Below is a short guide to help cryptocurrency investors choose the right digital wallet.
Wallet for Binance Smart Chain (BSC)
As Binance SmartChain (BSC) is a relatively new chain, not all wallets currently support BEP-20 tokens. When you find a wallet that supports BSC, there are a few types and options to choose from. Safekeeping, security, and usability are important features to consider, and each has its own priorities. The five wallets detailed below all differ slightly, so it’s best to try them all and see which one you prefer.
MetaMask is a crypto wallet that functions as a browser extension and mobile app, supports BSC and other blockchains, including Ethereum, Polygon and Binance Chain. MetaMask was developed in 2016 by Consensus, a leading blockchain company. For many years, MetaMask was the only available option which is why it is still their most popular product. The browser extension allows you to transact and interact with smart contracts and Apps. MetalMask also allows you to connect to different blockchain networks (custom main nets can be added). It also allows you to sign transactions, manage public and private keys and offers a Swaps service that offers the best prices among various decentralized exchanges (DEX). MetaMask is a popular choice among BSC users due to its simplicity and ease of use.
Binance Chain Wallet
Binance Chain Wallet is the official wallet of Binance as a browser extension. Currently, the wallet supports Binance Chain, BSC and Ethereum. Compared to the other wallets described in this article, Binance Chain Wallet is one of the more understated. If you usually keep crypto on the Binance exchange but occasionally use Apps, its Wallet Direct feature might come in handy. By linking your Binance account to Binance Chain Wallet, you can transfer crypto-assets such as Binance Coin (BNB) or ETH (to each other) without manually entering addresses. If you are interested, check out How to use Binance Chain Wallet.
Trust Wallet is an open source mobile wallet available for iOS and Android. It is also the official decentralized wallet of Binance and supports the major blockchains of the Ethereum ecosystem, BSC, Binance Chain and more. You also have full access to your private keys via a seed phrase. The app has some additional integrated features, among which it allows the purchase of cryptocurrencies by credit or debit card and has a wallet for non-fungible tokens (NFT). The Android version also features a browser for Apps. Trust Wallet has a utility and governance token, TWT. By owning this token, you can participate in the governance and decide, for example, regarding the addition of a new supported blockchain and the integration of new tokens. You can also get discounts on DEX and crypto purchases using TWT.
Math Wallet offers three solutions: a wallet as a browser extension, a web wallet and a mobile app for iOS and Android devices. It supports nearly 40 different blockchains and was one of the first to support BSC. Created by the MATH Global Foundation in 2017, the foundation raised $12 million in a second round of funding (Series B) managed by Binance Labs. If you want to use the same wallet on multiple devices, Match Wallet offers a lot of flexibility. It’s easy to switch between your mobile device, browser extension and web-based wallet depending on your needs.
Safe Pal is a hardware wallet provider that also has an app for decentralized mobile wallets. Its functionality is similar to that of Trust Wallet with the addition of a section dedicated to decentralized finance (DeFi). This section contains links to already popular DeFi platforms and Apps, as well as a browser. If you want to access Apps without switching between apps on your device, Safe Paul is a suitable option for both iOS and Android. The project also owns a utility token, SFP, which is used for rebates and bonuses.
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