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.
How to setup MyEtherWallet and Send BNB to it
How to send BNB from MyEtherWallet to 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!