How to transfer coins from Coinbase to Ledger Nano

Why transfer coins from coinbase to Ledger Nano ? Many people investing in cryptocurrencies do so on several exchanges such as coinbase, binance, Ledger Nano, Huobi, etc.

Coinbase is one of the best global cryptocurrency exchanges, both in terms of volume and number of users. But one drawback is the limited number of supported cryptocurrencies.

Therefore, many traders choose to transfer their cryptocurrencies to other wallets like Ledger Nano which offer a greater variety of trading pairs and make them more secure. And then we wonder how to proceed?

In this article we will see how you can transfer Bitcoins, Ether and other coins from your Coinbase account to your Ledger Nano device. Let's go!!!

What is Ledger Nano?

Le Ledger Nano X is a premium physical cryptocurrency wallet that offers an impressive amount of functionality along with top-notch security to its users.

The Ledger Nano X, like other Ledger products such as the Ledger Nano S, has been very well received by the cryptocurrency community.

The security of the physical wallet as well as its ability to send and receive more than 1300 crypto-assets and tokens make the Ledger Nano X popular like other Ledger products.

Have you recently acquired a Ledger device to protect your crypto assets? Are you considering doing so? A Ledger Nano physical wallet allows you to store your private keys in a secure chip on your device.

No need to entrust it to a third party, such as a cryptocurrency exchange. Likewise, you don't need to list them in a computer or they are vulnerable to hacks.

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Apart from storage and security, Leger Nano also supports buying, trading and investing cryptocurrencies. Once the wallet is connected to the app, users can start investing their coins to earn passive income.

What cryptocurrencies are supported?

The Ledger Nano X supports over 1300 crypto-assets and tokens, including all the most popular ones like Bitcoin, Ethereum, EOS and Litecoin, and up to 1250 ERC-20 tokens.

Here are some of the main cryptocurrencies supported by the Ledger Nano X:

• Bitcoin
• Ethereum
• Bitcoin Cash
• Litecoin
• EOS
• Stellar
• Ripple
• Cardano
• Monero
• Dash
• Dogecoin
• NEO
• Vechain
• BAT
• OmiseGO

For the full list of supported crypto-assets and tokens, visit the official Ledger website.

Advantages and disadvantages of a Ledger Nano wallet

Le ledger wallet is very easy to use. With the help of its latest app, Ledger Live, you can easily move your bitcoin to Ledger Nano S, X or Blue.

The Ledger Live app is available for desktop and mobile. However, every coin has its downside. The Ledger Nano wallet has advantages and disadvantages.

Benefits of a Nano Wallet

• Supports over 1300 crypto-assets and tokens
• Bluetooth compatible
• Supports all major desktop and mobile operating systems
• Private keys are stored inside the physical wallet chip
• Stores over 100 applications, including those for Bitcoin, Ethereum, and Bitcoin Cash

Disadvantages of a Ledger Nano Wallet

As disadvantages, we can say that this wallet is:

• Pretty expensive
• Cannot store more than 100 apps
• Bluetooth is only compatible with the mobile app
• It is not possible to buy assets or tokens via the Ledger Nano X

In summary, the main disadvantage of the Ledger Nano X physical cryptocurrency wallet is that it is not free. The Ledger Nano X costs more than €150.

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Some Ledger Nano X reviews will also point to the fact that Ledger, the company behind this wallet, suffered a data leak from its users following a hack in the summer of 2020.

This data does not affect the security of the device, but includes personal data such as the name and physical address of data subjects. Some reviews have pointed out that it shouldn't even have been necessary to provide this information in the first place.

How to transfer cryptocurrencies from Coinbase to Ledger Nano?

If you have set up the Ledger Nano S device and created an account on Ledger Live, transferring funds from Coinbase to Ledger Nano S takes a few simple steps. We will present in 12 steps the process to follow to carry out your transfer correctly and safely.

Step 1: Plug in your Ledger Nano Device

Connect your device Ledger Nano X or S to your computer and enter your PIN. Be discreet when entering your password. If you set up your Ledger device by installing and downloading the software, this should be a fairly simple step.

Step 2: Select “receive” from the left menu

In the menu that you will see to your left, choose the option " to receive and a receiving funds screen will appear. This pop-up screen will give you instructions on how to receive your funds.

After clicking on " to receive ”, you must choose from the account. This choice is the account you want to transfer your digital assets to. Click on the drop-down menu to choose the desired account using which type of crypto you would like to receive.

Select " Carry on when you have completed this step.

Step 3: Open the correct app on your Ledger device

On your Ledger device, select the corresponding app for the coin you are trying to receive from Coinbase. Select it by pressing both buttons simultaneously when the application is highlighted.

For my example, I'm using bitcoin, so I open the bitcoin app. If you don't have the app you need installed, follow.

Your Ledge Live program will ensure that the Ledger device is connected to your computer. It is also going to make sure that you have chosen the right application depending on the crypto you want to move.

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Wait for Ledger Live to authenticate, the Ledger device is connected and the correct app is open on the device, then select “ Continue when both boxes are checked.

Step 4: Check that the address is correct

Take a good look at the address displayed on your Ledger device and make sure that it exactly matches the address displayed on the screen of your Ledger device.

You must perform this step manually to ensure that your online wallet address is the same as your device address. If they are the same, you can select the button to the right of your Ledger device.

If it looks correct, select the button on the right side of the Ledger device

The Ledger device will let you know that your address has been successfully confirmed. Push the button " to copy ».

Steps 5: Login to Coinbase

Log in to your coinbase wallet. In the accounts section, select the wallet you want to send from. Coinbase calls your bitcoin wallet “ My wallet ", displayed with the logo “B" orange.

At this point, you will enter the address your ledger gave you in the " Recipient ”, followed by the amount of BTC (or other coin) you want to send (or a dollar amount of that coin if you want), and a note if you want.

This note is to help you identify the transaction later if you wish it did not go on the blockchain. Now click on " Continue ».

It's all done... if you want to be

At this point, you can call it a day or…

You click on " Show the details to find your transaction's TXID so you can track its progress and see how many confirmations it has over time.

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This will give you an idea of ​​when you should see the coins appear in your Ledger wallet.

This is what the details screen looks like:

If you select " View transaction you will be redirected to the Cipher Block Explorer to monitor this transaction.

However, we prefer the Blockstream Block Explorer because it gives you useful tips on how you can improve your transaction privacy in the future.

Keep in mind that Blockstream Explorer only supports BTC transactions.

Conclusion

That's it ! You have successfully transferred your coins from Coinbase to your Ledger wallet. You now also understand how Ledger transaction statuses work and what they mean.

Finally, you know how to use a block explorer to track the progress of your transaction. Good job and congratulations.

Frequently Asked Questions

What additional security does Ledger offer?

Coinbase is certainly one of the safest exchangers. As a company registered in the United States and listed on the stock exchange, it has a high level of security. In any case, account security is not the same as exchange security.

Your account could be in trouble at some point, this is why people prefer hardware wallets.

This makes it more secure because the hack requires having your hardware wallet and your access code at the same time, which gives a probability close to zero for your account to be hacked. It is for this reason that Ledger offers a best security for your funds.

When will I receive funds?

Coinbase is a very fast exchanger. The transaction could only be snapped if there is a problem with your Coinbase account or your Ledger device. Otherwise, you receive your cryptocurrencies at after about 10 minutes.

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While some networks do it instantly, others like Bitcoin are a bit slower.

I don't see my coins on my ledger. Where are they ?

If you can't see your coins at all after transferring them from Coinbase (or anywhere for that matter), it's probably because you sent them just moments ago. This transaction needs time to reach the Ledger node.