Binance began as a cryptocurrency exchange and remains the largest exchange based on trading volume, with roughly $5.2 billion in volume every day at present.
The company has also created a cryptocurrency — Binance Smart Chain (BSC) — which is similar to Ethereum and necessitated releasing a specialized wallet. This new wallet is on top of the existing wallets available on the Binance exchange, so it can quickly become confusing to understand all the various wallets associated with the company.
If you ever need to recover your Binance Wallet, it’s crucial to understand which wallet needs to be recovered so you can take the correct steps or properly communicate the problem with an agency specializing in recovering lost cryptocurrency.
Generally, you’ll either need to recover your Binance Wallet or Binance account (exchange wallets). Available methods for these wallets vary significantly from each other and depend on how you initially set them up. It’s well worth taking the time to prepare for needing to recover these wallets, should any issues arise in the future.
How can you recover your Binance wallets? Keep reading to learn more about the different types of Binance wallets and how you can recover them.
The Different Types of Wallets Offered by Binance
Binance is one of the largest cryptocurrency exchanges and has a few different wallets available; it can be confusing for someone new to the platform to understand all the various.
There are a few different wallets that you’ll interact with directly and additional wallets that you don’t interact with, but you may see them mentioned elsewhere, so they’re still worth discussing.
Binance Wallet
The Binance Wallet refers to a specific web3 wallet that stores BSC, interacts with smart contracts, and facilitates transactions. The wallet functions similarly to the popular Metamask, and you can even use BSC with Metamask. The Binance Wallet is often referred to as the Binance Chain Wallet to avoid confusion with wallets on the exchange.
Wondering how to recover Binance Wallets? The process is similar to other wallets; recovering the Binance Wallet depends on knowing your recovery phrase or private key. The recovery phrase, also known as a seed phrase, was displayed during the setup process. The private key can be viewed within the wallet at any time.
Without either of these pieces of information, you may not be able to recover your lost wallet on your own. You’ll need to dig through any records you may have kept or enlist the services of a cryptocurrency recovery expert like Lionsgate. However, even with expert assistance, there is no guarantee your wallet will be recovered.
User Deposit Wallets
Deposit wallets are temporary addresses that you use within the Binance exchange for depositing various cryptos. If you want to trade Bitcoin for Cardano on Binance, you’ll send the Bitcoin to a deposit wallet.
It’s crucial to remember that these addresses are temporary. You should always go to Binance and retrieve a new address when depositing any crypto rather than saving the address from previous transactions.
Sending a deposit to an expired wallet address means it will be gone forever, even if the address doesn’t exist. Binance won’t be able to help you, and the only way to recover it is if the address exists elsewhere and you’re able to contact the owner — which is extremely unlikely.
After depositing, your crypto is sent to your hot wallet, which is what you’ll be using to make trades.
User Hot Wallets
Hot wallets hold your cryptocurrency on the exchange for the purposes of executing trades. Anyone looking for how to recover a Binance account is likely referring to the hot wallet — the core of the user account.
You’ll use your hot wallet every time you make a trade, and it will store the new currency. A good rule of thumb is to never leave your crypto on Binance (or any exchange) and instead transfer it back to your own wallets when the trade is complete.
However, if you do end up losing access to your Binance account, the funds it stores are solely controlled by Binance. You’ll need to use the provided recovery tools or contact customer support to recover funds stored on hot wallets.
Unlike other wallets, you won’t have a recovery phrase or even a singular wallet address to attempt to recover. This lack of typical options is why you shouldn’t store funds on exchanges as well as using Binance’s tools to make sure you can always access your account.
Binance Cold Wallets
Cold wallets are held by Binance and do not have any connection to the Internet, so their funds cannot be transferred until those administering the wallets interact with them directly.
Binance’s cold wallets are responsible for holding funds and ensuring liquidity. You can read more about Binance’s wallets to see how they’re handled and disclosed.
Users cannot interact with these wallets at all, but they’re worth understanding to help navigate information and guides related to various wallets associated with the company if you need to recover them.
Reasons for Needing to Recover a Binance Wallet
Why might someone need to recover their Binance Wallet? Let’s review the reasons for each before diving into the specific steps to take for recovery. Common reasons for needing to recover your wallet include:
- Purchased a new computer or installed a new OS
- Switched browsers and need to carry over your wallet
- Malicious smart contracts removed access to your wallet
- Social engineering scams
- Other cybercrimes jeopardize your funds
If another party gains access to your Binance Chain Wallet, you may still have access to it, or the browser extension may have been corrupted.
However, the main concern when someone accesses your wallet usually becomes tracking and recovering your crypto since they’ll typically be sent to another wallet immediately. In this case, you need an expert in crypto recovery rather than focusing on recovering a wallet without any crypto.
Prepare Now for Binance Wallet Recovery
Crypto users need to stay ahead of potential issues to make sure they always have access to their funds. Take the time now to ensure you recover your Binance Chain Wallet and Binance account to avoid having problems in the future.
Binance Wallet Backup and Recovery
Recovering your web3 Binance Wallet, used with Binance Smart Chain, may need to be recovered for everyday reasons like setting up a new computer or installing a new browser. Binance Wallet is a browser extension, and the process of importing an existing wallet is the same as recovery.
The best way to ensure you can recover your Binance Chain Wallet is to properly store your recovery phrase. You can backup your phrase with the following steps:
- Select the account icon at the upper right of the wallet overview screen (the first screen you see when opening the wallet)
- Select “Settings”
- Click “View Seed Phrase”
- Enter the wallet password, the same password used to login to the wallet
- You’ll be shown your recovery phrase — store it securely for future recovery
You can write down your recovery phrase on a piece of paper, encrypt it and store it digitally, or memorize it. Using multiple methods can help ensure you can always recover your wallet.
Binance Account Recovery
Your Binance account, which contains the hot and deposit wallets we discussed earlier, can only be recovered by using the exchange’s provided account recovery tools.
This shouldn’t be difficult, provided you properly set up your exchange account initially. Make sure you use the right email address, phone number, and password you’ll remember to maintain access to your exchange account.
Fortunately, unlike the Binance Chain Wallet, if you completely lose access to your Binance account, you can work with customer service to explore additional options. You’ve likely undergone some level of identity verification to use the exchange that may help recover your account.
Ultimately, recovering this account is solely between you and Binance — no third party can help recover this account.
Steps to Recover Your Binance Wallet
How can you recover and restore your Binance Wallet? You can regain access to your funds with your recovery phrase or Google Account. The steps to restore an existing wallet are as follows:
- Download and Install the Binance Wallet extension for Chrome or Firefox
- Setup the extension and select “I own a wallet” on the initial screen
- Enter your 12-word recovery phrase
- Create a password for your wallet, which is specific to the browser and extension and will be used to access your wallet.
- Confirm the password
- Select “Get Started,” and you’ll be taken to the normal wallet interface, displaying your crypto if the restore was successful.
Binance Wallet also allows you to log in with a Google Account. If you’ve previously set up this option, you can use it again to recover your entire wallet. However, ensure you properly protect your Google account to avoid someone using it to access the Binance Wallet.
What If I Lost My Recovery Phrase?
Since Binance Chain Wallet allows recovery with a Google Account, you can use this option to recover lost funds without knowing the recovery phrase.
However, if you didn’t set up your Google Account or properly store your recovery phrase, your options for recovery are limited. Binance customer service won’t be able to provide you with your phrase.
So what can you do? A crypto recovery agency like Lionsgate may be able to help you, although our capabilities will depend on what you’ve already done to secure your wallet. Our free consultation can help go over your options to see if we can help recover your recovery phrase.
Talk to Lionsgate About Possible Binance Recovery to Reclaim Your Funds
Recovering Binance wallets can be complex, and your options might be limited depending on the type of wallet you need to recover. However, there are still options to explore for recovering your Binance account and the separate Binance Chain Wallet.
You can recover your Binance account with the self-service recovery tools or by contacting customer support if those tools don’t do the job. When it comes to your Binance Wallet, however, your recovery methods rely on having your recovery phrase or a linked Google Account.
You can enlist the services of a crypto recovery agency to help reclaim your lost cryptocurrency in these situations. Lionsgate is an industry-respected recovery agency that may be able to help reclaim your crypto.
Do you need to recover your Binance Wallet? Reach out to us today to talk to a recovery expert for a free consultation and discover if we can help.
