Binance Web3 Wallet Explained: How to Activate and Use It

[00:02] Binance has launched a decentralized wallet, or Web3Wallet. completely different from the regular wallet you currently use for your cryptocurrencies. In this video, I'll

[00:14] explain what a decentralized wallet, or Web3Wallet, is, and how to activate and use it on the Binance app. Watch the video to the end because it covers a lot of important information about the world of cryptocurrencies. First,

[00:27] what is a decentralized wallet from Binance? A decentralized wallet is a cryptocurrency wallet integrated into the Binance app, or you could say connected to it. It's completely different from the regular wallet you're currently using. This wallet is designed to

[00:41] securely store your cryptocurrencies, protecting them from any potential hacking of the Binance platform or your personal account. It also serves as your gateway to the world of applications. Decentralization based on blockchain technology – but what does that mean? Look, my friend, to understand, you need to know that

[00:55] cryptocurrency wallets are divided into two types: centralized wallets and decentralized wallets. The first type is the centralized wallet, which is a wallet that is entirely under your control regarding the currencies it contains, but at the same time, it is subject to the management of the platform you trade on. This type of wallet

[01:09] means that the platform you use knows everything that happens in your wallet, such as what currencies you have and their amounts, who you bought from and who you sold to, and other details. You could say that it's like your bank account; a third party, the bank, knows all the details of your account, such as

[01:23] when you deposited and withdrew funds, who you transferred to and who you received from. Furthermore, centralized wallets are less secure than decentralized wallets. For example, if the platform you trade on is hacked, God forbid, your personal account is also vulnerable to hacking. May

[01:36] God protect everyone from such a thing. As for decentralized wallets... A decentralized wallet, or Web3 wallet, is the complete opposite of a centralized wallet because you are the sole controller of the wallet and all its details. It's also more secure than a centralized wallet because,

[01:49] through Binance's decentralized wallet, you can securely store your funds and coins separately from the regular wallet you currently use for spot trading or funding. You can also use a Web3 wallet, or decentralized wallet, to easily move your coins to

[02:04] decentralized and dot-com platforms to buy coins that aren't listed or available on the Binance platform. For example, PayPay wasn't listed on Binance when it was launched and became popular. You had to go to decentralized platforms like

[02:19] PankickSwap to buy it, but of course, you needed a decentralized wallet to link to a platform like PankickSwap to buy the coin. PayPay was released on Binance after it had already become available on other platforms. The cryptocurrency was decentralized and still has a strong presence, and

[02:32] its price was very high. I want to tell you that the best time to buy the cryptocurrency is before it's listed on centralized platforms like Binance. Also, the Binance centralized wallet is very easy to create and use because it's integrated into the Binance app. So, grab your coffee and let's

[02:47] explain how to activate and use your centralized Binance wallet. First, open the Binance app and log in to your account. If you don't have an account, you can register using the link in the video description below, and you'll get a 20% lifetime discount on platform fees. After logging in,

[03:01] from the homepage, click on " More." You'll find "Web3" in the " Commonly Used Feature" section; click on it to start activating the wallet. Alternatively, you can go directly to the homepage, click on " Wallet" at the bottom left, and then click

[03:15] on "Web3" at the top. The page above will take you to a new page where you'll click on "Create Wallet." After a few seconds, the wallet will be created. However, as wallet will be created. However, as

[03:29] stored in the regular, centralized wallet on the Binance platform. Therefore, we need to transfer cryptocurrencies from our regular wallet to the decentralized wallet. But before transferring your cryptocurrencies, or any part of them, to the decentralized wallet, we must create a backup of the wallet login to increase

[03:45] security. This way, if we ever need to restore the wallet for any reason—for example, if we delete the Binance app, change our phone, or want to access the wallet from a new device—we can restore it immediately using the password we'll

[04:00] set together now. You'll understand exactly what I mean in the following steps. Click on "Backup" here. This page will appear, and we'll post a password to recover your wallet under any circumstances. This password is very important. You can write it down on a piece of paper

[04:15] and keep it in a safe place, and also memorize it. Don't forget it or share it with anyone. I recommend subscribing to the channel to see upcoming and previous videos, and also liking the video so it reaches as many people as possible and everyone can

[04:27] benefit. Now, let's go back to entering the password. Here, the password must consist of letters, numbers, and symbols. Enter the password twice, then click "Continue." You'll see a warning that Binance cannot recover your password if you forget or lose it. This is because no

[04:42] one has control over your wallet except you. If you forget or lose your password, you will lose your wallet. So, keep your password safe and don't forget or lose it. Agree to the terms and conditions, then click "Continue." And that's it! We created a backup of your central wallet login. In this

[04:57] case, if someone selects you and accesses your personal account, they won't be able to access your central wallet because they won't have the password we just set. Also, if you delete the Binance app and reinstall it, and then log in to your account, you'll find

[05:11] everything there, but you won't be able to access or restore your central wallet simply by logging into your main Binance account. For example, if you go to the wallet section at the bottom and click on "WebFree," the central wallet won't open. You'll need to

[05:26] click on "Restore Wallet" and enter the password we just set to restore your central wallet, as you can see. So, enter the password from your backup login and click on the password.

[05:40] immediately. After filling it out, you'll need to add your digital currency, or part of it. Simply click on " Transfer" here. This will open a page where you can transfer funds from your Binance Instant Wallet

[05:53] or Funding Wallet to your decentralized wallet, and vice versa. Clicking here will transfer funds from your decentralized wallet to your Instant Wallet. This is useful if you want to transfer funds from your decentralized wallet to your Instant Wallet for trading or withdrawals. Here, you can

[06:08] choose the currency you want to transfer to your centralized wallet from your Instant Wallet. I've selected BNP Paribas here. Next, you can choose the network you want to transfer to. I recommend BNP Paribas SmartChain because the transfer fees are very low, ranging between 15

[06:22] and 19 cents. Then, click "Transfer." This page will appear; enter your funds here. Enter the amount you want to withdraw and click "Withdraw." The funds will then be transferred from your regular wallet to your decentralized wallet here. You'll find your coins in these locations, just as you can see. Now, if you

[06:37] want to send or receive cryptocurrencies to someone outside the Binance platform, simply click on the coin you want to send or receive from here. If you can't find the coin, just click on "Markets" below. This page will then appear.

[06:51] Click on the search box and search for the coin you want. For example, I'll click on BNP Paribas. This page will appear, and on this page, I can specify whether I want to receive or send. If I want to receive coins, I'll

[07:03] click on "Receive" and share this information, which is my wallet address and QR code, with the person sending me the money. The BNP coin, and of course, as soon as someone sends me coins from their BNP, I'll go to the main page

[07:16] of the decentralized wallet and see the balance deposited next to the BNP coin, exactly as you can see here. Now, if I want to send, I'll search for the coin I want to send and click on it. This page will appear, so I'll click on the " Send" button and enter the address from the recipient's wallet

[07:30] here, or I'll scan their QR code here if they have one and sent it to me. Then I'll click "Continue." This page will appear, so I'll enter the amount I want to send. Here, I must review the data and make sure it's correct because if

[07:44] the data is wrong, none of the coins I send will go to them. So, you must make sure the data is correct and click "Send." You can also exchange your coins for another currency from within the wallet itself. By clicking on the " Swap" button and selecting the coins you want to

[07:58] exchange, you can do so without ever having to return to the main Binance app. If you want to exit the go to the homepage and click on "Trading Platform." That's it! In upcoming videos, I'll explain how to link your wallet to decentralized platforms like

[08:13] PancakeSwap to buy coins. Make sure you subscribe to the channel and like Make sure you subscribe to the channel and like the video. Peace!