iction. LLedger+1
Receiving Cryptocurrency With Ledger
Once an appropriate account has been created, you can use the wallet application to obtain a receiving address for a supported cryptocurrency.
Always verify that the network and asset are compatible before transferring funds. Cryptocurrency transactions can be difficult or impossible to reverse if funds are sent using an incorrect network or to an incorrect address.
For additional security, verify important transaction information directly on your Ledger hardware device before approving a transaction.
Keeping Your Ledger Wallet Secure
Setting up a hardware wallet is only the beginning of good cryptocurrency security. Users should also follow basic security practices throughout the life of the wallet.
Never share your PIN, recovery phrase, or other sensitive wallet credentials. Be suspicious of anyone claiming to be Ledger support who asks for your recovery phrase. Legitimate support should not require you to reveal your secret recovery information.
Keep your device firmware and wallet software updated using official Ledger resources, and avoid connecting your wallet to suspicious applications or websites.
Phishing is another major risk. A website can look almost identical to a legitimate cryptocurrency service while attempting to steal wallet credentials or recovery information. Bookmarking the official Ledger website and accessing it directly can help reduce this risk.
Ledger Wallet and Self-Custody
One of the central concepts behind a hardware wallet is self-custody. Unlike a custodial exchange account, where a third party controls the private keys, a self-custody wallet gives the user responsibility for protecting the keys associated with their assets.
This approach offers greater direct control but also greater responsibility. If a user loses their recovery information and does not have an appropriate backup, recovering access can become difficult. Likewise, anyone who obtains sensitive recovery information may be able to access the associated wallet.
Therefore, users should understand self-custody before transferring significant cryptocurrency to a hardware wallet.
Is Ledger.com/start the Right Place to Begin?
For someone setting up a new Ledger hardware wallet, Ledger.com/start is the official starting point for accessing the current Ledger Wallet download and setup re