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DekDavis
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May 13, 2018, 01:11:28 AM
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I have an account with Binance and was wondering if I sell say ETH where does it go? I noticed that I can not buy through exchange but can purchase via my MEW. Again if I sell through the exchange where do the proceeds go to? Thanks!!
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mdayonliner
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May 13, 2018, 01:22:42 AM
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I have an account with Binance and was wondering if I sell say ETH where does it go?
Question is not clear to me. This is what I guess...
The difference between Binance and MEW wallet is the private key.
Binance wallet is not your wallet with private key but MEW is the one with the private key for you. It's your own wallet, no body gave it to you like the Binance or other exchances one.

I noticed that I can not buy through exchange but can purchase via my MEW. Again if I sell through the exchange where do the proceeds go to? Thanks!!
I assume you are asking about buying/selling your crypto with fiat. In these case you need to find out an exchange which allows your to buy/sell in fiat. Remember USD and USDT is not same. USD is the dollar currency and USDT is a form of crypto equivalent to USD.

You can look for LocalBitcoin or Coinbase depending on your region.

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May 13, 2018, 01:29:33 AM
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If you sell ETH on Binance, it's because someone else buys it(using BTC/USDT).
Binance doesn't handle fiat.
The ETH goes to the buyer, and a small fee is taken by Binance.

If you wish to sell for fiat, there's various exchanges and ways.
Kraken.com is a good European exchange, then there's Coinbase which I believe is more focused for US? but it still works for EU.
Then there's Gemini, Bitstamp, and many more - these exchanges require you to provide ID + personal information before you can make a withdrawal to your bank account.

You can use LocalBitcoins to sell directly to another person, as in ETH to cash, and there's many different payment-options.
An exchange is probably a bit safer, but again, you need to provide personal information.

I'm not sure what you mean by purchasing with MEW.
MyEtherWallet generates a wallet for you, which you have to keep safe.
If you have ETH in a MEW wallet, you'd send it to for example your Kraken.com account wallet and sell it for fiat.

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DekDavis
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May 13, 2018, 02:01:21 AM
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Thanks for your input. I'm looking for help via support. I don't understand where proceeds go to in exchange (Binance) when I sell. I understand deposits and withdrawals in crypto but when you sell cryto in an exchange where does it go? I would think into your account. In my account there is no fiat to put a sell into. If I sell ETH where does it go? Again, thanks for your input Smiley
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May 13, 2018, 02:09:14 AM
 #5

Thanks for your input. I'm looking for help via support. I don't understand where proceeds go to in exchange (Binance) when I sell. I understand deposits and withdrawals in crypto but when you sell cryto in an exchange where does it go? I would think into your account. In my account there is no fiat to put a sell into. If I sell ETH where does it go? Again, thanks for your input Smiley
What do you mean with "where does it go"?

If you trade in the ETH/BTC pair, you will "sell" your ETH and receive BTC. If you trade in the ETH/USDT pair, you will "sell" ETH and receive USDT. Binance has no fiat support, so you are basically trading your ETH for another coin, which you can withdrawal to your wallet.

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May 13, 2018, 02:54:02 AM
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think of exchanges as a place where people meet each other to trade. imagine a trading floor where buyers and sellers stand in separate lines and the best options are in the front with the rest standing behind them waiting for their "turn".

this means when you go to an exchange and want to sell some altcoin you choose one or more of these guys depending on the size of the coin you want to sell and give them your coin and they give you money/bitcoin in return.

colkcolk
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May 13, 2018, 06:52:05 AM
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Thanks for your input. I'm looking for help via support. I don't understand where proceeds go to in exchange (Binance) when I sell. I understand deposits and withdrawals in crypto but when you sell cryto in an exchange where does it go? I would think into your account. In my account there is no fiat to put a sell into. If I sell ETH where does it go? Again, thanks for your input Smiley

I assume you have ETH and want to sell it for fiat, let's say usd. If in my knowledge, some exchange just receive bitcoin or ETH as their major currencies to buy other crypto or trading. If want to convert to fiat, I am used to sell other coins/tokens into one of bitcoin or ethereum to be saved in my wallet. From wallet, it is sent to local exchange which can be traded for fiat. Then the fiat is transferred to bank account.
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May 21, 2018, 05:07:04 PM
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