How to Create and Access Wallet at Binance DEX
Lyfe decided to move her LYFE ERC-20 token from the Ethereum blockchain network to the Binance Chain. LYFE ERC-20 token owners are requested to immediately exchange their LYFE tokens to LYFE BNB so they can continue using LYFE tokens in the Lyfe ecosystem.
The very first step of exchanging LYFE ERC-20 to LYFE BNB is to create a wallet at Binance DEX. How to do it? Let’s follow the steps below.
Step A — Initial Information
- Visit Binance’s website: https://www.binance.org/
- Click “Create Wallet” in the upper right
- Read and follow the instructions on how to make a wallet that appears on the screen (Do not skip it!)
- You will be given information about 3 different security formats, which can be used to access your wallet:
a. File Keystore + Password
A keystore file is a kind of User ID, while a password is the key to unlocking your wallet. Both are required to access your wallet, so keep it safe. This is the format required for Binance.
b. Mnemonic phrase
24 words that are a combination of “User ID” and password. This is a secondary way to access your wallet if you lose your keystore file or forget your password. Anyone who knows your mnemonic phrase can access your wallet, so it must be stored safely.
c. Private key
This is a secondary and alternative security method of the mnemonic phrase. Binance requires all users to use the Keystore + password file. As for the secondary method, users can choose between mnemonic phrases or private keys.
If you understand, you can press the “I Understand” button.
Step B — Creating a Keystore + Password File
- Create a new password. The password MUST consist of 8 or more characters including capital letters, numbers, and symbols in combination.
- Re-enter the password.
- Click “Download Keystore File”
Step C — Make Mnemonic Phrases and Private Keys
- Create mnemonic phrases according to instructions. Make sure no one is looking at your screen.
- Take a note of the mnemonic phrase and save it well. Don’t lose it!
- Click “View My Private Key” to see your private key. Take notes and save well.
After following all the steps above it means you have successfully created a wallet in the Binance Chain. The wallet can be immediately used at Binance DEX to exchange LYFE ERC-20 to LYFE BNB.
How to access Wallet
You can access or open Binance Wallet in 4 alternative methods. Follow these steps first:
- Visit the site https://www.binance.org/
- Click “Connect Wallet” in the upper right
- You will be directed to the “Unlock Your Wallet” page
Method 1 — Mobile Wallet
This method is the most recommended by Binance. To access the wallet, the following steps:
- Make sure you have an application that supports WalletConnect, such as: Trust Wallet, SafePal, CoolWallet S, Math Wallet, Meet.one, Equal, and Atomic Wallet.
- Open the application and connect the wallet on your mobile by scanning the QR Code listed
- After scanning the QR Code, grant access approval.
Method 2 — Ledger device
- Install the Binance Chain application to Ledger via Ledger Live
- Enter the PIN code to open Ledger
- Open the Binance Chain. On the ledger device screen MUST appear the words “Binance Ready”
- Wallet can already be accessed via the ledger device
Method 3 — Keystore File
To unlock a wallet using a keystore file, you need to upload a keystore file that was downloaded when you first created the wallet.
- Click “Upload Keystore File”
- Select the data file keystore that has been stored in the memory of your computer or cell phone
- Enter the password that you created when you first created the Binance wallet
This password will also act as a session password to protect your account after a period of inactivity.
Method 4 — Recovery Phrase
If the keystore file is lost, you can still access the Binance wallet by doing recovery.
- Select “Recovery Phrase”
- Click “Recover a Keystore File”
- Choose a phrase that matches your Mnemonic Phrase. The Mnemonic phrase is obtained when you create a Binance wallet. Mnemonic phrases must be recorded and memorized manually.
- Click “Submit”
After successfully opening the Binance wallet, you will enter the Binance DEX homepage and be able to make transactions immediately.
Disclaimer: This article was created on May 26, 2020. If there is any change to the Binance system after this article was created, please visit this official link for the latest guidance: https://www.binance.vision/tutorials/binance-dex-accessing-your-wallet
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