In order to understand How to Use Binance Chain Wallet, one needs to know a little bit about its past. Binance was founded by Changpeng Zhao, a Chinese-Canadian business executive with a background in finance and technology.
He developed high-frequency trading software for the Tokyo Stock Exchange before becoming CEO of OKCoin, where he oversaw the daily operation of one of the world’s largest bitcoin exchanges. In 2017, Zhao moved to Japan and launched Binance as an ICO (Initial Coin Offering), which raised $15 million in just 5 days.
The company has grown exponentially ever since then and now has over 10 million users on its platform.
Binance Chain is a blockchain software system developed by Binance and its community. It can be used to create new blockchains, smart contracts, and decentralized applications (Dapps).
In simple words, it allows you to build your own blockchain in order to issue tokens, which can be freely exchanged with BNB on the Binance DEX. Unlike Ethereum or NEO, Binance Chain does not support smart contracts at this stage.
About Binance wallet
A Binance Chain Wallet holds all your token assets on the Binance blockchain, which is where you can store, receive, and send any of the tokens that are running on that particular chain. You need to use a wallet to interact with Binance Chain or to use the decentralized exchange (DEX).
The best part about a Binance Chain Wallet is that it’s free and easy to use. Once you have one set up, you will be able to easily transfer funds back and forth from your exchange wallet.
You can trade in two ways: on an order book or over-the-counter (OTC). An OTC trade is between two parties at an agreed price. This can happen off the order books and below market rate prices.
How to Use Binance Chain Wallet
Binance has a lot of different coins available to trade.
You may not have known that Binance also serves as a wallet for your crypto.
Currently, there are eight different tokens that you can store on the Binance chain: Binance Coin (BNB), Tether (USDT), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin (BTC), Ethereum Classic (ETC) and XRP.
How to Add Binance Smart Chain to Trust Wallet
- Open the Trust Wallet app
- Navigate to ‘Settings’ and click on the third option, ‘Networks’
- Click on ‘+ Add Network’ in order to add a new network
- A list of all the supported networks will appear and you can choose the one you want to add from there, by clicking on it and then pressing ‘Add Network’
- After adding the network, your wallet will be automatically approved for Binance Smart Chain access and you’re good to go!
Please note that Binance Smart Chain is not currently available for iOS users due to the limitations of the Apple App Store policy. However, we are working on adding it as soon as possible and we will keep you posted with updates regarding this through our channels.*
How to Create a Binance Smart Chain Wallet with Trust Wallet
- Download the Trust Wallet app if you do not already have it on your smartphone.
- Open the app and go to Settings, then select Create a New Wallet option (if you already have a wallet, proceed to step 4).
- Select Binance Smart Chain from the list of options and click Continue.
- Choose a strong password for your Binance Smart Chain wallet and write down your 12-word seed phrase on paper for backup purposes, then click Next until you reach the “Wallet Created” screen. Repeat the action whenever prompted in order to add other coins later on as well.
- Go back to your wallet home screen, choose Binance Smart Chain from the list of available coins at the top left corner of your screen and confirm that it has been successfully added to your wallet by checking if its icon shows up in your main account section or in My Assets (if it’s not there yet, repeat step 4).
- You can now select one out of three options: send, receive or swap crypto assets around like any other coin in the Trust Wallet application! Now that you’ve created a new smart chain wallet with the Trust Wallet app and learned how to use it properly, we recommend double-checking all details once more before proceeding with any transactions involving smart chain assets!
How to Use the WalletConnect Feature
To add WalletConnect to Trust Wallet:
- Open the Trust Wallet app on your mobile device.
- Tap on the gear icon in the top right corner of the screen to open Settings.
- Scroll down to find and tap on “WalletConnect” to enable it.
- A notification will appear confirming that WalletConnect is enabled and active, as well as a QR code that you can scan using a QR code scanner or by using another app/DApp that supports WalletConnect connectivity such as Binance Chain Explorer (https://explorer.binance.org).
To connect Trust Wallet to DApps using WalletConnect:
- In the DApp of your choice, select “WalletConnect” from among the options for connecting your wallet to the DApp, when available, or use a QR code scanner if there is no specific option for connecting via this method in that particular app/DApp.
To disconnect from WalletConnect:
- Open Trust Wallet on your mobile device and navigate back to Settings > WalletConnect > Request Disconnect button.
Guide to Sending and Receiving Tokens on BSC Mainnet
If you’re new to the Binance ecosystem, you may be wondering how to send and receive tokens on the network. Fortunately, using your wallet is a simple process! Here’s a quick guide on how to use it:
- First, select the token you want to send or receive
- If you want to send tokens, enter the address of the person who is receiving your tokens. If you are receiving tokens, share your address with the person sending them.
- Make sure that the address entered is correct before sending any funds! You can double-check by comparing a few characters from each side.
That’s it! Once your transaction has been completed, check back in with us so we can help answer any additional questions.
How to Create a Binance Smart Chain Wallet with Agora Browser
To create a wallet on Agora Browser, first, click the ‘Binance Smart Chain’ option on the dropdown menu. Then click ‘Create a New Wallet.’
You will then see a 12-word backup seed phrase. It is important that you write down this 12-word seed phrase and store it safely.
Once you have written down your seed phrase, go ahead and click ‘I’ve written it down to proceed.
How to Create a Binance Smart Chain Wallet with Math Wallet
- Download Math Wallet
Downloading Math Wallet is the first step to creating your Binance Smart Chain wallet. As of the time of writing, it is available on iOS and Android. Click here to download for iOS or click here for Android.
- Create Your Wallet
To create your wallet, you will need to choose a password and back up your mnemonic phrase (this is also called a seed phrase). The password will be used as an additional layer of security if your phone ever gets stolen or lost while the mnemonic phrase gives you access to all of your private keys in case of an emergency recovery situation. Make sure that you write down both of these things in a very safe place! Once you have written them down, click on “Next” and then confirm that you have written everything down by clicking on “I Have Written It Down” (or something very similar).
- Fund Your Wallet
You can fund your wallet with BNB by sending it directly from another exchange like Coinbase or Huobi Global or by purchasing BTC/ETH with cash and then exchanging that for BNB at one of the exchanges we just mentioned above.
This guide will teach you how to use your wallet for the BSC mainnet.
From the Homepage, click on your wallet name. Then click ‘Mainnet’ in the upper right-hand corner to access Binance Smart Chain Mainnet. Your wallet and private key will be kept safe by Trust Wallet’s secure vault and protected by a password or biometric authentication. You can now link your mainnet wallet to any Dapp which supports Trust Wallet, including PancakeSwap.