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Binance is a leading cryptocurrency exchange with hundreds of millions of users globally and a trading volume of well in the double-digit billions per day.
While it’s positioned as the top crypto exchange and a frontrunner in the cryptocurrency world, navigating through its platform can be daunting, especially for beginners. Simple tasks such as depositing or sending crypto, trading, or even finding your Binance wallet can take a good chunk of your time if you’re new to the exchange.
This comprehensive guide will explain how to find your Binance wallet address in just a few steps.
Finding Your Binance Wallet Address
Finding your Binance wallet address is easier than it seems. Just follow the steps below:
- Log in to your Binance account, head to the top right, click on Wallet, and then choose Fiat and Spot from the dropdown menu. This section is for deposits and withdrawals and highlights the available cryptocurrencies for buying, selling, and trading.
- At the top right, click on Deposit —the new page will prompt you to choose the cryptocurrency you wish to deposit.
- Once you have chosen your cryptocurrency, you’ll be asked to select a specific network. The image below shows three options: BSC, Beacon Chain, and Ethereum, for example.
- Once you have selected your respective Binance address, click on the copy icon to the right or scan the QR code through your phone.
- That’s it; you have found and selected your Binance wallet address.
Many cryptocurrencies can be sent through multiple networks; therefore, If the cryptocurrency you have selected has this function, you can see the different blockchains in the dropdown menu. Many cryptocurrencies support the Binance chain and BSC, so you’ll have a wide array of options to choose from.
As a side note, remember to double and triple check you’re choosing the correct network address. Failing to do so will ultimately lead to the loss of your funds.
Note: There are two types of Binance wallet addresses; one belongs to the Binance Chain, and the other belongs to the BNB Chain (formerly, Binance Smart Chain (BSC)), so be mindful of this since it will prompt you to choose between the two. If you’re still unsure about using the correct network, make a small transaction using your BSC or Beacon address first. This way, you can check if you’re using the correct address and avoid the risk of losing a larger amount of funds.
Also read: Where is Binance Located?
How to find a Bitcoin wallet address on Binance?
The process is similar to the one explained above:
- First of all, log in to your Binance account and click on Wallet and then choose Fiat and Spot from the dropdown menu.
- Choose Bitcoin
- Select the specific network. Below you can see different options (make sure your address matches the sender’s, or you will lose your funds, e.g. if the sender is using BSC to send you the Bitcoins, choose the BSC network.)
Security tips When Using Crypto Wallets
If possible, avoid re-using your crypto address since malicious actors might trace your transaction activity. Use a strong password to protect your crypto, always double-check the addresses, and never reveal your seed words to anyone. Also, avoid leaving your funds in a custodian exchange; it’s always best to use a software or hardware wallet.
What is a Crypto Wallet?
A cryptocurrency wallet can be a software or a hardware wallet in which you can store, buy, sell and trade cryptocurrencies.
The main difference between the two is that a software wallet is connected to the internet and can be used via PC or a smartphone, whereas a hardware wallet is a physical device —similar to a pen drive— that works offline; this comes with the advantage of eliminating the risk of cyber-attacks, but they’re not as versatile as software wallets.
Either way, crypto wallets are a great way to have full control of your funds since they grant you your private keys, which are essentially an alphanumeric code that gives you access to your coins and allows you to send and receive crypto. Popular crypto wallets include Trezor, Ledger, MetaMask, TrustWallet, etc.
Is Binance a Safe Exchange?
Binance is regarded as one of the safest cryptocurrency exchanges in the cryptocurrency scene. Binance leverages industry-standard security features and has shown its proof of reserves.
It allows users to set up multiple security methods, such as biometric verification, 2FA, and more. However, better safe than sorry; make sure you never leave your funds in a cryptocurrency exchange and rather store your crypto in an established crypto wallet.
Conclusion
As you can see, finding your Binance wallet address is fairly easy. New users might feel overwhelmed with the amount of features and functions that appear on Binance’s dashboard. But the process just requires a bit of patience and you’ll be good to go.
Featured image via Unsplash.