If you are looking for secure storage and to keep your digital assets under your control then you need a crypto wallet. When we buy crypto on any exchange, we require a crypto wallet for secure storage. In the market, there are a lot of choices like MetaMask, Coinbase wallet, Trust Wallet, Exodus, and many others.
Today in this article we will discuss Binance Smart Wallet so let’s get started and know more about this!
What Is Binance Smart Wallet
Binance wallet is a type of non-custodial wallet and it helps you to securely store and manage digital currency. Storing currency in a non-custodial wallet means you can fully own your currency without third-party involvement. Furthermore, it provides the seed phrase which helps you to restore your wallet. It has a lot of funds in it in case you forget the password or may lose the wallet.
It is available for mobile apps (Android, IOS) as well as a browser extension and it is used as the official Binance's Coin wallet to interact with the various projects of the blockchain (Binance Chain and Ethereum Blockchain).
How to Set Up a Binance Smart Wallet - A Complete Step-By-Step Guide
Setting up the Binance Smart Wallet is quite easy, although you can install it on mobile devices (Android or iOS) today we will set up Binance Smart Wallet in a browser extension. Here is the quick and easiest step you have to follow to set up Binance Smart Wallet:
Step 1: Go to the Chrome Web Store and hit the button Add to Chrome to install the extension into the browser.
Step 2: After hitting on the button Add to Chrome, the pop-up would appear with two buttons. You have to click on the button Add Extension so that the extension would be installed into your local machine and run in the browser.
Step 3: After successful installation, navigate to the extension by clicking on the extension icon given on the right side of the browser, and then open the extension; here you can link the existing wallet as well as can create a new wallet, to create a new wallet hit the button Create a wallet.
Step 4: In Binance Wallet you can create a wallet by the following methods:
- Generate Seed Phrase
- Connect Hardware Waller
- And Linked with a google account
We will go for the first method which is to Generate a Seed Phrase.
Note: You will receive seed phrases (Combination of words), you have to keep these phrases secret and never share your seed phrase with anyone even on demand. Because when someone would succeed to find your seed phrases, they can hack your account easily.
Step 5: Enter a strong password and confirm the password, check the terms and conditions, and hit the button Continue.
Password selection guidelines: The password must be a mixture of alphabets, alphanumeric and special characters so that it would not be broken by brute force and dictionary attack. Avoid sequences like [email protected], and [email protected] these are common sequences and these words can be broken by the dictionary attack, here is a good example of a strong password like [email protected]$.
Step 6: All done successfully and the account has been activated. Here you can see the Dashboard of the wallet and now you can send and receive crypto using unique identifiers.
How to Get the Address of the Binance Smart Wallet
To get the address open Binance smart wallet app and you will see the address of your wallet on the top center of the dashboard. Now, you must be thinking about why we need this address; so, when you received funds from anyone else or you want to transfer crypto from the exchange to the wallet you need this unique identifier through which you can successfully perform the transactions.
How to Send the Crypto Using Binance Smart Wallet
When you want to sell crypto you can directly send the crypto using Binance Smart Wallet and in return, you can receive any other currency (digital or fiat currency). You can also receive currency from the buyer directly to your wallet (in the case of cryptocurrency) or in the bank account (in the case of fiat currency).
Here is the step-by-step guide to sending the cryptocurrency to the recipients:
Step 1: The very first step when you send the cryptocurrency, you must know the address of the recipients. Address could be bank account address, cold wallet address, and hot wallet address. To send the crypto hit the Send button:
Step 2: Enter Asset, recipient address in the Address field, Amount, and then click the Send button:
How to Receive the Crypto Using Binance Smart Wallet
Sometimes you need to receive crypto from the exchange to your wallet to securely store it or in some cases, you receive crypto from other investors and in both cases, you must know the address of your wallet.
Here are a few guides to receiving crypto:
Step 1: To receive the cryptocurrency click on Receive given in the dashboard:
Step 2: Here you can copy the address and send this address to the seller so that they can send you the cryptocurrency to your provided address.
Binance Smart Wallet is the mechanism that enables users to sell, buy and store crypto securely and safely. It is a type of non-custodial (hot) wallet which means you can fully own your data. Nobody can sniff and steal your digital assets unless you will not give them a chance. Moreover, to use this wallet you can install it on mobile apps as well as in the browser as an extension.
When you set up this wallet it gives you a seed phrase like all other noncustodial wallets through which you can restore your wallet in case of a lost account or forgotten password.