- 1 Binance Portfolio Review: The Binance Portfolio VS The Trust Portfolio
- 2 Binance Portfolio Analysis: PROS
- 3 Binance Portfolio Review: CONS
- 4 How to use Binance wallet?
- 5 Binance Portfolio: Conclusion
If you are looking for Binance wallet reviews, chances are you are ready to Dive into the world of cryptocurrencies. Or maybe you are already cryptocurrency expert and are simply looking for a reliable wallet alternative.
Whatever the case, today we're going to take a good look at Binance and all of its cryptocurrency storage features (e a few more).
With cryptocurrencies becoming more widely adopted every day, it makes sense that cryptocurrency holders are looking for the best way to keep their coins safe.
As you may already know, there are some options available on the market — different wallet types, different features and functionality, and so on.
Without further ado, however, let's move on to the Binance portfolio analysis and see if it's a platform worth keeping your currencies.
Pros / Cons
- Support for multiple cryptocurrencies
- very secure
- Support for SegWit and Bech32 addresses
- Integrated trading functionality
- One of the most trusted names in the world
- Mediocre customer support
- Not ideal for beginners
Binance Portfolio Review: The Binance Portfolio VS The Trust Portfolio
The first thing we need to discuss is the difference between the Binance cryptocurrency wallet and the Trust wallet. Although both wallets belong to Binance, they are two different projects, so they need to be properly differentiated.
The Binance Wallet is based on exchange to store your cryptocurrencies. As opposed to this, the Trust wallet is also a wallet that belongs to Binance, but it is a completely different dedicated product.
Of course, both the Binance wallet and the Trust wallet have their pros and cons — they will also work for different people. In this specific analysis we will focus on the Binance portfolio.
Truth be told, using a Binance wallet is likely to be a much more beneficial experience for many cryptocurrency enthusiasts around the world.
That's because this particular wallet has more features, it's more convenient to use (I'll see what I mean by that soon) and is simply better known and generally trusted.
So, just to be completely clear — this is a review of the Binance wallet, NOT the Trust wallet. With that sorted out though, let's jump right into the list of features and benefits!
Binance Portfolio Analysis: PROS
Binance offers its users a wide range of different features — this is obvious, just take a look at most user reviews. We must, however, start with the fact that it is a very convenient wallet.
Very convenient for everyday use.
One of the first things you will likely see mentioned in various Binance wallet reviews from different users is the fact that this particular wallet is extremely convenient to use.
Allow me to elaborate.
Whether you use the Binance wallet app or the web browser version of the wallet, it will have all the functionality of the platform built into it. Among other things, this functionality involves a cryptocurrency exchange.
By keeping your coins in this particular wallet, you will be able to exchange them anytime, instantly. This is indeed incredible news, both for long-term hodlers, as for day traders.
If you're ready to store your cryptocurrencies for a long time before thinking about selling them, fine and elegant — Binance allows you to do this worry-free.
However, if you were getting a great price for a particular cryptocurrency at the peak of the bull market, you might want to consider selling a portion of your coins, only to buy back some more after the dust settles.
Investors are constantly following the news related to cryptocurrencies as they need to react to market changes instantly to maximize their gains.
Just look at what happened when Tesla bought Bitcoin — sometimes it's a matter of minutes!
User Binance wallet analyzes will tell you that in a situation like this, you can access your funds that are stored in the Binance wallet and then sell them instantly — no delays, no checks, none of that!
Using the Binance Wallet, you will be able to follow market trends and react in a timely and appropriate manner. A huge benefit no matter what kind of cryptocurrency enthusiast you are!
A very secure cryptocurrency wallet
Security is the first thing people look at when choosing the best wallet for them — it is also the most important aspect to consider.
Any and all Binance wallet user reviews would tell you that it really doesn't matter how “legally” a wallet is (no, that's not a pun on cold storage), or how many features it has to offer the user — if it lacks security, it's not an ideal choice by any means.
This is true whether you are looking for a wallet for Binance, or if you are looking to use Binance's own specific currency wallet.
Also, you should consider that the term “security” can mean a few different things — your storage method should keep your coins safe and also protect any of your personal information if you’ve provided it (although, to be fair, this mainly refers to hardware wallets).
So is the Binance wallet safe?
It certainly is — a lot, actually!
Binance is undoubtedly one of the most popular cryptocurrency-related platforms in the entire industry — that fact alone should say that the wallet functionality offered by the platform it is very safe.
For starters, when you create an account, you'll be able to enable front-line security features like two-factor authentication (2FA) and universal two-factor authentication (U2F).
Nowadays, many cryptocurrency exchanges and hot wallets have this feature — however, that shouldn't detract from its meaning! 2FA is often the best way to protect your assets from hackers.
Still wondering if the Binance wallet is safe? Well, you will be very excited to know that the platform keeps the vast majority of its users’ cryptocurrencies on cold storage devices. This fact alone is the highlight of many user reviews of the Binance Wallet.
See, cold storage devices are almost never connected to the internet — frankly, that means a potential hacker won't be able to reach them at all.
This is exactly the case with the Binance currency portfolio as well — although the hardware devices that Binance uses are likely to be a little different than other portfolios, the concept still remains the same.
However, if you are still not convinced by the security feature of the Binance Wallet, I have one more important and unique resource to tell you about the Binance SAFU fund.
Mainly as a cryptocurrency exchange, Binance charges its users some specific transaction fees. With this, the platform takes part of these fees (in around 10%), and allocates them to a fund with a specific purpose — insurance.
In other words, if something happens to Binance and its security features are compromised, there is a good chance of that you be reimbursed for your losses. This is truly an amazing guarantee, and something that is also emphasized in Binance wallet reviews from various users!
Multi-signature functionality, custom PIN codes, a seed phrase-based recovery method — there are many different and smaller features that Binance offers its users when it comes to the security of their crypto assets.
So if you're still wondering “the Is Binance Wallet Secure? ”, rest assured — it's one of the most secure exchange wallets out there!
Supports a wide variety of cryptocurrencies
It doesn't matter if you're already experienced, or new to the scene, chances are you'll want to find a wallet that supports a wide selection of different cryptocurrencies. Well, with the Binance Wallet app, that's exactly what you'll get!
While many people compare the bullish runs of the current markets with those of 2017 and 2018, the fact is that many things are very different. One of the main differences is that people are now much more knowledgeable about cryptocurrencies than they were a few years ago.
This, in turn, means that more and more user reviews of the Binance wallet talk about a wide selection of cryptocurrencies, not just Bitcoin or Ethereum.
Widespread discussions mean the fact that people are more interested on buy and try out a wide variety of coins too!
The Binance Coin Wallet allows you to do this. In fact, this cannot be underestimated, although it is apparently not mentioned often in user reviews of the Binance wallet — this particular exchange wallet likely supports the widest range of cryptocurrencies in the entire market!
Do side of exchange, Binance has always been known for offering its users an incredible selection and variety of cryptocurrency pairs — is one of the main selling points of this bag. If there's a cryptocurrency you've heard of, there's also a good chance that Binance supports it.
After that, it would make sense for the platform to also allow the storage of all these different cryptocurrencies. Using Binance Wallets, You'll Find It!
Again, this is absolutely amazing from a user perspective, no matter what kind of crypto enthusiast you are.
Long-term hodlers will be able to store a wide selection of cryptoactives, while day traders will have the chance to find some altcoins to play.
In short, if the variety of cryptocurrencies is what you love, and you want too keep your portfolio as diverse as possible, so most reviews of Binance wallet users will say that this platform is certainly the way forward!
Full support for SegWit addresses, partial support for Bech32
If you read the title above and think it is “very technical” for you to understand, don't worry — it's all very simple. First, let's get the terminology out of the way.
Whenever you are talking about Bitcoin — whether among the user reviews of the Binance wallet or elsewhere — you will always have three types of BTC wallet addresses to discuss — Legacy, SegWit and Native SegWit (also called "Bech32").
Legacy addresses are simple—they can be identified by the fact that they start with “1” and are the oldest form of legacy addresses. BTC wallet that exists.
Then there are SegWit addresses — they will start with a “3”. In opposition to this, the newest iteration of Bitcoin addresses is called “Native SegWit” and will start with a “bc1”.
Then Why does all this matter in this analysis of the Binance portfolio? Well, SegWit and Native SegWit addresses exist for a reason — they were created by a soft fork of Bitcoin and allow you to execute transactions much faster and easier.
The disadvantages? At the time of writing this review, not all grants (and portfolios) support Native SegWit addresses (bech32).
Binance supports SegWit addresses. In fact, it only started supporting this feature very late in 2020! When it comes to Bech32 (Native MonWit), however, things are a little more complicated than that it.
While the exchange wallet in question allows you to use Bech32 addresses, it does not allow you to create wallets with them at this time.
Still — guaranteed that you will be able to transact on the Bitcoin blockchain much faster than with a legacy address!
Binance Portfolio Review: CONS
Now that we have discussed all the main benefits and features of the Binance Wallet, we should also address some concerns platform users can have and discuss how important they are.
After doing that, I will also tell you how to start using the Binance Wallet — stay here!
It can be a little complex for beginners.
One of the most common complaints people seem to have regarding the Binance currency portfolio is the fact that it can be a little difficult to use.
This is especially true if you're just starting out and haven't even bought your first coins yet.
Is using the Binance wallet really as difficult as it sounds? Well it depends!
A "difficulty of aspect” of the platform comes from the fact that Binance offers its users a large list of features and customization options, and also because the fee model the exchange employs is A little complicated.
Of course you can feel a little lost the first time you log into the platform, or see the detailed cryptocurrency charts available on it, but once you get used to it, you'll be grateful for all the extra functionality!
When it comes to fees, they can also be broken down more simply and affordably. If you're reading Binance wallet reviews simply because you're looking for a wallet and don't care about trading, then the fees don't even apply to you — except for those related to the wallet, of course.
In short, if you are a completely new person in the cryptocurrency scene and he's still trying to find his balance, of course — Binance-specific wallet can be a little confusing at first.
However, if you are stubborn about finding a high-end cryptocurrency wallet, then this is certainly not a problem!
Admittedly, customer support is a of the most important resources of any platform related to cryptocurrencies.
That is especially true with exchanges and wallets — these types of platforms are at the forefront of the different cryptocurrency movements, so users need to be confident that they will be able to get help with any and all issues they may encounter.
In that respect, Binance is a bit… Mediocre. At least that's the feeling you can get from reading user reviews.
While I personally have nothing but good experiences with Binance wallet app support, several users mention that it resolves them with response times that can vary widely and that the support team sometimes doesn't resolve their issues effectively.
This is certainly something that needs to be kept in mind! Although it is by no means a “hindrance” as far as the portfolio in question is concerned (granted that using Binance wallet will provide you with a huge list of significant benefits), is also noteworthy.
If the platform of your choice isn't awesome in this regard, it could result in some major losses — losses that could have been avoided.
Now, evidently, Binance is not really known for having many technical or other issues.
However, that still doesn't excuse the problem at hand! Once you find out whether Binance has a wallet or not, you probably don't want the next thing you learn about the wallet to be customer support issues!
How to use Binance wallet?
So now we have discussed all the most notable pros and cons of the wallet let's look at other aspects. The last thing we need to do is check out how a Binance wallet works and how you can perform different actions and transactions from it.
How to register in the Binance wallet?
Registering on the Binance exchange is the same as registering for the wallet — this is why many people wonder if Binance has a wallet.
While it may sound confusing, it's actually not — this is simply the case for most exchange wallets on the market.
Step 1: Go to Binance's official website. In the upper right corner of the screen, you will see a “Register” button. Press it.
Step 2: Here you will be asked to create a new account, either via email or mobile phone. I'll go the email route — so an email address needs to be entered, as well as a custom password created.
Step 3: You will receive an account verification request to your email address — just enter your email digits on the Binance website when prompted.
Step 4: After going through all the verification and confirmation steps, you will need to log into your account with the information provided at the beginning of the registration process. It is!
As far as the registration process in the Binance currency portfolio is concerned, things are super simple and, most importantly, fast! Again — it doesn't matter if you're registering with a wallet or an exchange, the process remains the same.
This allows Binance to optimize its registration processes to the fullest, providing an easy and seamless experience.
With that said, people who are wondering how a Binance wallet works are likely past this stage and looking at the real aspects of the product's functionality. So let's move on!
How to use the wallet?
Let's discuss the different features available with the Binance wallet.
Step 1: On the Binance homepage (after the completion of the registration process), navigate to the upper right corner of the screen, to the “Wallet” tab. Here, you'll see a list of different features you can select from — let's start with “Overview”.
Step 2: Here, you will be able to see your wallet balances in BTC. Also, you can see all the functions that your wallet(s) will be able to perform — P2P trading, margin account trading, savings account management, and so on.
You can manage and activate the different sections of the wallet that you would like to use and utilize, and also start transferring funds right away. The process is really simple — you will see a pop-up and you will simply need to fill in a form.
Step 3: Depositing funds into your wallet is also very simple. After clicking on “Deposit” at the top of the page, you will have four options — deposit cryptocurrencies or cash, or buy some cryptocurrencies with a credit or debit card, or via a P2P connection.
If you remember, at the beginning of this Binance wallet review, we discussed the fact that you can buy and trade cryptocurrencies right from the wallet interface, and that is amazing, as far as convenience is concerned.
Withdrawals are also quite simple, especially if you have already withdrawn some cryptocurrencies before. That said, you will also be able to withdraw fiat money — this is extremely rare!
It is, without a doubt, characteristic of the exchange part of Binance — Binance wallet user reviews will tell you a lot. However, few others sophisticated foreign exchange portfolios allow their users to withdraw trust money from their bank accounts!
Exploring the portfolio further, you will quickly learn that it has many features, all related to the different services and options that Binance offers.
Binance wallet comes with a wide variety of features, but it is also more complex than other similar wallets as well.
Binance Portfolio: Conclusion
At this point, you should have a good idea about the pros and cons of the Binance wallet.
We discussed various user reviews of the Binance Wallet, examined the usability aspect of the platform and also checked out some of the key features it offers.
With all that said, I myself would recommend the currency exchange to someone who is asking “Binance has a wallet? ”, or an individual looking for a secure cryptocurrency wallet, in general?
Yes, I definitely would.
Binance wallet is a unique product, both with regard to cryptocurrency wallets in general and even some specific exchange-based cryptocurrency storage services. This is true simply because of the functionality it provides to its users.
The wallet is universal — it can house a wide variety of different cryptocurrencies and even some selected fiat currencies also!
On top of that, you can send, deposit, and withdraw all those aforementioned coins without any problems — all you have to do is pass some KYC checks, and you're ready to go!
As Binance is also an exchange (Cryptocurrency Exchange), it has a great responsibility to keep the entire platform secure, both with regard to user information and the storage of crypto assets.
Admittedly, the platform has no issues with this — it's been improving the security side of things regularly, and while Binance has had some problems in the past, the site has definitely improved and gained widespread trust.
The only things "negative” that are mentioned among the various user reviews of the Binance wallet have to do with the complexity of the exchange wallet and also some less than ideal customer support.
The old one "problem” isn't really a huge factor — although you need to spend some time at Binance trying to figure things out, you shouldn't face any unbeatable obstacle.
One last thing worth mentioning is that, like many other exchange wallets out there, Binance has a native utility token — the Binance Coin (BNB). Judging by the price and volume charts of this token, it looks like people actually use it quite often!
One of the main purposes of this token is to handle Binance fees — with the help of the BNB token, you can eliminate a large part of the fees, thus increasing your potential earnings exponentially!
However, this is more about the exchange than the wallet — if you want to know more, you can also check out our review of the exchange Binance.
If you made it this far — thank you! I know it's a lot of information to take in at one time, so I really appreciate you supporting me to the end!
Even though there's a lot to consider, my verdict remains the same — if you're looking for a high-quality wallet, Binance should be one of the first places you should check.
If, however, you are more interested in hardware cryptocurrency storage, you should then turn to wallets such as the Ledger Nano X, or the Trezor Model T. This will ensure the best possible security money can buy, but it will have a price.