How To Set Up And Use Binance chain wallet in crypto 101

Binance is the biggest cryptocurrency exchange that offers a simple and smooth interface with a variety of features to users. From the verification procedure to trading methods, this guide has covered it all for beginners

Concept project – What is Binance chain wallet?

Binance Chain Wallet is the official Binance crypto wallet for accessing Binance Smart Chain, Binance Chain, and Ethereum. You can use this wallet to securely store cryptocurrencies and connect to thousands of projects on different blockchains.

Whether you’re looking to swap BNB for other tokens, mint NFTs, or do yield mining, you can easily do it all with a browser extension wallet. The Binance Chain wallet currently supports Chrome, Firefox, and Brave.

Setting up a Binance Chain Wallet

• Download Binance Chain Wallet.
• Complete basic setup of a multi-coin wallet. Remember to save your backup phrases.
• Go to your Smart Chain wallet and press receive to find your address.

Deposit BNB with Wallet Direct

Can pay transaction fees in BNB when making transfers and interacting with smart contracts. There are two types of BNB tokens: BEP-20 and BEP-2. Since want to interact with BSC in this case, have to use the BNB BEP-20 token.

If you already have some BNB in your Binance spot wallet, you can connect your account to the Binance Chain Wallet using the [Wallet Direct] feature.

• Click the icon at the top right of the wallet homepage, then click [Connect to Binance.com account].

• Log in to your Binance account and click [Connect to Binance.com account].
• Now, you will see a popup asking [Connect to wallet]. Click here to open Binance Chain Wallet, where you can click [Connect].

• Next, you will need to authorize your wallet to sign Binance messages. This step verifies you as the owner of the wallet and allows it to connect.

• Once you have completed the previous steps, you will have to go through Binance’s validation process as a final layer of security. If you have 2FA associated with your account, you must also use it.
• After successful verification, your Binance account will be linked to your wallet. You can see this in your wallet account section or on the Wallet Direct website
• To initiate a transfer from your Binance account, click the [Receive] button and select [Wallet Direct].

Recharge from another wallet

• Go to the withdrawal page from your Binance account and select the BEP-20 (BSC) network.

• On Binance Chain Wallet, click [Binance Chain Native Token] and then click [Receive].

• You will now see a QR code that you can scan or an address to copy for your withdrawal wallet. Note, all BEP-20 addresses start with 0x, while BEP-2 addresses start with BNB.

Add new tokens to the list of Binance Chain Wallet

• After setting up Binance Chain Wallet, only the BNB balance will be seen, add even more currencies by searching from the available list by clicking the [+] button.

• Find the token you want to add and click the check box.

Connect Binance Chain Wallet to Binance Smart Chain

• Click the [Connect] button at the top right corner of the screen.
• Select [Binance Chain Wallet]. Note, not all DApps support the use of Binance Chain Wallet.

• A pop-up will ask if you want to connect to the DApp. Click the [Connect] button to confirm.

• Your wallet address will now appear in the top right corner.

Conclusion and analysis

Binance Chain Wallet is a great choice of crypto wallet, especially convenient for those who already have a Binance account. If you’re nervous about sending crypto assets and trading with addresses, it’s a good idea to get the most out of Wallet Connect.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Elise

Coincu Ventures