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There is no hidden fact that cryptocurrencies are being recognized as one of the best ways for investment. Individuals who used to invest in stocks have now shifted their interest towards crypto investments. Being a beginner in this journey, you may know that you can invest through an exchange. However, many investors are confused about the wallet they should trust for holding their crypto assets. This is where a hardware wallet like Ledger comes to light. Operational via ledger.com/start, this crypto wallet turns out to be a great option for anyone looking for a non-custodial wallet.
Since hardware wallets are comparatively more reliable than the hot/software wallets, therefore, through this document, we thought of guiding you on the safe use of the Ledger wallet as a new user.
Crypto security should be of paramount importance for anyone who holds crypto assets. In this case, a hardware wallet like Ledger can literally help you in the long run. After purchasing this wallet, you can set it up via ledger.com/start and open the doors to ultimate crypto security. The reasons why you should invest in this wallet are as follows:
• Keeps your crypto/private keys completely offline.
• A non-custodial wallet like Ledger makes you the sole owner of your crypto.
• It can store a wide selection of crypto and supports NFTs as well.
Since crypto hacking incidents are on the rise, in this scenario, this website works as a pathway to help you get started with your wallet. In short, this is the official entry point from where you can extract the companion app, i.e., Ledger Live. Using this official companion app, you can initialize and activate your wallet. Once you have activated your wallet device, you can explore the diverse features that come with it. Technically, this is the only website that you should use for keeping your crypto safe from breaches. Apart from that, you can also use this platform whenever you need to install the wallet update, track your balance, and manage your crypto.
As a beginner, you might not be aware of the method that you need to follow for the Ledger hardware wallet setup. In this scenario, what you can do is refer to the stepwise guidelines below and activate your wallet in no time:
1. Open the official website
Open a trusted web browser on your PC/desktop and search for the official website, i.e., ledger.com/start. Make sure that you do not access any website other than this.
2. Connect/pair your device
After navigating to the said website, you should take the USB cable from the wallet packaging and connect your wallet to your PC/computer. Once it is paired, you will see an indication that it is ready for setup.
3. Go through the on-screen instructions carefully
As soon as your device is paired, you should go through the on-screen instructions carefully generated via Ledger Live. These instructions will help you with a smooth wallet setup.
4. Create a PIN
To provide your wallet with the first layer of security, you should assign your wallet a strong PIN. This PIN can be generated with the help of directions on your screen. Make sure it is strong enough to protect your wallet against unauthorized access.
5. Store your Secret Recovery Phrase
As guided by ledger.com/start, now your device will show you the 12 or 24-word Secret Recovery Phrase of your wallet. At this stage, you should be prepared with the recovery sheet so that you can note down each word of the phrase carefully.
The main objective of owning a crypto wallet is to effectively and efficiently manage your crypto assets. If you do not know the process to do that, this section will help you with that:
1. To begin with, you need to open the Ledger Live app.
2. If your PC doesn’t have this app, it is readily available on ledger.com/start.
3. Further, go to the “Add Account” option and click it.
4. At this point, you need to choose the crypto asset you’d like to add.
5. Thereafter, you should follow the on-screen prompts to sync your Ledger device with your account.
6. Similarly, you can add more accounts for other crypto assets.
Soon after adding the accounts, you can start managing your crypto, send or receive funds, check crypto balances, or update your device’s firmware as and when needed.
Consider ledger.com/start as the only official platform to start your crypto trading and storage journey with the Ledger hardware wallet. Do not trust any website other than this because other websites may pose a risk, or you may end up downloading fake software. If you ever face any glitch with your Ledger wallet, make sure that you install the latest Ledger Live updates from the said website.
As a first-time user, download and install the Ledger Live app from ledger.com/start, pair your wallet with your PC using the USB, and follow the prompts on Ledger Live.
Setting up a Ledger wallet requires you to download the companion Ledger Live app on a PC/Computer. Hence, the answer is no.
After pairing your Ledger device to the Ledger Live app, you need to open the Ledger Live app and select the “My Ledger” section. If asked for a PIN for authorization, enter it carefully.
No, you will not lose your crypto even if you lose your Ledger Wallet. You can recover your assets by providing the Secret Recovery Phrase on a new wallet.