MetaMask has always been the go-to wallet for accessing the Ethereum network. However, you can now connect MetaMask to the Binance Smart Chain, for accessing decentralized apps and DeFi that support it.
Users are getting increasingly frustrated with the sky-high prices when interacting with the Ethereum network and are now searching for ways to reduce their costs.
One way is by avoiding the Ethereum blockchain altogether by using Dapps such as PancakeSwap or Burgerswap to exchange your assets, yield farm, or vote on proposals on alternative blockchains. One such blockchain is the Binance Smart Chain built for cross-chain compatibility with Binance Chain, the home of the BNB token.
In the tutorial, I will explain how to connect MetaMask wallet to the BSC (Binance Smart Chain). For more information on the Binance Smart Chain, you can also check out the Binance Academy.
What is MetaMask?
MetaMask is a crypto wallet and gateway to blockchain-based apps. MetaMask is available as a browser extension for the likes of Chrome, FireFox, and Brave. Traditionally used on the Ethereum network, MetaMask can also be customized to connect to the likes of Binance Smart Chain and Avalanche Network.
If you would like to find out more information, check out our step-by-step MetaMask tutorial here.
Connecting Binance Smart Chain to MetaMask
Below are the details that you will need to add to your MetaMask account to add the Binance Smart Chain. However, before transferring to the network, please also double-check these with the Binance Academy blog to ensure these are up to date.
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
How to Send BNB to Binance Smart Chain on MetaMask
If you want to transfer BNB tokens from Binance Exchange to Metamask, you will first need to follow the above steps set out in this tutorial. Once that’s completed you can then follow below to send BNB
Open up your Binance wallet within the exchange, select Binance (BNB), and click withdraw.
Open MetaMask on your browser. Make sure you have the Binance Smart Chain network selected before you copy your address.
Paste the MetaMask address you copied, in the address field on Binance Exchange. Choose the Binance Smart Chain (BSC) Network and enter the amount you want to transfer, then submit the transaction.
I recommend using 2FA as an extra layer of security, so if you have this in place, you should be asked to confirm the transaction. If you don’t have a YubiKey, I recommend looking into this to increase security.
Once you have completed security verification you should receive a confirmation email of your withdrawal.
As the transaction was sent via Binance Smart Chain, the transaction should go through within a couple of minutes and at a very low transaction fee.
Unfortunately, Binance.com isn’t available for users who live in the United States and are instead permitted to use Binance.US. Some of the downfalls with Binance.US is the number of trading pairs available and the ability to swap or take part in liquidity farming on PancakeSwap or BakerySwap. However,
Binance has released a Binance Chain Wallet extension for chrome browser, that works for both the Binance Chain (BC) and Binance Smart Chain (BSC). However, users have experienced issues when using the Binance Chain Wallet, so just be curious when using this.
Another option I believe you can get around this is by disguising your location by using a VPN like ExpressVPN. This is a risk and not something I would recommend.
How to Save up to 45% on Binance Trading Fees
If you’re new to Binance Exchange, you can save up to 45% on trading fees by following these few steps. Click here to sign-up to Binance and save 20% straight away.
Earn 20% discount on every trade by using referral ID GPZ64I32
MetaMask is a browser extension that you can download and install on the likes of Google Chrome, Mozilla Firefox, Microsoft Edge, and Brave.
The wallet allows you to manage your crypto assets, as well as assisting you in connecting to decentralized apps (or DApps) which are rapidly increasing in popularity and include the likes UniSwap, PancakeSwap, Maker, and Compound.Finance to name a few.
What is MetaMask?
MetaMask is a cryptocurrency wallet that is predominately Ethereum based, although can also be connected to the likes of the Binance Smart Chain network. The wallet is most commonly used as a browser extension, with over 4 million downloads and provides users with a gateway to using blockchain apps. However, MetaMask mobile is also available for Android or iPhone where users can sync the app with the account on your desktop in a matter of seconds.
The crypto wallet, launched in 2016 and keeps your data and cryptocurrency secure. You can connect your Metamask to hardware wallets such as a Ledger or Trezor to enhance the security of your wallet.
MetaMask equips you with everything you need to manage your digital assets including a key vault, secure login, token wallet, and token exchange.
With the ability to connect to both Ethereum and Binance Smart Chain based DApps, users can use their tokens to trade on decentralized exchanges, play games, and spend in gambling applications. Its also a great entry point for DEFI, providing users with a way to interact with decentralized finance applications such as the likes of UniSwap, PancakeSwap, Compound, or Zapper.Fi.
MetaMask Private Keys
MetaMask requires that you store your seed phrase or private keys in a safe place. It is the only way to recover your funds should your device crash or your browser reset. Its recommended that you write this down and stored offline. The most common method is to write your 12-word phrase on a piece of paper and store it safely in a place where only you have access. Its safety is important as if you lose your seed phrase, MetaMask cannot help you to recover your wallet.
Also never share your seed phrase or your private key to anyone, anyone will access will have complete control over your funds.
What is a Web3 Wallet?
You’ll often hear MetaMask described as a Web3 wallet. This is because Metamask enables you to interact with decentralized apps (dApps). In fact, MetaMask is also the most widely supported wallet across the larger DeFi ecosystem.
Web3 Wallets are the software that allows you to interact with Web 3.0, a third generation of the internet. Web 3.0 applications are mostly referred to as decentralized applications or dApps and these are often powered by the blockchain. DApps that exist on the blockchain will often need the user’s tokens to use its features, such as game tokens, trade, stake, earn interest, etc. By using MetaMask you are able to use these dApps while keeping control of your tokens.
Is MetaMask Safe?
MetaMask is only as safe as your own ability to keep your seed phrase or private keys secure. The wallet is also deemed as a “hot” wallet as it connects to the internet, therefore there are also risks.
It is recommended that you only keep small amounts of assets within the wallet (longer-term) or one of the safest ways to use MetaMask is by connecting it to a hardware device, such as a Ledger or a Trezor. In this way, MetaMask is working as a middle man and your funds are not exposed.
Can MetaMask Hold Bitcoin BTC?
Metamask is predominately, for ERC20 tokens, although also supports BEP20 tokens when connected to the Binance Smart Chain. If you send non supported tokens to MetaMask you will lose your crypto. However, you can wrap your BTC, and each WBTC is backed 1:1 with Bitcoin, enabling you to track the Bitcoin price.
MetaMask Swaps Tutorial
MetaMask users can not only store but also compare and swap tokens directly within their wallets. The token swaps feature fetches quotes across multiple decentralized liquidity sources to ensure users the best available prices, with the lowest network fees.
The feature is initially available to users of the MetaMask extension on the Firefox browser, with plans to be rolled out to other browsers and mobile app.
Up to now, MetaMask users would need to go to the website of a specific decentralized exchange or exchange aggregator, sign in, approve each token on each dex, costing money in gas, and then run the swap.
However, now MetaMask has collaborated with ConsenSys to build Swaps: a feature that enables any Web3 or DeFi user to easily access the tokens they need for the sites they use.
Connect MetaMask to Binance Smart Chain (BSC)
Binance Smart Chain (BSC) mainnet was launched on the 1st September 2020 and allows developers to build dApps. BSC relies on a system of 21 validators with a Proof of Staked Authority (PoSA) consensus.
New Defi platforms are already taking advantage of the BSC and their fast transactions and low fees. PancakeSwap and BakerySwap have already gained traction, but to connect to these platforms you will need to use the likes of MetaMask or Trust Wallet.