I was a frustrated U.S. crypto enthusiast 4 months ago. My crypto access involved Coinbase, Gemini and Binance.US. Those are all fine options, but still, options for beginners in my opinion. I wanted access to the real Binance . Binance.com. I wanted all the coins that the rest of the world can get. . I started searching and it seemed the only option was to get a Vpn . However, I am tired of all the KYC and AML requirments by centralized exchanges. The verification take months sometimes. For me, Gemini has yet to complete my verification since the last week of December 2020. I have read many others angry posts regarding other exchanges and their delay in verfication. You jump through all these hoops , complete all the steps, and what do you get? You get the ability to deposit unto the exchange, but until the verification is complete , you can't withdrawal. Convenient ,right? That subject is a different topic for a different post. Enter Safepal Wallet.
This is about access to Binance.com. Thats what I wanted Luckily for me, I was just researching one day and came across a post about Safepal Wallet. This was the answer I had been looking for. Safepal wallet is backed by Binance. It is a BEP-20 wallet mainly, but also supports ERC-20 , Tron , ONE, Xrp, Dot , etc. Within the wallet , a dapp is built in , and this dapp is called Binance spot wallet. When I first saw this I assumed it was regular Binance.US . But to my utter joy, it is the real Binance. The Binance the whole world can use. Indeed, thats what I needed. I thank whoever the person was the brought this to my attention. And i just want to pay it forward.
The Binance spot wallet dapp is a seperate wallet from safepal wallet. While they are linked together, you must transfer from one or the other. From safepal to spot wallet, or from spot wallet to safepal, Your safepal wallet address will be linked to your spot wallet for easy and quick transfers. But do be advised they are seperate addresses. The reason I believe that the spot wallet is available is because you must first deposit crypto into the wallet to fund it. There is no option to buy with a debit card or to link a bank account. This is just a wallet that happens to have Binance access built into it. Its has a sleek look and is easy to use. Also, I have found it very easy to add coins not listed in the wallet. Even so, most all coins I have searched for have already been listed in the wallet.
I downloaded safepal wallet, received a seed phrase , made a passphrase , and transfered some BNB into it, moved some BNB into the Binance dapp , and started trading on the Binance exchange as if I were a first world citizen. The safepal wallet also has Pancake , Bunny, Autofarm , Bake, and almost all BSC plaforms built in. When connecting with these platforms , you can select either BSC , ETH, or TRON networks when connecting to a dapp. I do believe they are working to add more chains to connect to , but as of right now those are the 3 networks the wallet can interact with. You can do this using wallet connect option on the desired platform.
Now back to the Binance spot wallet. There is only to option to buy the coins straight up (spot trading). There are no leverage trading options, no staking options , among other options available to Binance.com users. However, the option to buy all the coins listed on Binance.com is available. Thats at least a start. Another negative, is withdrawing can be pricey for ERC 20 tokens. All other tokens are the same low fees that normally accompany other chains. Eth gas fees , always there to get you.
If anyone has questions , feel free to ask below and I will try to help you if I am able. Thanks for reading .
Safepal Wallet is available in hardware wallet as well which can be synched to the mobile wallet . If I recall correctly , the hardware wallet is approx $80.00. I do believe that Safepal wallet is only available for mobile and not available for PC.
My next post will dive deeper into the wallet itself and will cover a user review and more on the subject. But for now , I just wanted to make this known to any U.S. customers that feel limited in the coin selection the Coinbase and Binance.US offer and who are looking for a more involved crypto experience.