Binance Wallet Review: Integrated Solution for Binance Users

With over 140 million users worldwide, Binance has established itself as a leading cryptocurrency exchange. Its integrated wallet solution

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

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. Next, let’s review the pros and cons.

Pros

Cons

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.

This relatively new addition to the ecosystem was launched in November 2023 during Binance Blockchain Week in Istanbul. The goal of the Web3 wallet is to provide Binance users with a seamless and user-friendly wallet experience.

Founded in 2017 by Changpeng Zhao, Binance is a well-known player in the cryptocurrency space. With over 140 million users, 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:

The Binance Wallet’s support for these chains enables users to manage a variety of token types, including:

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 Sw