October 3rd, 2022
The unabated surge of cryptocurrency is sweeping the world at an unprecedented pace. People are moving toward virtual currency as they look at it as future money. This has propelled the mushrooming of cryptocurrencies and exchanges. Binance is a popular cryptocurrency exchange offering trading in more than 600 cryptocurrencies across the world, while its U.S. subsidiary the Binance.US supports only 150+ tokens and coins. Binance USD (BUSD) is a stablecoin supported by Binance and other popular exchanges for investment and trading. You need a wallet to keep your BUSD assets safe and secure. This blog will give you a rundown of the best wallets for BUSD 2020. As we dive into exploring the best wallets for BUSD 2022, let us enhance our understanding of BUSD.
What is Binance USD (BUSD)?
Launched in September 2019, Binance USD (BUSD) is the stablecoin supported by the New York State Department of Financial Services (NYDFS), the crypto regulatory in the state. BUSD is backed by the fiat currency US dollar, which means for every unit of BUSD one US dollar is reserved. The BUSD is pegged to the US Dollar at a ratio of 1:1. Users can swap their token for US dollars and vice versa. Meant for maintaining stability in the crypto market and containing the risk of volatility, BUSD was launched in partnership with Paxos and Binance. The tokens are issued by Paxos using blockchain technology with monthly attestations of BUSD’s reserves. It provides the investor and trader with low-volatile assets that they can hold without leaving the market.
Best Wallets for BUSD 2022
Binance Chain Wallet
Better known as the official wallet for BUSD, the Binance Chain allows users to store their digital assets and connect to other blockchain projects simultaneously. Categorized as one of the best wallets for BUSD 2022, it allows users to connect their Binance account using Wallet Direct, facilitating the smooth transfer of BUSD between the two platforms. You can sign in to the wallet using the private key and can recover your wallet using your local mobile or computer device, your email account, or your account password. Its easy-to-use dashboard makes the navigation an interactive experience, but the availability of only 21 validators somehow appears as the downside of the wallet.
Guarda is one of the most popular BUSD wallets offering the users to store, exchange, buy, and send, BUSD at the lowest gas charges in the market using your browser or a mobile app. You can buy and hold more than 50 cryptocurrencies in your Guarda wallet using a debit/credit card or a SEPA transfer. The non-custodial wallet supports more than 400,000 assets. Guarda claims that it does not store users' private data, backup files, or keys and has implemented security features such as fingerprint authorization, PIN code, and backup files.
It is a multi-asset wallet available for iOS, Android, Windows, OSX, Ubuntu, and other Linux-based OS to store and manage BUSD assets by just logging in with your email/Gmail, Facebook, or mobile phone number. It allows free transactions between Freewallet users, who can store, send, and receive 100+ cryptocurrencies in a safe and secure ecosystem. The wallet dashboard has navigation tools to monitor real-time price charts and exchange rates and check the BUSD balance. With a view to minimizing the risk of theft, the wallet has put a limit on per day/week and introduced a multi-signature mechanism to confirm the transactions. Two-factor authentication, pin-code, and (Touch ID) Fingerprint are the security features that make Freewallet rank among the best wallets for BUSD 2022.
Launched in 2016, MetaMask is a well-known crypto wallet offering the buying, sending, and receiving of crypto assets using desktops and mobile devices. The wallet supports all ERC-20 tokens and allows the users to collect NFTs on multiple blockchains. Due to its unbelievable transaction speed and easy-to-use user interface, MetaMask is among the best wallets for BUSD 2022 for experienced investors, however, budding investors may lose their assets to scams or malicious websites.
Users can create multiple wallets using one app without sharing their personal information. The wallet does not support bitcoin and has no password reset option. For buying crypto assets using MetaMask users need to pay a processing fee. To swap the digital assets they have to pay a service fee that ranges between 0.3% and 0.875%.
Since BUSD has emerged as a preferred choice of investment for advanced and new traders and investors, having a safe and secure wallet is something that can’t be ignored to make your digital assets grow safely. Binance Chain may be the natural choice for investors and trading due to the trademark of being the official wallet of BUSD, which may lack credibility due to a limited number of validators. On the other hand, Freewallet does not only facilitate support to multiple digital platforms to manage BUSD assets, but its daily and weekly transactions limit also gives you an extra layer of security even in the worst scenario. Nonetheless should do research on which wallet would be best for them before jumping into one of the above options.
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