Trust Wallet is one of the best, most popular hot wallets that you can find on the market. In fact, it was so successful that it caught the attention of the leading cryptocurrency exchange Binance, lading to its first-ever acquisition in 2018.
If you are using Binance as your preferred crypto exchange, using Trust Wallet is a no-brainer. Trust Wallet is a decentralized, non-custodial wallet that is suitable for over 40 blockchains and thousands of digital assets. Most coins supported on Binance are also supported by Trust Wallet, including Binance Smart Chain (BSC).
This article will tell you how to use Trust Wallet to store BSC, along with other essential info for a smooth crypto journey.
Important Terms and Definitions
Let’s get on the same page and start by defining a few things.
What Is Trust Wallet?
Trust Wallet is a mobile wallet that allows users to store cryptocurrency, send it out, and receive it from other people. It is open-source, with 47 repositories on GitHub. This means that any crypto enthusiast, developer, security expert, or anyone else interested can take a look under the hood of this service.
The wallet supports over 40 blockchains. But since many blockchains host more than one cryptocurrency, there are actually hundreds of thousands of crypto types supported on the platform.
What Is Binance Smart Chain?
Binance Smart Chain is a cryptocurrency that runs in parallel with Binance’s native Binance Chain (BC). It was created by Binance developers to increase the transaction capacity and introduce smart contract functionality.
What Is a Private Key?
A private key is a 65-character string of automatically generated numbers and letters. It is random, but it has a unique value that enables digital signatures and encryption/decryption with the corresponding public key.
However, keeping track of your private key for each cryptocurrency can be a headache. Plus, it increases the risk of losing access to addresses if you have multiple assets. In response to this, developers introduced seed phrases.
What Is a Seed Phrase?
A seed phrase is a list of 12 words and an alternative way to access your TrustWallet account. If it weren’t for the secret phrases, many addresses would’ve been lost. A pattern of letters, ideas, or associations, which assists in remembering something, became the industry standard for crypto wallets.
Seed phrases are created from a list of 2,048 simple words. Example:
liquid mailbox move cast brick trail elbow digestion mind giraffe tendency icicle
Twelve words might seem like a small number. However, even the most well-resourced attackers are unable to perform 2128 operations to guess the sequence. At least for now, no one has developed software or a device to crack seed phrases.
BIP39 is the standard for mnemonic phrases, the most common one for hierarchically deterministic (HD) wallets like Trust Wallet. If you ever lose or change phones, you can use this phrase to log into your account from another device.
Steps To Transfer and Keep Your BNB in Trust Wallet
This tutorial is not for those who are looking to buy Binance Smart Chain (BNB). Here, we’ll focus on how you can store your coins after purchasing them on Binance. So, if you have already got hold of your coins, follow the steps below!
Step 1. Download Trust Wallet on the App Store or Google Play
The app is called “Trust,” which should appear first in the search results.
You can also go the alternative, possibly safer way — download directly from the official website, trustwallet.com. You will see the download buttons for iOS- and Android-based devices on the main page. This way, you’ll have a 100% guarantee that the app is legit.
Step 2. Create a New Wallet
When you launch the app, you will be automatically offered to create a new wallet or sign in if you have one. We’ll assume that you don’t have an account yet, so complete the basic setup and proceed to the next step.
Step 3. Copy Your Password, i.e., Seed Phrase
You will see 12 words arranged in a particular order — this will be your wallet password (not to be confused with private keys). Copy this phrase before going to the next step.
To keep your seed phrase safe, consider writing it on a piece of paper, splitting and storing it in different locations, or encrypting it before storing digitally.
Then, you will be asked to confirm your seed phrase by entering it in the same order, and your new wallet will be live.
Step 4. Get Private Keys for Your Wallet
Once your account is set up, you will see an overview of your coins — by default, Bitcoin, Ethereum, Binance Coin, and Binance Smart Chain.
Find the Settings tab on the bottom right and find the main wallet tab (inside Wallets). You will see four public keys for your default coins. Copy the one associated with Binance Smart Chain, and go to the final step.
Step 5. Move BSC To Trust Wallet
Log into your Binance account, select Withdraw, and pick Binance Smart Chain(BEP20).You will then be asked to enter how much you want to send and the crypto wallet address (which you already have copied). Wait until the transaction is processed, and that’s it!
BNB Private keys export
To export your BNB from Trust Wallet to other wallets such as: myethwallet, metamask – you may need to export your private keys, this can be done using the mnemonic phrase and this utility.
Does Trust Wallet Generate Private Keys for Binance Smart Chain?
Trust Wallet does not support the extraction of internal private keys. Private keys can only be derived from the seed phrase using industry-standard recovery methods. There is a different key for each cryptocurrency in your wallet, all derived from one phrase. This may sound unsafe to beginners, but in fact, this practice adds an extra level of security.
Seed phrases are composed of non-sequential words, making it difficult (but not impossible) to brute force them. Besides, even if someone cracks it, you will have some time before they generate the correct private key.
Keep your recovery phrase in a safe place, and hopefully, when the time is right, you will be able to swap Binance Smart Chain funds for a profit.