Binance coin is a digital currency provided by the cryptocurrency exchange Binance. The coin has some similarities to Ether because it is based on the Ethereum blockchain. The BNB token fuels all operations on Binance. Binance deploys BNB to pay the fees levied by the exchange for using the service. These fees include trading fees, exchange fees, and listing fees. Additionally, BNB can also be traded on different cryptocurrency exchanges.
Binance is currently the second largest cryptocurrency exchange, with almost $6 billion worth of assets traded on a weekly basis. Despite the current bear market, the exchange has been growing with new users signing up on daily basis. When it comes to storing the BNB coin, we have different options in the market to chose from. Here are the best Binance coin wallets.
The Trust Wallet
Trust wallet is one of the recommended BNB storage platforms. Apart from BNB, Trust wallet supports assets like Ethereum and other Ethereum based tokens. The wallet is available for iOS and Android users. Notably, for iOS, it is closed source while for android it is open source for security reasons. On the security aspect, Trust wallet does not access information by users.
Furthermore, all private keys are stored locally on the end user device to give you full control of your funds. In case the wallet is lost, Trust has an option of restoring your BNB funds. During the setup process, there is an option to back up your Trust Wallet and encrypt all the information for when it’s needed. Users can also add different biometric marker authentication systems to the wallet like PIN and fingerprint scanning. These features make Trust one of the best BNB wallets in the market.
Binance Coin Atomic Wallet
If you stick to the guidelines of using the Atomic wallet, then you should be sure of 100% security. The BNB atomic wallet is non-custodial storage that helps you manage your coins in a decentralized manner. The multi-cryptocurrency wallet supports Windows, Mac, and Linux operating systems. The developers deployed BitTorrent technology for decentralized order book and atomic swap technology for cross-chain custody free exchange.
With the Atomic wallet, users can trade the coin with others considering it comes with an instant exchange powered by Changelly and Shapeshifts. When it comes to security features, the BNB Atomic wallet deploys a number of features to guarantee the safety of your tokens. The private keys are generated by the mnemonic seed phrase and stored in an encrypted manner locally. You are able to control your BNB coins. In case the device is lost you will able to restore access to your assets by the mnemonic phrase saved earlier.
The Ledger Nano S
The Ledger Nano S is the most popular hardware cryptocurrency wallet thanks to its security ratings. This multi-cryptocurrency ranks among the best BNB wallets based on its impressive user interface. All you have to do is to stick the wallet in your computer’s USB port and get started. Notably, the wallet does not require a battery, it is powered once plugged into a computer.
To guarantee the safety of your BNB coins, all the private keys are stored offline. You should not be worried about the safety of your coins. To confirm your BNB transactions, the Ledger Nano S has an OLED screen with two buttons that should be pressed simultaneously. Furthermore, the wallet has PIN capabilities that help in recovering your BNB coins in the case it is lost. You need to ensure your 24-word recovery phrase is recorded and stored in a secret place. The recovery phase can be used at any time to regain access to your BNB coins.
Trezor wallet comes with a combination of secure offline cold storage and a hot wallet. To access your BNB coins, you can connect it to your computer through the USB port. You can also conveniently access your BNB assets through a computer. On the user interface, Trezor helps you control your BNB coins, check the balance and initiate transfer of funds. The wallet can be accessed through Google Chrome and the TREZOR bridge.
The Trezor wallet comes with unique features to help take control of your BNB coins. The cold storage means that hackers will never access your BNB coin if you store the physical device safely. Considering that the wallet is open source, everyone can monitor any security breaches by the developers.
Coinomi is one of the multi-asset wallets supporting BNB coins. You can use your Coinomi wallet to manage your BNB coins via mobile and desktop. On mobile, the wallet is compatible with Android and iOS platforms. Coinomi comes with an inbuilt exchange that enables you to trade your BNB with other cryptocurrencies and altcoins. If you opt for Coinomi to store your BNB coins, you will be exposed to an advanced technology that requires no extra steps. It comes with a one-click cross chain payment process. On the security aspect, Coinomi deploys a number of measures like advanced privacy.
Accessing your funds is straightforward as there is no tedious know your customer process, no IP association. Coinomi servers also anonymize all the requests by concealing your IP address. Coinomi has more superb security measures when it comes to storing your private keys. No private keys are stored on the Coinomi servers. You are in full control of your funds by storing the keys locally.
The BNB coin is on the rise and soon it will have a bigger market reach considering that the Binance exchange is witnessing increased sign-ups daily. Due to this popularity, the chances of BNB attracting scammers are high. Therefore, you need to look for a wallet that will guarantee the safety of your coins. Just like any other cryptocurrency venture, ensure you conduct sufficient research to settle on a platform that supports your needs. Apart from security, look at factors like ease of use, customer support, and platform support. The wallets covered above are the leading ones when it comes to storing your BNB coins.
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