Safety of Binance Web3 Wallet

[GerbertPhills]

Binance Web3 Wallet claims to be a safe place to store your crypto assets, because the assets are not controlled by Binance.

Sounds cool, but I have the following question:

If the app that I am using to access the wallet will get broken or just block my access for one reason or another, would I be able to access my wallet then?
Just imagine in theory that the app will break or someone will decide to block my account and that's it.

With other wallets I can use a recovery phrase to access my assets from any other wallet, but in Binance Wallet I can use the emergency option to generate the access codes, however again, if I will lose access to the whole app, because it's broken or for any other reason, I will not be able to generate these codes..

[Zed0X]

I don't understand their wallet that well but the keys are also stored in the cloud. Unless all the three storage are also exploited, you should be able to access your old wallet using another device.

If you are these worried about their system and comfortable with using wallets with seed phrases, my suggestion is to just ignore Binance Web3.

[Charles-Tim]

Which one is Binance Web 3 wallet? All I thought before is that Binance wallet is Trustwallet which is a close source wallet that I can not recommend.

Is the Web 3 wallet accessible on Binance directly? I mean a link to download it.

Regardless, if a wallet is not support BIP39 seed phrase, do not use it.

[joniboini]

Which one is Binance Web 3 wallet? All I thought before is that Binance wallet is Trustwallet which is a close source wallet that I can not recommend.

He's referring to this one[1] I believe. Basically an extension for their exchange app as far as I'm aware, so another custodial wallet where you don't fully control it. OP should never rely on this kind of app if he want to store his wealth for mid-term/long-term, the goal of this app is basically for trading and fomo into the next web3 dapps. Even if you need a web3 wallet app, other self-custodial wallet are available and easy to access. Using this app just to save fees are not worth it imo.

[1] https://www.binance.com/en/web3wallet

[hugeblack]

You should avoid custodial wallets and closed source wallets because there is no way to verify that no third party may have access to your private key and therefore you are not the only one who has access to your wallets.
All decentralized solutions offered by Binance are centralized in some way, so withdraw Bitcoin and most cryptocurrencies that have open source, well-reviewed wallets, and you can use Binance wallets for tokens that do not have good wallets.

[Husna QA]

Which one is Binance Web 3 wallet? All I thought before is that Binance wallet is Trustwallet which is a close source wallet that I can not recommend.

Is the Web 3 wallet accessible on Binance directly? I mean a link to download it.

You can use the Binance application (iOS or Android version) on your smartphone. Tap the wallet icon in the bottom right corner. Then, at the top, there are two tabs; select Web3. You can start creating a Binance Web3 wallet from there.

   

Regardless, if a wallet is not support BIP39 seed phrase, do not use it.

I am not very familiar with Web3 Wallet. The following is an example of a backup from the Binance Web3 wallet:

     

[KingsDen]

Which one is Binance Web 3 wallet? All I thought before is that Binance wallet is Trustwallet which is a close source wallet that I can not recommend.

Is the Web 3 wallet accessible on Binance directly? I mean a link to download it.

Regardless, if a wallet is not support BIP39 seed phrase, do not use it.

All the allegations of Trustwallet and Binance has never been said openly. Even if Binance acquired Trustwallet at some points, Trustwallet has never stopped to operate as a separate entity from Binance.
The web3 wallet Op is talking about is what almost all exchanges have adopted. I have seen posts like that talking about Roquu exchange having the web3 wallet, I also read OKX having same. If Binance has introduced same it should be adopted without fear.

[Charles-Tim]

You can use the Binance application (iOS or Android version) on your smartphone. Tap the wallet icon in the bottom right corner. Then, at the top, there are two tabs; select Web3. You can start creating a Binance Web3 wallet from there.

When I clicked on restore wallet, I saw restore using Google drive or restore through QR code. Is the QR code seed phrase or another thing?

Although, I can not use this kind of wallet. There are reputed online wallets that I can use instead of using a wallet generated on an exchange.

[Husna QA]

You can use the Binance application (iOS or Android version) on your smartphone. Tap the wallet icon in the bottom right corner. Then, at the top, there are two tabs; select Web3. You can start creating a Binance Web3 wallet from there.

When I clicked on restore wallet, I saw restore using Google drive or restore through QR code. Is the QR code seed phrase or another thing?

The QR Code does not contain a seed phrase but a secret key. Earlier, I tried to make a backup using the QR Code option. The following is a brief overview of an example of the backup results:

   

Meanwhile, private keys can be exported via the Emergency Export feature, as shown in the previous post.