When you plan to invest in cryptocurrency, there are a lot of aspects you need to consider. Besides choosing a safe exchange to buy your crypto assets from, you should also consider picking a safe crypto wallet. And what could be a better option than to choose a hardware wallet? I hope you have heard about the Ledger hardware wallet. On the other hand, if you are learning about this wallet for the first time, this guide about ledger.com/start will help you with that.
The crypto trading industry is growing at a large scale. Parallelly, cybercriminals are leaving no stone unturned to find a loophole in the crypto security system so that they can hack your assets. This is where a hardware wallet like Ledger comes into the picture. This hardware wallet is free from any online access, leaving no chances for intruders to gain access to your crypto. This is a powerful crypto tool that supports a wide selection of crypto, has bank-grade security, and comes with an easy-to-use companion app, Ledger Live.
Ledger hardware wallet, when combined with the abilities of the Ledger Live app available via ledger.com/start, provides unmatchable crypto security and management features:
Offline key storage: Your private keys never leave your wallet device. Hence, no malware.
Multi-chain support: The wallet is known to support assets such as BTC, ETH, SOL, and a wide selection of tokens.
Easy portfolio management: Keep a track of your crypto balance, view token performance, etc.
Automatic firmware updates: Regular firmware updates are made available to let you use the latest security features.
Secure element chip: The wallet has a secure, certified, and isolated chip that stores keys and processes safe transactions.
It is crucial to set up your Ledger wallet and pair it with its companion app (available on ledger.com/start) before you can start using its functionalities. Below is the stepwise setup guide for beginners:
Step 1- Unboxing and initial setup
Before opening the box, check the Ledger Wallet seal and then take off the Ledger device, USB Cable, recovery sheets, and instruction booklet from the box.
Step 2- Plug in your Ledger device
The next step is plugging in the Ledger device to your computer using the same USB cable that came with the packaging. In the case of Ledger Nano X, establish a Bluetooth connection.
Step 3- Download Ledger Live
Go to ledger.com/start (the official wallet website) and then download the Ledger Live app from there. Don’t trust any other website for downloading the app.
Step 4- Choose the “Set up” option
After powering on the device, you need to open the Ledger Live app and then choose the “Set up as new device” option.
Step 5- Create a PIN code
To secure your wallet from unauthorized access, set up an 8-digit PIN and keep it private.
Step 6- Note down the seed phrase
Now, your wallet’s device screen will show you the 24-word Secret Recovery Phrase, which you should note down in the recovery sheets. Thereafter, confirm the seed phrase and complete the verification process.
To start storing different crypto assets on your Ledger Wallet, you need to first install the token corresponding app. You can also add an account, if you want, to segregate your funds:
1. Go to ledger.com/start and then install the Ledger Live app. (If not already installed)
2. Further, you need to go to the “My Ledger” section on the app.
3. Install the app for each coin you wish to manage.
4. Then, to add an account, go to the “Accounts” section on the Ledger Live app.
5. Choose the “Add an account” button for each crypto.
To receive crypto assets for the first time on your Ledger device, you can follow the easy steps explained below:
1. Open the Ledger Live app on your computer.
2. After that, you need to open the corresponding app for your crypto.
3. Within Ledger Live, hit the “Receive” option.
4. Further, you must verify the receiving address on your Ledger screen.
5. You may also copy down the address and then send crypto to it.
Yes, of course. Ledger is a safe and trusted crypto storage option since it is a hardware wallet and certainly cannot be hacked.
Download Ledger Live from ledger.com/start > pair your wallet device with the one having Ledger Live > follow the wallet setup steps on your screen.
No, a Ledger device cannot be hacked until you yourself share your wallet’s Secret Recovery Phrase with someone or use it on a public device.
While Ledger is best for those who are looking for security features and ease of use, the Trezor wallet is for those who are looking for an open-source wallet.
You can restore your wallet and your funds by using the Secret Recovery Phrase of the wallet provided to you during the initial setup.
To be honest, if you choose a software wallet, you are just fooling yourself. If you have a decent amount of crypto, provide it with the world’s best security. Simply go to ledger.com/start, choose a wallet device of your choice, and get on the pathway to crypto security. If you face any issues while using this platform or the wallet, you can install Ledger Live once again. However, it is essential that you give importance to safeguarding your seed phrase. And, make sure that you do not connect your wallet device to a public computer.