The Ledger Nano S is a hardware wallet focused on the secure storage and management of crypto-assets. The newly-launched Ledger Live is a game-changer because it offers a simple way for Ledger device owners to manage, receive, and send their crypto-assets. This Step-by-Step Guide to Ledger Live reviews how to connect a Ledger device to Ledger Live and manage, send, and receive crypto-assets. While nothing is 100% secure, hardware wallets like those offered by Ledger can be a good option for the secure storage of crypto-assets as they have a strong track record of protecting the private keys to crypto-assets. If you still need to buy and/or setup a Ledger Nano S, head over to Ledger’s website now to order one and/or check out our Step-by-Step Guide to Setup the Ledger Nano S. Let’s get started with Ledger Live!
You can download Ledger Live for Windows, Mac OS, and Linux from the Ledger website. Select apps from the menu to visit the download page, then download the app, and finally install it.
The opening screen of Ledger Live is a simple message of Welcome to Ledger Live. Select get started to continue.
With Ledger Live you can set up a new Ledger device, restore a previously initialized Ledger device, or use an already initialized Ledger device. We chose to use a Ledger device that was already initialized. But if you need to initialize a new Ledger device, check out our Step-by-Step Guide to Setup a new Ledger Nano S.
There are four steps to connect your Ledger device to Ledger Live. First select whether to use a Ledger Nano S or Ledger Blue with Ledger Live. Note that it is possible to eventually set up Ledger Live with multiple Ledger devices.
Next Ledger Live goes through a security checklist. Each Ledger device comes with a pin code to access the device and recovery phrase to restore the device if it’s lost. Ledger Live will confirm that you chose your pin code and saved your recovery phrase by yourself. Ledger Live will also check that your device is genuine. Select check now to continue with the setup process.
To complete the genuine check, connect and unlock your Ledger device, navigate to the front dashboard of your Ledger device, and press the button on your Ledger device to allow Ledger Manager.
Select continue after your Ledger device is confirmed as genuine.
Set a password to log into Ledger Live and guard against unauthorized access to Ledger Live data stored on your computer.
Your Ledger device is almost set up with Ledger Live. As the final step, decide whether to share anonymous technical, analytical, and bug data.
Your Ledger device is now ready to use with Ledger Live. Select open to start managing your cryptocurrency with Ledger Live.
The first time you open Ledger Live there is a reminder to trade safely given the volatile nature of crypto assets. Select got it to continue.
An account in Ledger Live means a crypto-asset connected to a single Ledger device. Select add accounts to starting adding your crypto-assets to Ledger Live. You must have the crypto-asset app installed on your Ledger device before you can add an account for that crypto-asset. Later sections of this guide cover using the Manager to add apps to your Ledger device.
Ledger Live displays a simple pop-up box to add a crypto-asset account. Select the crypto-asset to add from the dropdown menu. We chose to add ethereum.
Next connect/unlock your Ledger device and open the Ledger app for the relevant crypto-asset.
You can add an account using your existing balance or add a new account. You can also rename either the existing or new account. In this guide, we added an existing account with 0.2204 ETH and named it “Ethereum 2.”
That’s all it takes to add a crypto-asset account to your Ledger Live. Select add more if you have other crypto-assets or close to go to your portfolio.
Your portfolio will immediately update with your new account. For example, our portfolio now shows a balance of $96.22 and displays our ethereum account on the left menu and below the portfolio chart. Now that we have added an account, let’s go through each section of Ledger Live
The portfolio section of Ledger Live is where you view your account balances and transaction history. It shows each crypto-asset account tracked together by the last week, month, or year. For example, our total portfolio of ethereum and litecoin is tracked below for the last month with a total current balance of $231.19. By clicking on any individual crypto-asset account underneath the chart, Ledger Live will display that particular account’s balance in the main chart for the last week, month, or year. Scrolling down will also bring you to a list of your transaction history (not shown below). Finally, note that the green synchronized check-mark is displayed in the upper right when account balances are up-to-date.
The exchange section is where Ledger Live makes recommendations on cryptocurrency exchanges to use. We were disappointed in this section because there are not any exchanges integrated into Ledger Live, yet. In contrast, Keepkey hardware wallets integrate with Shapeshift for exchanging crypto-assets. We see a lot of possibilities for improving this capability in Ledger Live because of technology advances with exchanges like Radar Relay and DDEX that already allow for wallet-to-wallet trading.
The manager section is where you install and uninstall crypto-asset apps to your Ledger device, which are necessary if you want to send and receive crypto-assets using Ledger Live. To use the manager section, connect/unlock your Ledger device, navigate to the front dashboard of your Ledger device, and choose to allow the manger from your Ledger device.
The app catalog displays all the potential apps to install on your Ledger device. You should probably install the bitcoin app first because many of the other apps depend on first installing the bitcoin app.
Select the install button next to any app to being installing it. For example, we selected to install the bitcoin app.
Ledger Live displays a notice confirming that an app is installed once the process is complete.
The receive section is where you obtain the public address for your crypto-asset. You can then copy that public address to any cryptocurrency wallet, exchange, or other service to send cryptocurrency to your Ledger device. Use the drop-down menu to select the crypto-asset you want to receive.
Your Ledger device is used to confirm that the receive address displayed by Ledger Live is authentic. Connect/unlock your Ledger device and open the relevant crypto-asset app. Then press continue once the two check-marks are displayed.
There are potential attacks where a hacker changes the receive address displayed by Ledger Live. To guard against that, you should verify that the address displayed on your computer matches the address displayed on your Ledger device.
Now copy the receive address or scan the QR code for the receiving address. You can use that receiving address with other wallets, exchanges, or other services to send the crypto-asset to your Ledger account.
The send section allows you to send crypto-assets to other wallets, exchanges, and other services. You must enter the details of your transaction, connect/unlock your Ledger device, and verify the transaction with your Ledger device.
Select the crypto-asset account to send from, enter the recipient address, and enter the amount to send. Depending on the crypto-asset, there will be additional information to enter. For example, in this guide we are sending $100.00 of ethereum and, therefore, we need to set the network fee. Ledger Live suggested a network fee of 40 gwei, which was consistent with a relatively fast transaction according to the then-current information from ETH Gas Station. Select continue after entering all the required transaction information.
Connect/unlock your Ledger device and open the relevant app to proceed with sending your crypto-asset.
Review the transaction on your Ledger device and press the right button to complete the send transaction.
Ledger Live will display a confirmation screen that the transaction is sent. Select view operation details to see more detail and view the transaction on the block explorer.
This Step-by-Step Guide to Ledger Live has reviewed how to use the Portfolio, Manager, Exchanges, Send, and Receive sections of Ledger Live. The last section to review in Ledger Live is the general settings. In the settings you can set the fiat currency, rate provider, and language to use throughout Ledger Live. You can also change your password and decide what anonymous information to share with Ledger.
Get Started with Ledger Live!