Binance

The popularity of cryptocurrencies and NFTs is proliferating, and rightfully so. With the world’s current state, people are looking for digital assets to invest in.

If you are someone who owns cryptocurrency or NFTs, you will know already that you need a wallet to store those funds. A hot wallet like the one attached to Binance is an excellent way for people to keep a range of digital assets.

You can also take it one step further and invest in a cold wallet so that your funds are secured offline.

With the emergence of NFT smart contract technology in the last three years, people are buying these digital assets more than ever. There has been exponential growth in the NFT sector, and we don’t see it slowing down anytime soon.

However, with a massive influx of new NFTs all the time, you must be aware that there is a possibility of being scammed. If someone gets the passphrase of your wallet, you may be sitting in some trouble.

It’s also good to note that not all third-party decentralized wallets come with security protection. If your computer isn’t protected from hackers, you could still be vulnerable to cyber-attacks.

In this article, we will talk about NFT wallets and, in particular, Binance’s NFT hot wallet. You will learn more about the cryptocurrency services that Binance offers, and we will highlight the company’s recommended wallet’s primary features.

What Is Binance NFT Wallet?

This cryptocurrency and NFT wallet can help you store your ERC 721 tokens and other digital assets built around that blockchain. Binance NFT wallet offers a secure place to store your non-fungible tokens until you are ready to trade them or sell them off.

Another great thing is that the wallet works seamlessly with the Binance NFT marketplace and a few other marketplaces.

When storing your NFTs on Binance, the platform has compatibility with various wallets. That means you are spoiled for choice when it comes to selection, as you will be able to use either Binance’s native wallet, MetaMask, or Trust Wallet.

However, in this Binance NFT review, we are looking at the platform’s native wallet so that you have a better understanding of it.

Our Binance NFT Wallet Analysis

After weeks of wondering if we should open an account or not, we went for it. When signing up, the first thing we noticed was that the registration process was quick and effortless. You will have an account with Binance in under a few minutes.

Please remember that you will need to verify your account with a proof of address and identity document to withdraw your funds.

Once we had signed in, we started exploring the NFT marketplace and noticed the vast selection of new and rare non-fungible tokens. What’s great about the platform is that it allows you to buy NFTs with your cryptocurrency or credit card.

We then chose our desired NFT and purchased it using Ethereum, a straightforward process. The next mission was to try to sell a few NFTs that we had received from a friend.

Binance’s NFT Marketplace is one of the best places to sell your NFTs, so that is what we did. We listed the digital assets on the platform, and within a week, they were sold.

Next, we pondered how challenging it would be to withdraw from the Binance NFT wallet. You are going to be happy with what we found! Binance NFT wallet’s withdrawal process was so simple that even a child could do it.

Once we sold our NFTs for an ERC 172 support token, we quickly converted it to the Binance Coin (BNB). Then we clicked the withdrawal option and filled in our banking details; the entire process only took around two minutes.

The funds landed in our bank account within 24 hours after the withdrawal, which is awesomely fast and efficient.

Overall, the Binance NFT wallet is one of the most reliable and easy-to-use hot wallets on the internet. Another thing about the platform is that it is secured with military-grade encryption technology, meaning that your cryptocurrencies and NFTs are always protected.

The Sign-up Process

We mentioned previously, signing up with the Binance NFT wallet is simple. Head over the company’s home page to begin the process and follow the steps below:

Create Your Account

Click register in the top right corner of the home page to begin the registration process. That will take you to a screen where you must fill in your name, surname, contact details, physical address, etc. Be sure to click register once you are complete.

Check Your Email

Once you have signed up, Binance will send you a mail to verify your email account. Open the message and click “Confirm”; this will take you back to the Binance website so that you can continue browsing the latest NFTs.

Learn About the Platform

One of the primary things we can suggest is to learn about the Binance NFT wallet and marketplace. The best thing is that the platform is loaded with educational content that can be used to inform yourself of the latest trends in the NFT space.

It would also be good to understand the platform better so that there aren’t any hiccups when trying to create, sell, buy, or withdraw assets.

How Binance NFT Wallet Works?

Verification

After you have signed up to the platform, the next step is verification. On the Binance dashboard, you will find the verification center; you need to upload the relevant KYC documents so that the company can process your transactions.

Fees

What’s excellent about Binance is that they offer some of the lowest fees in the industry. You will find 0.015% to 0.10% purchase and trading fees, $15 for wire transfer, and 3.5% or $10, whichever is higher for debit card purchases.

Payouts

Payouts with Binance are quick, and you won’t wonder when your money is arriving for days on end. Once your account is verified, you can request a payout at any time.

Support

One thing that is great about dealing with Binance is the customer support you will receive. No matter your preferred form of communication, Binance has you covered; there is a live chat option, phone support, and email correspondence.

Withdrawals

The withdrawal process is effortless as long as you try to withdraw a compatible token. Once the asset has been converted to dollars, it is time to hit the “Withdraw” button and get the funds to your bank account.

Ease of Use

Binance NFT wallet is easy to use and superbly secure, so you don’t need to worry about the safety of your NFTs. Once you log into the platform, you will quickly notice how easy it is for you to buy, sell, or trade your favorite non-fungible tokens.

Platform Safety

With high-end military trade encryption technology, the Binance NFT wallet is one of the best places on the internet to store your digital assets. You also get a passphrase with your signup and can activate two-factor authentication to add an additional protection layer.

Transparency

Binance is a well-known company, and because of that, it is highly transparent. You will find tons of information regarding the company online, and you can learn about cryptocurrency on its website.

Is it Possible to Withdraw Earnings?

The answer to that question is a resounding yes! It is possible and easy to withdraw your earnings from the Binance NFT wallet, and you will love the limited-click process of withdrawing your funds once you have made some returns.

Binance NFT Storage Wallet

Storing your non-fungible tokens in the Binance NFT storage wallet is the best thing you can do concerning the safety of your digital assets. You may have been building an extensive collection and need a place to store it while waiting for the value to increase.

That is where the Binance NFT storage wallet can help you to keep your NFTs away from cybercriminals and unscrupulous hackers.

Compatibility with NFT Marketplaces

The Binance wallet can be used to store NFTs created on the Ethereum, Beacon Chain, and BNB Smart chain. However, you can also use the wallet to connect to thousands of other projects on various blockchains.

With the ability to connect to marketplaces like OpenSea, NBA TopShot Marketplace, and Rarible, you will love this wallet’s options. What’s great about the combability with different blockchains is that you can hold and store multiple assets in one convenient location.

Cross Chain Compatibility

We mentioned above that you could view other projects on many blockchains. It’s good to note that if you want to buy, sell, or mint an NFT on a different network; you will need a Binance NFT wallet because it has cross-chain compatibility.

By using cross-chain compatibility, you will be able to build a solid collection of non-fungible tokens and be able to verify their authenticity through its blockchain.

Verdict

Overall, the Binance NFT wallet is a great wallet to store your NFTs and cryptocurrency. It is easy to use and has many features to keep your digital assets safe from hackers and cybercriminals.

Choose this wallet if you want to build your collection of NFTs and keep them safe in the process.