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Binance offers several types of wallets, each designed to meet different needs and levels of control:

Spot Wallet (or Fund Wallet): This is the main wallet used for trading on the Binance platform. When you deposit funds into Binance to buy or sell cryptocurrencies, they are stored in your Spot Wallet. It is ideal for quick transactions and daily trading. Although your funds are on the platform, Binance implements many security measures to protect them.

Fund Wallet: This wallet is more focused on transactions outside of traditional trading, such as P2P (peer-to-peer) trading and using Binance Pay to send or receive payments. It is also used to receive rewards and gift cards. You can transfer assets from your Spot Wallet to your Fund Wallet for these operations.

Binance Web3 Wallet: This is a self-custody cryptocurrency wallet integrated into the Binance app. This means that users have full control over their private keys and, therefore, their crypto assets. It is designed to empower users in the realm of decentralized finance (DeFi) and allows interaction with decentralized applications (dApps), exchanging tokens across different blockchains, and earning yields. Unlike centralized wallets, where Binance holds your keys, with the Web3 Wallet, you are the true owner of your assets. It uses Multi-Party Computation (MPC) technology to enhance security without the need for a traditional seed phrase.

Trust Wallet: Although it is a separate application, Trust Wallet is a decentralized wallet owned by Binance. It allows users to have full control over their private keys, supports a wide range of blockchains and tokens, and allows for staking and secure storage of cryptocurrencies and NFTs outside of the Binance platform.