As web3 gains prominence globally, more people are searching for ways to ensure they have higher control over their finances. One of the highlights of decentralized finance is using blockchain wallets like Metamask to store cryptocurrencies. In this article, you'll learn how to add BSC to Metamask so you can send, receive and interact with crypto coins built using the Binance Smart chain.
What is MetaMask?
Metamask is a blockchain wallet that allows users to connect to different blockchains. By connecting to different blockchains, you can receive, send, and use tokens built to run on those blockchains for different crypto transactions.
The default blockchain on Metamask is the Ethereum blockchain. If you want to add Binance Smart chain to Metamask or blockchains like Fantom, Binance Smart chain, and Avalanche, you'll have to add them manually. This tutorial will focus on how to set up Binance smart chain Metamask integration.
What is Binance Smart Chain?
Binance Smart chain is the latest blockchain developed by Binance to provide compatibility with Ethereum Virtual Machine (EVM) so users can interact with defi apps and smart contracts. It runs parallel to its predecessor blockchain developed by Binance, the Binance Beacon chain, which had to be improved because of programmability issues.
Metamask Binance Smart Chain allows users to transact non-fungible tokens (NFTs) and Ethereum-based applications. By learning how to add Binance Smart chain to Metamask, you'll be able to use defi apps like Pancakeswap for staking and farming and other applications.
How to Add Binance Smart Chain to MetaMask
Binance Coin is the primary cryptocurrency used to pay fees and process transactions on the Binance Smart chain on Metamask, so you'll need to fund your new Metamask wallet with some BNB from a crypto exchange. The next few steps will explain how to add BSC to Metamask in a simple and easy-to-follow guideline.
Step 1: Installing MetaMask and Creating a Wallet
Before adding Binance Smart chain to Metamask, download the app at the official website. By clicking the "install Metamask for Chrome" icon on the download page, you'll be redirected to the chrome web store page to install the extension. Note that Metamask supports multiple browsers, including Brave, Firefox, and Edge.
Create a new wallet by tapping on the "create a wallet" option or import your wallet if you already have one. If you're opening a new wallet, you'll be asked to create a password, after which you can begin connecting Metamask to Binance Smart chain.
Step 2: Setting Up Your Wallet
The new interface of your wallet will show the Ethereum network as the default blockchain. So to connect Metamask to Binance Smart chain, you have to do it manually.
- Tap the Ethereum mainnet network icon and scroll down; you'll find the "add network" icon. Click on it.
- Using the details of the official Binance Smart chain blockchain on your Metamask, add Binance Smart chain mainnet network.
Binance Smart chain Mainnet
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Step 3: Binance Smart Chain Network
After completing the Binance Smart chain Metamask setup, you'll be able to toggle between the Ethereum and Binance Smart chain networks on the main page. Under the tokens section, you'll also find the BNB icon with your corresponding balance, which will be zero as you don't have any BNB yet.
When you tap the icon, you'll see four icons to receive, buy, send or swap BNB. Above these icons, you'll find your metamask wallet address, which represents the receiving address for when you want to send some BNB tokens from a crypto exchange wallet to your Binance Smart chain network Metamask wallet.
Step 4: Funding Your Wallet
After linking Binance Smart chain to Metamask, you'll have to fund your wallet with Binance Coin before you can begin to use your account for transactions. Tap the BNB icon, click receive, and you'll see three options to get BNB into your wallet.
The first and most common method is to copy your address and use it as a receiving address on a crypto exchange. Let's say you have a Binance account; on the Binance exchange, buy some BNB. Send the BNB to the receiving address, and when you're asked to input the network, add BSC network to Metamask. Be careful not to use the wrong network; if you do, your BNB tokens will not be delivered to your metamask wallet. Follow all the necessary security checks and confirm the transfer; within a few minutes, your BNB will be deposited into your metamask wallet.
The other methods available to receive BNB is to buy using your credit card or bank transfer or request payment by generating a link you'll share with the person who wants to send you some BNB.
What are the Advantages of Connecting Metamask and Binance Smart Chain?
Metamask is a popular web3 wallet used to access and explore defi apps and as storage for cryptocurrencies. Defi apps like Cake allow users to stake crypto coins in liquidity pools and earn returns similar to having fixed savings in the traditional banking system. Metamask users can stake, farm (another way to earn yields), and explore many financial services in the crypto space.
Learning how to connect Metamask to Binance Smart chain has several benefits, including the following.
- By having a Binance Smart chain address Metamask allows you to connect with decentralized apps (dapps) hosted on the BSC network.
- Receiving, storing, and sending cryptocurrencies like ETH, BNB, and more to and from your Metamask wallet becomes easier.
- Metamask is one of the biggest, most popular, and most trusted web3 wallets with top-tier security on users' data and crypto assets.
Is it Safe to Connect MetaMask to BSC?
One of the questions that must have popped up in your mind as you were going through this guide on how to add BSC network to Metamask is if it's safe. Are your tokens safe, or are you exposed to any security risks? First, rest assured that when you add BSC mainnet to Metamask, you're completely safe from any security risk. Although the process of connecting to Binance Smartchain is completely safe, when you start to transact, you need to keep to some security procedures.
You risk losing all your tokens if you choose the wrong address to be the receiving address, as recovering them is almost impossible. Also, be careful of the details you fill in when withdrawing from crypto exchange to your metamask wallet. In addition to BNB, you can send USDT, ETH, and other crypto coins to your metamask wallet. However, ensure you select Binance Smart chain (BEP 20) as the network. You'll lose your coins if you choose Binance Beacon Chain (BEP 2).
Conclusion
There are hundreds of defi apps running on the Binance Smartchain, and to access them, you need to connect to the BSC network using a blockchain wallet like Metamask. This article has explored how to set up Binance Smart chain on Metamask following four simple steps. Some security measures to ensure that your crypto coins are safe include using a strong password and inputting the right network when withdrawing from a crypto exchange like Binance to Metamask. Aside from crypto trading and defi yield options, you can earn profits from Bitcoin mining online using hosting services.
