Based on many inquiries from esteemed followers and investors about decentralized wallets, we will mention them in detail below, along with explaining their security, how to increase their security rate, and comparing them with other competing wallets. We will also guide you through the steps to create them step by step, how to solve common issues in using them, how to log into them, and how to benefit from the features and technologies they provide to you as a user.
Explanation of Binance Wallet
The advanced Binance wallet was launched specifically in 2023, and since then, its users have been amazed by its security and what it offers them in services. As we mentioned before, it is a decentralized wallet meaning that no one else shares the right to control it or view the transactions that occur through it.
This completely contradicts centralized wallets that you own on the trading platform you are using. Such wallets allow the platform management to view the amount of currencies you own, and they are aware of any deposit or purchase made through them, in addition to knowing the individuals you deal with through it, which is very similar to your bank account that the bank knows all its details including balance, withdrawal and deposit dates, etc.
Benefits of using Binance Wallet
If you knew the features that the web 3 wallet launched by Binance provides, you would not hesitate for a moment to own one, as its most prominent benefits are as follows:
The decentralized wallet from Binance helps you purchase any new currency from any other platform, even if it is not yet listed on Binance.
The wallet is extremely secure and cannot be hacked in any way unless you share its 12 keywords with someone else. An example of this is in the following images:
The web 3 wallet from Binance gives you the ability to transfer your currencies from the centralized wallet on the Binance platform to it easily.
This wallet also enables you to complete the process of converting one currency to another easily.
It also grants you annual returns on all currencies stored within it.
The web 3 wallet also sends you a warning notification for any currency you choose but is not safe enough to add to the wallet.
The wallet also alerts you when you use an incorrect address on the blockchain.
It also sends you a warning notification when you use any fraudulent or unsafe smart contract for any cryptocurrency.
Types of wallets available on Binance
In fact, before making any comparison between the Binance wallet and other wallets, we must clarify the types of wallets supported by the Binance platform, including the following:
Savings Wallet.
Margin Wallet.
Funding Wallet.
Exchange Wallet.
Futures Wallet.
Custody Wallet.
Digital wallets on mobile such as: Trust, and MetaMask.
Digital wallets on desktop such as: Electrum, and Exodus.
Open Binance Wallet:
Now it's time to present you with the steps to open the decentralized Binance wallet through the Binance app that you previously downloaded on your device, detailed as follows:
Log in to the Binance app from your phone or computer.
Click on the more option in services to show you a list of icons, choose from web3.
Click to agree to the terms and conditions, then press continue as shown in the image:
Now we come to setting a password to secure the wallet, which is done in 3 stages: the first is on the platform itself, the second concerns you, and the last is on cloud storage as shown in the picture:
After clicking on create or backup option, press the ok option as shown in the following image:
In this way, your decentralized wallet becomes ready for use, and you can immediately deposit any currencies or balance into it. You can also scan the QR code, and transaction icons for receiving, sending, and dates of each transaction will appear. By clicking on the more button, you become capable of searching for any currency you want to purchase from the platform.
How to secure Binance wallet
You will strongly need to secure your decentralized wallet from Binance and avoid the risks, especially when changing your phone through which you accessed the wallet, or in case of deleting the app and reinstalling it again, as well as when accessing your wallet from a new device. The first step to securing it is as follows:
Click on the backup icon as shown in the following image.
Set a backup password that includes letters, punctuation marks, and numbers as well.
Enter your wallet recovery phrase twice, then click on the continue button.
You will receive an alert from the Binance platform to protect your wallet recovery phrase in a safe place, as the platform will not be able to assist you if you lose it. Remember that it is a decentralized wallet, meaning you are the only one in control of it.
Activate the options to agree to the terms and conditions in front of you in the image, then click on continue, to finally complete the wallet backup process.
If you delete the app or download it on another device and want to open the wallet, download the Binance app first, then log in to your account, click on the web3 wallet option, and press the restore wallet option, and enter the password that only you know to retrieve it. You will find that the wallet opened immediately, and your balance and all its contents appeared.
Binance Wallet Login
Dear investor, you can now download the Binance app in Arabic and log in to your account as you wish by completing the following steps:
Enter the Binance app from your device.
Click to log in by entering your application credentials.
Press more, then click on web 3 wallet.
Enter the passwords for accessing this wallet.
All contents of the wallet including service icons, balance, and other important details will appear to you.
Is Binance platform reliable?
Since we are talking to you today about the Binance wallet, you are surely wondering if this platform is reliable and credible or not. The answer is that it is indeed a wallet characterized by credibility and reliability around the world, and its name alone is enough to assure you about your invested money in it. You will also feel more secure when you secure your wallet on it, whether centralized or decentralized, using the previously mentioned steps.
Binance wallet works in any country.
As for the countries that support the use of the Binance platform and the wallet mentioned today, it is approved in many countries around the world such as: the United States, as well as Latin America, Asia, the European Union, the Middle East, and some countries in Africa as well.
Despite the platform not imposing any restrictions on users regardless of their countries or ethnicities, on the other hand, there are some countries that impose their restrictions and set strict laws on users of trading platforms like Binance, which may oppose some people's investment paths.
Solutions to common Binance wallet issues
If you are afraid of not being able to overcome some common problems when using the decentralized wallet from Binance, we have brought you solutions as follows:
Login issue: You need to ensure that your device is connected to the internet and that the service is not weak. Additionally, you may delete the app and then reinstall it again, and the last solution is to enter the password correctly.
Forgot password or wallet recovery phrase: In case you forget your recovery phrases for the wallet, unfortunately, you will not be able to access it without remembering them. Therefore, make sure to write them in your personal notebook and keep it in a safe place.
Currency transfer issue: If you are facing an issue with sending currencies, you need to ensure first the correct address of the recipient's wallet, and also make sure you have enough balance to cover the transfer fees.
Issue of not linking your decentralized wallet to the centralized one on the platform: This issue can be solved by entering your password correctly, in addition to activating the camera to scan the QR code.
Conclusion
In summary, the decentralized Binance wallet is one of the distinctive modern services, and it has been provided to assist the investor who relies on this platform for his trading transactions. Also, the step of activating wallet backups and steps for retrieving it are important steps you should learn.
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