Binance Smart Chain has been one of the hottest topics in the DeFi and crypto space in 2021. In this article, we help you set up your first wallet and get some BNB to start using different apps like PancakeSwap, Beefy.Finance or just buy some NFT’s if you want.
1. Create a wallet
The first thing you need is a wallet, this is where you will store all your tokens and also verify all the transactions that you will make on-chain. There are multiple wallets that you can use, depending on if you are on mobile or desktop we have two suggestions.
Note: Once you have your wallet set up you will be able to import the seed phrase to other wallets to access your funds.
MetaMask is the most popular desktop wallets and one of the oldest. You will find it both for mobile and desktop. Go to metamask.io and follow the steps. Once you have your wallet ready you can proceed to the next step!
2. Setup Binance Smart Chain RPC (MetaMask)
To be able to access Binance Smart Chain you will have to connect the wallet to the BSC RPC. If you went with MetaMask you will have ethereum per default. At best, you will not be able to use the dApps you are trying to access, at worst you can lose funds. Let’s get started!
1. Click the MetaMask icon on the top right of your browser. Then on the dropdown menu where it should say “Etherium Mainnet”.
2. Now we type in the following:
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Currency Symbol: BNB
Block Explorer URL: http://bscscan.com/
3. Buy BNB and transfer to your wallet
If you choose FTX as the platform, you can only withdraw to Trustwallet and the Binance Chain (BEP2), and from there, you will have to swap your BNB from BEP2 to BEP20, which is the Binance Smart Chain version of BNB. Binance has withdrawals to Binance Smart Chain right away, so if you are withdrawing from Binance you only need the address that you got when you set up the wallet in our first step.
