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What is BNB Chain Wallet? How to create & use BEP20 Wallet

17/04/22
21:52
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What is BNB Chain wallet? Where to create a BNB Chain Wallet? In this article, I will show you the details on how to create a BNB Chain Wallet.

In 2022, Binance has put a name for both Binance Chain (BEP2) and Binance Smart Chain (BEP20) as BNB Chain - one of the earliest and most developed DeFi ecosystems in crypto. Recently, Binance’s layer-1 blockchain competing with Ethereum as one of the most popular blockchains. 

To be able to skin in this blockchain, of course, you will need a BNB Chain Wallet. In today's article, I will show you the details on how to create a BNB Chain Wallet.

What is the BNB Chain Wallet?

The BNB Chain Wallet is where BNB, BEP20 standard tokens are stored on the BNB Chain. You can send and receive BNB, BEP20 standard tokens as well as interact with applications on the BNB Chain.

In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.

What is included in a BNB Chain Wallet address?

A BNB Chain Wallet has 3 extremely important pieces of information you must note:

  • Wallet address: A sequence of numbers and characters used to send assets to the BNB Chain wallet. Others can transfer coins to you through the wallet address you provide. A BNB Chain (BNB BEP20) wallet address will have the following format: 0x859AA4525c19829034CbbFD916F46c068F116310
  • Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: task estate tube ear decade stone trick army gray nice net bottle.
  • Private Key: A string of letters and numbers to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 0x3b0c8dd07372e32a5eb89b2c74996d6daad56cc8a40bc7eaa418b5d5630623b1.

To visualize, you can imagine that the BNB Chain Wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.

The difference here is that with a bank account, other people will know your personal information. As for the BNB Chain Wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

BNB Chain Wallet Review

There are many wallets on the market that support creating EVM blockchain wallets and the BNB Chain blockchain is one of them. Let's take a look at some outstanding BNB Chain wallets in the crypto world.

Coin98 Super App

Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,...  

Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to your wallet, including the developers. You can rest assured when storing BNB, BEP20 standard tokens here.

Learn more: How to use Coin98 Super App

Trust Wallet

Trust Wallet – Binance's electronic wallet with 5 million active users, is one of the most popular wallets on the market. Trust Wallet allows users to store assets on a variety of platforms and connect their wallets to Dapps, allowing them to freely study and trade on the Trust Wallet app.

Create the Trust Wallet here: trustwallet.com

Coinbase Wallet

Coinbase Wallet is a centralized wallet that supports more than 4,000 assets. Coinbase Wallet allows you to enable BNB Chain in the wallet app, which would be able to perform transactions and access dapps on the BNB Chain network. Besides cryptocurrency, Coinbase Wallet also supports users to store their NFTs right in the wallet.

Create the Coinbase wallet here: coinbase.com

MetaMask 

MetaMask is a decentralized wallet based on the Ethereum ecosystem, as well as an add-on plugin that allows users to run DApps right on their browser.

Metamask allows you to store mainnet BNB and interact with BNB Chain dApps. Despite the disadvantages such as not being able to log in to many wallet addresses, as well as manually updating assets, MetaMask is still a trusted destination for many people around the world.

Learn more: How to create Metamask Wallet

How to create a BNB Chain Wallet (BNB BEP20)

This tutorial will guide you on how to create a new BNB Chain Wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.

Coin98 Super App

Download and access the app

BNB Chain Wallet is now available on the Coin98 Super App for both iOS and Android users:

After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.

wallet language

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.

Create the BNB Chain Wallet

Step 1: Open the application, at the homepage click the Wallet icon → Manage.

Step 2: Click Add Wallet and click on the BNB Chain (BNB BEP20) icon to create a BNB Chain wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create. 

bnb create 1

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next. 

Step 4:Backup the Passphrase/ Private key in a safe place.

Note: These are CRUCIAL information that directly affects control over your assets.

  • Copy and paste the Passphrase/Private key into the Confirmation box.
  • Tick ​​the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
  • Tick ​​the two remaining boxes to confirm that you understand the risks if you lose your Passphrase/Private key.

Select Create Wallet.

bnb create 2

Once done, you can also go to Manage → Manage All Wallets to check the newly created BNB Chain wallet. 

Coin98 Extension Wallet

Installation instructions

You can access chrome.coin98.com to install the Coin98 Extension Wallet.

wallet extension

For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide here.

Create the BNB Chain Wallet (BNB BEP20)  

‌Step 1: Open the Coin98 Extension Wallet and insert your password. At the main interface click Manage. Click Add Wallet.

‌Step 2: Select the BNB Chain icon → Create Wallet.

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.

bnb ext create 1

Step 4: Backup the Passphrase/Private key in a safe place.

Select Create Wallet.

bnb ext create 2

After that, you can also go to Manage → Manage All Wallets to check the newly created BNB Chain Wallet.

How to use BNB Chain Wallet

Add BNB and BEP20 tokens to BNB Chain Wallet

This process is similar on both the mobile version and the extension, so you can follow these steps for both.

Option 1

Step 1: Click the BNB Chain Wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code address and send your assets to this address.

bnb wallet receive 1

Option 2

Step 1: Click the search icon on the main screen.

Step 2: Enter BNB, BEP20 token in the search bar.

Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.

bnb wallet receive 2

You can send BNB, BEP20 tokens to the address copied in step 3.

Send BNB, BEP20 tokens

This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send BNB stored in the mobile wallet.

Step 1: Click the BNB Chain wallet.

Step 2: Choose Send.

Step 3: Select the token, the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm. 

bnb wallet send

In addition, you can also go to the Send section in the main interface, select the BNB Chain wallet you want to send from.

Note:

  • The gas fee for each transaction is paid with BNB, approximately 0.00063 BNB 
  • The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.

Swap BNB or BEP20 tokens

How to swap BNB or BEP20 tokens on the Coin98 Super App

From version 11.3 onwards, Coin98 Native Swap has integrated SpookySwap and SpiritSwap, providing a secured approach to trade BEP20 tokens natively right on Coin98 Super App and Coin98 Extension Wallet.

Step 1: On the Coin98 Super App main interface, click Swap.

Step 2: Choose BNB Chain to start trading.

bnb wallet swap 1

Then you need to insert the following information:

  • Select the wallet that holds the coin/token you want to swap.
  • Select the token you want to swap from the list. We will take BNB and USDT for this example but you can choose other tokens as needed.
  •  For those that haven’t been listed on the Coin98 Super App, you can still trade using their contract addresses.

Step 3: Choose the swapping amount. Before swapping, please kindly check the information in the Review Order section. Then select Approve (if this is your first trade) → Swap to complete.

bnb wallet swap 2

How to connect the Coin98 Extension Wallet for trading BNB or BEP20 tokens on Coin98 Exchange 

Step 1: Access Coin98 Exchange at: exchange.coin98.com

Step 2: To select an AMM, please click one of the two positions highlighted in the picture below.

bnb wallet swap 3

Choose PancakeSwap or MDEX.

bnb wallet swap 5

Step 3: Select the token you want to trade in the token search bar. We will take C98 and USDT for this example but you can choose other tokens as needed.

bnb wallet swap 6

Step 4: Choose the swapping amount. Before swapping, please kindly check the information in the Review Order section. Then select Approve (if this is your first trade) Swap to complete.

bnb wallet swap 7

Step 5: Choose Confirm if you agree with the fee and want to make this transaction. 

bnb wallet swap 8

How to access BNB Chain DApps through the DApp Browser on the Coin98 Super App

The Multi-chain DApp Browser on the Coin98 Super App is the gateway for users to experience multichain decentralized applications simply, quickly and securely. 

Coin98 Multi-chain DApp Browser has been integrated with many Dapp on the BNB Chain blockchain.

  • Exchanges: Dino Exchange, SushiSwap, PancakeSwap, Biswap, BabySwap,...
  • Finance: Venus, Landshare, Demeter, UniLend Finance, SIL.Finance, InsurAce, ...
  • Launchpads: Westarter, Decubate, Worthpad, Poolz, Impossible Finance,…
  • Games: My DeFi Pet, Death Road, Faraland,…
  • NFTs: YooShi, NFTb, Bakery Gallery, AirNFTs, Cyball Genesis,… 
  • Farm and Stake: Beefy.Finance, Mars Ecosystem, Autofarm, Cross Pool,...
  • Cross-chain bridge: Synapse, iSwap, cBridge, Multichain, RenBridge, …

The Coin98 Super App optimizes the user experience by arranging DApps in the most intuitive and logical categories. Now, users can search and access their favorite DApps on the BNB Chain ecosystem by following these steps:

Step 1: After logging in to your Coin98 account, click Browser on the home screen.

Step 2: In the Dapp Browser, you can select your favorite BNB Chain Dapp by following these steps: 

  • Option 1: Enter the Dapp name or URL in the search bar.
  • Option 2: Click the BNB Chain logo on the Dapp Brower’s main interface, BNB Chain Dapps that are integrated will be shown according to the DeFi service that Dapp provided. After that, tap the DApp logo to access.
bnb wallet dapp

Using the BNB Chain Wallet Explorer to check the transaction history

BNB Chain Wallet Explorer is the BNB Chain ecosystem explorer, allowing access to information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp now than ever before.

BNB Chain Explorers that are commonly used by many users include:

bnb wallet explorer

Some notes when using the BNB Chain Wallet

Is it safe to store BNB, BEP20 standard tokens on the BNB Chain Wallet?

Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.

Is there a fee to transfer BNB, BEP20 tokens?

Sending BNB, BEP20 tokens from a BNB Chain Wallet will cost the blockchain platform fee in BNB.  But the transaction fees on BNB Chain are much cheaper than Ethereum.

Is it possible to create multiple BNB Chain wallets?

Yes! You can create as many BNB Chain wallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple BNB Chain wallets. 

Can BNB Chain Wallet store other coins?

BNB Chain Wallet can store BNB, BEP20 standard tokens supported by the BNB Chain blockchain platform. In addition, do not transfer any coins on other blockchain platforms to BNB Chain Wallet if you do not want to lose your assets

What is the best BNB Chain Wallet app?

For those who mainly interact with the EVM blockchain, Coinbase or MetaMask will be one of the options worth considering.

For those who use a lot of blockchain platforms and Solana is among them, the Coin98 Super App or Trust Wallet is a great choice for you.

Summary

With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on BNB Chain. Hope the tutorial can help you to easily create and use the BNB Chain (BNB BEP20) Wallet on Coin98 Wallet.

If you have any questions regarding this tutorial, don't hesitate to leave a comment below! The Coin98 team will answer your questions as soon as possible!

See you in our future posts!

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