Here is how to set up a MetaMask wallet for Binance Smart Chain to manage BEP20 tokens and use on DApps, like DeFi protocols.
You can also easily connect MetaMask to a hardware wallet if you want to keep your BSC BNB BEP20 and tokens safe.
Binance has 2 parallel and fully interoperable blockchains. Binance chain, which is used for the trading platform. Binance Smart Chain (BSC) for smart contracts – DApss and BEP20 tokens. This was made not to overload the one chain and was a very smart move. Binance Smart Chain is fully compatible with the EVM — Ethereum Virtual Machine.
On the Binance Smart Chain, the transaction fees are low and paid in BNB BEP20.
MetaMask is available as a browser extension and for iOS/Android devices.
It can also be used as a mobile wallet, but we are not going to use it in this tutorial.
Install the MetaMask Google Chrome Browser Extension.
Tap the icon in your browser and create a wallet. It will be a regular one for the Ethereum mainnet. Write down the recovery phrase.
Click on the “Ethereum Mainnet” to drop down the list of networks and choose “Add network“.
Enter the details for the Binance Smart Chain:
Network Name:Binance Smart Chain (You can name it whatever you want like BSC)
New RPC URL:https://bsc-dataseed.binance.org/
ChainID:56
Symbol:BNB
Block Explorer URL:https://bscscan.com/
You will now see and be able to select “Binance Smart Chain” from the network selection list.
Your account – and wallet for the Binance Smart Chain network are created. You can have multiple accounts and switch between them.
You were able to see that I am using the MetaMask for the other networks also. Polygon, Velas, Avalanche, Fantom.
Why do I have only 0.0193 BNB in this account?
MetaMask is a very popular wallet that can be configured for many networks – blockchains. However, it is a “hot wallet”. I would never use it without connecting it to my hardware wallet. Hardware wallets are developed to keep your crypto assets 100% safe.
That’s why the MetaMask team has enabled the connection with 4 hardware wallets.
Connect MetaMask With Ledger Hardware Wallet (Recommended)
Ledger Nano X hardware wallet is compatible with all OS and devices:Windows,Linux,Mac,Android, andiOS. It supports over5,500+coins and tokens. It works with the Ledger Live app. Comparing the security, features, and price it is currently topping our best hardware wallets list.
Click the Accounts button in the top right and then Connect hardware wallet.
As you can see, I already have my Ledger Nano X connected. On the next screen select Ledger hardware wallet.
You can also buy and use a less expensive Ledger Nano S Plus hardware wallet (79.00€) but we believe Nano X is a much better option.
On the next screen just select the Binance Smart Chain address of the Ledger hardware wallet MetaMask will use, and that’s it.
Whenever you are connecting your Ledger hardware wallet with a software wallet like MetaMask, it is only provided with your hardware wallet’s public key – addresses. In this case for the Binance Smart Chain. They never get in touch with the private key which is safely kept inside the device’s safe chip and used to sign transactions – offline. That’s why the hardware wallets are called “cold wallets” or “cold storage”. They are immune to viruses, malware, hackers, online and offline attacks.
You can now use MetaMask connected with your Ledger Nano X hardware wallet on the Binance Smart Chain and BSC DApps safely.
My MetaMask wallet connected to Ledger Nano X hardware wallet for Binance Smart Chain:
You can also check our Best Hardware Wallets For Binance Smart Chain article.
Send BEP20 Tokens To Your MetaMask Wallet
While BEP2 is a token standard on Binance Chain, the BEP20 is a token standard on the Binance Smart Chain.
You can see a full list of BEP20 tokens here: https://bscscan.com/tokens
This is a list of all actual projects built on the Binance Smart Chain.
To send BEP20 tokens and BNB you can use Binance.com. Or any other source like exchanges, some of your other wallets…
Some tokens like Cake or Bake on Binance.com will only have the option to withdraw using Binance Smart Chain:
However watch out, for some, like 1INCH, for example, you’ll have to check Binance Smart Chain (BSC) as a network. Since recently Binance recognizes the network automatically but you also check it out.
You are using of course your MetaMask Binance Smart Chain network wallet address, and you can send any BEP20 token.
You can also check other wallets for Binance Smart Chain which might even work better for you in our 14 Best Binance Smart Chain Wallets article.
