follow a similar process with software wallets and web-based wallets. They download these Binance Coin wallets, deposit BNB into them and conduct transactions, taking note of how swift and easy the process is. The experts mark each wallet for security, support, versatility, compatibility, development and general usability, and then recommend only the very best Binance Coin wallet options for each category. The reviewers will also keep an eye out for new Binance Coin wallet launches and review them when they hit the market.

Finding the Best Binance Coin Wallet for You

You should determine your key priorities before choosing the best Binance Coin wallet for your needs. If you are planning to hold a substantial amount of BNB in the long-term, you should make security your primary focus and go for a hardware wallet. If you want quick and convenient access to your BNB wherever you go, a web-based or mobile wallet might be a better option. Just make sure you stick to secure, reputable Binance Coin wallets that boast an excellent level of community trust.

How to Create a Binance Coin Wallet

If you have opted to go for a hardware BNB wallet, you will have to order it from the provider and wait for it to arrive. Download the accompanying software, such as Ledger Live, to set up your device. Choose a PIN and write down a 24-word recovery phrase. Go to the manager function and choose the applications you would like to install on your device. Now you move onto how to register Binance Coin wallet. Add an account to manage your crypto, and then you can start using your wallet.

By this point, you know what is Binance Coin wallet address and how to get Binance Coin wallet address. If you go for a software wallet, you have to download it via the developer’s site or the app store. Go through the backup process to keep your Binance Coin wallet safe. Create a password and memorise your recovery phrase. You can then use your password to log in to your wallet, and then you can start sending and receiving BNB and other coins. You can visit various sites and print off a simple paper wallet, or just sign up for a browser-based wallet by visiting the site, choosing a strong password and following a few simple steps.

Why Choose Binance Coin?

BNB is the native cryptocurrency for the biggest of all the crypto exchanges, and it offers a wealth of benefits for anyone that trades on Binance. There are regular burns, which ensures that the supply is constantly diminishing, and that should help its value to increase in the years ahead. An increasing number of sites accept BNB as a currency, and its future outlook is reasonably positive. Binance Coin is not as widely accepted as BTC or ETH, but it is already one of the top 10 cryptocurrencies by market cap. It has had a few security issues in the past, but that should not be an issue if you go for one of the best Binance Coin wallet options listed in this article.

Conclusion

Binance Coin has soared in prominence thanks to the popularity of the Binance trading exchange. Storing crypto on an exchange is risky, so it is better to invest in a safe, secure hardware wallet if you plan to store a significant amount of BNB. If you are simply looking for convenience, a web-based wallet is your best bet, but there are also some great mobile Binance Coin wallets and you can pair them with the best hardware Binance Coin wallets to enjoy the best of both worlds.

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