Ledger Wallet Guide

What is a Ledger?

Ledger is a cryptocurrency hardware wallet manufacturer well known for its high level of security and allowing its users to hold crypto assets in cold storage. This is widely considered to be one of the safest methods for keeping crypto assets safe as they remain within your wallet and disconnected from the internet for the majority of the time. Ledger devices are also compatible with many other platforms, so you can choose the interface and features you want to interact with while not compromising control of security. There is a wide selection of crypto assets that are compatible with Ledgers and especially when considering it is a physical hardware wallet.

Key Features

1. Supports over 1,800 Cryptocurrencies
2. Secure offline cold storage
3. Compatible with third party platforms
4. Excellent instructions, articles and customer support

Keeping it Safe

Ledger prioritises security above everything else and it is one of the main reasons people choose to buy and use their wallets. All devices exceed industry security standards and have been audited by the French National Agency for the Security of Information Systems (ANSSI). They also have proprietary technology used within their operating systems and secure element chips that strictly control access to the wallets private keys.

All Ledger devices come standard with 4–8-digit passcode protection that is required each time it is connected and accessed, after several failed attempts this will lock the device and it will not respond to further attempts. Every Ledger has a 24-word recovery passphrase associated with it that it recorded and written down during the first initial setup process. With the recovery phrase you can always login and regain access to the wallets held on a previous ledger should there be any issue including losing or locking the device.

Supported Networks

Ledger maintains and updates and clear list of all crypto assets and features currently supported on their devices, click here to view this list. The majority of coins can be accessed directly via Ledger Live however there are a few that can only be accessed by connecting your device to a third-party platform. These are all approved and reviewed by Ledger however some users prefer to wait for official Ledger Live integration before doing so for extra security.

Staking with Ledger

The

Summary

Ledger has been instrumental to the crypto ecosystem helping over 4 million customers worldwide to keep their assets offline and secure. Though Cold Storage is a more hands on method for storing coins, it is one of the safest ways to holding long term and Ledger makes this process as easy and supportive as possible. As the Ledger ecosystem develops with more cryptocurrencies and blockchain networks being supported, users will gain access to further benefits, staking opportunities and features without compromising security.

Ledger Wallet Guide Instructions

1. Purchase a Ledger device

It is advised to obtain your device directly from Ledger or by using a trusted retailer to ensure authenticity. If the device has been tampered with in anyway or has passwords provided do not use the device.

2. Download Ledger Live on a computer device and run the application.

Navigate to the official Ledger website and initiate a download on Ledger Live to your computer. Follow the steps to install and run the application and once ready click Get Started.

3. Setting up your Ledger Device

Plug your device into your computer via USB cable and select your device, Nano S, Nano S Plus or Nano X.

There are several options to select from when setting up a device on Ledger Live. If you are setting up a new device select the option to set up your device for the first time. You can also connect to an already set up and used device or restore wallets from a previous device using the 24-word recovery phrase to recover and regain access.

4. Set a Pin Code for the Device

The PIN Code unlocks your device when connected to Ledger Live. It is important to set a Pin that is rememberable but private and unique to the user.

Press the Left and Right buttons to scroll through device options and Click Both Buttons at the same time to select. Select Choose PIN code once displayed on the device, using the left or right buttons select each digit of your chosen pin.

The pin code must be between 4 and 8 digits however, 8 digits is advised for optimal security.

Once you have entered your Pin you will need to confirm it once again to proceed to the next step.

5. Record your 24 Word Recovery Phrase

The 24-word recovery phrase will be displayed on the physical Ledger device. This can be used to Restore and regain access to your wallets should you lose, lock, or have any issue with the physical ledger device.

The recovery phrase will only ever be shown once and must be recorded correctly and always kept safe.

Scroll through and write down words #1 through #24 on the Recovery Sheets provided with the device. Double check each word has been recorded correctly and reconfirm the words within the device to continue.

The Recovery sheets should be kept in secure locations to ensure the continued safety of the assets being held on the device. Once you have reconfirmed your 24 words Press both buttons on the final screen to complete the set up.

6. Add Cryptoassets to Ledger Live

Now your device is set up and connected to Ledger Live, click on Accounts and Add Account to interact with your device’s wallets.

Select a crypto asset from the drop-down list which will sync to your Ledger device and display your wallets.

If there are any existing wallets/accounts set up on the device these will also appear when adding an account to Ledger Live.

Select which accounts you want to add which can also be named, once added these will appear under Portfolio.

7. Deposit Crypto to your Wallet

With your account added to Ledger Live you are ready to use the wallets and receive crypto assets. Click on the wallet/account that you want to receive the coins and when the device has been connected successfully the Wallet Address will appear on screen and on the device.

Check that the address on screen matches the details on your device and then copy the address by clicking the Copy button.

You can now use this address to send crypto assets to your Ledger by withdrawing to sending crypto to the address.