[Wallets](https://revain.org/wallets/) › Binance Wallet

# Binance Wallet: keys, security, fees and reviews

## In short

- **Key control**: Self-custody MPC wallet: three key-shares are stored in different places, including the user's device and personal cloud; two are needed to access the wallet.
- **Fees**: Wallet: Blockchain network (gas) fees apply to transactions, including failed ones that were executed.
- **Risks and caveats**: If the recovery password is forgotten and the device is lost, the wallet cannot be restored by Binance.
- **Checked**: 31 October 2026

## Key facts

- **Official site**: [web3.binance.com/en](https://web3.binance.com/en/)

Key facts checked on 31 October 2026 against official sources.

## What is Binance Wallet

Binance Wallet (formerly Binance Web3 Wallet) is a self-custody wallet built into the Binance app and also offered on the web, as a browser extension and through an API. By default it is an MPC "keyless" wallet without a seed phrase; it gives access to swaps, dApps, Binance Alpha tokens, tokenised stocks and perpetuals. The service is provided by Binance Barbados Limited.

## Who holds the keys

| Parameter | Details |
|---|---|
| Key control | Self-custody MPC wallet: three key-shares are stored in different places, including the user's device and personal cloud; two are needed to access the wallet. |
| Seed phrase | No seed phrase for the keyless wallet; it can be converted to private-key wallets after identity verification, and existing seed phrases or private keys can be imported. |
| Recovery | Restore on a new device from the cloud backup with the recovery password; Binance cannot restore a forgotten password. |
| Account model | Requires a verified Binance account; the app supports one logged-in device at a time. |
| Backup options | Three backup methods: Quick Backup (encrypted key-share held by a third-party service provider), iCloud/Google Drive with a recovery password, or a QR code with the key-share on Greenfield. |
| Recovery password | Binance does not store the recovery password; a Quick Backup is restored with MFA and a liveness check instead of a password. |

## Features and supported networks

| Parameter | Details |
|---|---|
| Platforms | Binance app, web, browser extension, AI agent and API. |
| Supported networks | 30+ networks. |
| Swaps | Cross-chain token swaps through Binance Bridge and other providers. |
| Trading | On-chain trading of meme tokens, tokenised stocks, perpetuals and prediction markets. |
| Security alerts | Wrong-address protection and malicious-contract detection at transaction time. |
| Scam-address warning | A warning appears when a receiving address is flagged as high-risk for scams; confirmed transfers cannot be cancelled. |

## Security and audits

- The wallet uses MPC: the key is split into three encrypted key-shares, and the cloud share is protected with a recovery password known only to the user.
- Early Binance Wallet users had to upgrade their wallet to self custody (February 2024 guide); wallets not upgraded have restricted access.
- Binance Wallet Services are not supervised by the ADGM Financial Services Regulatory Authority or any other regulator.
- Quick Backup keeps an encrypted key-share with a third-party service provider; a QR-code backup stores the key-share on Greenfield and also needs the recovery password and the Binance account.

## Security incidents

Incidents are reported by third parties (press, incident databases) but are not confirmed in the company’s own channels, so none is listed here.

## Fees

| Parameter | Details |
|---|---|
| Wallet | Blockchain network (gas) fees apply to transactions, including failed ones that were executed. |
| Network fees | Gas goes to the blockchain network, none to Binance; on BNB Smart Chain, Ethereum, Solana and TRON gas can be paid in USDT for transfers and dApp approvals (not swaps or bridging). |

## History

| Date | Event |
|---|---|
| 23 October 2023 | First Binance Wallet help-centre FAQ published. |
| 5 February 2024 | Guide published for early users to upgrade their wallet to self custody. |
| 6 July 2026 | Main product FAQ last updated under the Binance Wallet name. |

## Risks and caveats

- If the recovery password is forgotten and the device is lost, the wallet cannot be restored by Binance.
- Funds sent to a wrong address or lost in third-party dApps are not refunded.
- Binance Alpha tokens are early, low-cap assets with extreme volatility; fake tokens can be listed by anyone.
- Tokenised stocks may not give legal ownership, voting rights or dividends.

## About the developer

- **Legal entity**: Binance Barbados Limited provides the Binance Wallet Services.
- **Parent company**: Part of the Binance group; the wallet sits inside the Binance app.

## Official links

- Website: [web3.binance.com/en](https://web3.binance.com/en/)
- Support: [www.binance.com/en/support/faq/list/255](https://www.binance.com/en/support/faq/list/255)
- Docs: [www.binance.com/en/support/faq/detail/048ee79532494c03918dc4004214ad11](https://www.binance.com/en/support/faq/detail/048ee79532494c03918dc4004214ad11)
- Security: [web3.binance.com/en/about-legal/binance-wallet-risk-warning](https://web3.binance.com/en/about-legal/binance-wallet-risk-warning)

## Questions and answers

**Is Binance Wallet self-custodial?**

Binance describes it as self-custody: an MPC wallet whose three key-shares sit in different places, two of which are needed to sign.

**Does Binance Wallet have a seed phrase?**

The default keyless wallet has none; it can be converted to private-key wallets, and existing seed phrases can be imported.

**Do I need a Binance account to use it?**

Yes. The wallet is embedded in the Binance app and requires a verified Binance user.

**Who operates Binance Wallet?**

Binance Barbados Limited provides the Binance Wallet Services; they are not supervised by any regulatory authority.

**Does Binance Wallet charge fees?**

Network (gas) fees apply to every executed transaction, even if it fails.

## Sources

- [Binance Wallet — Home](https://web3.binance.com/en/)
- [Binance Support — What is Binance Wallet and how does it work?](https://www.binance.com/en/support/faq/detail/048ee79532494c03918dc4004214ad11)
- [Binance Support — Frequently asked questions on Binance Wallet](https://www.binance.com/en/support/faq/detail/5a3fc86a702b43e1a4a398ebd8853b77)
- [Binance Support — What is a keyless wallet?](https://www.binance.com/en/support/faq/detail/4efebcb9a937417ca31baa2f7754c50f)
- [Binance Support — How to upgrade my Binance Wallet to self custody](https://www.binance.com/en/support/faq/detail/43026a1992ad4198ae56df6688ad38f4)
- [Binance Wallet — General risk warning](https://web3.binance.com/en/about-legal/binance-wallet-risk-warning)
- [Binance Support — How to back up my Binance Wallet?](https://www.binance.com/en/support/faq/detail/53521dedad474c908ec3761a935cb8d6)
- [Binance Support — How to restore my Binance Wallet?](https://www.binance.com/en/support/faq/detail/bb5053f235774ea48b0ba8ca68865473)
- [Binance Support — What are network fees (gas fees)?](https://www.binance.com/en/support/faq/detail/daa7138d192646829b8fe2a1ba0fef59)
- [Binance Support — How to send and receive tokens on Binance Wallet?](https://www.binance.com/en/support/faq/detail/02f7eb872eca4a1ea44c775767170d13)

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Page updated: 2026-11-04

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Source: https://revain.org/wallets/binance-wallet/