The Binance Web3 Wallet is a self-custodial, multi-chain cryptocurrency wallet integrated into the Binance app. It allows you to manage digital assets, interact with decentralized applications (DApps), and explore decentralized finance (DeFi) without the complexity of traditional seed phrases. Below is a comprehensive guide to get you started.
Step 1: Set Up Your Binance Account
You need a Binance account to access the Web3 Wallet, as it’s embedded within the Binance ecosystem.
- Download the Binance App
- Visit binance.com or download the Binance app from the Google Play Store (Android) or Apple App Store (iOS). Use official sources to avoid scams.
- Register an Account
- Open the app, tap “Register,” and enter your email or phone number.
- Set a strong password (e.g., mix of letters, numbers, and symbols).
- Verify your account with the code sent via email or SMS.
- Enable Two-Factor Authentication (2FA)
- Go to your profile settings (tap the profile icon), select “Security,” and enable 2FA (e.g., Google Authenticator or SMS). This adds an extra layer of protection.
- Complete Identity Verification (KYC)
- In the app, go to “Profile” > “Verification.”
- Submit a government-issued ID (e.g., passport or driver’s license) and follow the instructions. KYC is required to unlock full wallet functionality.
Step 2: Create Your Binance Web3 Wallet
The Binance Web3 Wallet uses MPC technology instead of a seed phrase, making setup simpler and more secure.
- Log In to the Binance App
- Open the app and sign in with your credentials.
- Access the Web3 Wallet
- Tap the “Wallets” tab at the bottom of the app.
- Switch to the “Web3” option at the top of the screen.
- Create a New Wallet
- If it’s your first time, tap “Create Wallet.”
- The app will initialize your wallet in a few seconds using MPC, splitting your private key into three key-shares:
- One stored by Binance.
- One on your device.
- One encrypted for backup (see next step).
- Set Up a Recovery Password and Backup
- After creation, you’ll be prompted to back up your wallet (this is mandatory).
- Tap “Back Up Now.”
- Set a strong recovery password (known only to you; Binance cannot reset it).
- Link your cloud storage (e.g., iCloud for iOS or Google Drive for Android) and confirm the backup of the encrypted third key-share.
- Store your recovery password securely offline (e.g., on paper). Losing it and your device means losing access to your wallet.
- Verify Completion
- Once the backup is confirmed, your Web3 Wallet is ready. No seed phrase is provided or needed.
Step 3: Fund Your Web3 Wallet
To use the wallet, you need to add cryptocurrency. You can transfer from your Binance account or an external wallet.
- Transfer from Binance Account
- Go to “Wallets” > “Fiat and Spot” (or “Funding Wallet”).
- Select a cryptocurrency (e.g., BNB, ETH).
- Tap “Transfer,” choose “Web3 Wallet” as the destination, enter the amount, and confirm (may require 2FA).
- Deposit from an External Wallet
- In the Web3 Wallet, tap “Receive.”
- Choose the cryptocurrency and network (e.g., BNB Smart Chain for BNB).
- Copy the wallet address or scan the QR code.
- Send funds from your external wallet (e.g., MetaMask) to this address. Double-check the network to avoid loss.
- Check Your Balance
- Return to the Web3 Wallet to see your updated balance once the transaction confirms (timing varies by blockchain).
Step 4: Manage Your Assets
The Web3 Wallet lets you view, send, and manage your cryptocurrencies easily.
- View Your Assets
- Open the Web3 Wallet to see your total balance and individual token holdings.
- Add Tokens
- Tap the “+” icon or “Add Tokens,” search for the token (e.g., USDT), and enable it to display its balance if you hold it.
- Send Cryptocurrency
- Tap “Send,” select the token, and enter the recipient’s address.
- Specify the amount and network, review the gas fee (e.g., BNB for BNB Smart Chain), and confirm.
Step 5: Connect to DApps (for example Shieldeum)
The Web3 Wallet is your gateway to DeFi, NFTs, and more.
- Explore DApps
- In the Web3 Wallet, tap “Discover” or “DApps.”
Search for Shieldeum
- Connect to a DApp
- Select a DApp, Accepte the Wallet terms of use and it will prompt you to connect.
- Approve the connection in the Binance app
Congrats you can now create your Shieldeum EPN account or configure your desired Dedicated Bare Metal server!
Step 6: Secure Your Wallet
Security is your responsibility with this self-custodial wallet.
- Protect Your Recovery Password
- Keep your recovery password safe and offline. It’s your only way to recover the wallet if you lose your device.
- Use 2FA and Device Security
- Ensure 2FA is active on your Binance account and use a strong device passcode or biometric lock.
- Avoid Phishing
- Only use the official Binance app and links. Never share your recovery password or approve suspicious DApp requests.
- Monitor Activity
- Check the “History” section in the Web3 Wallet for all transactions.
Step 7: Withdraw Funds (Optional)
Move funds out of your Web3 Wallet when needed.
- Back to Binance Account
- Tap “Send” in the Web3 Wallet, paste your Binance Spot Wallet address (from “Fiat and Spot” > “Deposit”), and confirm.
- To an External Wallet
- Tap “Send,” enter the external address, select the network, and confirm.
- Convert to Fiat
- Transfer to your Spot Wallet, then go to “Withdraw” > “Fiat,” select your currency, and choose a withdrawal method (e.g., bank transfer).
Additional Notes
- Gas Fees: Transactions require network fees (e.g., BNB for BNB Smart Chain). Always have enough native tokens.
- Supported Networks: Includes Ethereum, BNB Smart Chain, Bitcoin, and more. Check “Networks” in the wallet for the full list.
- Support: Contact Binance’s 24/7 customer support via the app if you need help.
This updated guide reflects the Binance Web3 Wallet’s current MPC-based system, eliminating the outdated seed phrase process while emphasizing the mandatory backup step. With these steps, you can confidently set up, fund, and use your wallet to explore the Web3 world securely. Enjoy your journey into decentralized finance!