How-To Guides: Beginner

How to Move Crypto from an Exchange to a Ledger Wallet

By Jinia Shawdagor | December 7, 2021

The ledger live app allows you to manage over 1,800 coins and tokens straight from your smartphone or desktop. Giving you access to a variety of crypto services. Through Ledger Live, you can purchase Bitcoin Cash, Stellar Dash, Bitcoin, and Ethereum. When you need it, you can also sell bitcoin for fiat currency using Ledger Live.

The cryptocurrency world can be perplexing at times—there are so many different types of cryptocurrencies, and they are all used for a diverse array of trading. And if you are anything like most cryptocurrency investors, you definitely began by evaluating exchanges before embarking on a fresh trading experience in crypto.

However, what happens when you feel ready to take the extra step? You may have accumulated quite many assets to store in an online wallet. The only realistic alternative becomes the hardware wallet. With that said, what is a hardware wallet?

What is a Hardware Wallet?

A cryptocurrency wallet is a where you can securely store your cryptocurrency. Although there are numerous types of crypto wallets, the most common are hosted wallets, non-custodial wallets, and hardware wallets.

What you want to do with your crypto and the kind of safety net you have should guide you to the ideal type of crypto wallet.

A hardware wallet is a physical device about the size of a USB drive that securely keeps your cryptocurrency’s private keys. While some hardware wallets include screens and others don’t, it is advised that you get one with a screen.

A screen on your hardware wallet adds another layer of protection by authenticating and showing critical wallet information. Due to their near impossibility of being hacked, the data displayed is more trustworthy than the details provided on your computer.

Why Choose Ledger Hardware Wallets

If you own crypto assets, you’ll need a secure storage solution. You’re undoubtedly already aware that you really should not store it on an exchange and that the best method to protect your private keys is with a hardware wallet.

Choosing the best hardware wallets can be challenging. But we are here to help. In this article, we list the benefits of a ledger wallet, why you need a ledger wallet, and a step-by-step guide on how to move crypto from an exchange to a ledger wallet with no steps skipped. Read on!

What are The Benefits of a Ledger Wallet?

Storing your valuable crypto assets in a ledger wallet has numerous benefits. For instance

  • All-in-one store for crypto

The ledger live app allows you to manage over 1,800 coins and tokens straight from your smartphone or desktop. Giving you access to a variety of crypto services. Through Ledger Live, you can purchase Bitcoin Cash, Stellar Dash, Bitcoin, and Ethereum. When you need it, you can also sell bitcoin for fiat currency using Ledger Live.

You can trade one cryptocurrency for another to later gain value or test out a new crypto asset. Exchanging crypto is a quick and simple way to diversify your holdings, and it can be done immediately through Ledger Live with partners.

  • Unlock DeFi’s Limitless Options

Decentralized finance is a new generation of banking that eliminates the greedy middleman and entrance hurdles – for people, the common good. These financial applications are developed with blockchain technology and need you to trade in cryptocurrency to participate. By keeping your cryptocurrency in ledger wallets, you enjoy the infinite options of DeFi.

  • Cutting-edge Security

Another intriguing feature of Ledger wallets is the real check authentication procedure, which ensures that your Ledger device has not been tampered with or hacked by a third party. They also have a Custom Operating System to protect against malicious assaults and separate apps from one another. Ledger wallets are the first only certified hardware wallet on the market by the ANSSI.

  • Increase the value of your assets

Remain in control. Ledger Live’s simplified interface lets you see your current balance and manage all your transactions. As a result, you maintain complete control at all times. Grow your holdings quickly and easily by securely staking cryptos such as Tezos and Polkadot. Additionally, you can loan digital assets to earn interest.

  • Earn financial independence

The easiest approach to secure your assets is to use a Ledger hardware wallet in tandem with the Ledger Live app. Your hardware wallet securely stores your private key in a certified secure chip at all times. Nobody besides you has access to it. Besides, your wallet enables you to manage your cryptocurrency independently.

Ledger Live enables you to securely purchase, exchange, and grow your crypto assets – all in one app. The clever combination of these two features provides you with the satisfaction of true ownership — in simple Terms, the Ledger ecosystem enables you to be the sole controller of your assets.

Why Migrate Your Crypto

While currency exchanges and software wallets are convenient for purchasing coins and conducting small transactions, both are risky for your assets and financial security because they are hosted digitally on online servers. You should ensure that your hard-earned crypto assets are properly held and safeguarded.

While blockchain is the most secure method of storing and exchanging assets globally, any information in the digital world is particularly prone to be hacked and stolen. You’ve undoubtedly heard a lot about private keys and perhaps scratched your head at the concept.

What is the significance of the “keys”? These are your cryptocurrency wallet’s private keys, and they act as the “custodians” for your crypto assets. Exchanges store your private keys on their systems, creating numerous opportunities for malicious villains to obtain your crypto assets.

However, what if you wish to store those assets for long-term savings, investment, or future transactions? So, how can you ensure your safety?

With a hardware wallet, you can rest assured that your valuables will be safe and secure throughout time. Hardware wallets like the Ledger Nano X and Ledger Nano S hold your private keys, ensuring that your assets are no longer accessible via online servers.

What Does This Mean to You?

Even if you simply have a few coins, storing them in a hardware wallet is the safest way to do it. The notion “not your keys, not your crypto” will never hurt you if you keep control of your keys.

Using hardware wallets to store and control your crypto assets is a no-brainer in a world plagued by security vulnerabilities.

What’s the Risk?

The private keys are at the root of it all. They depict the keys that give you control over your crypto assets. On an exchange, you’d have your email as the second factor of verification, regardless of the type. Although the exchange retains ownership of your private keys when you store them on the exchange, you retain control of your private keys. In essence, you’re handing over control of your crypto assets to the exchange.

This means that if the exchange is hacked, your account will be at risk because the exchange has custody of your private keys instead of you. Exchanges can prevent you from freely moving your assets around if they become excessively controlled, as you technically do not own them! And let us not forget another extremely aggravating disadvantage – during periods of high market activity, exchanges are prone to crash due to the centralized databases.

And, more importantly, it is precise because of this concentration of exchanges that the fundamental concepts of cryptocurrency, particularly decentralization and self-custody of assets, are violated by exchanges.

The safest option to store your crypto assets is on a hardware wallet such as Ledger, which stores your private keys offline, on the device itself, avoiding the risks associated with online key storage.

How to Set up a Hardware Wallet:

  • Buy the hardware. Ledger and Trezor are the most well-known names in the industry.
  • Next, you need to set up the software. To set up your wallet, you’ll need the software provided by the particular brand you’ve chosen. To set up your wallet, go to the official company website and download the software. 
  • Move crypto to your wallet. To acquire crypto with fiat currencies (US dollars or euros), you’ll need to transfer crypto into your hardware wallet, just like you would with a non-custodial wallet.

After your cold wallet setup is complete, you can proceed with the migration process. Don’t assume it’s something complicated or “out of reach.” It works in the same fashion as with any form of crypto transfer.

First, you need to have your hardware wallet set up with a recovery seed and PIN and updated firmware to the newest version.

This article will show you how to move coins from currency exchange to your hardware wallet. Our examples center on Binance, but steps will be identical for all exchanges.

Say you wish to relocate your BTC from Binance to Ledger:

Transferring Coins from an exchange to a ledger wallet

It takes only a few simple steps to transfer funds from a cryptocurrency exchange to a Ledger wallet if you have already set up the Ledger device and made an account on Ledger Live.

  1. The first step is to connect your Ledger.

Connect your Ledger device to your PC and type in your pin code to begin. 

  1. Enter your password into the Ledger Live app.

In Ledger Live, type in your password.

  1. Click “Receive.” on the left-hand menu, and

Go to Receive in Ledger Live 

  1. Choose an Account

Choose the drop-down menu to determine where your Crypto will be sent. “Continue” after you’ve selected the correct account.

  1. Open the right Ledger app on your device.

Choose the app for the coin you want to receive from Binance on your Ledger device. When the app is highlighted, tap both buttons simultaneously to select it. If you are using Bitcoin, open the Bitcoin app( the same applies to other currencies).

Select “Continue” when Ledger Live authenticates that the Ledger device and the relevant app are open on the device.

  1. On the “Verify address on device” box, select “Continue.”

  2. Make sure the address is correct

Ensure that the address displayed on Ledger Live matches the address displayed on your Ledger device screen perfectly.

Tap the button on the right side of the Ledger Device if it appears to be correct.

Once you’ve validated the address, Ledger Live will notify you that the process is complete. The address can be copied by pressing the copy button or highlighting it and copying it.

  1. Log in to Binance

  2. Select “accounts” from the dashboard’s “accounts” section.

  3. Choose a Binance ‘wallet’ to store your money.

Select the wallet from which you wish to send money in the accounts section.

We’re sending Bitcoin to the ledger wallet, so we’ll click “Send” from the drop-down menu under “My Wallet.”

     12. Fill in your Ledger Address

In the “Recipient” box, enter the Ledger address you were given, followed by the amount of BTC (or other coins) you wish to transfer (or a dollar amount if you’d like) and a comment if you want to. 

If you wish to keep track of the transaction afterward, you can use this note. However, it does not appear on the blockchain and cannot be tracked.


My Ledger Is Empty Of My Coins. How can I find them?

The reason why you may not be able to see your coins after moving them from an exchange is that you may have sent them just a few minutes earlier. Ledger’s node needs time to process this transaction.

What does “Pending” mean on the Ledger?

Sending coins from an exchange to your Ledger is basically telling the exchange to broadcast transactions on your behalf (to all network nodes). Your money will not appear on your Ledger wallet until Ledger’s node has processed this transaction.

The coins will appear as pending in your Ledger wallet once Ledger’s node detects the transaction. You won’t be able to use the coins until they’re in your wallet so that they won’t appear in your balance. Your wallet lets you know that Ledger’s node is aware that you requested to shift the cash and that this has been acknowledged.

It says the transaction is “confirming,” but what exactly does that mean?

When Ledger receives at least one confirmation, indicating that your transaction has been included in at least one block, it changes the status of your transaction to ‘confirming.’

You’re All Set

That’s all! You have moved your coins from an exchange to your Ledger wallet. You also know how Ledger’s transaction statuses work and what they mean now that you’ve learned about them, too. Good job and well done. It’s not just about moving your crypto. It’s about making sure it’s safe and under your control.

When you buy crypto assets on an exchange, there may be a lot of different options for you to choose from. Keeping them safe and in your own hands should be the most important thing for you to think about. Always stay informed in the new financial world of cryptocurrency, even if it is daunting and involves some risks. This is your primary responsibility as a cryptocurrency owner.