Holding and Storing BNB (BNB)
BNB (BNB) is supported by various hardware and software wallet providers. The choice between hardware and software wallets is mostly a balancing act between convenience and security to the user. We’ll provide a quick rundown on them in this section.
Generally, hardware wallets (e.g. Ledger) are non-custodial wallets which keep private keys of a wallet offline and only the owner knows it. This is arguably the safest option for storage as the user has full ownership of the coins, but is likely the least convenient as it requires the user to operate additional hardware to spend/use the cryptocurrency.
Non-custodial software wallets (e.g. Trust Wallet, Atomic Wallet) is the next option in terms of safety compared to hardware wallets, although they are likely more convenient. The private keys are also owned by the user, but since the wallet is kept on an online device (eg. the phone), there is a higher risk of losing the funds as hackers can access devices which are connected to the internet.
Lastly, arguably the most convenient yet risky storage method would be storing funds on custodial wallets (eg. on a centralized exchange such as Binance) as users do not own the private keys to the funds. A hack on the storage location can potentially cause users to lose their funds, much like what happened during the infamous 2014 Mt. Gox hack which recorded a massive loss of 850,000 BTC, most of which are customer funds.
Check out the full list of wallets which supports BNB on Binance’s own updated list
