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Binance Chain Wallet: An Objective Opinion from Experts

© by https://academy.binance.com/

Have you heard of Binance? No doubt, you have. This is one of the most well-known brands in the world of crypto trading. This platform is valued for its huge selection of assets, functionality, and unmatched reliability. And, today, we would like to tell you about its subsidiary product, which will come in handy to every crypto owner — a wallet.

It is a highly competitive service, which stands out from most other similar platforms, due to its extremely extended functionality and integration. This solution is universal for every crypto investor as it offers both a cold storage function for a buy-and-hold strategy and easy access to a linked account on the exchange operating under the same brand.

To give you a clear idea of the opportunities offered by Binance Chain Wallet, let us mention its most beneficial features:

  • more than 80 crypto assets;
  • quick access to the Binance exchange, Binance Chain, Binance Smart Chain, and Ethereum;
  • no need to type the address in a manual mode when transferring coins to your Binance balance;
  • exchanging BNB for other coins and NFTs;
  • margin trading;
  • a huge variety of automated trading features like limit, stop-limit, trailing stop orders;
  • peer-to-peer deals;
  • affordable fees — 0.1% for spot trading within the local chain and 4.5% for buying with a bank card;
  • a generous 25% discount on commissions for Binance Coin holders;
  • transferring assets to a cold hardware offline storage space to ensure their 100% protection against hacking — this option will come in handy in the case of long-term holding;
  • yield farming;
  • a non-custodial approach, which provides a user with full control over his key and assets;
  • a 12-word seed phrase, 2FA, whitelisting, access recovery through an authorized device;
  • integration with a Google wallet for easy access recovery;
  • insurance for deposits in USD.

When creating this service, its developers strived to add all the features one may want to find in a hot wallet. However, to be objective, we must note that, as of now, there is a risk of coming across some bugs, due to the fact that this service is relatively new.

In sum, this online wallet is acknowledged as one of the safest in the industry as it offers a multi-faceted security system to eliminate any risks related to hacking attacks. Yet, you must keep in mind that, in general, hot wallets are considered less reliable than cold ones, hence, we recommend you keep the bigger part of your assets in a hardware storage space.