The Beginner’s Guide to Binance Smart Chain Wallet

Last Updated: March 4, 2021

Binance Smart Chain Wallet is a free and secure plugin for accessing Dapps built on the Binance Smart Chain.

It not only supports BSC Dapps but is made to be compatible with Ethereum Virtual Machine. It can be easily installed like any other plugin or extension in your browser.

Built on the top of Binance Smart Chain that uses a dual parallel-chain architecture, it is designed to be used as a wallet for holding cryptocurrency, primarily BEP-20, and providing users access to services built on the Binance smart chain.

Binance Smart Chain Wallet is a crypto wallet for the massive Binance ecosystem. By using this wallet, you can send and receive funds on Binance Smart Chain and Binance Chain. It also allows you to make cross-chain transactions between both of the Binance Blockchains.

Does this sound like a lot? Don’t worry I will break it all down for you.

So, let’s get started.

Binance Smart Chain Wallet

How to Install Binance Chain Wallet on your Browser?

To install Binance Smart Chain Wallet, the prerequisite is to have a fully-functional browser like chrome or firefox already installed on your system.

Once you have an active browser that is ready to use, Binance Chain Wallet can be easily installed in a couple of minutes like any other browser extension. 

To install Binance Chain Wallet, perform the steps below:

  1. Open the browser and go here.
  2. Click on “Add to Chrome”
  3. Hit “Add Extension”
  1. After successful installation, you will receive a notification saying “Binance Chain Wallet has been added to chrome”. 
  2. Have a look at the top right corner for your browser that Binance Chain Wallet is added as a browser plugin and is ready to use.

How to Use Binance Chain Wallet?

  1. Once you click on the Binance Chain Wallet icon that is located at the top-right of your browser, it will provide you with two options: one is “I own a wallet” and the other is “I do not own a wallet”.
  2. Select the second option to create a new one.
  1. Create a strong password that satisfies the given criteria and click Continue.
  1. It will then ask you to “Back up your Seed Phrase”. It is recommended to note down your Seed Phrase as it is shown. Seed Phrase will help you to recover your account if anyhow you lose access to your account.

Also, you have to understand that Seed Phrase is the key to your account. Anyone who has access to your recovery phrase can move funds in and out of your wallet. Thus, it is of utmost importance to keep your recovery phrase safe and protected.

  1. Hit “Click to Copy”. It will copy your Seed Phrase to the clipboard and you can paste it anywhere as per your choice.
  2. Click Continue and Confirm the Seed Phrase by typing the correct word against the shown number.
  3. Now you will come to a page that will look like this.
  1. Once you are on this page, you are all set to send, receive and swap assets.
  2. If you wish to receive funds in your wallet, click on the “Receive” button on the home page and select the receive method as Address or QR code.
  3. Copy your public account address and share it with the sender to receive funds.
  1. To send an asset, click on the Send button following by entering the recipient’s address and the amount to send.
  1. Adjust Gas limit.
  2. Hit Confirm.

Since now you have understood the basics of Binance Chain Wallet. Let’s dive in deeper to understand more about its functionalities.

How to Add Another Account to your Binance Smart Chain Wallet?

Likewise Metamask, an Etherum based wallet that is used to hold ERC-20 tokens, you can have multiple wallet addresses in Binance Smart Chain Wallet.

To create multiple accounts:

  1. Click on the Account icon on the top right corner of your wallet.
  2. You can see that you have only 1 Account by default.
  1. To create more accounts, click on “Add Account”.
  1. You can see that another account is created with a different wallet address.

How to Connect a Hardware Wallet to your Binance Smart Chain Wallet?

And here comes another attractive feature of the Binance Smart Chain Wallet. 

Are you Excited? 

Well yes, it is possible to connect a hardware wallet with your BSC Wallet.

Following are the steps to connect:

  1. Plug-in your pen drive-like hardware wallet to your computer.
  2. Click on the account icon at the top right corner of the Binance Smart Chain Wallet.
  3. Select “Hardware Wallet”.
  1. Select the account you wish to connect and hit “Connect”.
  2. You can now transfer funds from BSC Wallet to Ledger.

How to Add a Custom Token in Binance Smart Chain Wallet?

  1. Open BSC Extension wallet and click assets to see the available tokens in your wallet.
  2. Scroll down to the bottom and click the add button.
  1. Hit the add button again on the next page and add the asset contract address.
  2. You can find the asset Contract Address by visiting https://bscscan.com/. Search the token in the search bar and hit enter.
  1. After entering the Contract Address, click Add asset.
  1. You will see that the custom token is successfully added to your token list.
  1. You’re all caught up now. You can now see it in your asset list. You can easily track and use the added token from your asset list.

How to Transfer BNB from Binance Smart Chain to Binance Chain and Vice-versa?

I am using BSC Testnet and BC Testnet to show you the transfer of BNB from one chain to another. You can get Testnet BNB from Faucet. 

I have 2 BNB available in my BSC Testnet. Let’s see how to transfer these to the Binance chain test network.

  1. Check that I am on BSC Testnet and I have 2.00BNB available in my account.
  2. Switch to the Binance Chain testnet and click “Receive”.
  3. Copy the account address to receive BNB in your account.
  1. Switch again to BSC testnet and click Send.
  2. Once you hit send, it will ask you for the address. Paste the Binance Chain Testnet account address that you have copied before.
  1. Enter the amount of BNB token that you wish to send.
  2. Click Send.
  1. You can now check the balance by again switching to the Binance Chain Testnet.
  1. Now, if you wish to send BNB from Binance Chain to Binance Smart Chain Testnet you can reverse the process.
  2. Copy the account address from Binance Smart Chain Testnet to receive BNB. Paste it under the Send option after switching to the Binance Chain Testnet.
  1. You will see that BNB tokens have successfully credited to the BSC testnet account.

How to Swap the BEP2 token to its BEP20 Equivalent and Vice-Versa?

Well, I hope we all are on the same page till now.

Yeah??

Let’s move further.

But, Wait? Before diving deep into the crypto sea, let’s do a quick revision on BEP2 and BEP20.

BEP2 is a set of protocols or pre-defined rules used to launch an asset on the Binance Chain. BEP2 is only a set of technical specifications and not software to be used, it’s a standard to be followed to maintain seamless interaction in the Binance Chain ecosystem. Tokens that are implemented using this protocol are called BEP2 tokens.

Similarly, BEP20 is the technical standard for the issuance and implementation of tokens on the Binance Smart Chain. Tokens that are implemented using this protocol are called BEP20 tokens.

Supported Assets:

Binance Chain: BTC, BUSD 15, ETH 26, USDT 8

Binance Smart Chain: BTC 4, BUSD 10, ETH 25, USDT 13

Now, how to swap?

I believe your Binance Smart Chain Wallet is ready to use. If not, follow the above-described steps to install and set it up.

Before starting, This is how my BSC wallet looks like.

Swapping BEP20 to its BEP2 Equivalent:

You can see that I have 2 BNB available to pay the gas fee and 20 BUSD available to swap with its equivalent token on the Binance Chain testnet.

  1. Switch to Binance Smart Chain Testnet and Add BEP20 token.
  2. To Add the BEP20 token click on the ‘+’ at the bottom and select BUSD-BAF token.
  3. It will now automatically be added to your asset list.
  4. If not, you can add it as a custom token by following the steps stated above.
  5. Once you are all done, go to Binance Chain testnet and hit receive.
  6. Copy the wallet address.
  7. Again switch to BSC testnet followed by hitting the Send button.
  8. Select Asset as “BUSD”, enter the amount, paste the wallet address that you have copied from the Binance Chain testnet, and click Send.
  1. Confirm the transaction by clicking the Send button.
  2. You will see that your balance is deduced from the BSC testnet and its equivalent is credited to the Binance Chain testnet.
  3. Observe the change in Values

Swapping BEP2 to its BEP20 Equivalent:

  1. Switch to the Binance Chain testnet and make sure you have enough BEP2 tokens to transfer and BNB to pay the gas fee.
  2. Go to the Binance Smart Chain testnet and click receive.
  3. Copy the wallet address and go to BC testnet again.
  4. Hit Send followed by entering the details for the token to send.
  5. Click send and confirm the transaction.
  6. Once the transaction will be complete you can see the change in balance in both of the accounts. Also, don’t forget to observe the value in $ in both of the networks.

The BEP2 token from the BC testnet has successfully swapped with its BEP20 equivalent on the BSC test network.

Frequently Asked Questions

1. Can I connect my Metamask wallet to Binance Smart Chain? If yes, then how?

Yes, it’s possible to connect your Metamask wallet to Binance Smart Chain.

To connect it to BSC Mainnet follow the below steps:

  1. Open Metamask
  2. Click on the Hamburger icon at the top right corner
  3. Click Settings → Network → Add Network
  4. Enter the details and hit Save.

BSC Mainnet Details: 

RPC URL: https://bsc-dataseed.binance.org/

ChainID: 0x38, 56 in decimal (if 56 doesn’t work, try 0x38)

Symbol: BNB

Block Explorer: https://bscscan.com

Your Metamask wallet is now successfully connected to BSC Mainnet.

2. How to find a token Contract Address?

You can find a token Smart Contract Address through https://bscscan.com/ and for Testnet tokens Contract address visit https://testnet.bscscan.com/.

3. What are Pegged tokens?

‘Peg’ means to wrap the value of one crypto into another. These tokens are made to allow the trading of the assets with different blockchains on a single chain. This can be done by issuing the wrapped tokens of equal value. These tokens are 100% backed by their native coin at any point in time.

Some of the Pegged tokens on the Binance Chain are:

BTCB (BTCB-1DE) – Value Pegged to Bitcoin

LTC BEP2 (LTC-F07) – Value Pegged to Litecoin

XRP BEP2 (XRP-BF2) – a token whose value is Pegged to XRP Ledger

ETH BEP2 (ETH-1C9) – Value Pegged to Ethereum

TRX BEP2 (TRXB-2E6) – Value Pegged to TRON

4. What are other wallets apart from the Binance Chain Wallet that supports BSC Network?

Trust Wallet and Metamask both are designed to support BSC networks. You can easily make transactions from one wallet to another wallet by selecting BSC mainnet as a network in both of the wallets.

Note: You will permanently lose your funds if the wallet address you have selected to receive funds doesn’t belong to the chain you have selected.

5. What are ‘Peg-in’ and ‘Peg-out’?

‘Peg-in’ means wrapping up your tokens in the Binance Chain/Binance Smart Chain ecosystem. It allows you to use the tokens from different blockchains on the Binance Chain/Binance Smart Chain by locking up the native tokens and issuing the wrapped tokens corresponding to them.

These wrapped tokens are called  Pegged tokens and have 100% backed value to their native token. 

Converting the Pegged tokens to their native token is something that refers to as ‘Peg-out’. It means to take tokens out of the Binance ecosystem. You can Peg-in and peg-out tokens by using Binance Bridge.

6. What is the Binance Bridge?

As the name suggests it’s a bridge between two Blockchains. Binance Bridge aims to enhance the interoperability between different blockchains. This can be done by converting your crypto assets into a wrapped token that is compatible with Binance Chain and Binance Smart Chain.

Currently, it supports the cross-chain transfers for ERC-20, which is a well-known standard for Ethereum Network, and TRC-20 which is a similar protocol for the TRON network. 

BEP-2 is the token standard for Binance Chain and BEP-20 is the standard protocol for Binance Smart Chain Network.

Note: BNB is the native currency for both chains. You need to have some BNB available in your account to make any transaction on the Binance Chain and Binance Smart Chain network in order to pay the gas fee or network fee.

You can access the Binance Bridge Portal from here.

7. Is it possible to farm yield on Binance Smart Chain? If yes, then how?

Yes, it is possible. You can generate more crypto with your existing crypto on the Binance Smart Chain Network. You can view all farming opportunities by clicking here.

Like Uniswap on Ethereum, we have PancakeSwap, BakerySwap, and many more Automated Market Makers and yield farms on Binance Smart Chain. Users can lock their existing crypto in Vaults and can start earning interest on them immediately after locking. 

Unlike Ethereum, yield farming on the Binance Smart Chain is much cheaper. Farmers can withdraw their assets by paying a nominal fee which is taken as a percentage of the amount that they withdraw.

However, this is different for every platform but the common thing is that the withdrawal rates are very nominal. This opens up a door of opportunities for small investors to try their luck in the yield farming ecosystem.

Note: Make sure to understand the risks associated with the De-Fi ecosystem before stepping in. The crypto market is unpredictable thus do your own homework before jumping into the crypto space. All the details provided above are for informational purposes only and are not intended to be used as investment advice.

Before You Go…

Right from the inception, Binance Smart Chain has gained a lot of traction from crypto lovers. It is designed to provide fast and cheaper transactions than other Blockchains in the area.

To achieve this purpose and to provide cross-platform compatibility Binance has launched their very own wallet called Binance Smart Chain Wallet. This wallet from Binance offers an easy, secure, and reliable way to send, buy and swap assets thus encouraging more users to come on board and explore the Binance Smart Chain platform.

However, Ethereum has strong footprints in the crypto world and has occupied most of the crypto ecosystem but the way users are exploring and adopting the BSC ecosystem, there is no doubt in saying that BSC will give neck-to-neck competition to Ethereum in the years to come.


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