Source : cryptodaily.io
What is a BEP20 Wallet?
A BEP20 wallet is a decentralized application built on the Binance Smart Chain. It specifically allows support for the BEP20 token standard, which allows any person to deploy digital currencies on the BSC. The Binance Smart Chain is an EVM-compatible blockchain and is also smart contract enabled. It runs in parallel to the Binance Chain and provides a permissionless platform where decentralized applications can run.
Leading protocols and crypto assets on other blockchains can also be ported onto the BSC and exist on this chain in the form of pegged BEP20 tokens. Examples of the tokens include BTCB, BETH, BLINK, and so on.
One of the best examples of a BEP20 wallet is the Trust Wallet. This decentralized application allows anyone with a smartphone to access DeFi protocols and other dapps on the Binance Smart Chain and other numerous chains with just a few simple steps.
In order to start benefiting from the robust features of the BEP20 wallets, you must first create and get a wallet address.
How to Find BEP20 Wallet Address
In order to operate on the DeFi landscape and in the on-chain world, you need to have a wallet address. As many other wallets operate, BEP20 wallets also offer their own unique wallet addresses for users.
To find your BEP20 wallet address, you can click on the Receive button in your Trust Wallet app, and your BSC/BEP20 address will appear. Alternatively, you can tap on the QR code to copy the address or click Share to share your address with another person.
BEP20 Wallet Review
Cryptocurrency wallets are an essential part of the Web3 space. There are many crypto wallets in the space, but some are more popular than others, which means they are more trusted and secure. BEP20 wallets are comparable to other leading wallets such as MetaMask and Coinbase. Let us look at some of the top wallets that support Binance Smart Chain native (BEP20) tokens.
Metamask is one of the leading cryptocurrency wallets on the Ethereum blockchain. It is a versatile product that supports several protocols across different blockchains. Moreover, it supports over 450,000 coins on Ethereum, including the ability to store non-fungible tokens (NFTs).
BEP20 Token Support
The top supported cryptocurrencies on Metamask include ETH, USDC, and DAI. The security of the Metamask decentralized application includes 12 unique words, biometric security, and a user-generated password. All of these are set up during the time of wallet creation. Additionally, users can add the BSC RPC network on the Metamask Wallet that allows them to store BEP20 tokens.
Security and Privacy
Metamask does not keep any of the user data because the software is non-custodial. Hence, if a user loses their seed phrase, they risk losing access to their wallet and funds forever. Even with such high levels of security, the Metamask wallet is susceptible to hacking malware like Trojans and other cryptocurrency scams.
The setup for the Metamask wallet is quick and easy. It starts by downloading the Metamask browser extension for any Web3 compatible browser, such as Brave, Google Chrome, or Firefox. There are also dedicated mobile applications for both Android and Apple iOS.
Metamask’s usability is high, and that is what makes it so popular among many crypto enthusiasts. It seamlessly integrates with many different major crypto websites, including NFT marketplaces such as OpenSea and decentralized exchanges such as Uniswap. Additionally, it charges no fees other than the blockchain network fees required to complete transactions.
Trust Wallet is an excellent example of a BEP20. The wallet was built for convenience, and it allows users to send, receive, and accumulate cryptocurrencies. Trust Wallet has over 1 million cryptocurrencies and also has support for non-fungible tokens. This means users can hold cryptocurrencies and store NFT on their smartphones.
The app is simple and hence suitable for beginners in the cryptocurrency space. The Trust Wallet is free and charges no fees for use. It is a non-custodial software-based hot wallet, and it is available on both iOS and Android.
BEP20 Token Support
While there are no charges for using the app, users still have to pay for the network fees associated with the transactions they carry out. The wallet supports Bitcoin, ERC 20 tokens, and BEP20 tokens from the BSC.
In addition to this, Trust Wallet allows users to purchase cryptocurrencies through many different third-party providers, including Ramp Network, Simplex, Transak, and MoonPay, among others.
On top of this, Trust Wallet also has crypto staking programs that enable users to earn interest on their crypto assets by directly staking them from the wallet. As of the time of writing, there are 12 tokens available for staking, including Cosmos (ATOM) and Tezos (XTZ).
Trust Wallet also provides the ability for new users to migrate their wallets onto the Trust Wallet. What this means is that people with accounts on Metamask or other crypto wallets can back up and import their wallets to the Trust Wallet app, as long as they have their secret recovery phrase or private key.
The top five supported cryptos on Trust Wallet include Bitcoin, ETH, Litecoin, Solana, and the BNB coin. While the app is flexible in its usage, each wallet is secured by a 12-word seed phrase that is accessible on mobile devices. This makes the security of the application wanting.
Security and Privacy
Trust Wallet does an excellent job of promoting decentralization, privacy, and anonymity. Users do not have to share any personally identifiable information when signing up. Setting up the Trust Wallet is simple and quick. You start by downloading the app from either the iOS App Store or the Google Play Store, depending on the type of operating system you have.
The app has user-generated PINs and allows biometrics as well, which is a convenient level of security. Trust Wallet, however, does not support multi-factor authentication. This means that users don’t have the opportunity to set up confirmation codes either through email or via text message. This shortcoming can provide a loophole for unwanted logins to their wallets.
You can also choose to import your wallets from other wallet dapps like Metamask or MyEtherWallet (MEW). MEW users can use their keystore files or private keys, but Metamask users will find it more convenient to use their seed phrases when migrating to Trust Wallet.
The app’s usability is limited because the Trust Wallet was built primarily for mobile devices. Therefore, it is not available for older versions of the Apple MacBook or Windows computers on the desktop. Apple devices running the M1 chip can install the Trust Wallet using the App Store. Trust Wallet charges a fee on crypto purchases made through the app. However, users who hold the Trust Wallet’s native token TWT in their wallets get to experience a fee waiver.
Coinbase is one of the leading exchanges in the world, and hence, the wallet has a lot of users. The wallet is easy to use for beginners and supports a large number of cryptos. Launched in 2018, Coinbase Wallet has since steadily received reviews for being a low-cost wallet. It supports over 44,000 cryptocurrencies, including Ethereum, Bitcoin, Solana, and Uniswap.
BEP20 Token Support
Most recently, the Coinbase wallet started supporting the storage of ETH-based non-fungible tokens. The Coinbase wallet also supports cryptocurrencies from different blockchains such as Binance, Smart Chain (BEP20), Dogecoin, Litecoin, Polygon, Ripple Network, and Stellar. Additionally, it also supports tokens from Layer 2 (L2) rollups such as optimism and arbitrum.
The Coinbase Wallet also has an in-app swapping feature, where assets from both Ethereum and Polygon chains can be exchanged with each other. Moreover, the wallet allows users to earn interest on their crypto assets through a staking program. There are no wallet fees on this decentralized wallet, only the blockchain network fees. Therefore, the Coinbase wallet has become one of the best low-cost crypto wallets on the market.
Security and Privacy
The security of the Coinbase wallet is one of the strongest. The wallet is decentralized, and therefore only the owner has access to their private keys. Moreover, users can set a PIN or a password to access their wallets. There is also the option of using biometric verification for users who have Coinbase installed on their mobile phones.
Coinbase exchange has experienced several hacks during its lifetime. However, the Coinbase wallet has remained secure through all those hacks. This is because the Coinbase exchange is operated separately from the Coinbase wallet. Users have complete control over their wallet private keys, and therefore, privacy and anonymity are ensured.
There is no need to provide email addresses, names, or other personally identifiable information in order to use the Coinbase wallet. You can set up your wallet on Android and iOS mobile phones. Coinbase wallet also exists as a browser extension that allows users to connect to hundreds of decentralized applications and DeFi protocols across the different blockchains.
How to Create a BEP20 Wallet
Step 2: Launch the Trust Wallet and click on Create a New Wallet, and accept the Terms of Usage.
Step 3: Save your recovery seed phrase and click Continue to verify the seed phrase.
Step 4: The wallet is ready!
Step 5: Set up your wallet for Binance Smart Chain by going to the Smart Chain wallet and pressing Receive to find your wallet address.
How to Use BEP20 Wallet
Using a BEP20 wallet is easy and straightforward. The wallet had three main functions: to send, receive, and swap bep-20 tokens.
Add BEP-20 Tokens
Set up your wallet for Binance Smart Chain by going to the Smart Chain wallet and clicking Receive to find your wallet address.
Send BEP-20 Tokens
To send bep-20 tokens, click on the Send button and input the address of the recipient and the amount of tokens you want to send. Click Continue and verify the transaction before signing it.
Swap BEP-20 Tokens
To swap tokens on a bep-20 wallet, you can press the four squares at the bottom of the app to open the Dapp browser. From here, you can navigate to any binance smart chain decentralized exchange, like BurgerSwap or even PancakeSwap.
Wallets are essential for the sake of navigating the blockchain. For the Binance Smart Chain and BEP20 tokens, the BEP20 wallet is the best option. Trust Wallet seamlessly helps people without computers be able to access the blockchain and its powerful features. In this way, they don’t miss out on any investment opportunities.
What Wallets Support BEP20?
Trust Wallet is one of the leading wallets that supports BEP-20 tokens. However, Metamask also has the capability of supporting Binance Smart Chain native apps.
How Can I Cash Out My BEP20 Trust Wallet?
You can cash out your BEP20 tokens from your trust wallet to your Binance account, where you can swap them for any other token you want.
How Can I Transfer BEP20 to Binance?
To transfer your BEP20 tokens to Binance, you’ll need to follow a few simple steps.
- First, create an account on Binance if you don’t have one already.
- Then, log in and click on “Funds” at the top of the screen.
- Next, select “Deposits” and type “BEP20” into the search bar. This will show you the address where you can deposit your tokens. Copy this address and paste it into the “Destination Address” field on your preferred wallet.
- Then, send your tokens from wallet to Binance by clicking on “Transfer.” You should see them appear in your account within a few minutes.
How Can I Get Free BEP20 Tokens?
You can participate in staking select crypto assets on the Trust Wallet app. These assets include BNB, among others. You will receive rewards daily from the BEP20 wallet.