The Binance wallet is divided into two types: the Exchange Wallet and the Web3 Wallet. Many beginners can't tell the difference between them and their purposes. This tutorial will help you understand the Binance wallet system from scratch. Before we begin, complete the basic preparations: go to the Binance official website to register an account, download the official Binance APP to your phone, and Apple users can refer to the iOS installation guide.
Binance's Two Types of Wallets
Exchange Wallet (Centralized Wallet)
This is the wallet you automatically get after registering an account on Binance. Essentially, Binance safeguards your assets for you, and you access them via your account and password. Its features are easy operation, fast trading, and customer support, making it suitable for daily buying and selling.
Web3 Wallet (Decentralized Wallet)
This is a decentralized wallet feature built into the Binance APP, where you control your own private keys (seed phrase). Its features are complete autonomous control over assets, the ability to interact with on-chain applications (DeFi, NFTs, etc.), but the barrier to entry is higher, and if you make a mistake transferring, there is no customer support to help you recover it.
Setup and Use of the Exchange Wallet
Depositing (Receiving Cryptocurrency)
- Open the Binance APP, and click the "Deposit" button on the homepage.
- Select the coin you want to deposit (e.g., USDT).
- Select the deposit network (BSC has the lowest fees, ERC20 has the best compatibility, TRC20 is fast and cheap).
- Copy the deposit address or save the QR code.
- Transfer funds to this address from another platform or wallet.
Important: The deposit network must be exactly the same as the network selected by the sender, otherwise the assets will be lost! For example, if you choose a BSC network address, the other party must also use the BSC network to send.
Withdrawing (Sending Cryptocurrency)
- Click "Withdraw", and select the coin.
- Enter the receiving address (be sure to carefully verify every character).
- Select the withdrawal network (must match the receiver's).
- Enter the withdrawal amount.
- Complete security verification (Password + SMS/Google Authenticator code).
Internal Transfers
Transfers between Binance users can utilize the "Internal Transfer" feature. Just enter the recipient's Binance UID, email, or phone number. It is fee-free and arrives instantly.
Creation and Setup of the Web3 Wallet
Creation Steps
- Open the Binance APP, and click the "Web3" icon in the bottom navigation.
- Click "Create Wallet".
- The system will generate a set of 12 seed phrases. You MUST use pen and paper to write them down and keep them safe.
- Confirm the seed phrases in order to complete creation.
Seed Phrase Security Guidelines
- NEVER screenshot your seed phrase to save it—if your phone is hacked, screenshots are the easiest to leak.
- Do not store it in cloud backups—iCloud and Google Drive are not secure enough.
- Do not tell anyone—Binance customer service will never ask you to provide your seed phrase.
- It is recommended to make two physical copies and store them in different locations—to prevent accidents like fires or floods.
Connecting to DApps
Once the Web3 Wallet is created, you can access various decentralized applications through the built-in browser. Click the browser icon on the Web3 page and enter the DApp URL to connect.
Transferring Between the Exchange Wallet and Web3 Wallet
Transferring assets between the two wallets is very simple:
- On the Web3 Wallet page, click "Receive", select the coin and network, and copy the address.
- Switch to the Exchange Wallet page, use the "Withdraw" function to transfer funds to the Web3 Wallet address.
- The reverse operation is the same.
Internal transfers usually take 1-5 minutes to arrive, depending on network congestion.
Security Recommendations
- It is recommended to store large amounts of assets in the Exchange Wallet, protected by Binance's security system.
- Only transfer the required amount to the Web3 Wallet when you need on-chain interactions.
- Regularly check the approval list of your Web3 Wallet and revoke approvals for DApps you no longer use.
- Make absolutely sure to enable all available security verification methods for your Exchange Wallet.