Tag: Nano X

  • Ledger Nano X Guide: Complete Setup Tutorial

    Ledger Nano X Guide: Complete Setup Tutorial

    Ledger released a new hardware wallet – the Ledger Nano X. This new device protects your cryptocurrencies with military-grade protection and prevents digital theft and hackers. These are the key new features of the Ledger Nano X:

    • Large HD screen – Displays address of receiver in full without scrolling
    • Mobile support – (Android and iOS) support via Ledger Live Mobile
    • More storage space – Install up to 100 different apps for different coins.
    • Rechargable Battery – allows the device to be powered-on without a cable.
    • Ledger Recover – A new (albeit controversial) seed phrase recovery subscription service. Learn more here.

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    This guide will help you setup your Ledger Nano X and teach you the important features. In addition, we the most important question: Is Bluetooth Safe?

    Ledger Nano X Review: Is it worth buying?

    Ledger Live Mobile

    Cryptocurrency can be spent on the go with Ledger Nano X

    One of the biggest features of the Ledger Nano X is the support for mobile phones (both Android and iPhone). The new Ledger Live app allows for both sending and receiving of all supported cryptocurrencies on the go.

    The app connects directly to the Nano X via Bluetooth, so no cable is required. The device has a battery that allows it to be actively powered on for more than 8 hours (depending on use), so the Nano X can be brought out to send cryptocurrency on the go.

    Portfolio mode allows Ledger Live to display all available balances that is stored on the Ledger Nano X. This is accessible even if the hardware wallet is not present, so you can conveniently browse the portfolio. To send cryptocurrencies, the device must be present to sign the transaction via Bluetooth. It is important to remember that the private key to sign transactions never leaves the device or is transmitted via Bluetooth – only the signed transaction which cannot be altered (secure).

    Ledger Mobile app showing the Ethereum address with verification from Ledger Nano X

    Ledger Live Mobile also supports the installation of various apps for different cryptocurrencies via Ledger Manager, just like the desktop version. The mobile app boasts the same functionality as the desktop version with the notable exception that it does not yet allow firmware updates.

    How to Add or Remove Apps on the Ledger Nano X

    To use different cryptocurrencies on the Ledger Nano X, the app for that coin needs to be installed on the Ledger first. This is done via the Ledger Live app on either Windows, MacOS, Linux, Android or iOS. First install Ledger Live, connect the Nano X and enter the “Manager” interface. The app will require you to unlock the Ledger by entering your pin and entering the home screen. You will need to authorize Ledger Live by confirming “Allow Ledger Manager”. Once you are connected, you will see a list of different apps that are ready to be installed (if your list is shorter than in the following image, update the firmware of the Ledger Nano X).

    Use Ledger Live to install new apps on the Nano X

    Is Bluetooth Safe?

    The simple answer is: Yes. One of the initial concerns (reddit) about the Ledger Nano X is communication via Bluetooth, a form of radio communication. The previous model (Ledger Nano S) only had cable connectivity, which would not expose the device to nearby attackers. Bluetooth is safe to use in this case because the device is never controlled via Bluetooth – instead it is only used to send unsigned and signed transactions. This means the private key (the key to all the funds) is not exposed and does not leave the device.

    The Nano X operates with the assumption that the Bluetooth connection (which is a bearer, exactly like USB) is compromised. The addition of BLE doesn’t impact the security model. Transactions must always be physically verified on device by pressing both buttons. Moreover, on the Nano X screens and buttons are directly connected to the Secure Element (single chip architecture), which is also an enhancement of the general security design. (Valium)

    Nicolas Bacca, CTO at Ledger

    On top of this, the Ledger Nano X functions assuming the Bluetooth is in “compromised” mode. This means it will never give any control to other external devices and communication is limited to transaction signing only.

    Control Panel on Ledger Nano X allow Bluetooth to be turned On / Off

    Keep your Recovery Phrase Safe!

    There will be a sheet where you can write down your 24-word recovery phrase. This is the most important part because it acts as a backup to the device. You will need to keep it very safe because if someone gets access to that paper it is essentially the same as stealing your wallet.

    Do not take a photo or have a digital copy of that list!

    Ledger Nano X Setup

    1. Choose a 4 to 8-digit PIN code and confirm.
    2. Write down your 24-word recovery phrase. The order of the words is also important.
    3. After setting up the device, with it still plugged in, visit the Ledger Live website and download the app you want to use.
    4. Follow the instructions on the site and use.

    Note: after setting it up you will be navigating the device on your computer.

    You can receive cryptocurrency even when the device is offline. It’s only when you want to send that you need to connect the device and enter your PIN and login.

    After inputting all the transaction details on your computer, as an additional security measure, you can double check the details on the device. Make sure the address and amount are correct and confirm.

    Why use a Hardware Wallet?

    With traditional currencies, you, the user, are the most important person. If you have ever lost your bank card, you can always go to the bank with some sort of identification and request for access back to your account.

    Cryptocurrencies, however, don’t care about the physical person but rather the private key associated with the wallet. The private key is used to verify the account and transactions. Anyone who has access to this key can send funds and that is why you must keep it safe. Another thing is that cryptocurrency transactions cannot be reversed.

    Hardware wallets can protect you against these things. They add an extra layer of security by storing the private key on the device itself. The only way to hack it would be to have physical access to the hardware wallet or with the backup phrase.

    Paper wallets offer arguably even more security. However, the process for setting them up and using it is very complicated. Hardware wallets strike a nice balance between security and convenience.

    Is the Ledger Nano X Worth the Upgrade?

    At a higher price point, many users are asking the question “Is the Ledger Nano X worth the Upgrade“. For us, the answer is depends.

    If you use more than 3 apps, then consider upgrading. Coming with a much larger memory space, Nano X is able to store a lot more applications than the soon-to-be-retired Ledger Nano S. However, its updated model, the Nano S Plus, at a price of USD 79, is capable of storing up to 100 apps, making it much more competitive with the pricier Nano X. As of writing, the Ledger Nano S is only able to store 2-3 applications with Firmware 1.5.5 (such as Bitcoin and Ethereum app). Whilst you can get around this limitation by uninstalling unused apps, the constant switching often leads to confusion and time wasting.

    If you need to send large amounts of Cryptocurrencies on the go. With Bluetooth support, the new Ledger can be used with Android phones and iPhones.

    If more apps and mobility are not a big concern for you, stick with the Ledger Nano S or Nano S Plus.

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    Successfully set up your Ledger Nano X? Now it’s time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour

  • Ledger Nano X Review: Best Bitcoin Wallet?

    Ledger Nano X Review: Best Bitcoin Wallet?

    Ledger Nano X is the next generation of Hardware wallet with smartphone support, a larger screen and more storage space for Apps. Retailing for $119, the Ledger Nano X is great for newcomers or experienced traders trading more than 3 types of cryptocurrencies at at time or large volumes on the go. If more apps and mobility isn’t a big concern, stick with the Ledger Nano S.

    In this review, we’ll be looking at the security, hardware design and cryptocurrency support of the Ledger Nano X to tell you if this device is worth purchasing or not. For Set-up and installation guides, check out our full Ledger Nano X guide.

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    Key Features of the Ledger Nano X:

    Ledger Nano X Video Review
    • Larger screen – Displays full cryptocurrency addresses without scrolling
    • Mobile support – (Android and iOS) support via Ledger Live Mobile
    • More storage space – Install up to 100 different apps for different coins.
    • Rechargeable Battery – allows the device to be powered-on without a cable.
    • Ledger Recover – A new (albeit controversial) seed phrase recovery subscription service. Learn more here.

    Latest features: stake, swap, earn and lend cryptocurrencies

    Staking and earning

    Ledger Live allows for staking Tezos ($XTZ), Tron ($TRX), Cosmos ($ATOM) and Algorand ($ALGO). Users can lock up these cryptocurrencies to secure their respective networks and in return they will be paid interest for doing so. This feature expands Ledger into more than just a secure place to store your cryptocurrency, it can even help you grow your digital assets.

    Staking your digital assets can be done in 3 simple steps. First, freeze your assets by logging onto your Ledger Live, choosing the relevant account for the asset you wish to stake and click “earn rewards”. A popup window will then appear. There you will be allowed to select the amount in your wallet you wish to freeze. Secondly, vote for your validator(s) who will be making the blocks on your network and the cryptocurrency earned by making these blocks will be redistributed to voters. Lastly, claim your rewards by clicking “Claim” in your relevant account. Rewards are claimable every 24 hours.

    Swapping

    Ledger has released a Ledger Swap feature which allows users to exchange their cryptocurrencies through their partner Changelly. How this works is you send your cryptocurrency from your device to Changelly, and Changelly sends you back the swapped cryptocurrencies.

    To use this feature you will need: Ledger device, Ledger Live, the app for the crypto you want to swap and receive, and finally the exchange app.

    Lending

    Ledger is working with Compound ($COMP) to allow users to lend DAI, USDT and USDC through Compound’s decentralised finance (DeFi) protocol. The purpose of doing is is that the lender could earn an Annual Percentage Rate.

    Further, there are numerous benefits when using Ledger to lend:

    Control: You have control and proof that the crypto you lend and generated interest belong to you. This is because lending on Ledger is done through Compound, and when you lend on the platform you get “cTokens” in return. These cTokens represent proof of your ownership of the cryptocurrencies lent and the interest generated. These cTokens are stored by you until you want your lent assets and interest back, and in which case all you need to do is to send the cTokens back to the smart contract.

    Security: cTokens are stored on your ledger hardware wallets.

    Convenience: Compound’s lending features are available directly through Ledger Live.

    Lending crypto using Compound and Ledger Live is done in 3 simple steps. Firstly, on Ledger Live’s Manager, install the application for the cryptocurrency you want to lend and create an account. Secondly, enable your account to authorise Compound’s smart contract to interact with your account. Finally, select the amount of cryptocurrencies you want to lend and issue a transaction to Compound, verify and approve the transaction on your device.

    Security features

    One of the key reasons to buy Ledger hardware wallets is the firm’s reputation for security. The Nano X contains a two processor chips:

    • Secure Element: ST33J2M0 (secure) is independently certified and stores the private key and signs transactions
    • Operating system: STM32WB55 chip is responsible for Ledger’s BOLOS proprietary Operating System.

    Secure elements are separate pieces of hardware (second layer of security) with their own storage and limited functionality that cannot be breached by hackers. This means that even if the Ledger Nano X is connected to a compromise device – like a hacked laptop or phone, the private keys (=access to crypto funds) is never compromised. Devices like the Trezor One and Model T do not have secure elements and only have a single layer of security.

    Ledger Nano X Teardown
    Ledger Nano X Teardown showing CC EAL 5+ Secure Element Chip

    The Ledger Nano X also has the same BOLOS operating system that is found on the Nano S. BOLOS ensures that addresses are displayed properly on the device and handles connections to external devices.

    Similar to the Nano S, users can set up wallets protected by a passphrase in addition to your primary PIN code. So say a thief demands you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Whilst hiding the bulk of your crypto assets behind passphrase protected wallets.

    The Nano X has the addition of Bluetooth support. Unfortunately Bluetooth’s security record is not spotless, and presents a new vector of attack for the device. Ledger CTO Nicolas Bacca has stated during an interview that Bluetooth on Ledger functions assuming the connection has been compromised – at no point will it be able to take over the device.

    Ledger Nano X Bluetooth Control Panel
    Bluetooth can be turned off on the Ledger Nano X

    In October 2019, the Nano X received CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security). Currently, of all the cryptocurrency hardware wallets on the market, only Ledger’s Nano S and Nano X have this certification. The certification scheme evaluates multiple aspects of a device’s security including firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.

    Ledger hack

    In July 2020, Ledger confirmed they suffered a data breach whereby an unauthorised third party accessed Ledger’s e-commerce and marketing database. As a result, around 1mil email addresses were exposed, and of those, 9,500 customers’ had further information exposed such as their first and last names, postal address, phone number and ordered products.

    Ledger had reported the matter to authorities and are working with Orange Cyberdefense to investigate the matter. The team are also constantly monitoring for evidence of the data being sold on the internet.

    Subsequent to the data breach, users have been reporting receiving phishing emails and texts by asking them to download a new version of the Ledger software. If users click on the link in the email, they will be redirected to a fake cloned version of the Ledger site. Afterwards, if users download the “update”, which is in fact a malware, it would ask users for their Ledger’s recovery phrase. The entered recovery phrase is then used by the attacker to recover the user’s wallet and send the user’s cryptocurrencies to the attacker’s wallet. For a full explainer on how the phishing attack works see the report from Kraken.

    Phishing email
    Phishing email sent from info@ledgersupport.io address

    We do note that this can be more accurately characterised as a “data breach” rather than a hack. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.

    5/5 Security Rating

    Multi Currency Support

    Coins Supported By Ledger Nano X
    Full list of supported coins on Ledger can be found here

    Ledger has one of the most diverse support for different cryptocurrencies such as NEO, Vechain and Monero. With their open policy to development from project teams, the Ledger nano X supports 1100+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey, making Ledger the only hardware wallet available for many coins. The rule of thumb here is that the Nano X will support the same assets as the Ledger Nano S.

    Installing Ledger Live

    Ledger Live application interface

    Ledger has a native application called Ledger Live to allow you to access cryptocurrency accounts (including Bitcoin, Litecoin Ethereum and other cryptocurrencies). Ledger Live is available on multiple platforms including Windows, MacOS, Linux, Android and iOS. We found the Ledger Live app easy to use as it clearly displays cryptocurrency assets with historical charts. Sending cryptocurrencies is extremely easy with step-by-step operation which clearly displays the sender and receiver addresses. There are also advanced features to manually customise the transaction fee in sat/byte.

    How many coins can Ledger Nano X Hold?

    One of the weakness of the Nano S is the lack of space for installed applications. The Ledger Nano X fixes this problem by increasing the internal memory to 2 MB. In our tests we were able to install all 73 available apps on the device (Ledger claims up to 100+). It should be noted that app storage is a convenience feature – apps will still retain their accounts / cryptocurrency balances even if uninstalled.

    Does Ledger Nano X support Ethereum and ERC-20?

    In September 2019 Ledger added a native Ethereum Wallet to its latest Ledger Live v.1.14.0 which adds support for 22 coins and over 1,250 ERC-20 tokens. This allows for direct access to tokens and ethereum whilst on the go without the need for a 3rd-party interface like MyEtherWallet. This is a welcomed upgrade to Nano X users who previously had to use different interfaces depending on the cryptocurrency you wanted to interact with. It will also certainly be welcome to newcomers to cryptocurrency, who may be confused by the different interfaces.

    One of our complaints is that Ledger Nano X has to enter each app separately account – something that is not necessary on the Trezor Model T.

    Is Ledger ready for Ethereum 2.0?

    Ethereum 2.0 is coming soon with the first Phase 0 Beacon Chain to be launched in December 2020. Leading up to this, Ethereum stakers need to deposit at least 32 Ether onto the Beacon Chain using a deposit contract. Therefore Ledger has updated the Nano X’s new firmware version 1.2.4-5, in which the Ethereum application update to version 1.6.0 allows users to sign a deposit contract transaction directly on the Ledger Nano X. This feature is EXCLUSIVE to the Ledger Nano X.

    In the future, users would be able to use their Ledger Nano X to derive an Ethereum 2.0 public key and validate that the withdrawal public key used in the deposit contract does actually belong to the Ledger device. The Ledger team are also working on a second Ethereum application which would allow stakers to securely sign blocks on the Beacon Chain.

    5/5 Multi Currency Support

    Hardware Design

    Ledger nano X PIN entry interface
    Input is made with the two circular buttons

    The new Ledger Nano X has two hardware buttons – hidden in the circular design of the cover pivot. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons), and even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons – perhaps a touchscreen or additional buttons could of helped.

    Nano X has a larger screen with higher resolution. This means that full cryptocurrency addresses could be displaced without scrolling – something that was sorely lacking in the Nano S.

    The Nano X uses a modern USB-C interface for charging and connecting to the PC. This is a welcomed upgrade as the computing world migrates to USB-C.

    The Nano X also now comes in 3 colours: Onyx Black, Blazing Orange and Cosmic Purple.

    Ledger Nano S and X colours
    Ledger Nano S and X colours (Source: Ledger)

    4/5 for Hardware Design
    3.5/5 of Ease of Use

    Mobility

    Ledger nano X

    Ledger Nano X can be used with mobile devices, and transactions can be sent on the go using the Ledger Live app on mobile. We found this feature to be very situational. Whilst it is helpful to be sending crypto on the go with the security the Nano X provides, the convenience is lacking when compared to mobile wallets like the Enjin Wallet. A separation confirmation set is needed: unlock device via PIN, enter the cryptocurrency app, check and confirm the transaction. This feels tedious and not suitable for simple coffee purchases or small transactions. What does make sense is perhaps large purchases (a car or house?) or token sale investments. However, the question remains, how frequently do we need to send large amounts of crypto on the go?

    How do you Update the Ledger Nano X

    Ledger periodically releases updates for the Ledger Nano X to improve security, functionality and coin support. In fact, firmware updates are required in order to get support for the latest cryptocurrencies. In order to update the firmware, plug the Nano X into your computer and run the Ledger Live app. The app will automatically display your version number and show any available firmware updates. To initiate the update, click the update button and confirm the installation in the Nano X by pressing down both buttons when prompted to “allow ledger manager” to access the device.

    Ledger Nano X worth the upgrade?

    At $119, the Ledger Nano X is not a budget device – it commands a certain price premium making the upgrade decision harder for many users. For many, the deal breaker convenience features – the large screen that displays full cryptocurrency addresses and larger storage for more apps. If these features are important for you, then the Nano X is worth the upgrade. However, if you only need a few apps, the budget friendly Ledger Nano S is a better option at $59.

    Ledger Nano X compared with Trezor Model T

    Ledger compared to other Hardware Wallets

    The biggest difference between the Ledger Nano X and the Trezor Model T is the screen and supported coins. The Trezor Model T has nice touch screen which helps with entering PIN and the security phrases. However, the Trezor has fewer supported coins and usually projects tend to release Ledger support first. The following table is a comparison between various hardware wallets, including the release date, external security certification (if any), release date and our review rating.

    At the end of the day, choosing between the Ledger Nano X and other hardware wallets is mostly based on 1 question – are the cryptocurrencies you want supported on the device. Support for a large number of coins has always been Ledger’s strong suit, along for browser support in Decentralized exchanges (Binance DEX, IDEX and Switcheo)

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    Product Specifications (Technical Specifications)

    Ledger Nano X Product Specifications:

    Processors ST33J2M0 (secure) + STM32WB55
    Compatibility 64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors. Also compatible with smartphones (iOS 9+ or Android 7+).

    Connector

    USB Type-C , Bluetooth 5.0
    Battery
    100mAh battery
    Size
    72mm x 18.6mm x 11.75mm
    Supported Assets1100+ Supported assets

    Frequently Asked Questions (FAQ)

    Can you keep your coins when upgrading from the Ledger Nano S to Ledger Nano X?
    Yes. When doing the upgrade, choose to “restore” option during setup and enter the 24 word recovery phrase from the Ledger Nano S backup

    Can the Bluetooth Feature be turned Off in Ledger Nano X?
    Yes, Bluetooth can be disabled in the Control panel. This will disable Bluetooth communications and only allow the Ledger the communicate via the USB cable. You can access the panel by holding down both buttons for 3 seconds.

    Can many apps can you install on the Ledger Nano X?
    We found that the Ledger Nano X can hold all 73 Apps currently available on the Ledger Manager. There is even more storage available for future applications.

    Why does the Ledger Nano X Bitcoin Address change?
    Ledger includes a feature to automatically generate a new Bitcoin address each time an old one is used. This increases the privacy of transactions, as different addresses are used for new transactions. Old addresses can still be used as the Ledger contains full access (include future access) to these funds.

    How do you generate a new public address for receiving funds
    New Public addresses are automatically generated when old ones are used (the address receives or sends a transaction).

    What is the latest Ledger Firmware
    Currently the latest firmware is 1.6.0

    Will the Coronavirus (COVID-19) pandemic affect Ledger?
    Ledger has issued a statement saying they have in place business continuity measures to ensure they continue to have inventory and products to ship to its customers. They are however experiencing some backlog in their customer service side but are working to ensure that customer’s concerns are answered. You can check the operational status of their systems here. Inevitably there may be issues with shipping products to customers, they are still able to ship to most countries though some customers may experience limited shipping options. Check here to see if shipping to your country may be affected.

    Further reading

    Ledger also posts up reviews from other YouTubers, which you can check out here.

    Just got a new Ledger Nano X? or always been curious about getting started with Bitcoin and other cryptocurrencies? Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour

  • Buying Cryptocurrency Using Ledger Live: A Step-by-Step Guide

    Buying Cryptocurrency Using Ledger Live: A Step-by-Step Guide

    Ledger, the makers of the Ledger Nano S and Ledger Nano X has announced that their application, Ledger Live now supports buying cryptocurrencies with credit card or bank transfer. This feature is operated with their partners, Coinify, MoonPay, BTC Direct and Wyre, and now users can directly go onto Ledger Live to buy their cryptocurrencies and have them sent to the safety of their Ledger device. No more having to go through extra steps such as buying cryptocurrencies on exchanges and then sending it to your hardware wallet for safekeeping! In this guide, we give you step-by-step instructions on how to buy cryptocurrencies using Ledger Live on your Nano S and Nano X.

    Available Cryptocurrencies

    Thanks to several crypto platform partners, Ledger Live now offers for purchase more than 40 different cryptocurrencies from the top 50 market cap projects.

    Although the available range of cryptocurrencies is quite wide, users who would like to buy other cryptos supported by their Nano S will have to buy them elsewhere, such as cryptocurrency exchanges.

    To see which cryptocurrency exchanges we think are the best, check out our article on the Top Best Cryptocurrency Exchanges of 2020.

    How to Buy Cryptocurrencies Using Ledger Live

    If you are a new Nano X or Nano S user, you would need to set up your device first and install the Ledger Live software. See here for our Ledger Nano S setup guide and Ledger Nano X setup guide.

    To get started with buying cryptocurrencies using your Nano S or Nano X, open up the Ledger Live application on your PC and go to “Buy crypto” on the sidebar. Choose which cryptocurrency you wish to buy. You can choose from 40+ different coins, including BTC (Bitcoin) and ETH (Ethereum). For the purpose of this guide, we will be demonstrating buying Bitcoin through one of Ledger Live’s partners, Coinify, but purchases using other partner platforms should work in the same way. Choose Bitcoin as the crypto asset we wish to buy. Then choose which account you want your cryptocurrency to be deposited to. Alternatively, you can add a new account for your cryptocurrency purchases- see our section titled “How to add new account for cryptocurrency purchases“.

    Buy crypto
    Click “Buy crypto” on the sidebar

    On Ledger Live, you would be asked to either sign up or log in to your Coinify account. For a tutorial on how to set up a Coinify account, see our section titled “How to register a Coinify account on Ledger Live“.

    Login or set up a Coinify account
    Login or set up a Coinify account

    You will then be asked to select the amount of cryptocurrency you wish to buy, the payment currency and payment method. Ledger allows you to pay in the following currencies: AUD, BGN, CAD, CHF, DKK, EUR, GBP, HKD, HRK, HUF, INR, JPY, NOK, NZD, PLN, SEK, TRY, USD and VND. You can pay for your cryptocurrency using credit card (Visa or Mastercard) or for European locations, bank transfer via. SEPA.

    Buy crypto
    Select your cryptocurrency purchase and confirm the transaction.

    Because cryptocurrency prices do fluctuate, Ledger will lock in your purchase price and give you 15 minutes to complete the purchase. Enter your credit card details, double check your purchase details and click “Pay”. Your purchased cryptocurrency will be automatically deposited into your designated account on your Ledger device.

    Complete payment
    Complete payment

    How to Register a Coinify Account on Ledger Live

    For those who don’t have a Coinify account or are buying cryptocurrencies for the first time on Ledger Live, you will need to go through Coinify’s Know Your Customer (KYC) process and set up an account. On Ledger Live, enter your email and choose a password, then click “Create account”. You will then be asked to answer a few KYC questions.

    Create a Coinify account
    Create a Coinify account

    Confirm your email (Coinify will send you a confirmation email) and location.

    Confirm email and location
    Confirm your email and location

    Provide information on your residential address and how you plan to use your account.

    Provide residential address and account usage
    Provide residential address and account usage

    You will also be asked to verify your identity by providing a photograph of your ID Card/ passport and to scan your face similar to setting up FaceID on your iPhone.

    Verify your identity
    Verify your identity

    Afterwards Coinify will automatically process your registration which takes around 2 minutes. Then you are all set!

    Registration processing
    Coinify will process your registration within 2 minutes

    How to Add a New Account for Cryptocurrency Purchases

    To add an account, click “+ Add account” as shown in the above image. Then choose which crypto asset account you wish to add. For the purpose of this guide, I will be showing you how to add a Bitcoin account, so I choose Bitcoin as the asset and clicked “Continue”. (Xanax) When asked, connect your Ledger device to your PC and unlock it. Then go to the corresponding app for the cryptocurrency you want to buy on the device, your device will say “Application is ready” whilst it synchronises with Ledger Live on your PC.

    Once synchronised, you will be given options on which new account you wish to add. Choose the account(s) to add then click “Add account”. Your new account will then be added and you can then choose to either add more accounts or close the window to finish.

    How to Purchase Cryptocurrencies on Ledger Live with Other Partners

    In addition to Coinify, Ledger Live now also supports buying crypto through partners like Wyre (available only in the US), MoonPay, and BTC Direct. All of these alternative purchasing platforms are KYC (Know Your Customer) compliant, which means for anyone wanting to purchase crypto through them, they will have to provide personal information such as email, full name, address, phone number, and personal ID (driver’s license or passport). However, once that is done and an account has been created for any of these platforms, the purchase and selling of cryptocurrencies within your Ledger Live app should be quick and seamless in very much the same way as the purchase of coins through Coinify.

    User Experience and Conclusion

    We’ve tried out a lot of cryptocurrency hardware wallets and Ledger’s devices are definitely our preferred choice. This preference is definitely solidified by the fact that we can now purchase cryptocurrencies on Ledger Live because it means we no longer have to buy cryptocurrencies on exchanges, especially when most exchanges require you to go through KYC procedures if purchasing crypto for the first time.

    So whilst you do also have to go through KYC procedures when buying with Ledger Live for the first time which is a bit trouble, the whole process only took around 5 minutes to complete. And at the end of the day it is worthwhile to buy cryptocurrencies using Ledger Live in the long run because your cryptocurrency is sent directly to your device which is a relatively safer storage device.

    Many may use multiple exchanges and even skip from one exchange to another but at the end of the day your hardware wallet is where most of your cryptocurrency should be stored anyway. Therefore we highly recommend trying this feature out and whilst there are only 4 cryptocurrencies available to purchase, it is generally sufficient as a start to trading on exchanges and we hope and expect that Ledger may add more coins in the future.

    Note: Until 8th Aug 2022, Ledger is offering 10% off the Ledger Nano X and Ledger Nano S Plus when entering the code MOVESOL2LEDGER at checkout.

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