Can One Trade on Binance (Directly) from a Virtual Wallet?

[Newbie777]

Greetings.

If I have my BTC stored in MyEtherWallet, then how do I trade on Binance from this?

Binance always shows your balance of BTC on their exchange, of course, in order to reveal the amount of any other crypto that you are legitimately able to purchase, so how can you do any trading if you have BTC stored in a virtual (or HW) wallet?

Does one have to send a designated amount to binance first?

Thanks very much for any replies.

[1715295068]

1715295068

[MadGamer]

It doesn't matter what you're using (hardware wallet, Myetherwallet or anything else). If the funds are not stored in the exchange, you must first send them there to be able to trade.

[mk4]

Does one have to send a designated amount to binance first?

Yes. Your bitcoin is on your ledger's bitcoin wallet, which is pretty much inaccessible to binance as your binance account has a separate bitcoin wallet. So yes, send over your preferred amount of BTC from your ledger to binance.

EDIT: Do you really meant MyEtherWallet? I thought you used a hardware wallet and just accessed your ETH via MyEtherWallet. My bad. Read what piloder said.

It doesn't matter what you're using (hardware wallet, Myetherwallet or anything else). If the funds are not stored in the exchange, you must first send them there to be able to trade.

This is true, unless you're using a decentralized exchange like EtherDelta.

[piloder]

If I have my BTC stored in MyEtherWallet, then how do I trade on Binance from this?

BTC stored in myetherwallet? I think you are taking about ETH because myetherwallet is for ETH and ERC20 tokens.

Under balance page you can view deposit button near ETH, click there than you will get your ETH deposit address. Now send your ETH after logging into your myetherwallet to that deposit address. After few network confirmation you can sell those ETH for bitcoin or buy other coins with those ETH in binance.

[noormcs5]

Greetings.

If I have my BTC stored in MyEtherWallet, then how do I trade on Binance from this?

Binance always shows your balance of BTC on their exchange, of course, in order to reveal the amount of any other crypto that you are legitimately able to purchase, so how can you do any trading if you have BTC stored in a virtual (or HW) wallet?

Does one have to send a designated amount to binance first?

Thanks very much for any replies.

You seems to be very new in the trading world and i would suggest to first thoroughly learn or watch few videos on how to trade.

BTC is not stored in myetherwallet as the name suggests its an etherium wallet and probably the Number one Ether wallet. You need to transfer the etherium to Binance Ether address and from there you can trade any coin which is listed on binance exchange.

Again i will insist, if you are new in this field start with a low amount and a small exchange like Ccex or cryptopia.

[Vilagra]

Greetings.

If I have my BTC stored in MyEtherWallet, then how do I trade on Binance from this?

Binance always shows your balance of BTC on their exchange, of course, in order to reveal the amount of any other crypto that you are legitimately able to purchase, so how can you do any trading if you have BTC stored in a virtual (or HW) wallet?

Does one have to send a designated amount to binance first?

Thanks very much for any replies.

Please visit begginers and help section or watch video on youtube. With such question you aren't ready for trading you will quickly loose your funds.

[harizen]

Greetings.

If I have my BTC stored in MyEtherWallet, then how do I trade on Binance from this?

Binance always shows your balance of BTC on their exchange, of course, in order to reveal the amount of any other crypto that you are legitimately able to purchase, so how can you do any trading if you have BTC stored in a virtual (or HW) wallet?

Does one have to send a designated amount to binance first?

Thanks very much for any replies.

With the replies here, I think you learned now that MyEtherwallet doesn't hold Bitcoin but Etherium and other ETH contract token.

So let's rephrase your post as:

"If I have my ETH stored in MyEtherWallet, then how do I trade on Binance from this? "

From Binance, head on to DEPOSITS and choose ETH - Etherium. From there you will see your DEPOSIT ADDRESS. Now login to your MyEtherWallet and hit Send ETH and just filled the forms. Make sure that the address is correct. Same method is applied to BITCOIN Deposits and for other coins.

You can't do trades if your coins aren't on trading platforms (unless p2p).

[Newbie777]

Please visit begginers and help section or watch video on youtube. With such question you aren't ready for trading you will quickly loose your funds.

Genuine thanks for this as well as the other replies - also for the expressed concern.

As it turns out, I have my BTC stored in a jaxx wallet and use the MEW for ETH and other ERC20 tokens, but, yes, I am a relative newbie (as my virtual name implies).

I have actually done quite well with my limited trading to date, but I realize how quickly everything could descend in the opposite direction.

Thanks again to all who replied.
.

[Newbie777]

With the replies here, I think you learned now that MyEtherwallet doesn't hold Bitcoin but Etherium and other ETH contract token.

So let's rephrase your post as:

"If I have my ETH stored in MyEtherWallet, then how do I trade on Binance from this? "

From Binance, head on to DEPOSITS and choose ETH - Etherium. From there you will see your DEPOSIT ADDRESS. Now login to your MyEtherWallet and hit Send ETH and just filled the forms. Make sure that the address is correct. Same method is applied to BITCOIN Deposits and for other coins.

You can't do trades if your coins aren't on trading platforms (unless p2p).

Thanks very much for taking the time to give a detailed response.

Yes, I have been trading in this manner, but I wondered if there were an easier way other than entering the hex address for the exchange on my wallet, waiting for network confirmation from the "mining operation," etc.

If I have funds on, say, Fidelity, then I can trade (immediately) from the funds in my account because I have trusted Fidelity as the repository of these funds. There seem to be legitimate concerns about trusting any exchange as a trusted repository of crypto "funds" (e.g., hack of non-insured assets); thus, my question.

(I realize that the "digital decentralization" of cryptos is what places the repository in my hands in the form of a "wallet," but I was just wondering if there were an easier way!)
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[albio87]

first of all, pay attention on where you send funds, myetherwallet works for ether and EXP tokens, you can't store BTC on it  and you will maybe lose them, however the only way to trade on classic exchange like binance is to send your funds on your account on the exchange. In case of DEX like etherdelta (only for erc20 token)you can use your own wallet, you should deposit funds through the ED contract and in the same way withdrow them