Binance Web3 Wallet is a self-custody crypto wallet within the Binance app, designed to empower users in the realm of decentralized finance (DeFi). Serving as a digital gateway to blockchain-based applications (dApps), it offers users a secure and streamlined method to manage their cryptocurrencies, execute token swaps across multiple chains, earn yields, and interact with a variety of blockchain platforms. Learn more about Web3 Wallet here.
2. What are the benefits of using Binance Web3 Wallet?
Binance Web3 Wallet is the easiest way to get involved with Web3. It offers users a secure and streamlined method to manage their cryptocurrencies, execute token swaps across multiple chains, earn yields, and interact with a variety of blockchain platforms.
Simple: Create a wallet in seconds using your Binance app without having to worry about seed phrases or private keys.
Convenient: With integration to Binance Bridge and other providers, Web3 Wallet fosters easy cross-blockchain token swaps at better prices. You can explore dApps and generate yield effortlessly with a single tap.
Secure: MPC (Multi-Party Computation) technology governs every transaction and mitigates single points of failure to ensure that your assets are safe.
3. How do I access Binance Web3 Wallet?
You’ll need to first create or import a Web3 Wallet within the Binance app. Simply log in to your Binance app and tap [Wallets]. Switch to the [Web3] tab at the top and tap [Create Wallet] or [Import Wallet].
4. How do I use my Binance Web3 Wallet to send and receive tokens?
To send tokens:
Tap [Send] on the Web3 Wallet page.
Select assets and spending address, select or paste the recipient’s address and tap [Continue].
Enter the amount and tap [Continue].
Please note that if you select the wrong network or send assets to the wrong address, your funds might be lost and cannot be recovered.
To receive tokens:
If you are receiving from your Binance Exchange account (previously Transfer function):
Tap [Receive] and choose [Receive from Binance Exchange], select asset in your Binance Exchange account and select network, then select your receiving address, and enter the amount to complete the withdrawal.
If you are receiving via address:
Tap [Receive] and choose [Receive via address], select the token & network you wish to receive, then choose receiving address.
You’ll see a QR code with your address. Tap the copy or share icon to share it with the sender.
5. Will I be charged any network fees when using Binance Web3 Wallet?
Blockchain transactions involve network fees. These fees, also known as gas fees, are required to compensate miners or validators for the computational resources they contribute to process and confirm transactions on the network. The exact fees may vary depending on the network traffic and the blockchain you’re using.
6. Is Binance Web3 Wallet a self-custody wallet? Who has control over my funds?
Yes, Binance Web3 Wallet is a self-custody wallet. You have full control over your funds and assets. Therefore, you’re solely responsible for safeguarding your assets and backing up your wallet.
7. What is a Multi-Party Computation (MPC) wallet and how does it work?
Multi-Party Computation (MPC) is an enhanced cryptography security mechanism. It alters the traditional method of storing private keys by eliminating the need to retain them in one sole location. In this way, MPC lowers the risk of the keys being compromised and reduces the vulnerability of the system.
Binance Web3 Wallet employs Multi-Party Computation (MPC) to create three key-shares, which are then stored in different locations for added security. These locations include your cloud storage and device. It is crucial that you protect the key-share stored on the cloud by implementing encryption using a recovery password that's solely known to you. Please refer to this guide for more details.
9. Can I restore my Web3 Wallet?
Yes, you can restore your Web3 Wallet. When using a new device, connect your Binance app to the previously used cloud service and decrypt your key-share using the recovery password.
10. Can I get my seed phrases or private keys?
There are no seed phrases for Binance Web3 Wallet. Instead, it’s an MPC wallet that requires you to store private key-shares in different locations.
11. What can I do if I forget my wallet recovery password?
Your recovery password is crucial in encrypting your Web3 Wallet’s key-share on cloud storage. Should you forget your password and lose access to your device or delete the Binance app, you won’t be able to access your Web3 Wallet and Binance won't be able to restore it for you.
*Please note that you can only back up your Web3 Wallet if you can access it. If you’ve lost access to your Web3 Wallet, you won’t be able to do so.
12. Can I import a wallet to my Web3 Wallet?
Yes , Binance Web3 Wallet supports wallet import. Please note that currently only seed phrase import is supported, other forms of import, such as using private key, are not supported. 1. Go to [Wallet] - [Wallet Settings].
2. Select [Wallet Management].
3. Tap [+] on the top left and choose [Import Wallet].
Enter the seed phrase of the wallet you wish to import. Tap [Import] and your wallet will be added.
13. When I restore my Web3 Wallet on a new device, can I still access my Web3 Wallet on the old device?
Currently, the Binance app only supports single-device login. You cannot use your Web3 Wallet on multiple devices at the same time.
14. Why can’t I see my funds in the Web3 Wallet?
You can view your Web3 Wallet funds on the wallet homepage. If you’ve transferred funds to your Web3 Wallet but they haven’t arrived, please refer to Why Hasn’t My Deposit Been Credited.
15. Why is my transaction pending?
This could be because the gas fee you paid for this transaction is lower than the minimum required amount. When this happens, please consider using the speed-up function to accelerate your transaction.
16. If my transaction fails, do I need to pay any network fees?
If the transaction has been executed but failed, you’ll still need to pay a gas fee.
17. If I sent my funds to the wrong address, can I request a refund?
Binance won’t be able to refund you if you send your funds to the wrong address. Please always make sure the address is correct before confirming a transaction.
18. Do I need to complete identity verification to use the Web3 Wallet?
Although Binance Web3 Wallet, a self-custodial wallet, does not compel users to complete identity verification, it is important to note that it is embedded within the Binance app. Hence, to create a Binance Web3 Wallet, you have to be a verified Binance user and comply with the Binance Terms of Use.
19. If I lose funds in dApps, can I request for a refund?
No. Binance Web3 Wallet solely provides the means for users to access dApps, and does not associate with the operations of these third-party protocols. Therefore, users are advised to independently research and engage with dApps at their own discretion and understanding of trust.
20. How does Binance Web3 Wallet compare with Trust Wallet?
Binance Web3 Wallet and Trust Wallet are two distinct products. Depending on users’ preferences and needs, one might be more suitable than the other.
Binance Web3 Wallet is designed with ease of use, convenience and security in mind. The wallet offers Binance users a seamless way to explore Web3, without the risk of losing seed phrases. Integrated directly within the Binance app, users can activate their Web3 Wallet and transition between CeFi and DeFi with a single tap. Users will also be able to swap thousands of tokens cross-chain, earn yield on their crypto, explore dApps – all in one secure wallet.
Users already familiar with Web3, and who are looking for more sophisticated features, may find Trust Wallet to be a more suitable offering. Trust Wallet’s native dApp browser provides unrestricted access to the full spectrum of dApps available, and caters to the needs of advanced users without necessitating integration with the Binance Exchange. As such, Trust Wallet is an optimal solution for individuals who operate beyond the Binance ecosystem or prefer not to link their wallet activities with their Binance trading accounts.
Binance Web3 Wallet is developed in partnership with the product and engineering team at Trust Wallet, leveraging Trust Wallet’s Wallet as a Service (WaaS), but Binance maintains autonomous control over Web3 Wallet’s features, operations, and services
Yes, QR code backup is secure. In the unfortunate event that your QR code is leaked, the hacker would have to get hold of your recovery password and Binance account too to access your Web3 Wallet.
23. Where is my key-share backed up to on the cloud?
Your key-share will be backed up to the cloud. You will only see a single “Binance” back-up file, but not the individual key-share.
Important note: Do not delete any files labeled “Binance” manually. The data contains information of your Binance account other than the Web3 Wallet key-share.
You can view the backup file in your cloud by following the steps below. Do not delete any files.
iOS devices: You can find the key-share from [Settings]. Go to your iCloud account and tap [Manage Account Storage]. Your data is stored under [Binance].
Android devices: go to [Settings] - [Manage apps]. Your key-share should be backed up under [Google Drive] - [Binance].
24. Why did my token swap fail?
A swap can fail due to the following reasons, including but not limited to:
there’s an error with the conversion mechanism;
the liquidity is low; or
Web3 Wallet doesn’t support the token.
If a swap fails, the funds sent out from your Web3 Wallet will remain in your Web3 Wallet account. You can withdraw the funds as usual. However, please note that if a swap fails, you still have to pay the network fee. It won’t be refunded.
25. Why do I see a wallet upgrade banner on my Web3 Wallet?
Certain early Binance Web3 Wallet users will see a prompt to upgrade their wallet to self custody. A self-custody wallet means that you hold and fully control your assets and private keys. To do so, you can create a recovery password to back up the encrypted wallet key-share with cloud service or QR code. To see how to upgrade your Web3 Wallet, please visit How to Upgrade My Binance Web3 Wallet to Self Custody? for a step-by-step guide.
Disclaimer: Binance Web3 Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Web3 Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Web3 Wallet Terms of Use and always do your own research.
