Both Ledger Nano S and Nano X are hardware wallet options that you can use to store your cryptocurrency safely.
Coinbase is an exchange for cryptocurrency, and like most exchanges out there, it lets you choose between being able to store your assets online or offline in your hardware wallet.
Let’s take a look at transferring coins from Coinbase to a Ledger wallet.
How to Transfer Coins from Coinbase to Ledger Nano X or S
Before you know how to transfer coins from Coinbase to Ledger Nano S or X, you need to be able to have your device all set up.
Make sure that you follow the instructions of the manufacturer so that you can download the right software.
1. Plug Your Ledger In
Connect your Ledger Nano X or S to your computer.
- Open the Ledger Live App and Put Your Password In
If you have set up your Ledger device by installing and downloading the software, then this should be a pretty straightforward step.
- On the Menu that You Will See to Your Left, Choose the ‘receive’ Option and A Funds Receipt Screen Will Come Up
This pop up screen will give you instructions for receiving your funds.
- Choose the Account that You Want to Credit
This choice is going to include choosing the account that you want to shift your digital assets from, and which crypto you want to move to the device.
Select ‘continue’ when you are finished with this step.
- Open the Correct App on Your Ledger Device
Your ledger device comes with apps that are used to receive different cryptocurrencies.
Just make sure that you have the right app open that relates to the coin that you want to transfer.
These individuals apps should automatically be installed when you first set your device up.
Your Ledge Live program is going to make sure that the Ledger device is linked up with your computer, and that you have chosen the right app based on the crypto that you want to shift.
Once this has been completed, you can select the ‘continue’ option on your computer.
- Select ‘continue’ when You Get Prompted with ‘verify Address on Device’
- Manually Confirm that The Address Matches Up
You need to do this step manually to make sure that the address of your online wallet is the same as your device. If they are the same, then you can select the button to the right of your Ledger device.
- Ledger Will Confirm
Your computer application is going to confirm if you have done this correctly. Select the ‘copy’ button to copy the address.
- Log into Coinbase
Once you have set your device up and it is ready to receive your funds, you can log into your Coinbase account so that you can send your crypto.
2. on Your Dashboard, Choose ‘accounts’
When you find your Coinbase dashboard, you will need to choose ‘accounts’ so that you can access your online wallets that you have through the exchange.
3. Choose a Coinbase Wallet
Coinbase is going to have different wallets for different crypto.
Because we are moving Bitcoin, then you will want to choose the wallet that stores your Bitcoin.
It should have the little Bitcoin icon associated with it.
Once you have done this, select the ‘send’ button underneath the wallet.
4. Enter Your Ledger Address
Because your Ledger device is a cold, offline wallet, then you will need to enter the unique address that comes with it.
You will put this into the ‘recipient’ box and you will enter the number of Bitcoin that you want to shift in the next box.
You can also include a note as well if you want to, which is going to be a reminder for keeping a record of the transition.
This is how you transfer your Bitcoin cryptocurrency from Coinbase to your Ledger device.
Why Move Coins from Coinbase?
Cold wallets are a lot safer for storing your cryptocurrency because they are offline, which means that they’re virtually impossible to hack.
The thing with online wallets is that there is always a possibility of a security breach.
No matter how safe an exchange claims to be, the best two options for storing your cryptocurrency coins is either a hardware wallet, or a paper wallet.
If you’re someone who regularly trades your cryptocurrency coins, then a paper wallet is going to be too cumbersome, which is why a hard wallet is ideal.
I Can’t See My Coins in The Ledger. Where Are They?
The speed at which your cryptocurrency is going to be transferred from Coinbase is going to depend on the rate at which the Bitcoin blockchain is able to process transactions.
This means that it could take a while. The good news is that it is possible to track the progress of your cryptocurrency from Coinbase.
Once you have selected the ‘view transaction’ link, you will be taken to a block explorer where you can look at a block being processed.
What Does ‘transaction pending’ Mean?
The thing about the Bitcoin blockchain is that it isn’t immediate, which means that your transaction is going to be processed in a block or a batch.
The average block is going to take about 10 minutes to be processed, and you can select ‘block transaction’ to see exactly when your transaction is confirmed.
What Does ‘confirming’ Mean?
The status of the Ledger awaits confirmation, and as soon as it receives confirmation, its status is going to change from ‘pending’ to ‘confirming’.
What Does ‘confirmed’ Mean?
When you see a message that says ‘confirmed’, this means that the block with the transaction in which your cryptocurrency has been transferred from Coinbase to your Ledger device has been added to the blockchain, and two more blocks are being added to the chain.
The average time for confirming one block is approximately 10 minutes, and in approximately 30 minutes, the Ledger live website is going to mark the transaction as confirmed.
Is Ledger Live a Wallet?
It is a hardware wallet which means that the device itself is a wallet, and all your cryptocurrency assets are going to be stored offline in the cold wallet.
Can You Sell from Ledger Live?
Yes, you are able to sell your cryptocurrency assets from your Ledger live directly, which means that you don’t need to move them to another exchange.
Can I Purchase on Ledger Live?
Yes, you can purchase, sell, and swap your cryptocurrency assets just like if you were using a cryptocurrency exchange.
Do I Own My Bitcoin on Coinbase?
Anything that is stored in your wallet on Coinbase is yours.
Should I Store My Bitcoin in Coinbase or In a Coinbase Wallet?
You should definitely store your Bitcoin in a Coinbase wallet. It is free to use.
The Best Exchanges for Bitcoin in 2024?
Now that we have discussed how to transfer your Bitcoin and other cryptocurrencies from Coinbase to your Ledger device, let’s take a look at some other popular exchanges out there that are worth your time.
Here are our top choices:
eToro is a really helpful cryptocurrency exchange that can help its clients trade with confidence, and they believe that they are one of the world’s leading cryptocurrency trading platforms.
One of the things that we love about these guys is that they don’t charge their clients commission for trading, and if you’re new to trading, you can even copy trading strategies.
There’s not really a lot that you can’t do with a cryptocurrency trading platform like this.
Pionex is definitely worth your time as a cryptocurrency exchange, and one of the things that we love about these guys is that they are completely free for you to use.
They can also help you with your trades as well, which means that you don’t just have to think about storing your cryptocurrency with these guys, you can think about exchanging it as well.
They have cryptocurrency trading bots that you can capitalize on, and the best part is that these are free to use too.
There is no minimum amount that you need to be able to store your cryptocurrency with these guys so ultimately, we think that they are one of the best options out there when it comes to your cryptocurrency exchanges.
Binance is a really good choice as a cryptocurrency exchange that can help you purchase and sell your cryptocurrency within just minutes, and they even say that they are one of the biggest cryptocurrency exchanges out there.
One advantage to these guys is that they have a cryptocurrency trading app, meaning that you are able to download it to your smartphone and take them wherever you go.
They have support that is available around the clock, and they also have a blog you can be a part of, as well as a community so that you don’t have to trade alone.
Uphold is another excellent cryptocurrency exchange that can help you trade not just cryptocurrency, but precious metals, American equities, and national currencies.
All you need to do to get started with these guys is share your email address with them, and you can download their app from Google Play, or the App Store.
One thing that we really like about these guys is that they can help you really easily, and they believe that they are a more versatile home for your financial life so that you don’t really have to go anywhere else to do really well.
We always think that it is worth storing your cryptocurrency assets in a cold wallet offline because the risk of being hacked at some point is just too great.
Unless you are someone who likes to trade your cryptocurrency day to day, if you are planning on holding on to it for a long time, definitely make the most of a cold wallet like Ledger, and transfer some of your cryptocurrency today.
Our guide on how to transfer coins from Coinbase to Ledger will help you do it quickly and effectively.