Binance Coin Wallets: Top 10 Safest Places to Store BNB
The Binance Coin has come a long way since the ICO. Mimicking the success of the Exchange itself, the BNB ecosystem has been growing rapidly.
Not only is Binance Coin used extensively on Binance as a liquidity token, but the BNB blockchain is becoming a platform of choice for developers to build on. The mainnet switch has opened the floodgates of adoption.
Of course, with all this interest in BNB, you will need a safe place to store it.
In this piece, I am going to give you the top 10 Best Binance Coin wallets as well as give you some top tips to safely store BNB.
Top 10 Binance Coin Wallets
Before diving into the BNB wallets it is worth mentioning that BNB used to be an ERC-20 standard token. This means that you could store it in any Ethereum compatible wallet.
However, with the move to a native Binance Coin blockchain, BNB became BEP2 standard. Wallet support for BEP2 is not as extensive as that of Ethereum but it is still pretty impressive. Moreover, this also means that if you have any coin that is BEP2, it can be supported on the below wallets.
Finally, my selection of the "best" wallets is based on a number of factors including usability, developer support and of course safety. There may be wallets that I don't mention so if you are considering using them - make sure that they have buy in from the community.
With that being said, let's jump in with the wallets (in order of preference).
Ledger Nano S (Hardware Wallet)
This is the most popular hardware cryptocurrency wallet on the market and it’s easy to see why. The Ledger Nano S is the best when it comes to security, and it’s also easy to use. Not only can you store your BNB here, but the multi-currency wallet has support for hundreds of different altcoins, with more being added all the time.
One other thing users like about the Ledger Nano S is the ease of use. You can just plug it into the USB port of your computer and get started. And it was designed to be powered by the computer when plugged in, so there’s no need to ever change a battery.
The safety of your funds is guaranteed by storing all private keys offline where they are never accessible to hackers. The Ledger Nano S gives you peace of mind that your coins will remain safe.
Additional safety is built-in by requiring all transactions to be confirmed by pressing two physical buttons on the device, making it impossible for someone to access your wallet remotely and perform any transactions.
In the event the Ledger Nano S becomes lost the PIN capabilities will allow you to recover any BNB that was stored on the device. Simply ensure that you record your 24-word mnemonic phrase and keep it safe in the event you need to recover your wallet at any time.
The only downside of the Ledger Nano S is that it isn’t free, but if you’re storing hundreds or potentially thousands of dollars worth of BNB and other cryptocurrencies it is well worth the $41 price tag.
Of course, there is also a slightly more expensive model called the Ledger Nano X which comes in at $119. This has bluetooth support, added coins and storage space for many more cryptocurrency apps - so you don't have to delete apps like on the Nano S.
Trezor Model T
The second most popular hardware wallet currently is the Trezor device. This is developed by a company called Satoshi labs that is based out in Prague in the Czech republic. The model T is the slightly more expensive Trezor that comes in at €149.
Unfortunately, the cheaper Trezor Model One does not support the BEP2 based BNB token. Having said that, the Model T has some really nifty features that you don't get in the standard model. These include a touch colour screen for a more seamless user experience.
What You get with the Model T Trezor. Image via Trezor
Like the Ledger, the Trezor device signs all transactions right there on the device and will never expose it to your PC. This means it is in a "cold storage" environment. In order to interact with your PC, it is done with a USB cable that is then connected to the Trezor bridge.
However, unlike with the Ledger, you cannot manage your BNB with the Trezor wallet software. It works in conjunction with the Trust Wallet (which we cover below). Your private keys will be stored on the device but your coins will be managed with the Trust Wallet.
It is because of this reason that the Trezor is less preferred to the Ledger device. I prefer to manage all of my cryptocurrencies in a single place through the Ledger live application. Nevertheless, if you want a secure hardware wallet with a color screen and support for over 1,000 coins and tokens then the Trezor Model T is worth considering.
The Trust Wallet (Mobile Wallet)
Trust Wallet is the official cryptocurrency wallet of Binance, so you know it works well with BNB coins. Aside from that it also has support for Ethereum and nearly all ERC-20 tokens. The Trust Wallet also supports all other leading cryptocurrency protocols, so it can be used to store Bitcoin (BTC), Ripple (XRP), Tron (TRX), Monero (XLM) and many others.
The wallet is available only in a mobile interface for Android and iOS users. Some users may want to note that the code is open source for Android devices for security reasons, but is closed source for the iOS devices. In either case Trust Wallet never has access to any user information.
Trust Wallet also stores all private keys locally on your own device, keeping you in full control of your funds. And you can always use the mnemonic seed phrase generated to recover your BNB if you were to lose your mobile device. Trust Wallet has the option to backup your wallet and encrypts all information when you go through the setup process.
The Trust Wallet in the Apple iTunes Store
It is also possible to add other authentication methods to further secure the wallet such as PIN codes or fingerprint scanning. These additional features make Trust Wallet one of the most secure mobile wallets available for storing BNB coins.
The Trust Wallet integrates with the Binance DEX too, allowing you to make instant trades right from within your wallet. This is great for those users who prefer not to store their BNB on a centralised exchange like Binance when trading Altcoins.
Taking a bit of a closer look into the reviews in the app stores, it seems as if the users are pretty damn happy. It has over 10,000 reviews in the play store with an average of 4.6 stars. Over in the iTunes store it has almost 4,000 reviews with an average rating of 4.8.
Most of the written reviews were specific to coin support for coins other than BNB. However, what was encouraging is that the developers were responsive to these queries and took the advice of the users on board.
Binance Chain Wallet (Web Wallet)
The Binance Chain Wallet is the official wallet for Binance and the BNB coin. The wallet is integrated directly with the Binance DEX, and not only allows you to store your BNB but your other coins as well.
When creating a new wallet you’ll receive a keystore file and will also need to set a password. Both steps are very important in accessing your wallet, so be sure to keep both secure. You should also record your mnemonic seed words so you are able to restore your wallet in the event you lose your keystore file or password.
Creating a Wallet on the Binance Dex
Those who value security will be glad to know the Binance Chain Wallet also integrates with the Ledger hardware wallets, allowing you to securely store your BNB on the Ledger device, but then using the Binance Chain Wallet to interface with your coins.
It’s a good solution that gives you the safety of a hardware wallet, with the ease of use of the Binance Chain Wallet. Moreover, it means that you can exchange the BNB that you have on your Ledger device for another BEP2 asset without even having to move them from the hardware wallet at all.
Note that users with IP addresses originating in any of the following countries are not permitted to access the Binance Chain Wallet as of October 19, 2019:
United States of America, Albania, Bosnia and Herzegovina, Belarus, Congo (DRC), Côte d'Ivoire, Crimea, Cuba, Iraq, Iran, North Korea, Liberia, Macedonia, Myanmar, Serbia, Sudan, Syria, Zimbabwe.
Atomic Wallet (Desktop & Mobile)
The Atomic Wallet promises world-class security for your BNB and other cryptocurrency funds if you follow the wallet guidelines for setting it up and using it. The Atomic Wallet provides non-custodial storage of your BNB, allowing you to manage them in a decentralized manner.
Atomic Wallet has support for BNB and for over 500 other cryptocurrencies, allowing you to store, buy and sell them seamlessly. The wallet is available for Windows, Mac, and Linux desktop operating systems and for Android and iOS mobile operating systems.
The Benefits and User interface of the Atomic Wallet
The Atomic Wallet comes with atomic swap capabilities, and for those coins that aren’t supported by atomic swap yet it also has ShapeShift, Changelly, and ChangeNOW support baked right into the wallet. This means your BNB and any other coins stored in the Atomic Wallet can be quickly and easily exchanged.
The Atomic Wallet also comes with a number of security features to ensure your BNB coins remain safe at all times. Private keys are generated with a mnemonic seed phrase and are encrypted and stored locally on the device running the wallet. This keeps your BNB coins fully in your control at all times. And if you lose the device or it breaks you are able to easily recover your BNB coins using the mnemonic phrase.
The Atomic Wallet also allows you to use a bank card to buy a number of popular cryptocurrencies, which can then be exchanged for BNB right within the wallet. And for those who like to stake various cryptocurrencies, there is staking support for several, including NEO and Tezos.
Exodus Wallet (Desktop & Mobile)
Another really popular multicurrency wallet that supports the Binance Coin (as well as over 100 other cryptocurrencies) is the Exodus wallet. This is available on both Desktop and mobile versions. It is also one of the original multicurrency wallets having been founded in 2016.
Something that I really like about the Exodus wallet is its seamless user interface. It also syncs with the desktop and mobile versions so you can manage your numerous crypto assets across the different devices. You can also use it with a Trezor device (although not for BNB unfortunately).
Like with Atomic wallet, you also have a ShapeShift integration. This means that you can exchange your Binance Coin for any other of the supported coins on the exchange. It is worth noting, however, that the Exodus developers do apply a small spread to this conversion in order to fund the wallet's development and support.
Binance Coin Exodus Wallet User Interface
On this point, Exodus offers human support 24 hours a day 7 days a week. If you have any queries about the wallet you can raise a ticket and they will try to get back to you within a day.
Exodus has been developed by JP Richardson and Daniel Castagnoli who have been with the wallet since the beginning. On this point, the wallet is not fully open source although there are numerous components that have been made open source.
Coinomi Wallet (Desktop & Mobile)
Coinomi was considered to be one of the top mobile wallets for years, and recently they’ve added a desktop version of their popular wallet. Both mobile and desktop versions can be used to store BNB and over 1,500 other cryptocurrencies.
The mobile version is available for both Android and iOS devices, and the desktop version has been released for Windows, Mac, and Linux operating systems - so you are pretty well covered.
Coinomi is integrated with Changelly and ShapeShift as well as a number of DEXs that let you quickly and easily exchange BNB for any number of other cryptocurrencies. Plus the Coinomi wallet has a host of other features such as one-click cross-chain payments, enhanced privacy, cold staking, and many others.
The Coinomi User Interface on Desktop & Mobile
Coinomi is secure, with your private keys never leaving your device, and strong encryption to ensure your coins remain in your control. Also, there’s no KYC bureaucracy to access your funds, no IP association, no identity linking, no transaction tracking. The Coinomi servers anonymize your requests by hiding your IP address from prying eyes.
Something else that those new to cryptocurrency would appreciated about the Atomic wallet is their customer support. They have support agents that are available 24/7/365 to deal with your request. While there is no live chat functionality, you can raise a ticket with them.
One further feature is complete wallet synchronization where you can see all your transactions on both your mobile and desktop versions. Unfortunately, like the Atomic Wallet, Coinomi is not open source - so you will have to consider whether this is enough of a concern for you.
Enjin Wallet (Mobile)
The Enjin wallet is a mobile wallet that promises to be as secure as a hardware wallet. In addition to supporting the storage and transfer of BNB it also has support for Bitcoin, Ethereum, ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens. This is great for gamers who can now store all their items right within the Enjin Wallet. It is available for both Android and iOS operating systems.
The security of the mobile wallet is built-in through the innovative technologies like two-factor encryption and the Enjin Secure Keyboard, which keeps hackers from using keyloggers or data sniffing on the Enjin Wallet. It’s these security features that make the wallet as safe as a hardware wallet.
Enjin Mobile Wallet in the Google Play Store
Because the Enjin Wallet was designed specifically for mobile usage it has a simple and lightning-fast interface. You’re able to transfer and exchange cryptocurrencies quickly and easily using Changelly, Bancor, and KyberSwap.
Another innovative feature of the wallet is the ability to create an infinite number of wallet, and store an infinite number of coins, and an infinite number of blockchain collectibles.
Enjin Wallet is such a good mobile wallet it was chosen by Samsung as the blockchain wallet installed by default on the Samsung Galaxy.
Trubi Wallet (Desktop)
The Trubi wallet is a new Binance-native self-managed wallet. It is safe, secure, stable, and recommended by Binance. Currently, it is only available as a beta version for Windows, but there is a Mac version in the works. There are also mobile versions for Android and iOS in development.
Trubi allows you to seamlessly toggle between instant swaps and order book trading, whether you're looking to execute quickly or place limit orders.
Designed from the ground up to be used on the go, Trubi allows you to experience everything that Binance Chain has to offer in the palm of your hand.
Guarda Wallet (Multiple Devices)
Guarda is a multi-functional cryptocurrency wallet running on Web, Desktop, Chrome Extension, and Mobile devices. Store all your coins in one wallet. Receive, send, buy, exchange, stake and do whatever you want with all coins in one secure, non-custodial, multiplatform wallet.
Guarda was one of the very first wallets to provide support for the native BNB coin when the mainnet was released. As a front-runner in the storage of BEP-2 tokens, Guarda has a very good and close relationship with Binance.
Users like the Guarda wallet because it is easy to set-up and has a clean user interface. They also appreciate the lack of registration requirements, which helps maintain privacy and security.
And there you have it, the top 10 best Wallets in order to store your Binance Coin.
If you wanted the most secure way to store your BNB then you can't go wrong with a hardware wallet. Yes, they come with a cost but this could be insignificant when compared to the loss a hack can have on your portfolio. I am more a fan of the Ledger but the Trezor device is just as safe.
Of course, you can also use the open source Trust wallet (Binance approved) or one of the mulitcurrency third party wallets . I would prefer the trust wallet as it is open source - but does not have the functionality of the likes of the Exodus or Coinomi etc.
Finally, you can always create a wallet on Binance's DEX and start trading your BNB coins right from your wallet. Although, I would recommend that you only do this for small amounts and trade larger amounts through your hardware wallet.
Whatever wallet you do choose, make sure that you practice crypto security 101. Always back up your seed words, be careful of the files that you download and last but not least - keep quite about your crypto stash.
No one needs to know what you are hodling 😉
Featured Image via Fotolia
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.