Binance Wallet vs Binance Exchange: where are your BTC
When I started using Binance, I created my Binance Wallet Web3 thinking it was necessary to receive BTC from sites like Cointiply or Freebitcoin. But over time I realized that this address was not the same as my Binance Exchange account, and that cost me some fees when transferring between the two.
After trying, making mistakes, and learning, I understood the difference. I'm sharing it with you so you don't waste time or satoshis.
Binance Exchange
This is where you trade, convert currencies, use Earn or Staking
Binance holds your funds
It is the address you should use to receive BTC from faucets, games, or platforms like Cointiply
It doesn't charge for receiving, but there may be network fees if you use another wallet
Binance Wallet
It is a decentralized wallet within Binance
It gives you full control of your keys, but it is not necessary for common operations
It is useful if you want to connect with dApps or use DeFi
It has fees if you move funds to or from the Exchange
The key
If you are a beginner and accumulating BTC from games or platforms, the best thing is to use only your Exchange address. This way you avoid extra steps and unnecessary costs.
I have already learned the lesson
And you, did you know that there are two different types of wallets in Binance?
