Binance Coin (BNB) is a native crypto token of Binance Exchange. The standard was changed just after the mainnet launch. Before it was ERC20 and now it is BEP2 on Binance Chain. Binance still supports ERC-20 tokens as of December 2019. However, you can withdraw only BEP2 token standard.
We have chosen 5 best Binance Coin (BNB) wallets to store your tokens. All wallets support the new standard of BNB token.
What is Binance Coin (BNB)?
Binance coin was released in July 2017 during the ICO, the purpose of which is to attract investments for the development of the Binance exchange. On April 18, 2019, the Binance Chain network was launched and all BNB tokens had to be moved to its blockchain until April 23. Now, Binance Chain uses a modified version of the Tendermint consensus.
Under the terms of the ICO, 50% of the Binance Coin tokens issue was distributed among investors, 40% – for the team, 10% – for venture investors. The team collected 15 million US dollars. Mainly investors from China supported the exchange. The sum is small because some projects collected larger amounts without having a working business and products. Half of the money was spent on advertising and brand promotion; 35% – on platform development, modernization and security; the remaining 15% went to the reserve fund.
Binance exchange became the leader in terms of cryptocurrency trading volume. The number of customers increased by a million per week. In January 2018, the registration of new traders was closed for a while.
Binance Coin (BNB) has several ways to use. For instance, you can use it as a payment for a fee on Binance Exchange. Here is a shortened list of BNB coin usage:
- As a payment method: Binance, Crypto.com, HTC, Nexo, etc.
- Travel: TravelbyBit, Tripio.
- Service: Eidoo, DENT, CanYa.
- Platforms: Binance, InvestFeed, KyberNetwork.
- Entertainment: Pundi X, Giftio, Decentraland, etc.
Here is a BNB Graph showing the all-time rate of the coin.
|Price in USD||$15.26|
|Circulating supply||155,536,713 BNB|
|ROI since genesis||> 9000%|
The above data is valid and relevant as of December 2, 2019.
List of the Best BNB Wallets
Since BNB token is a BEP2 token and not ERC20 anymore, we want to present a couple of wallets which you can use to keep BNB in a new token standard.
#1. Binance Chain Wallet
This is the official wallet of BNB coins after launching the mainnet. It allows storing your assets literally on Binance DEX.
To create a wallet, you need to make up a password and keystore file that unlocks your wallet. The 24-words mnemonic phrase and the private key is a secondary method of your privacy.
# 2. Ledger
Ledger Nano S hardware wallet supports the storage of BNB tokens of BEP2 standard. You need to install Binance Chain app to your device to start using your cold wallet.
The wallet allows you to store, send and receive Binance Coin (and others as well). By the way, it is a great feature of the wallet. It allows keeping a lot of other altcoins in one place. The only issue of this wallet is a price. However, if you want to store a significant amount of your digital money, Ledger wallet is a great choice.
Trust Wallet is completely decentralized, and provides you with a simple mobile application for managing your tokens and coins, and allows you to simultaneously control all your private keys. You can store most of the tokens presented on the market, with a large number of projects, and blockchains accepted for all time.
The multi-currency Trust wallet allows you to create a backup copy of all your assets, simplifying wallet management.
The wallet was able to support the ERC20 version of BNB token, as well as BEP2 standard now.
Trezor is an open-source cryptocurrency wallet for hardware. Unlike other methods that may be compromised, Trezor is the most secure and anonymous device. It supports the storage, receipt and transfer of more than 600 cryptocurrencies: from Bitcoin to little-known altcoins.
Trezor Model T allows users to store Binance Coins. The hardware wallet is compatible with the previously mentioned Trust Wallet as well as Exodus wallet below.
Exodus wallet application appeared in 2016 on the crypto crowdfunding platform Bank To The Future. Exodus wallet belongs to the category of thin ones, it weighs no more than 100Mb, such utilities are synchronized with the cryptosystem after gaining access to the network.
Exodus wallet has another interesting and useful function, the exchange of altcoins. In the portfolio, you can observe the dynamics of the rate change of supported cryptocurrencies, and in the Help section read answers to frequently asked questions or contact the support service for help.
These five wallets are not the only ones where you can store your assets. You can also store the BNB assets in such wallets as Jaxx, Clay, Ethos, and Coinomi. They all support the BEP2 token standard.
Remember that it all depends on the purpose of the crypto investor. If we are talking exclusively about safe storage, then software and hardware wallets are suitable. Hardware wallets are more secure because they are not at risk of hacking and viruses. Among them are Ledger Wallet and Trezor.
For those who need to quickly and easily manage their existing cryptocurrency, wallets on popular cryptocurrency exchanges are suitable. The main advantage of such storage is the ability to work with dozens of crypto tools, having only one account. Exchanges provide the opportunity to transfer, change, buy and sell any cryptocurrency at any time of the day.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. While price analysis is a useful tool, it should not be considered predictive for the future performance of any investment vehicle.
Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment. Website personnel and the author of this article may have holdings in the above-mentioned cryptocurrencies.