These days people are using hardware wallets for storing and exchanges only for trading a lot more frequently. Since crypto became more popular, and there has been a lot of hacking and scamming going on, hardware wallets got a lot more attention. This means people need to move money around between hardware wallets and exchanges.
Today we are going to talk about the most common duo, Ledger Nano S and Binance. Most people prefer Ledger when they are picking a hardware wallet and as we all know Binance is one of the most traded exchanges in the world. When you are storing your money and not trading with it, you will need to move it to Ledger, and when you want to use it to trade, then you will need to move it to Binance.
This task is quite easy and doesn’t take more than 2 minutes to do after you are used to it, even faster than that. The first few times you could be a little bit more excited, first transactions are always a lot scarier. However eventually you will get used to it and do it a lot faster, yet you should still check the address carefully so that you don’t send it anywhere wrong.
From Binance to Ledger
In order to send from one address to another, the first thing you need to know is the address that you want to send the coins to. For this, you need to connect your Ledger and go to Ledger Live. There you need to click the “receive” button so that you would see the address, you will need a Ledger Live account for this as well. Creating a new account is quite easy and takes a few steps. If you have an account, just click receive and copy the address that you see there.
After this step time to send money to that address, go to Binance and log in to your account. Go to “Funds” and there you will be able to select which coin or token you would like to withdraw, select that coin, and click withdraw.
Alternatively, you could also go to withdrawal directly and select the coin there as well from the dropdown list. After you pick the coin, it will ask you for your network and address. Pick the correct network and then paste the address you copied from Ledger live and write the amount you want to send before you send.
Depending on the coin/token it may take a while, but you will see it sent from one side to another. This is not too different from one person sending money to another person. You could be both address owners but by blockchains view, it is from one address to another address so it is not really that different. You have one address, then you send coins to that address from another wallet, that is it.
From Ledger to Binance
This is quite similar to what we have done with Binance to Ledger but for this time it is the reverse. In order to send money anywhere, just like the first one, we need an address first. So what we need to do is open up our Binance account, go to “funds“ and then pick the coin we want. Instead of “receive” we have “deposit” here and we will select that for whatever coin we want to transfer.
The deposit page will open up and you will see which coin and you will see network options for some coins, pick the right network and you will get an address. Copy that address so that we can use it to send coins.
Then open up your Ledger Live again, and in order to send money go to your wallet and pick the coin you wanted to send, click send next to that coin and you will see the transaction page. First it will ask the coin and the address, then it will ask for the amount you want to send as well, you can write either the coin amount or USD amount here as well.
After these are done it will show you the summary to show you again which coin, the amount, and the address so you can confirm if all three are correct. It will ask you to connect the app of the coin you want to transfer on your ledger nano device. You will see plenty of coins on your homepage on the small screen of your Ledger.
Pick the coin you want to transfer, so if it is bitcoin then go into the bitcoin app, or if it is eth then pick eth app. You will confirm it on the page again after you are in the app, which will move to the next stage.
At the last stage, it will send the last confirmation to your coin app, to your device itself, and you click both buttons again to confirm it for the last time. Once again you will see the amount, the address and this time the fee as well, just confirm them on your device and it will be sent.
Pay attention! Withdrawing coins from Binance, which network should I select?
When you are withdrawing a coin from Binance to Ledger, it will ask for your network as well. There are plenty of networks for withdrawing but we are specifically picking the ones for Ledger. This means for BTC it is a BTC network, for ETH blockchain-based tokens it is ERC20, for BSC tokens it is BEP20.
So when we are sending something, we need to know for sure that the network we are sending to is the same network Ledger also uses as well. Double-check the networks on both sides before you do a transfer so that you do not make a mistake with an absence of mind situation.
The more you do it, the easier it gets but also less careful you may become, so double-checking each time would be crucial for everyone and not just people who are doing it for the first time.
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