In the early days of cryptocurrency, creating a new token was a daunting task, often requiring the development of an entirely new blockchain or a Bitcoin fork.
However, Ethereum revolutionized this landscape by transforming blockchain technology into a versatile development platform. The introduction of the ERC-20 token model provided a fundamental framework for crafting new cryptocurrency tokens.
As the cryptocurrency ecosystem evolved, innovative projects emerged, each with unique blockchain technology. One such project is the BNB Smart Chain (BSC), which introduced its token standard, BEP-20.
With the emergence of the BEP-20 standard, the demand for wallets that support it obviously grew.
So, in this article, we’ll explore the top BEP20 wallets available in 2023 and provide essential insights. Let’s get started!
What is BEP20? Binance Smart Chain Explained
The BEP-20 (or BEP20, an acronym that stands for Binance Smart Chain Evolution Proposal) is a token standard developed by the Binance crypto exchange and operates on the BNB Smart Chain (BSC) and can be seen as an expansion of the widely-used ERC-20 standard on Ethereum.
It serves as a set of guidelines for tokens in this blockchain, specifying how they can be utilized, who has the authority to use them, and other regulations governing their functionality.
Following the BEP-20 token standards, people can easily create new tokens on the BNB Smart Chain. This process is simple and doesn’t require advanced programming skills, which is a significant advantage. Developers don’t need to build a new blockchain from scratch, and they aren’t limited to the Ethereum Token Standard.
Notably, the BEP-20 standard is not only inspired by but also fully interoperable with the ERC-20 standard.
Some examples of BEP20 standard tokens are BNB, PancakeSwap, Binance USD, SafeMoon, and others.
What is a BEP20 Wallet?
A BEP20 wallet is a wallet that allows you to manage BEP20-compliant tokens. In order to store and manage coins from the BNB Smart Chain (BSC) blockchain, users need a compatible cryptocurrency wallet.
These wallets offer a secure means for users to store, send, and receive BEP-20 tokens, much like Ethereum wallets facilitate the management of ERC-20 tokens.
They are crucial for individuals seeking to participate in activities involving tokens and decentralized applications (DApps) on the Binance Smart Chain.
How BEP20 Wallet Works?
A BEP20 wallet functions much like other crypto wallets. When you create a BEP20 wallet, you receive both private and public keys. The private key is a secret code granting access to your wallet, while the public key is used to receive BEP20 tokens.
The primary role of a BEP20 wallet is to store, send, and receive BEP-20 tokens. To achieve this, you generate a unique BEP20 wallet address consisting of alphanumeric characters. It’s crucial to remember that each BEP-20 wallet address is exclusive and should remain confidential.
Once you have a BEP-20 wallet address, you can easily transfer BEP-20 tokens to and from the wallet. To send tokens, enter the recipient’s BEP-20 wallet address in the wallet’s send function. Specify the number of tokens you want to send and confirm the transaction.
Top BEP20 Wallets: Best BEP20 Wallet Binance Smart Chain in 2023
Now that you have a good grasp of the fundamentals, let’s explore the top 5 BEP-20 wallets for you to consider. To simplify your decision-making process, we’ve categorized them into the best hardware wallets and the best software wallets.
Our selection criteria include factors such as security, overall reputation, technology features, support for a wide range of coins (especially BEP-20 tokens), and more.
Best 2 Hardware BEP20 Wallets
1. SafePal S1
Based on our research, the best hardware BEP20 wallet at the time of writing this article is SafePal S1.
SafePal S1 is a secure hardware BEP20 wallet designed for safeguarding digital assets. Developed with backing from Binance, it caters to crypto enthusiasts with its user-friendly interface.
Managing SafePal products is easy through the centralized SafePal app, simplifying key generation and urging users to secure their recovery seed.
SafePal prioritizes security with a durable battery and no reliance on USB, WiFi, or Bluetooth, minimizing remote attack risks and unauthorized access.
Supported Currencies on SafePal S1
SafePal is compatible with over 63 blockchain networks, including a wide array of ERC-20 and BEP-20 tokens. Based on the wide range of BEP-20 tokens supported, SafePal is a top choice for us.
Pros of SafePal S1
- Cost-effective wallet option.
- Incorporates an anti-malware self-destruct function.
- Implements multiple layers of security for enhanced protection.
Cons of SafePal S1
- Relies on QR codes for operations, which might be less convenient for certain users.
- Constructed with a basic plastic design.
- Not an open-source wallet.
Ledger Wallets is our second choice when it comes to the best BEP2 wallets, especially when it comes to hardware wallets. And when we say Ledger, that means all hardware wallets developed by Ledger, including Ledger Nano S, Ledger Nano X, and Ledger Stax.
Crafted by the renowned Paris-based company, Ledger is a secure and user-friendly hardware wallet for storing and managing cryptocurrencies.
The Ledger hardware wallets act as a personal vault, keeping cryptocurrencies safe from online threats like hackers and malware.
What sets Ledger Wallet apart is its innovative and intuitive design. The wallets are thoughtfully crafted to provide a seamless user experience, even for those new to crypto. With Ledger Wallet, you don’t need to be a tech expert to manage your digital assets securely. Its user-friendly interface and straightforward setup process make it accessible to everyone, ensuring that anyone can easily safeguard their cryptocurrencies.
Supported Currencies on Ledger
Ledger supports natively over 50 cryptocurrencies, all ERC-20 tokens, and some BEF-20 tokens. Ledger is ranked #2 in our top list precisely because it does not support various BEP20 tokens.
Pros of Ledger Wallets
- Native staking and NFT management capacities.
- Highly secure wallet with cutting-edge security features.
- Mobile app with a fortunate Bluetooth connection.
- Comprehensive crypto schooling library for users.
Cons of Ledger Wallets
- It’s not fully open source.
- Higher entry price compared to other wallets.
- There has been some controversy surrounding Ledger’s security and privacy concerns in the last months.
Best 3 Software BEP 20 Wallets
1. MetaMask Wallet
MetaMask Wallet was founded in 2016 and emerged as a non-custodial crypto wallet tailored for Ethereum blockchain interaction, nurtured by ConsenSys.
With over 30 million active users per month, it reigns as the leading non-custodial crypto wallet globally and our top pick among software BEP20 wallets.
MetaMask thrives within a vibrant community, supported by millions of downloads and abundant resources dedicated to its advancement.
Using MetaMask ensures swift, secure key and password generation on your devices. Crucially, you retain full control over your data and accounts, empowering you to decide what remains private or shared.
This versatile tool comes as a browser extension or mobile app for your convenience.
Supported Currencies on MetaMask
MetaMask initially supports Ethereum, endowing users with unique ERC20 wallet addresses. Consequently, users can swiftly fund their MetaMask wallets with Ethereum and many ERC20 tokens. Beyond Ethereum, MetaMask diversifies its support for various network standards, including Arbitrum, Optimism, Binance Smart Chain, Polygon, Avalanche, Fantom, Celo, Harmony, Palm, and Aurora.
Pros of MetaMask Wallet
- Simple setup procedure.
- Open-source software, compatible with multiple browser networks.
- Integration with Ledger devices for enhanced security.
- Option for automatic account backup.
Cons of MetaMask Wallet
- Lack of 24/7 live customer support.
- Manual addition of other supported networks is required.
- No built-in coin-to-fiat conversion feature.
2. Trust Wallet
Trust Wallet is a non-custodial wallet and, simultaneously, a great BEP 20 wallet and decentralized wallet that gives users full control over their cryptocurrencies and NFTs. It serves as the official wallet for Binance Exchange, supporting more than 70 different blockchains and housing an extensive collection of over 9 million digital assets.
One of its standout features is its seamless integration with decentralized applications (DApps), ensuring secure interactions across various blockchains.
Trust Wallet offers many functions, including buying, sending, receiving, staking, trading, and securely storing cryptocurrencies.
It operates as a hot wallet, meaning it’s connected to the internet, providing unmatched flexibility for managing your assets from anywhere and at any time.
Trust Wallet is conveniently available on Android, iOS, and as a browser extension.
Supported Currencies on Trust Wallet
As mentioned earlier, Trust Wallet proudly supports multiple blockchains (over 70) and hosts a vast collection of over 9 million digital assets. When it comes to cryptocurrencies, you’ll discover all the major ones like BTC, ETH, DOGE, SOL, and DOT, as well as tokens like CAKE, BUSD, SAFEMOON, and more. This includes compatibility with the ERC20 and BEP20 networks.
Pros of Trust Wallet
- Easy setup.
- Extensive cryptocurrency support, including ERC-20 tokens and Binance Smart Chain Network tokens.
- Specifically designed for BNB chain tokens.
Cons of Trust Wallet
- Lack of round-the-clock live customer support.
- Faced security concerns in the past year (but nothing too serious).
3. Coinbase Wallet
Last but not least, Coinbase Wallet. Coinbase Wallet BEP 20 wallet was introduced in 2018 and is an online cryptocurrency wallet, often referred to as a “hot wallet,” that gives users control over their digital assets.
Its strong connection to the Coinbase crypto exchange is known for its top-notch security features, making Coinbase Wallet one of the most secure options for storing cryptocurrencies.
With this wallet, users can securely store their digital currencies and access decentralized applications (DApps) on different networks.
For added peace of mind, Coinbase Wallet is backed by FDIC insurance, which covers up to $250,000 of your fiat currency.
You can access it through any modern web browser, iOS, or Android device.
Supported Currencies on Coinbase Wallet
Coinbase Wallet covers major cryptocurrencies, including Ethereum, Polygon, Bitcoin, Dogecoin, Litecoin, Stellar Lumens, Ripple, and Solana. It also works with Ethereum Layer-2 networks like Arbitrum, Avalanche C-Chain, Binance Smart Chain ecosystem, Fantom Opera, Optimism, Polygon, and Gnosis.
Pros of Coinbase Wallet
- Supports multiple cryptocurrencies.
- Backed by Coinbase, a reputable cryptocurrency exchange.
- Allows access to decentralized applications (DApps) for staking and NFT marketplaces.
Cons of Coinbase Wallet
- No desktop application.
- Limited support for NFTs.
What is a BEP20 Address?
A BEP-20 address is a unique string of alphanumeric characters that identifies a wallet on the Binance Smart Chain (BSC). It is used for sending, receiving, and storing BEP-20 tokens, which are digital assets that adhere to the BEP-20 token standard on the BSC.
What Does The BEP20 Wallet Address Start With?
A BEP20 wallet address or a Binance Smart Chain address typically begins with the prefix “x0.” It’s important to note that while this “x0” prefix is commonly used for a wallet address on the Binance Smart Chain (BSC) or a Binance Smart Chain wallet, it’s not a mandatory requirement defined by the BEP20 token standard. Some projects or tokens on the BSC may follow this naming convention, but it’s not universally applicable to all BEP20 tokens.
What Wallets Support BEP20 Tokens?
There are plenty of crypto wallets in the market that accept BEP20 tokens. Based on our research, the best are SafePal, Ledger, MetaMask, Trust Wallet, and Coinbase Wallet.
However, there are others you can research yourself, such as Math Wallet or Ellipal Wallet.
Does MetaMask Support BEP20?
Yes, MetaMask offers users the ability to add the BNB Smart Chain or Binance Smart Chain (BSC) RPC network to their wallet. This integration allows users to safely store and conduct transactions with BEP20 tokens.
Does Coinbase Wallet Support BEP20?
Yes, Coinbase Wallet is a decentralized wallet that supports a multitude of BEP20 tokens.
As the cryptocurrency landscape continues to evolve, the emergence of BEP-20 tokens on the Binance Smart Chain has fueled the demand for wallets that support them.
Whether you’re looking for a hardware wallet’s enhanced security or a software wallet’s convenience, the options available today provide a robust ecosystem for managing BEP-20 tokens and participating in the Binance Smart Chain network.
As the crypto space continues to innovate, staying informed and choosing the wallet that aligns best with your specific requirements is essential.