Do you know how to move coins from Coinbase to Ledger?
Both the Ledger Nano S and Nano X are hardware wallets that can be used to safely store your cryptocurrency.
If you have considered purchasing a Ledger Nano S or Nano X device, you may be wondering, “How do I transfer coins from Coinbase to Ledger Nano?”
Meanwhile, Coinbase is a cryptocurrency exchange (hot wallets) that, like most others, allows you to store your assets either online or offline in your hardware wallet.
This guide will walk you through every step of the process of moving your coins from Coinbase to your Ledger wallet.
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What are Hardware Wallets?
In order to protect your crypto assets, hardware wallets use physical devices to hold private keys for your digital assets. They have been hailed as an innovative way of keeping your currency safe from hackers and fraud.
How does it work?
Crypto always exists on the blockchain and is never kept in the hardware wallet itself. Your PIN and an optional private key is the only thing the hardware wallet holds. A list of words called a seed phrase is used to generate a new copy of your private key. It includes a set of 24-word recovery phrase (word combinations) produced by your cryptocurrency wallet and provides access to the cryptocurrency linked to that wallet. Consider a cryptocurrency wallet to be like a password manager, and the recovery phrase to be like the master password.
So, don’t let anyone access the seed phrase. You must keep them offline in a secure place.
It’s quite tough for a thief to remove your keys from your hardware wallet if they manage to get hold of it. The keys are never made available online, making them impossible to steal. It is called cold storage for this reason.
How To Transfer Coins from Coinbase to Ledger Nano (S or X)
You must first be able to set up your device before learning how to move coins from Coinbase to Ledger Nano S or X.
Follow the manufacturer’s instructions to ensure that you download the correct software. Moving funds from Coinbase to Ledger Nano S is simple if you have already set up the Ledger Nano S device and established an account on Ledger Live.
1st Step: Connect Your Ledger
The first thing to do is to connect your ledger device to your computer and enter your pin code.
Enter Your Password in the Ledger Live App.
If you have already installed and downloaded the software for your Ledger device, this should be a fairly simple step.
Choose the ‘Receive’ option from the menu on your left, and a Funds Receipt display screen will appear.
This pop-up window will provide you with instructions for acquiring your funds.
Select the Account You Want to Credit.
This decision will include selecting the right account among ledger live accounts that you have from which you want to transfer your digital assets and which cryptocurrency you want to transfer to the device.
When you’re finished with this step, click ‘continue.’
Open the correct app on your Ledger device.
Your ledger device includes apps for receiving various cryptocurrencies. Simply ensure that you are using the correct app for the coin you wish to transfer.
These apps should be installed automatically when you first set up your device. Your Ledge Live program will ensure that the Ledger hardware wallet device is connected to your computer and that you have selected the correct app based on the cryptocurrency that you wish to transfer.
For this example on the small screen, we’re going to transfer Bitcoin.
Then, wait for Ledger Live to confirm that the Ledger device is connected and that the correct app is open on the device before clicking “Continue” when both boxes are checked.
When prompted to ‘Verify Address on Device,’ select ‘continue.’
Manually verify that the wallet address is correct.
You must perform this step manually to ensure that the wallet addresses match the address of your device. If they are identical, select the right button to the right of your Ledger device.
The Ledger will provide the confirmation.
If you did everything correctly, your computer application will confirm it. To copy the address, click the ‘copy’ button.
2nd Step: Log in to Coinbase
Once you’ve configured your device and it’s ready to receive funds, you can log into your Coinbase account and send your cryptocurrency. Type in your basic information and email address then after that, click “accounts” in the dashboard’s upper section after logging in.
3rd Step: Choose Coinbase Wallet
Coinbase will offer wallets for various cryptocurrencies to various Coinbase users.
Since we are moving Bitcoin, you will need to select a wallet to store your Bitcoin. It should be associated with the small Bitcoin icon.
After that, click the ‘send’ button below the wallet.
4th Step: Enter Your Ledger Account Number
Because your Ledger is a cold, offline wallet, you must enter the unique address that came with it.
Put this in the ‘Recipient’ box, and then enter the amount of Bitcoin you want to transfer in the text box.
You can also add a note if you want, which will serve as a reminder to keep a record of the transfer.
Step 5: It’s done!
If you want to make sure the transaction goes through, click ‘View Details’ to find the TXID of your transaction and track its progress andthe number of confirmations over time. This will give you an idea of when the coins should appear in your Ledger Wallet.
If you choose ‘View Transaction,’ you will be directed to the blockcypher block explorer to track this transaction.
But even so, I recommend the blockstream block explorer because it provides useful tips on how to improve the privacy of your future transactions and has more security features. Remember that the Blockstream explorer only supports BTC transactions.
Why Should You Remove Your Coins From Coinbase Exchange?
As you learn further about digital currencies, you will realize the dangers of leaving your coins in an exchange for extended periods of time.
Exchanges serve as a honeypot for hackers seeking huge amounts of Bitcoin or other cryptocurrencies.
QuadrigaCX is probably the most recent example of an exchange in Canada that lost nearly all Bitcoin deposits.
Because of these risks, many hodlers prefer to store their coins in a more secure location, such as hardware wallets like Nano Ledger and Trezor. The Trezor and Ledger Nano hard wallets are compatible with Windows 10, macOS 10.11 and higher, Linux, and Android OS.
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