Your Binance.US Wallet gives you full control over your crypto across decentralized finance and dApps. But with that control comes responsibility. Here's what you need to know to keep your assets safe.
How your Binance.US Wallet works
Your Binance.US Wallet uses multi-party computation (MPC) technology, which means your private key is never stored in one place. Instead, it's split into multiple encrypted key shares, and two shares are required to access your wallet. This means your funds stay protected even if one key share is compromised.
Back up your wallet
Always back up your wallet and set a strong recovery password. If you ever lose access, you'll need both your backup and your recovery password to restore it. You have three backup options:
Quick Backup. Securely encrypts and backs up your wallet without needing a recovery password.
iCloud or Google Drive. Backs up your wallet to your preferred cloud storage using a password.
Never import a seed phrase or private key from someone else. If a scammer gives you one, your funds could be stolen the moment they gain access to your wallet.
Sending and receiving crypto safely
Receiving crypto is simple. Tap Receive on your wallet homepage, and share your wallet address or QR code.
Sending requires more care. A single incorrect character in a wallet address can result in permanent loss. Before you hit send:
Double-check every character of the destination address.
Never copy addresses from your transaction history. They may be outdated or tampered with. Use the address book feature to save trusted addresses instead.
Make sure the network matches. Sending a token over the wrong network, for example sending a Solana-based token to a BNB Chain address, can result in lost funds.
When sending large amounts, send a small test amount first to confirm it arrives correctly.
Your History tab shows a running log of all incoming and outgoing transfers. Be cautious of unknown tokens appearing in your history. Some may carry warning icons, but not all do. Always do your own research before interacting with unfamiliar tokens or contracts.
Swapping tokens safely
The swap feature lets you exchange one token for another directly in your Binance.US Wallet, no external platform needed. You can access it from your homepage or the Markets tab.
Before confirming any swap, review these three things:
Token legitimacy
Your Binance.US Wallet gives you access to far more tokens than the Binance.US exchange, many of which haven't gone through a formal listing review. Watch out for tokens with misleading names or symbols, or those flagged as spam or honeypot tokens. If a token lacks an audit or shows suspicious behavior, like having only buyers and no sellers, don't interact with it.
Liquidity
Tokens with low liquidity can be harder to sell, more prone to large price swings, or may cause your swap to fail. Low liquidity can also be a sign that a token isn't what it claims to be. Legitimate projects typically have higher liquidity and a larger fully diluted valuation (FDV), the estimated total value of a token based on its current price and maximum supply. Always verify the contract address matches the official one. Don't rely on the token symbol alone, as scam tokens often use official-sounding names to disguise themselves.
Slippage
Slippage is the difference between the expected price and the actual price when your swap executes. If your slippage tolerance is set too low, the transaction may fail. Set it too high, and you may pay more than expected. Before confirming any swap, review the estimated amount you'll receive, gas fees, and slippage settings.
Connecting to dApps safely
dApps let you interact directly with blockchain services like lending platforms and NFT marketplaces. In your Binance.US Wallet, you can connect to dApps by scanning a QR code, browsing verified options in the Discover tab, or entering a dApp URL manually.
When you connect your wallet to a dApp, you're allowing it to read your public wallet address and view your token balances. Some dApps may also ask you to sign a message to prove wallet ownership. If a dApp prompts you to sign something unreadable or unrelated to what you're doing, stop. It could be a phishing attempt.
Connecting to a dApp alone doesn't give it permission to move your funds. However, a malicious dApp can prompt you to sign a deceptive smart contract that grants it access to your assets. Only connect to dApps you trust, and always review what you're signing before confirming.
Make it a habit to regularly review your connected dApps and token approvals:
Go to More, then Connected dApps to see which apps have access to your wallet. Disconnect any you no longer use or recognize.
Go to Assets, then Approvals to review and revoke token approvals you no longer need.
A note on seed phrases and private keys
If anyone ever asks for your seed phrase or private key, stop immediately. No legitimate dApp, service, or support agent will ever ask for it. The moment you share it, your wallet is compromised.