As the Binance Smart chain (BEP20) blockchain or BSC is almost new, so not all wallets currently support BEP20 tokens. Once you find a wallet that supports BEP20 tokens(BEP20 Wallet), there are some things to keep in mind such as: Protection options, security and ease of use are, that they are the most important priorities. The five wallets that will be introduced in this article on shetcoiner are completely different from each other, so it is better to check them before choosing.
Choosing wallet for Bep20
Before choosing a particular wallet (BEP20 Wallet), be sure to consider what you expect from the wallet. There are several wallets to choose; Most wallets are non-custodial, that it means private key control will be available to the user. BSC wallets are mostly a kind of Hot wallets that allow you to quickly connect to your wallet and do your trading. Each of them has its advantages and disadvantages.
Hot wallets: These types of cryptocurrency wallets are constantly connected to the Internet and are usually non-custodial. Hot wallets are convenient for transactions and exchanges, but they have some security risks. These wallets hold the private key online and are usually accessible with a password set by the user. Like any other online service that are protected by password, hacking or phishing can occur. To reduce these risks, it is better to use a two-factor authentication (2FA).
BEP20 Wallets
Here are some of the most popular wallets for storing BSC tokens:
- MetaMask,
- Binance Chain Wallet,
- Trust Wallet,
- MathWallet,
- SafePal.
In the following, we will give a brief description about each of these wallets:
MetaMask
MetaMask is available as a browser plug-in or a mobile app that supports the BSC blockchain and other blockchains including Ethereum, Polygon and Binance Chain. MetaMask wallet was developed in 2016 by ConsenSys, one of the blockchain companies. MetaMask plugin allows you to do your transactions and interact with smart contracts and various applications and exchanges.
It is also possible in Metamask to connect to different blockchain networks and use it as a BEP20 Wallet. In Metamask wallet, the control of private and public keys is available to users. In addition, it offers a SWAP service where you can buy your desired currency at the best prices from several decentralized exchanges. Metamask wallet is the most popular wallet among BSC users due to its ease of use.
Binance Chain Wallet
Binance Chain Wallet is a browser add-on wallet owned by Binance Exchange. The wallet currently supports Blockchain, Smart chain and Ethereum. This wallet is one of the most important BSC wallets. If you do most of your trading in Binance Exchange, but sometimes work with other decentralized exchanges, the Wallet Direct feature of this wallet can be useful for you. By connecting your Binance account to Binance Chain Wallet, you can transfer your assets such as Binance Coin and Ethereum between the two platforms without entering an address.
Trust Wallet
Trust Wallet is an open source mobile wallet available for iOS and Android. This Wallet is the official decentralized wallet of Binance and supports Ethereum blockchain, BSC, Binance chain, etc. In this wallet, you will have access to your private key through Trust wallet recovery phrase. This application has some other features such as buying currency using MasterCard and credit cards and support for proxy tokens (NFT). The Android version also has a browser for decentralized applications.
MathWallet
MathWallet is an cryptocurrency wallet available as an add-on, web-based and mobile application for Android and iOS devices. MathWallet supports 40 different blockchains and was one of the first BEP20 Wallet to support BSC. If you want to have a wallet that can be used on different devices, MathWallet can be a good option. It is very easy to use in your browser or mobile or web, depending on your needs.
Conclusion
Having a secure and stable BEP20 wallet should be a priority for all cryptocurrency holders. The five wallets introduced in this article on shetcoiner, are very reliable for keeping your cryptocurrencies and are used by millions of users of Binance smart chain or BEP20 currencies around the world.
