Differences between binance wallet and BTC wallet

[Enxx]

I don't know that people will still not know the difference between this two. I saw this somewhere when someone was asking this question.
Binance is an exchange that has many functions like trading and the rest while a btc wallet is an app or website that we can store and make transfers of bitcoin.

 

[Mikky]

I'm glad you clearly state the difference between binance exchange and wallet, many of those who aren't seeing the difference are not using the exchange app so their naivety is relatable.

 

[Golden9]

You can keep any coin listed on Binance on the exchange and trade it. It's not meant to be a wallet though.

I didn't know there are wallets for only Bitcoin. Most wallets support multiple coins and tokens.

 

[Niyi Briggs]

You don't have to be surprised. Finance came in and set itself like it was the king of all the crypto in the world. That's why people don't know about BTC wallet.

 

[Magnus2022]

I use my Binance wallet as my normal wallet. It is more adaptive and convenient to me. Binance is more proactive and more rewarding than any wallet or exchange. Once I received some crypto, Binance use to give me some free BUSD.

 

[Suba]

The main difference between a binance wallet and a BTC wallet is in control, as the private keys are held by binance meaning you trust binance to have full control of your crypto, whereas in a Bitcoin wallet you control the private keys, so you can export them to other supported wallets, without having to send Your Bitcoins.

 

[hastral45]

You yourself mixed it up. Binance is one of the crypto exchangers where crypto transactions takes place. BTC wallet is your personal account in any exchangers you can use to receive or transfer cryptos.

 

[gammarays]

Binance has a wallet app just like Coinbase. You can store different crypto tokens in it and access some supported dapp. Bitcoin wallet allows you store only Bitcoin.

 

[Suba]

If you have a Binance account, of course you can create a Bitcoin address, which is useful for receiving Bitcoin from anywhere that will be stored in your account. In Bitcoin wallet you can also create Bitcoin addresses to receive Bitcoins.

 

[Alberello75]

Although we are all wallets, there are many differences. I find Binance very complicated to use, so for this reason, as long as I can, I will use Coinbase.

 

[uptrendfinancialsignal]

Although we are all wallets, there are many differences. I find Binance very complicated to use, so for this reason, as long as I can, I will use Coinbase.

On the other hand, I use binance with ease because it's a very simple wallet to use.

 

[nomad]

Binance is an exchange, however, you can use it to send, receive, as well as hold your crypto assets. I have not used any BTC wallet, I hear Bitcoin.com is really good.

 

[Etini Willie]

You can open a BTC wallet on Binance to receive and send Bitcoin. You can also open BTC wallet on other exchanges and wallets.

 

[Blessed19]

Was once having this Bitcoin wallet but did not trust it at all and had to delete it even though I signed up and created an account there but I believe in binance more than it.

 

[Bisolami]

I'm glad you clearly state the difference between binance exchange and wallet, many of those who aren't seeing the difference are not using the exchange app so their naivety is relatable.

You are right and people may lose their money inside Binance if something goes wrong with the application because it is not a warning to save cryptocurrency. It is just an exchange

 

[Suba]

You are right and people may lose their money inside Binance if something goes wrong with the application because it is not a warning to save cryptocurrency. It is just an exchange

Additionally, if you store large amounts of crypto on Binance, and your government suspects you of money laundering then the government can work with Binance to freeze your crypto. so you can't withdraw your crypto.

 

[Bisolami]

Additionally, if you store large amounts of crypto on Binance, and your government suspects you of money laundering then the government can work with Binance to freeze your crypto. so you can't withdraw your crypto.

That is another thing. That is why all of these platforms always tell us to make use of the KYC registration or else, we won't be able to withdraw our money. There are so many scammers online who are always doing wicked things online.

 

[SHAHID987]

Finance, Okx and Kucoin these are exchanges, where you get a lot of facilities as you can trade, you can keep store to your crypto currencies and you get so many other facilities there even you can earn money.

 

[Bisolami]

Finance, Okx and Kucoin these are exchanges, where you get a lot of facilities as you can trade, you can keep store to your crypto currencies and you get so many other facilities there even you can earn money.

Have you tried to use all of the three platforms you listed here? To be very honest, I have used Kucoin before but I did not like the platform. I stopped using it and I just focused on my Binance

 

[Suba]

Crypto holders can of course store crypto on exchanges, but they have no control over their crypto, they cannot even transfer or import private keys to other wallets without a fee, very different if they store in a self custodial wallet.