The Best Crypto Wallets For Binance Smart Chain (BSC)

 Binance is the world’s largest crypto exchange platform. Its successful journey in such a short span of time is noteworthy. 

Binance has recently launched its Binance Smart Chain which is being considered a competitor to Ethereum. Its native token BNB is also popular in the crypto community. You can use the BNB tokens to pay trading fees, interact with the Defi products and access the Binance ecosystem. Moreover, you can also use the BNB tokens for payments and transactions on Dapps built on BSC.

Undoubtedly BNB is quite popular among investors and traders who use the Binance ecosystem. But at last, BNB is also a cryptocurrency that you need to store safely like other cryptocurrencies. As BNB is new in the crypto market, not all wallets support it.

BNB holders are always on the lookout for a reliable and secure crypto wallet. If you are one of them, you have come to the right place.

Luckily, we have compiled a list of the best crypto wallets that support Binance Chain and Binance Smart Chain.

Which Crypto Wallet Type Should I Choose?

Before we proceed to review the best BSC-supporting crypto wallets, there are a few things that you must consider.

When you set out to explore crypto wallets, there are a few points that you must first get clear. These key points are:

  • Should I get a software or hardware wallet?
  • How secure is the wallet?
  • How the wallet stores my private keys?
  • What are account recovery options in the wallet?
  • Does the crypto wallet support other blockchains along with BSC?

Also, there are different types of crypto wallets in the market based on custodianship, usability, and security. It’s important that you understand these wallet types before making your choice. 

Let us have a look at each one of them.

Custodial Vs Non-Custodial Crypto Wallets

One major factor that you must consider while choosing a crypto wallet is the custody of the private keys. 

Why is the custody of private keys essential?

Security of the private keys is crucial as the one who is in control of your private keys can access all your cryptocurrencies. 

Custodial wallets are the ones where the third party has the authority over your private keys. In these wallets, your private keys are stored online on third-party servers which are prone to cyber-attacks. In a way, you can say that you do not own the private keys in the true sense. 

People consider non-custodial crypto wallets safer than custodial crypto wallets. It is because, in non-custodial wallets, you have complete custody of your private keys. The third party only provides software assistance. The private keys are stored locally offline on your device. It is your responsibility to ensure the security of your private keys.

Non-custodial wallets seem safer as you have private keys, but if you lose them you cannot recover your cryptocurrencies. In these wallets, you get a 12-word seed phrase that you must keep safe. It will help you recover your account in case of an emergency. 

If you lose the backup seed phrase, you cannot recover your account. Not even their customer care can help you access your account. 

On the other hand, custodial wallets are more convenient to use. In any case, if you get logged out of your account, customer service can help you access it.

Most of the BSC compatible wallets are non-custodial wallets where you own your private keys. It also allows you to seamlessly interact with Dapps on BSC.

Hot Vs Cold Crypto Wallets

Hot crypto wallets are software wallets that are connected to the internet. Software wallets can be custodial or non-custodial crypto wallets. If you consider hosted crypto exchange wallets, those are custodial.

Cold crypto wallets are hardware wallets. These wallets are similar to hardware drives which you connect to your computer, transfer your cryptocurrencies and store them physically in the wallet. 

Being connected to the internet hot wallets are prone to cyber risks. Whereas the cold wallet stores the cryptocurrencies offline.

People consider hardware crypto wallets as the safest option to store cryptocurrencies. But these wallets are impractical for crypto transactions. It will very inconvenient for you to use hardware wallets to interact with dApps on BSC.


Read More: https://blocktechbrew.com/wallet/

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