As a follow up to my last story about the Binance Smart Chain (BSC), with Ethereum gas fees presently in the triple digits for simple transactions, now may be one of the best times to take advantage of alternate chains like BSC and Polygon. Here is how I use BSC and it is something that I figured out on my own. This may not be the easiest way to do it, but it’s a step by step guide on what I’ve done. Keep in mind that I am in the US and and it’s not simple to use a bridge on Binance as Binance.us doesn’t have an easy to use bridge (that I know of) This is not financial advice and is strictly for informational purposes. I use BSC on my Iphone and will be sharing instructions for using on an Iphone. I imagine Android is similar but am not positive.
Step 1) Preparation
Things that you will need to use my method: Binance.us account to purchase BNB, Trust wallet, Metamask wallet.
Unfortunately, Binance.us is taking a long time to KYC and onboard new clients for their US version. But it is a requirement to have BNB tokens to trade on the Binance Smart Chain. There may be workarounds to get BNB tokens, but it’s easiest to have a Binance.us account and purchase your BNB tokens there.
Trust wallet is a Binance owned mobile wallet. Here is a link to instructions for setting up the Trust wallet (it’s free to set up). Next you want to setup a free Metamask wallet. Here is a link to instructions for setting up the Metamask wallet (also free to set up).
Step 2) Make your Metamask wallet compatible with the Binance Smart Chain
By default, Metamask is designed to work with the Ethereum network. Here are the necessary steps to make it work with Binance Smart Chain.
- Open Metamask app on phone and click three lines in the upper left corner
- Click “Settings”
- Click “Networks”
- Click “Add Network” at bottom
- Fill in the following information (verbatim)and hit “add”