Best Crypto Wallets for Binance Coin (BNB) • Benzinga

Wondering about the best crypto wallets for Binance Coin? Some of our picks are Ledger and Binance.

Binance Coin (BNB) is the native coin of the Binance chain ecosystem. You can use BNB to pay for goods or services and to pay transaction fees on the Binance exchange or the Binance smart chain. 

BNB was good to investors during last year’s bull market. From a low of $38 on January 1, 2021, BNB soared to $691.80 on May 10 for a gain of over 1,700%. Investors who bet heavily on BNB saw massive gains, turning a $1,000 investment into over $18,000 in months. 

With those kinds of gains, you need to take steps to protect them. Leaving large amounts of crypto on exchanges is never a good idea. It is better to transfer most of your crypto into a wallet. Using a software wallet (hot storage) is a step in the right direction, but the most secure way to store your crypto is in a hardware (cold storage) wallet.

Best Crypto Wallets for BNB

Where to store crypto assets is an important decision that every investor needs to make. Here is a list of things to consider when choosing a good crypto wallet.

  • Ideally, you want a cryptocurrency wallet that supports many coins and tokens. 
  • Does the wallet have a swap feature?
  • Is it non-custodial (you have sole control of your private keys) or custodial? 
  • Is it open source?
  • How many platforms support the wallet?
  • Is it compatible with decentralized exchanges (DEXs)?
  • Does the wallet support non-fungible tokens (NFTs)?
  • What backup features does it have?

Finding a single wallet that meets all your needs may be challenging. But the reality is that most crypto investors probably use multiple wallets anyway. Most software wallets are free, so it makes sense to try a variety of wallets until you find the ones you like. 

Crypto wallets have two categories of storage: hot storage and cold storage. A hot storage wallet is a software wallet connected to the internet most of the time. A cold storage wallet is a hardware wallet that is only connected to the internet while managing your assets. The fact that the hardware wallet is isolated from the internet most of the time makes it much more secure. 

Best Software Wallets for BNB

Now let’s look at some of the best software wallets for BNB. Although not as secure as hardware wallets, software wallets are much more convenient. That is why many crypto investors will use both a hardware wallet for long-term storage and a software wallet for interacting with DeFi exchanges.