Binance Wallet ReviewBy: Josh MillerUpdated: Thu Mar 16 2023
Binance Wallet at a glance
What is Binance Wallet
If you are a Binance user, you have most likely heard about the Binance wallet. This is a place that allows investors to store their cryptocurrencies in a safe location. The best thing about this wallet is that it is available to all users from any part of the world. It has significantly simplified the process of making deposits and withdrawals. The main advantage of this wallet is that it is connected directly to Binance trading platform. Investors are able to deposit, withdraw and trade cryptocurrencies through this wallet.
Pros & Cons
Before we dive into the full review, lets get into the pros and cons of Binance Wallet.
- Supports Ethereum and EVM chains.
- Web3 enabled, so you can use DeFi applications, staking tools, NFT marketplaces and more.
- Mobile applications for iOS, Android.
- Browser extension for Chrome, Firefox, Edge.
- Completely free to use/download.
- Does not support Bitcoin, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand.
- Does not have a standalone desktop application.
- Closed source.
Table of Contents
- What chains does Binance Wallet support?
- Is Binance Wallet Web3 enabled?
- Does Binance Wallet support Mobile?
- Does Binance Wallet support Desktop?
- Is Binance Wallet free?
- Is Binance Wallet open source?
- Does Binance Wallet support in-wallet staking?
- Does Binance Wallet support in-wallet swaps?
- Does Binance Wallet require you to run a node?
What chains does Binance Wallet support?
Binance Wallet supports Ethereum and EVM chains. Because Binance Wallet supports EVM chains, you get access to a wide range of different chains. Including, but not limited to, Avalanche, Arbitrum, Optimism, Fantom, Gnosis, and many more.
Binance Wallet does not support Bitcoin, the Cosmos ecosystem, the Polkadot ecosystem, Tron, Algorand. This limits the number of coins/tokens that you'll have access to.
Is Binance Wallet Web3 enabled?
Yes, Binance Wallet is Web3 enabled. You can use it to access dApps, DeFi, NFT marketplaces, and more. This enables you to really access what blockchain has to offer, instead of simply storing your coins in your crypto wallet.
Does Binance Wallet support mobile?
Yes, Binance Wallet supports iOS, Android. Which is great if you own a mobile device with the relevant operating system.
Does Binance Wallet support desktop?
No, Binance Wallet is not a standalone desktop application. Therefore, it does not support Windows, MacOS, Linux. Although it isn't a standalone desktop application, there are other means of using Binance Wallet.
Is Binance Wallet free?
Yes, Binance Wallet is completely free. You don't have to pay a cent to get access to it. Although this is awesome, you have to bare in mind that free doesn't always mean it's the best option for your needs.
Is Binance Wallet open source?
No, Binance Wallet is closed source. This means you cannot get access to the code, and it is reserved only for the eyes of the developers. While this is a negative, it also makes it harder for hackers to reverse engineer the code.
Does Binance Wallet support in-wallet staking?
No, Binance Wallet does not support in-wallet staking. This means you can't earn passive income from your coins/tokens by using the wallet alone. We suggest using another crypto wallet if you need this. Or, there's always exchanges if you're okay with sacrificing custody of your coins/tokens.
Does Binance Wallet support in-wallet swaps?
No, Binance Wallet does not support in-wallet swaps. This means that you will have to use an exchange to swap your tokens. Not a huge problem though, as crypto wallets often charge for this service.
Does Metamask require you to run a node?
No, Binance Wallet does not require you to run a node. This is great because running a node is often expensive, and requires lots of bandwidth and harddrive space. Running a node means you must download the full blockchain!