How to Store BNB Coins Off Binance and into MyEtherWallet
Hello everybody. Normally I write about health and fitness but I’ve been in the crypto-space for the past several months and have a lot of information I want to share with people and this is one of them. So here is all about how to take your BNB coins off the exchange. Why? Well, let’s read this quote below.
There are 2 kinds of exchanges:
Ones that have been hacked and ones that will be hacked.
~ Andreas Antonopolous
As much as I love Binance, they are no exception to the fact that they can be hacked. One of the cardinal rules of crypto is to not store a vast majority of your coins on an exchange. For this reason, I have made this tutorial on how to store your BNB coin off the exchange for greater peace of mind. It also prevents you from making hasty decisions (like panic selling) and makes you more conducive to holding the coins for the long-run.
BNB is a token that runs on the Ethereum blockchain so it will work with many wallets. For this post I’m going to show you how to store it using MyEtherWallet (MEW) because this is one of the most popular wallets.
Warning: Many scam websites exist on the internet that trick you into giving up your private keys. The official MEW address ALWAYS ends in “.com” and scam websites end in different endings to trick you (like .co). Also the scam websites might be misspelled (e.g., MyEitherWallet)
If you have a wallet on MEW already, scroll down to #2
If you’ve never setup a wallet before on it, it’s easy. Go to the website and the first page it shows you is what you need to create a wallet. All you do is enter a password (REMEMBER TO SAVE THIS PASSWORD) and then click “Create New Wallet.”
Then, click “Download your Keystore File” so that you could have that as a backup. Then click “I understand.” (You understand that if you lose this info you’re fucked and there’s nobody that can retrieve your money/passwords/privatekeys.)
Then it will show your private key. Copy/paste this private key (and the password you used) into a plain text doc (use notepad.exe, keep it simple) for your own documentation.
If you use your keystore file to unlock your wallet on MEW, you need your password to unlock it. If you input your private key, that’s all you need.
Security: I recommend you put a copy of the keystore file on both your hard drive and a thumb drive so you have multiple locations. You could also save it to dropbox/gdrive but I don’t trust them. I also save the password on a text document and zip the whole folder up and protect it with a password. Make it a habit to always use a different password that is unique from any other password. I use LastPass as my password manager to generate strong passwords and save my passwords.
It’s recommend you physically print or write down the private key as an extra measure and keep that in a fire-proof-safe in a fire-safe pouch in your house. (Or a safe deposit box in the bank but eww, banks). I do this procedure for ALL my crypto wallets.
2) Unlock your wallet using your credentials you have saved. You can use your keystore file AND password to unlock it OR just your private key.
5) Now you’re setup to send BNB from Binance to MEW by going to Binance.com -> Funds -> Withdrawal/Deposits -> Click Withdrawal next to BNB (first line, last button).
6. Enter your MEW account address and for the “Label” put a name you want to give it such as “MEW.” (The label has nothing to do with sending it, the label is just a name you give it so Binance saves the address for future withdrawals under that label/name.)
This is your address on MyEtherWallet. Copy Paste this into Binance.This is how your withdrawal form should look.
Warning: Do a test send first. Send a small amount such as only 2 BNB before you send a large amount to make sure it works!
Caution: Withdrawing BNB costs 1 whole BNB so be very aware of that. After your test-send, withdraw it in one lump sum to save money, especially if you don’t plan to use it heavily for covering transaction fees or funding ICOs.
7) Click Submit, enter your 2FA and finally, confirm your withdrawal request by checking your e-mail.
Crucial: If you don’t have 2FA setup on Binance, set that up right now for ALL exchanges and your e-mail accounts.
8) Then if you click on Funds -> History and you could see the status under withdrawal history.
After 10-15 minutes, the transaction will be completed and show a TxID which you could copy/paste into EtherScan.io to see the details of the transaction on the blockchain.
Go to MyEtherWallet and you should see your BNB.
How to send BNB from MyEtherWallet to Binance
Click here to expand
After you send BNB from Binance into MEW, doing it the other way around is easier but you need Ethereum in your wallet to power the transaction.
You need some ETH in your MEW to send BNB otherwise it will say there is not enough “gas” to do the transaction.
If you have BNB but not ETH, go to the BNB/ETH pair on Binance. Sell some BNB (2 BNB is enough as of this publication where 1 BNB is $2.50) and it will become ETH. Then, send that ETH from Binance to MEW the same way as you sent BNB to it before. The transaction should take only 5-10 minutes to complete if the Ethereum network is not bogged down. Now you will have the gas to send BNB back to Binance.
1) Go to MyEtherWallet and click “Send Ether & Tokens” and input your keystore file and password or private key to decrypt your wallet.
2) Go to Binance.com -> Funds -> Deposits & Withdrawals -> Click Deposit next to BNB and then click “Copy Address.”
3) Go back to MyEtherWallet and paste this address in the “To Address.” Enter the Amount and choose BNB.
An example of sending 1 BNB back to Binance for a test.
Warning: Do a test send first. Send a small amount such as only 1 BNB before you send a large amount to make sure it works!
4) Click “Generate Transaction” and then “Send Transaction” and then “Yes, I am Sure! Make transaction.” (After you double check everything.)
Et Voila! In 10 minutes you should receive the BNB on Binance.
Hope that was helpful for you. Web wallets are very convenient and easy. Another safe alternative is a hardware wallet such as a Satoshi Labs Trezor or a Ledger Nano S, which MyEtherWallet supports as well. By the links I gave you to those are direct listings to the manufacturers themselves on Amazon. NEVER buy a hardware wallet, even if it’s a Trezor or Ledger, from a third party seller, even if it’s on Amazon. They can internally manipulate the chip and make it such that they have access to your keys so ONLY buy from the manufacturer. Stay safe out there folks!
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