Choosing a crypto wallet depends on your needs. Security, custodianship, and interacting with smart contracts are key points to consider. You also may want to access your wallet on different devices.
For browser extension wallets, MetaMask, MathWallet, and Binance Chain Wallet are good options. If you prefer a mobile experience, MetaMask, MathWallet, Trust Wallet and SafePal are available for iOS and Android. They’re decentralized and store your private key on your device. SafePal also offers a cold storage hardware wallet for anyone looking for the highest security. Apart from the hardware version, all crypto wallets mentioned are free to use.
Binance Smart Chain (BSC) is relatively new, so not all wallets currently support BEP-20 tokens. When you find a BSC supporting wallet, there are a few types and options to choose from. Custodianship, security, and usability are important to consider, and everyone has their top priorities. The five wallets below all differ slightly, so your best bet is to try them and see what you prefer.
What type of crypto wallet should I use?
You can easily use a combination of the above to combine their strengths. However, for day-to-day transactions and DeFi applications, a non-custodial hot wallet is a robust and flexible option. Let’s take a look at some of the most popular options.
Binance Chain Wallet
Binance Chain Wallet is an official browser extension wallet from Binance. Currently, the wallet supports Binance Chain, BSC, and Ethereum. Compared to the other wallets covered, Binance Chain Wallet is one of the most basic. If you mainly hold crypto on the Binance exchange but occasionally use DApps, its Wallet Direct feature may be helpful.
If you want to use the same wallet across multiple devices, MathWallet offers a lot of flexibility. It’s easy to move between your mobile device, browser extension, and web-based wallet, depending on your needs.
SafePal S1 Hardware Wallet
Having a wallet that is trustworthy and stable should be a priority for all crypto holders. The five wallets mentioned here are trusted in the blockchain community and have millions of BSC users globally. The selection is much smaller when it comes to BSC, but the key points are the same: DApp interaction, custodianship, usability, and reliability. This all depends on your user profile too.
For an active trader, a non-custodial hot wallet will be the quickest way to trade and also stay secure. DeFi farmers will appreciate the usefulness of a browser-extension wallet for greater control connecting to DApps via a desktop. If you’re just HODLing, then a simple mobile experience might be a good fit.