Does Binance have a wallet? The answer is of course yes. Many friends don’t know much about it and don’t know how to create a wallet on Binance. This article brings relevant content. Let’s take a look.
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1. What is Binance Web3 Wallet?
Binance Web3 Wallet is a "decentralized, self-hosted" multi-chain wallet, which is different from the "centralized, managed" model of storing funds on the Binance Exchange.
For example, the Binance Web3 wallet is a small safe at your home. You can put your own money in it and set a set of passwords. In this way, you can fully control your money, and you can fully control your money without fear of various FUD (Fear, Uncertainty, Doubt) news and unstable factors from the outside world.
2. How to create a wallet on Binance?
Step 1: Scan the QR code using the Binance App
Open the Binance App and scan the QR code on the Binance Web3 Wallet website navigation page. The mobile page will jump directly to the Web3 Wallet main screen.
Or follow the following path: Binance App homepage → Funds in the lower right corner → Web3 in the upper right corner can also be found.
Step 2: Back up Binance Web3 wallet and set recovery password
No matter which cryptocurrency wallet you use, the first thing you should do is make a backup. Click on the "Backup Now" text in the middle banner of the Binance Web3 wallet to guide us to set a set of recovery passwords and back up the private key holdings (divided into three parts) in the corresponding places - Binance, local device, cloud.
Step 3: Add funds to Binance Web3 wallet with one click
Next, let’s experience the process of transferring funds from Binance, a centralized exchange (CEX), to a self-hosted Web3 wallet.
Click the word "Transfer Now" on the middle banner of the Binance Web3 wallet, decide the transfer currency, network and amount in sequence, and finally press the confirmation button. This process requires users to pay some network fees (depending on the blockchain type).
Step 4: Exploring the DApps in Binance Web3 Wallet
We now have an available balance in our Binance Web3 wallet.
Like other cryptocurrency wallets, in addition to being used to send, receive and exchange tokens, the most convenient thing about the Binance Web3 wallet is that it also has some carefully selected decentralized applications (Decentralized Apps, DApps) built-in for users. access.
These DApps have been screened by Binance to ensure safety. We don’t need to worry about encountering malicious signatures or phishing links and can use them with confidence.
