With over 140 million users worldwide, Binance has established itself as a leading cryptocurrency exchange. Its integrated wallet solution is a key part of its appeal. In this Binance Wallet review, we’ll examine the wallet’s features, security, and usability. The wallet is integrated into the Binance app, providing users with a convenient way to manage their self-custody holdings alongside assets held on the Binance exchange.
Binance’s integrated wallet caters to Binance platform users, which means it won’t be a perfect fit for everyone. In fact, you’ll need to have (or open) a Binance account to use Binance Wallet. Let’s start with our overall take on the Binance Web3 Wallet before we explore its features in more detail.
Key Takeaways for Binance Wallet
- The Binance Wallet is a feature-rich, non-custodial wallet integrated into the Binance app, providing users with easy access to the Binance exchange and self-custody asset management.
- Binance Wallet supports multiple blockchain networks, including Ethereum, Bitcoin, Solana, and BNB Smart Chain, but it has fewer supported assets and chains than some competing wallets.
- Security features include Multi-Party Computation (MPC) technology and private key export options, but Binance Wallet is closed-source and has no known third-party audits.
- Users must have a Binance account to use Binance Wallet, which introduces centralized risks such as account dependency and potential hacking vulnerabilities.
- While Binance Wallet offers a great experience for Binance users, alternatives like Best Wallet provide broader blockchain support, enhanced security, and a more user-friendly interface.
Our Verdict on Binance Wallet
The Binance Wallet is a feature-rich cryptocurrency wallet that offers a range of benefits, including easy access to the Binance exchange, a user-friendly interface, and robust security, such as MPC technology for private key storage.
However, its dependence on the Binance exchange / trading platform and limited blockchain support may make it less ideal for some users. Additionally, the wallet’s customer support has received mixed reviews, which may concern users who value timely and effective support. Later, we’ll compare Binance Wallet against alternatives, and we have explored a selection of the best BNB wallets elsewhere. But before that, let’s review the pros and cons.
Pros
- Easy to manage assets with Binance exchange integration.
- Access Binance’s advanced trading tools, including margin trading.
- Supports multiple blockchain networks.
- Access to DeFi protocols and dApps.
- Straightforward setup process.
- Easy trading between blockchain networks.
Cons
- Only available to Binance exchange account holders.
- Potentially vulnerable to hacking due to its centralized nature.
- Tied to Binance exchange functionality.
- Integration with Binance requires identity verification.
- Support for fewer chains than competing apps.
- Room for improvement in customer support.
What is Binance Wallet?
The Binance Wallet, also called the Binance Web3 Wallet, is a non-custodial wallet solution integrated into the Binance app. It allows users to manage their digital assets across a growing list of popular blockchain networks.
The Web3 wallet was launched in November 2023 during Binance Blockchain Week in Istanbul. This relatively new addition to the ecosystem aims to provide a seamless and user-friendly wallet experience for Binance users.
Founded in 2017 by Changpeng Zhao, Binance is a well-established player in the cryptocurrency space. With over 140 million users worldwide, it has become the world’s largest cryptocurrency exchange by trading volume (you can find out more in our Binance Exchange review).
In 2018, Binance acquired Trust Wallet, a standalone wallet that does not require a Binance account, further expanding its ecosystem.
What Type of Wallet is Binance Wallet?
The Binance Wallet is a non-custodial wallet, giving users full control over their private keys and assets. This means that the private keys, which control your crypto assets on the blockchain, are held by you – not by a third party.
A non-custodial wallet like Binance Wallet provides users with complete ownership and responsibility for their digital assets. The private keys are stored locally on the user’s device, and it’s up to the user to keep them safe. This approach offers an additional layer of security and privacy, as users don’t have to rely on a third party to manage their assets.
Notably, the Binance app offers both non-custodial and custodial wallet options side by side. The non-custodial Binance Wallet, also known as the Binance Web3 Wallet, allows users to export their private keys to another wallet app that supports BIP-39 seed phrases, giving them flexibility and control over their assets.
This feature is particularly important, as it enables users to maintain access to their funds even if Binance were to restrict or remove access to the Binance app, whether at an individual or broader scale. By exporting their private keys, users can ensure that they always have control over their assets, providing an additional layer of security and peace of mind.
Binance Wallet Supported Chains & Cryptocurrencies
The Binance Wallet is designed to support a wide range of blockchain networks and cryptocurrencies, which makes it a versatile option for users who want to manage multiple assets in one place. With its growing support for chains and token types, the Binance Wallet provides a way to manage the most popular crypto assets.
Some of the supported chains include:
- BNB (Binance Smart Chain or Binance Coin)
- Ethereum (including Ethereum Goerli testnet)
- Bitcoin
- Solana
- opBNB
- Linea
- Mantle
- Cyber
- Gravity
- BOB
- Polygon
- Avalanche
- Optimism
- Arbitrum
- Base
The Binance Wallet’s support for these chains enables users to manage a variety of token types, including:
- BRC-20 (Bitcoin)
- ERC-20 (Ethereum)
- BEP-20 (BNB Smart Chain)
- SPL (Solana Program Library)
- Ordinals (Bitcoin)
- Popular assets like USDT, USDC, and WBTC
Notably, the Binance Wallet also supports the Binance Inscriptions Marketplace, which allows users to create, manage, and trade BRC-20 tokens and Ordinals, along with upcoming Binance listings. This marketplace provides a unique opportunity for users to interact with the growing ecosystem of blockchain-based digital artifacts and collectibles.
While Binance Wallet’s list of supported blockchains continues to grow, it still lags far behind some popular options. For example, Best Wallet, a non-KYC self-custody wallet app for Android and iOS, now supports over 60 blockchains.
Binance Wallet Features & Tools
Binance Wallet offers a range of features and tools to enhance the user experience. While its feature set may not be the most extensive, it provides a solid foundation for managing digital assets.
In-App Swaps and Trading
Users can swap tokens within the same blockchain network and access cross-chain swaps through the Binance ecosystem, enabling the swapping of assets across different blockchain networks.
Buying and Selling Crypto
The Binance Wallet allows users to buy and sell supported cryptocurrency through the Binance exchange. For example, you can buy on Binance and then send your crypto to the Web3 wallet. Currently, Binance Wallet does not support buying or selling for cash within the Web3 wallet. However, you can swap assets on decentralized exchanges for supported chains.
NFT Support and Marketplaces
The Binance Wallet supports non-fungible tokens (NFTs), allowing users to buy, sell, and store digital collectibles. The wallet also features support for the Binance Inscriptions Marketplace, which enables users to create, manage, and trade BRC-20 tokens and Ordinals.
Decentralized Application (dApp) Integration
The Binance Wallet features a dedicated “Discover” section, which serves as a gateway to the Web3 ecosystem. This section allows users to explore and interact with various decentralized applications (dApps) directly within the wallet interface.
By integrating this feature, the Binance Wallet aims to ease people into the process of accessing and using dApps. Essentially, the “Discover” section functions as an in-app browser for dApps, enabling users to connect with and utilize a wide range of decentralized applications.
Security Features
The Binance Wallet utilizes Multi-Party Computation (MPC) technology to enhance the security of user assets. This technology provides an additional layer of protection for user funds.
Other Features and Tools
Additional features include transaction history, address book management, and QR code scanning, making sending, receiving, and managing digital assets easy. However, the Binance Wallet may not offer all the features some users require, and alternative wallets may provide more comprehensive solutions.
Security – Is Binance Wallet Safe to Use?
Binance Wallet has implemented various security measures to protect user assets and prevent losses. While some steps, such as MPC technology, are laudable, other security aspects garner a raised eyebrow.
One of Binance Wallet’s key security features is its use of multi-party computation technology. This technology provides an additional layer of protection for user funds by computing the private key in multiple parts.
Multi-party computation (MPC) is a cryptographic technique that allows multiple parties to jointly perform computations on private data without revealing their individual inputs. In the context of Binance Wallet, MPC technology enhances the security of user assets by ensuring that no single party controls the funds.
Think of it like a safe with multiple locks. Each lock requires a different key to open, and each key is held by a different party. With MPC, the keys are combined in a way that allows the safe to be opened without any single party having access to all the keys. In short, MPC prevents a single attack vector against the wallet’s encryption.
Binance Wallet also supports exporting private keys to other wallet apps that use BIP-39 seed phrases. This is essential because ongoing access to the Binance app and the exchange isn’t guaranteed. BIP-39 support allows you to restore your wallet using another app. However, if you export private keys individually, they become inactive in the wallet app.
While some wallets, such as Best Wallet, use MPC as a replacement for seed phrases (private keys can still be exported), Binance Wallet uses a hybrid implementation, with BIP-39 recovery phrase backups and MPC to protect private keys stored on your device.
As a potential drawback for some users, Binance Wallet is closed-source. In short, no one knows what’s going on under the hood because the code is not available for review. Additionally, we didn’t find any information about third-party audits.
Dependence on the Binance exchange is a bonus for those who exclusively use Binance for buying and selling. For others, it may introduce additional risk. In 2022, Binance experienced one of the largest crypto hacks ever, suffering $570 million in losses. Using a wallet deeply tied to an exchange may be potentially riskier.
Binance Wallet Fees
As a non-custodial wallet, Binance Wallet does not charge fees for transactions within the wallet itself. However, when interacting with the Binance exchange, users are subject to the fees associated with the exchange.
Binance fees range from 0% to 4.5%, depending on the type of transaction and the user’s account level. There can be very competitive trading fees, for example – as low as 0.1% for makers (fixed-price limit orders) and 0.1% for takers (market-price orders), while withdrawal fees vary depending on the cryptocurrency being withdrawn.
Some of the payment methods supported by Binance include:
- Credit and debit cards
- Bank transfers (fiat currencies)
- Cryptocurrency deposits
- Peer-to-Peer purchases (multiple payment methods)
Payment methods and the associated Binance fees can vary by region and provider. The fees and payment options available to users may depend on their location, current trading volume, and the specific payment provider they use. It’s essential to check the fees and payment options available in your region before using the Binance Wallet or exchange.
The wallet itself does not charge additional fees for transactions or other services, including DEX swaps or cross-chain swaps, although the underlying DEX or cross-chain swap protocols may charge fees. For example, many DEX swaps cost relatively low fees of 0.25% to 1% of the swap amount, which is paid to liquidity providers.
Binance Wallet App User Experience
The Binance Wallet is part of the Binance app, a comprehensive mobile platform for managing digital assets.
Onboarding Process
The onboarding process for the Binance Wallet is relatively straightforward, as it is integrated into the Binance app. However, some users may find it challenging to locate the wallet within the app, as it is represented by a single icon labeled “Binance Wallet,” among dozens of other features and services.
User Interface
The Binance app, including the wallet section, has a feature-packed interface that offers a wide range of tools and services from the Binance ecosystem. While this can be beneficial for experienced users who want to access various features and services in one place, it can also be overwhelming for casual or first-time users. The sheer number of options and icons can make it challenging to navigate and find the desired features.
Asset Management
The Binance Wallet crypto wallet provides users with various tools and features for managing their digital assets. They can view their balances, send and receive assets, and monitor their transaction history. The wallet also supports the management of multiple assets, including cryptocurrencies and NFTs.
Security Features
As part of the Binance app, the Binance Wallet benefits from the app’s comprehensive security features. Binance offers two-factor authentication (2FA) options, including its own Binance Authenticator app that stores data locally on the user’s device, as well as support for Google Authenticator.
By using Binance’s own authenticator app, users can add an extra layer of security to their accounts without relying on cloud-based services. This provides an additional level of protection for user accounts and assets, giving users more control over their security.
Token Management
The Binance Wallet supports managing a range of tokens, including cryptocurrencies and NFTs. Users can view their token balances, send and receive tokens, and monitor their transaction history.
Binance Wallet dApp Integration
The Web3 Wallet features a “Discover” section, which allows users to explore and interact with various decentralized applications (dApps) directly within the wallet interface. This provides a convenient and secure wallet for users to access and use dApps without leaving the app.
Customer Support
The Binance customer support team supports Binance Wallet, part of the Binance app. The Binance platform provides assistance through various channels, including email, chat, and social media.
Binance Wallet focuses on Binance users. While this brings the full suite of Binance services to your fingertips, the app can be difficult to use due to its broad functionality. This makes the app better suited for diehard Binance users. If you regularly use other crypto exchanges or prefer a simpler wallet experience, consider other options, including the easy-to-use Best Wallet app.
How to Setup a Binance Wallet Account
Setting up a Binance Wallet account is a straightforward process that requires downloading the Binance app and following simple steps. Of note, users in some regions won’t be able to open a Binance account, which is free – but required for setup. For example, if you’re in the US, you can’t open an account due to a stricter regulatory environment. Consider user-friendly alternatives like Best Wallet instead.
Here’s a step-by-step guide to help you get started with Binance Wallet:
Step 1: Download the Binance App
Download the Binance app from the App Store (for iOS devices) or Google Play Store (for Android devices). You’ll find download links on the Binance download page.
Step 2: Open the Binance App Menu
Tap the Binance icon in the top left corner to open the menu. This will give you access to various features and services within the Binance app.
Step 3: Access the Binance Wallet
Tap “More” and select the Binance Wallet icon to access the wallet setup process. This will take you to the Binance Wallet section, where you can create a new wallet or import an existing one.
Step 4: Create a Binance Account
If you don’t already have a Binance account, you can create one by tapping “Create Account.” You can sign up using your Google account, email address, or phone number. Follow the prompts to complete the account creation process.
Step 5: Verify Your Account
Follow the prompts to verify your account. You may need to enter a verification code sent to your email or phone number. This step is important to ensure the security of your account.
Step 6: Set Up Your Wallet
Once your account is verified, you can set up your Binance Wallet by following the in-app instructions. You will be prompted to create a new wallet or import an existing one. Follow the instructions carefully to ensure that your wallet is set up correctly.
Step 7: Create a Wallet Password and Backup Your Wallet
Create a strong wallet password or enable biometric authentication. Then, back up your wallet by saving your recovery phrase in a safe offline location. You’ll also create a recovery password. This allows you to restore your wallet if needed.
Also, consider enabling two-factor authentication for the Binance app, and always keep your app updated for security.
Is Binance the Best Crypto Wallet?
Binance Wallet’s strong ties to the Binance exchange are beneficial for some users. However, being an app within the Binance app also introduces some risks. If you lose access to your Binance account, you may also lose access to the funds in your Binance Wallet. Limited blockchain support and an overwhelming amount of widgets in the Binance app may also be reasons to consider other options.
For example, Best Wallet supports over 60 blockchains, offers a clean UI, and is not connected to any centralized exchange. With Best Wallet, you have complete control over your funds and gain access to a combination of features unique to the Best Wallet ecosystem.
Some of the key features that set Best Wallet apart include:
- Support for more than 60 blockchains
- Built-in DEX to automatically find the best value on swaps
- NFT gallery
- Advanced security measures, including MPC and encryption
- New token launchpad for access to the hottest new tokens
- Cross-chain swaps to easily adjust portfolio allocations
- Advanced features such as anti-fraud protection to ensure user safety
- Scam token detection
Get Best Wallet
Binance Wallet Customer Support
As the Binance Wallet is part of the Binance app, the Binance support team also handles customer support for the wallet. Users have given Binance’s customer support mixed reviews, with some reporting difficulties getting help with their queries and issues. Overall, Binance earns a 1.4 out of 5-star rating from users who have submitted Binance Wallet reviews and Binance reviews on Trustpilot.
Users report that Binance’s support team can be slow to respond to inquiries, and some users have reported frustration with the app itself.
It’s worth noting that Binance has a large user base, and it can be challenging for the support team to keep up with the volume of inquiries. It’s also not uncommon for crypto-related apps to score low in online reviews.
Some of the ways to get in touch with Binance support include:
- Live chat: Binance offers live chat support, which allows users to get instant help with their queries.
- Email support: Users can also email Binance support for more complex issues or queries that require a more detailed response.
- FAQ section: Binance’s extensive FAQ section covers a wide range of topics, including wallet-specific issues.
- Community support: Binance also offers a community forum where users can ask questions and get help from other users and moderators.
The Verdict
Binance Wallet delivers many of the features users have come to expect, but its dependence on the Binance exchange makes it less than ideal for many crypto investors.
Alternatives like Best Wallet offer broad support for more blockchains, with over 60 chains supported. Best Wallet also features similar MPC security, an integrated DEX, and a user-friendly interface.
Ultimately, while Binance Wallet has its strengths, Best Wallet may be a better choice for crypto investors who value ease of use, uncompromising security, and powerful features.
Get Best WalletBinance Wallet
Pros
- Great for Binance users
- Some advanced tools for traders
- Own keys + good security
- DeFi options
Cons
- KYC needed
- Less useful for non-Binance users
- Fewer chains than competitors
- Centralization / hack risk
FAQs
Is Binance a good wallet?
Can I use Binance in the USA?
What are the advantages of the Binance wallet?
Which crypto wallet is best?
How safe is Binance wallet?
References:
- Binance Launches Web3 Wallet to Simplify Web3 Access for Millions of Users (finance.com)
- What is MPC (Multi-Party Computation)? (fireblocks.com)
- The Biggest Crypto Exchange Hacks (Kaspersky.com)
- How to Use Binance Authenticator for 2FA (binance.com)
- Binance reviews (trustpilot.com)
- Join the Binance Community (binance.com)
Why you can trust 99Bitcoins
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
Weekly Research
100k+Monthly readers
Expert contributors
2000+Crypto Projects Reviewed
Free Bitcoin Crash Course
- Enjoyed by over 100,000 students.
- One email a day, 7 days in a row.
- Short and educational, guaranteed!
Maximize Your Trading With Margex’s 20% Deposit Bonus
Hottest Meme Coins to Buy in April? Retail Target Latest Crypto For Mega Gains
AR.IO Brings The Permanent Cloud to AI Storage Crisis
10 Best Crypto Bonuses in 2025 – Top Exchange Offers & Promotions
4 Days Left For Early Investors in World’s First Meme Coin Index: Meme Coin Mcap Hits $56Bn
