Ledger Nano S Plus Tutorial (Unboxing, Setup & How To Receive Crypto From Exchange)
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Disclaimer: I am not a financial advisor. This video, and the ideas presented in it, are for entertainment/educational purposes only and should not be construed as financial or legal advice. You, and only you, are responsible for your investment decisions. This video, post & article should not be construed as investment advice. Capital at risk.
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In this video, I give you a full tutorial on how you use your Ledger Hardware Wallet in my case I use the Ledger Nano S Plus. I give you an unboxing of the Ledger, show you how to set up your Ledger, and then how to transfer your Crypto from any Crypto Exchange, in my case I withdraw my Crypto from Nexo Wallet and transfer it to my cold wallet, the Ledger Nano S Plus. It's very easy and I show you exactly what you need to do in order to keep your Crypto safe.
Especially in light of the recent drama at FTX, more exchanges might follow and that's why it's so important to take self-custody of your Crypto portfolio and keeping it on my Ledger Wallet gives me the ultimate security, freedom, and control.
⏰ TIMESTAMPS ⏰
00:00 Ledger Hardware Wallet Intro
00:20 Ledger Nano S Plus Unboxing
02:58 Ledger Nano S Plus Setup & Ledger Live App
09:06 How To Add Crypto Wallets To Your Ledger Account
10:37 How To Receive Crypto From A Crypto Exchange To Your Ledger
11:47 How To Withdraw Crypto From Nexo Wallet & Send To Your Ledger Wallet
13:22 Receiving Crypto Into Your Ledger Hardware Wallet
13:56 Why You Should Be Using A Hardware Wallet To Secure Your Crypto
#ledger #ledgerlive #coldwallet #hardwarewallet #nexo #nexowallet
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I have received my Ledger Nano S plus 03 days ago.. thanks for your support.
@@MuhammadKhan-kc8ls Awesome to hear that and well done, self-custody is the way to go💯
Great educational video. However, I was appalled by Ledger's actions... Why would they make those foolish mistakes? Although I love my Ledger, I am seriously contemplating switching to Trezor or Keystone...
Hi there and thanks for your feedback. Good point. I am in the same boat as you. Been looking all around for the best alternative. So far between Tangem & Trezor. Will make a future video on that 👌
What so you mean by ledgers actions? What did they do ?
@@MisterSmylieLedger didn't do anything wrong. This is just misinterpreted information.
Thank you, dude. Great video! Timing was good, not too fast or slow. And your English was perfect! Have a great new year in 2023!
Thanks a million Madison, much appreciated. Normally people say I speak to fast so that's nice to hear:) Cheers and wishing you the same, have a fabulous 2023 ahead💪🚀
Loved it, thanks for putting this out here with so much enthusiasm.
Hi Imzi, that’s very nice of you to say, many thanks🙏My pleasure. Have a great one. Cheers
Thank you! This was super helpful. A friend who is much more knowledgeable about crypto than me insisted that I should go with Ledger. After I got it, I had no idea how to set it up. Your video was perfect.
Hi Bridget, amazing to hear and thanks a million, truly appreciated🙏
Great video, efficient, fast and informative ! Thanks so much Kai 🖐🖐
Truly appreciated, many thanks🙏
I use your link to purchased my ledger. My way of saying thank you!
Awww, that's very nice of you, very much appreciated🙏 And well done to you for keeping your Crypto safe👌
Great video mate!! Very straight forward and informative.
Thank you so much, really glad to hear that 🙌
Excellent explanation, thank you.
Much appreciated, many thanks🙏
Thank you! My setup complete.🤟
Awesome. Congrats Sriram👏
Thank you for this video! I just received my ledger nano s plus and deposited some money onto it... but I was really unsure as to whether what I had done was okay or not, or right. Your video showed me that what I did was fine, and an in-depth video like this one was just what I was looking for.
Truly appreciated and super glad to hear you found it useful, thanks🙏And congrats on going cold wallet, that’s the way to go, especially in such times✅
That was super useful thank you very much!
Much appreciated Sophie 🙏
OMG you are amazing. You helped a grandma transfer her crypto……thank you. I am exhausted and need a nap!
Hello Denise, you made my day and I salute you for the fact that as a Grandma you own Crypto in the first place😉👏And moving it to a Ledger even many youngsters struggle with that so well done to you👌Cheers
Thanks for the Tutorial
My pleasure 🙌
very useful video thanks for all the information
Glad to hear that and my pleasure 👋
Great tutorial! Thank you, Kai.
Thanks a lot Nick, appreciate that 🙏
Very good. I have seen two other videos on this topic, this one is the besr.
That's amazing to hear, many thanks Nuzhat🙏
Great thank you for the clarification
My pleasure, anytime 👋
Thanks 🙌🏾
very informative. thank you.
Thanks a lot, glad to hear you've enjoyed it. Cheers
I should also buy one of these. Amazing video with great explanation. I have a lot of fixed staking so fingers crossed 🤞
Hi Ward and definitely, can't recommend it enough, especially in these times we are in, not worth the risk. Hope you can unstake before things get worse. Had the same with my CRO coins in the past and from then on learned my lesson to value less staking rewards over full flexibility of being able to move my funds at a moment's notice. Fingers crossed. Cheers.
Wherever you have fixed staking in for interest is probably going to bankrupt soon. Happened to Celsius, happening to Blockify, and Nexo is probably definitely next since they turned off the ability to stake/earn interest. Stop being greedy :)
top quality god bless you kai
Hi Brijal, that's very kind of you to say and truly appreciated🙏
Thank you brother.
Cheers mate 🙌
well made video, thx
Hi Zeeshan, glad to hear that, much appreciated🙏
What a great feeling to have all my coins in self storage 👍
💯% agreed with you, sleeping much more peacefully now😉
About to buy my ledger wallet🙌🏻
👏👏👏👏👌
Perfect🎉
Thank you🙌
Hi...getting my Nano tomorrow.
The default videos are not very clear.
I am doing an unboxing of it, wow you covered it really well already!
Wish I say your video before to support your link.
❤
Amazing to hear that, many thanks🙏
Hi Kai, great video! Could u perhaps do a follow-up about staking apps on the Ledger?
Hello mate, good point. I will first need to figure it out myself and see if it makes sense, at least for myself as I am trying to mitigate any non-necessary risks at this stage, but in case I do, I certainly will. Thanks for the suggestion🙏
For buying any crpto or new listed coin you need also exchange or you have to give bank details in in ledger live app
Hey there! 👋 You're right; buying crypto, especially newer coins, typically requires using an exchange platform or connecting your bank details in apps like Ledger Live. Exchanges let you trade different cryptos, while Ledger Live offers a more direct purchase route but with limited options. Always prioritize security and research before diving in! Stay smart and safe in the crypto world. Cheers
Best video on Nano S Plus - Setup and how to receive crypto. 😀
Aww, that's amazing to hear Henry, many thanks🙏
Thank you for the video very helpful. I have a question if I'm staking a coin in another hot wallet once I transfer to the ledger does that staking stop or how does that work?
Hey there! 🚀 Glad you found the video helpful! So, about your question: when you transfer a staked coin from one hot wallet to a Ledger (a hardware wallet), the staking generally stops, yes. That's because staking is linked to the wallet and platform where you initiated it. To continue earning staking rewards on your Ledger, you'll need to set up staking again through a service or platform that supports staking with Ledger. Always double-check the specifics for the coin you're staking and the platforms you're using, as the process can vary. Keep rocking that crypto journey! 🌟 Cheers
Txs txs kai
Most welcome Luka💯
Grazie!!!! I own you a pizza, finally a tutorial from Nexo to Nano S, now I am more tranquil and will do the same operations. Thanks a lot mi amigo 😘
😂😂😂Glad to hear that my friend and I’ll take that Pizza any day with the greatest pleasure😉Cheers mate and good luck with setup💪
Ciao Gigi ...... you mean "owe" you a pizza.
@@robpet4424 hehhehhr yes, btw Kai owe me a pizza as the 50 usd of Ethereum transferred from Nexo to Ledger with his advice ( polygon channel) went lost.
A pizza with a beer, 20 euros 😊
@@AndyRoma68 😂😂😂😂That's why I always say this is not financial advice:) I am just a random guy on the internet, but given you being one of the most active subscribers I will do so happily😉
@@SmartMoneywithKai come to Rome and send me a message when you aree ready for pizza❤️
Thanks
My pleasure 🙌
@Freyapips happens to be the best mentor of the all inbox her for more information
great video! is it somehow possible to get interest on the cryptos you keep in your ledger wallet through Nexo or some other way?
Hi there and yes, it is possible. www.ledger.com/staking Here you can see all the coins you can stake through Ledger Live. I am personally not doing it as right now I value safety and security of my coins over staking rewards but saw this video of in which he explains it very well th-cam.com/video/7RVn5I8hdkc/w-d-xo.html Again, for me, for now, I am ok without it and once the market recovers, I'll transfer again some funds back to the exchange to stake them. Cheers.
Great video. And I thank you for your time. I'm working on learning how to use my Ledger too. Off topic, I heard a rumor that Ledger had some hacking or fraud of some type recently. Is that a lie? I thought Ledger was hack proof if used correctly. Thanks for your time.
Thanks a lot and much appreciated🙌
In July, 2020, the cryptocurrency hardware wallet manufacturer known as Ledger was hacked. Or more accurately it’s e-commerce partner Shopify was hacked.
Approximately 272,000 Ledger customers were affected by the data breach with approximately one million email addresses leaked. Personal information such as postal addresses and first and last names were exposed, according to the company.
It’s important to note, however, that Ledger wallets themselves were not affected by the breach.
So honestly, nothing to worry about, I still believe it's the safest way to keep your Crypto at this stage.
Cheers
Thank you very much Kai. Great help for the beginners like me. Please help me with this... In Twitter there an option that you can receive tips. Bitcoin tips. What is your advice about the receiving address in twitter... May i put my binance receiving address or my ledger address. Thank you very much Kai
Hi there and thanks a lot, really appreciated. Never tried it, as I am not big into Twitter. Technically it would be your public wallet address so even if somebody know it, they could not do much with it, only track your money movements, so you could try it, but then again, lot of scammers on Twitter 😉 Cheers
Love the video man! very detailed. A never ending debate amoung Ledger users.....Some say you can put your crypto, any crypto, on your Ledger. I say your crypto is always on the blockchain it purtains to. The Ledger is only there to allow transactions and movement of your crypto. And your crypto is not sitting in the device. Your opinion?
Hi mate, thanks a lot, really appreciated. I fully agree with you and anyone who says otherwise should study crypto & blockchain again. Your Crypto is always on the blockchain and ultimately it doesn't matter which hardware wallet you use, even if you loose it, there are website where you can enter your private keys and regain access to your crypto on the blockchain so yes, Ledger is just the vehicle to allow your transactions. That's the beauty of Crypto. Cheers
So, the blockchain is the actual place where your currency is stored, and the ledger hardware device is the key to get to your funds......am I correct?.........even without the Ledger device provided you have your private key (the 24 words) you can access the blockchain to get access to your funds?.@@SmartMoneywithKai
Possible to store USDT also? And what is the available network?
Hi and yes, you can 👌
Very informative. Thank you. Please can you advise on how we can transfer crypto from Binance to Ledger wallets? 🙏
Thanks a lot 🙏 I don't use Binance but the principle is the same, just go to your wallet and select withdraw funds and then send it to the Ledger as I showed, it's pretty much the same for all exchanges. Cheers
@Freyapips
Does the packaging come with a tamper proof seal like trezors do? Or is it only shrinkwrapped? I just got one and it doesnt have any tamper proof seal so im afraid possibly its been tampered with
Hi Eric, good point. Mine came with a seal, shrink wrapped is not enough as you made a right point about it. Cheers
I have a question maybe a stupid one but when you send your crypto to the ledger live app does that mean it’s on the hard wallet?
Hi and no stupid question, but you don't actually send Crypto to Ledger Live App, you send it to your hardware wallet and only then the ledger live app shows the amount, not the other way around 😉 Cheers
How should i transfer the crypto i have on eToro to this ledger?
Absolutely, don't leave it on an exchange 👌
Hi Kai, Thanks for the video, great help. I went through the process of setting up the nano s plus, however at the end to check if the device is genuine, it was an endless circle of loading. I did not get a confirmation or accept the terms. I hit a connect button, and then it went to the home page on ledger live. At the top of the page on Ledger Live, I see OS version 1.1.0 Device is Geniune. I am still concerned of it being genuine beause I did not see the confirmation page and the accept the term page when finalizing the setup. If it show Device is Genuine, should I believe it?
Hi and thanks for your comment. I know this can be tricky, but if you downloaded Ledger Live from the Ledger website and after connecting your wallet to your computer and it shows it as genuine, I think this is a much proof as you can get, I doubt it would otherwise show that, for me I did the same and felt comfortable with that. Cheers
how to be sure the wallet did not set up before ? it may look brand new but its possible that some one start it before and store 24 words of it ! how to check that ?
Hi 👋
Great question! Ensuring your Ledger hardware wallet hasn't been tampered with is crucial for your security. Here's how to check:
1. Verify the Packaging
Seal Check: Ledger wallets come with a tamper-evident seal. If it's broken or looks suspicious, don't use the device.
2. Initialize the Device Yourself
Set Up: When you first turn on your Ledger, it should prompt you to create a new PIN and generate a new set of 24 recovery words.
Warning Message: If the device shows a pre-set PIN or recovery phrase, it's likely compromised. Do not use it.
3. Generate New Recovery Words
Never Pre-shared: A brand-new Ledger will never come with pre-shared recovery words. If you receive a device with recovery words already written down, it's a red flag.
4. Ledger Live App
Firmware Check: Connect your device to the Ledger Live app. Ensure it's running the latest firmware. The app will guide you through the setup process, and any discrepancies can be detected.
5. Purchase from Trusted Sources
Authorized Sellers: Always buy directly from Ledger or authorized resellers to avoid potential tampering.
By following these steps, you can be confident that your Ledger hardware wallet is secure and hasn't been compromised. Stay safe and keep your crypto secure!
Cheers,
Kai
Can you send crypto from any wallet or just exchange place? I have wirex and I am not happy with it. Second,I see option card on the app,does that mean I can get card from ledger and use it in the store? Thanks
Hi there. Yes, you can send it also from other wallets too and yes you can use the Ledger card to spend your Crypto👌
Hello, thank you for tutorial, it helped me transfer 5 tokens to nano s+, but the next 3 i tried, for some reason i didnt get to my wallet. It was sent from exchange, but arent shown in my wallet. Do you know, what the problem might be? I have done exactly as previous transactions and tried every solution i could find, but no success...
Hi and great to hear you liked the tutorial. That's strange to hear, the only thing I could think of that the wallet address was typed wrong and the token you've sent is not supported by Ledger. So just double check those two things. Hope this helps. Cheers
Hi excellent video , so 1 question , if i store any crypto inside there ,means it will growths or loose based on the market ?
Hi 👋
Thanks a lot 🙌 Great question. Yes, the value of the crypto you store in your Ledger wallet will fluctuate based on the market.
Here's a quick breakdown:
1. Market-Driven Value:
Growth: If the market goes up, the value of your crypto increases.
Loss: If the market goes down, the value decreases.
2. Security:
Your Ledger wallet keeps your crypto safe, but it doesn't influence the market value. It simply ensures your assets are securely stored.
3. Long-Term Perspective:
Crypto markets can be volatile. Holding your assets in a secure wallet like Ledger is smart, but always be prepared for market ups and downs.
So, your crypto's value will move with the market, but your Ledger wallet ensures it's securely held.
Cheers ✌️
Hi Kai thanks a lot to take your busy time to answer my question , I planning to safe for a long term 10y or more ,since for example of Bitcoin raised more 700% in the last 10y ,so by my retirement I should be good 😊
Because keep it in exchange always easy to use ,like that I will safe like a piggy bank
Yes, historic returns have been stellar, but keep in mind that it may not always continue it might also drop again quite a bit and recommend taking it off the exchange, at least majority of it to safeguard. Cheers
Does the Nano device have a fee for withdrawal back into an exchange (nexo for example)?.
Hi Enrique, I believe not for the platform but obviously network fees, but you can choose which network and speed and the fee will be shown to you beforehand accordingly. You can read more about it here support.ledger.com/hc/en-us/articles/360021039173-Choose-network-fees?docs=true Cheers
Soooooo, how is that cold storage? your crypto is in the Ledge Live on your computer which is connected to the internet, aren't you supposed to connect your Ledger device and sync it after you receive the funds in the app?
Hi Adrian, the crypto doesn't actually live on your Ledger Live, it always stays on the Blockchain, you just use the app and Ledger wallet to verify transactions and authenticate yourself.
is it necessary to connect my laptop the wifi for the ' genuine check' of the ledger?
Hi Faran, you will at some stage need to connect your laptop to the internet to sync it with Ledger Live and do the genuine check as well. Your device itself will not be exposed to the internet though. support.ledger.com/hc/en-us/articles/4404389367057-Is-my-Ledger-device-genuine-?docs=true .Cheers
Great tutorial video!!!
Thank you so much Renata🙏🙏🙏
So thank you for such an amazing explanation. I have a question though, you say its on the blockchain and not on the hardware wallet nano. What happens if Ledger goes bankrupt and their app/website dont work? where and how will recovery work? Can we transfer USDT to ledger and trade like we do on other Exchanges too?
Hi 👋,
Thanks for the great question!
If Ledger goes bankrupt and their app/website stops working, you still have access to your crypto. Here’s how it works:
Recovery Process
Seed Phrase: Your 24-word seed phrase is the key to your crypto. As long as you have this, you can recover your assets using any compatible wallet (not just Ledger).
Blockchain: Your crypto assets are stored on the blockchain, not on the hardware wallet. The wallet just provides secure access.
Transferring and Trading USDT
Transferring: Yes, you can transfer USDT to your Ledger. Just use the Ledger Live app to receive USDT.
Trading: Direct trading from Ledger isn’t like exchanges. You can use Ledger Live's partners for some trading, but it’s limited. For more complex trades, you’d still use exchanges.
In summary, your crypto remains safe as long as you have your seed phrase. Ledger’s tools are convenient but not the only way to access your assets.
Hope this helps.
Cheers.
@@SmartMoneywithKai Thank you so much bro for explaining in details. Can you please review Tezer. i saw that they have better backup and recovery options and you can actually trade some coins like you do on exchanges.
Cheers, haven't used them before but will keep that in mind 👌 Cheers
Is it possible to transfer crypto in ledger from different crypto apps?
Hi and yes, absolutely you can do that👌✅ Cheers
great video. Quick question how many crypto's can I store on ledger nano s simultaneously. Like i have 5 different coins/tokens on binance and i want to transfer them all
Thanks a lot🙏The Ledger Nano S supports more than 1,100 coins and tokens, which should be plenty😉👌
@@SmartMoneywithKai but sir some videos on youtube say that we can have oly 2 apps
@@godlyrides Hi, just have a look here www.investopedia.com/ledger-nano-s-review-5190302#:~:text=It%20supports%20more%20than%201%2C100,the%20Ledger%20Nano%20S%20device.
thank your for the video guide. is ledger live not compatible with chrome book?
Most welcome, glad you've enjoyed it. Sadly it seems currently it's not compatible with Chromebook support.ledger.com/hc/en-us/articles/5141511735453-Can-I-run-Ledger-Live-on-a-Chromebook-?support=true
@@SmartMoneywithKai which version of windows is compatible with ledger live? Thank you
@@accornudle Hi there. As per their website it says Windows 10 (64-bit) or later. Cheers.
if i have virus on pc and i do not know for him , can i have problem with ledger ?
That would certainly not be advisable, I am not an IT expert but I would want to make sure there is none. Technically your password is only entered on the Ledger device so Ledger Live would not be able to do anything, but then again, you never know, so if you have doubts, bring it to a specialist to make sure it's clean and good to go👌
hi good day, can i use may ledger X plus to different platform,? lets say i have a assets from Binance and i transfer it to my Ledger Wallet, then SEC in my country Ban the binance... can i still access may assets to other Platform ( MEXC, BYBIT, KuCoin, etc...?
Hi and yes, because you don't connect Ledger to the platform, Ledger just keeps care of your crypto keys so if you keep your crypto on an exchange, the keys are with them, not your Ledger and if you send it from Binance to Ledger and from Ledger to ByBit and back, that all works seamlessly 👌
@@SmartMoneywithKai hi good evening, thanks for the info... really apprciated...
My pleasure 🙌
If I don't have crypto on an app yet . Can I install later? How to skip and come back? Do I just unplug or sign off
Hi Brian, sure, you can just set everything up and send the Crypto to it whenever you want👍 Cheers
Great, love from Pakistan... mate! can we stake safely our cryptos after having custody at Nano ledger S plus.
Hi Muhammad, thanks a lot mate. Technically you can, but since I am not doing it myself, I think there are better people on TH-cam who could explain it to you, for me I just want to minimise my risk and exposure as much as possible in these market conditions, because any kind of staking does pose a certain amount of residual risk. Cheers
@@SmartMoneywithKai thanks 👍 for such a prompt response I ever received
My pleasure mate, anytime👍
This might be a silly question.
But once we have our crypto on our ledger, can we transfer it back to a different exchange than the exchange we used to initially put onto the ledger?
Hi there, great question and absolutely you can. Think about it like an ATM, you withdraw funds from your own bank, you hold it in cash and can choose to later on deposit it at any bank of your liking👌
@@SmartMoneywithKai So it doesn’t really matter what exchange you use to buy your coins, once they are moved to your ledger, you can do with them what you like? Is that correct?
Amazing channel. Appreciate you sharing your knowledge! 👍🏻
@@jellybean7245 You are spot on, that's the beauty of Crypto😉 Very much appreciate your kind words🙏
Can you connect to your phone with a cable?
Hi Paulo, to Android phones you can, to Apple you can't. Ledger devices with bluetooth can be connected wirelessly to both. Cheers
I bought my ledger from bestbuy instead of ledger site. Should i buy a new one?
Hi there, good question, hard to say. In general, I suppose Bestbuy is quite legit so I think they could be trusted, though of course if you have a large amount and want to be 100% certain it might be worth it to buy the original one through their website.
my Ledger Nano S Plus menu does not look like yours. It has receive, earn, buy/sell, swap, refer a friend, card, ledger recover, my ledger. Why does my menu differ from yours? I am unable to follow your directions to transfer my crypto from Coin me to my ledger bc I don't have same menu so I can't follow. Any suggestions?
They do update the app from time to time so this could happen. As long as you downloaded from their website, nothing to worry about, maybe check some more recent tutorials as well as it is quite a dynamic topic. Cheers
Hi Kai a question, have you made a second or third transference of the same crypto? If so, did ledger opened a new position of the crypto or it did sum the previous position and made a greater one?
Ciao mate, it sums it up under the same Crypto account unless you want to open a separate wallet for the same currency you can do that too but I kept all BTC in on BTC wallet for example.
omg I ordered mine off of amazon. I do not recall doing a genuine check. Is there a way I can do a genuine check? I have not uploaded anything yet.
As per Ledger website, seems Amazon is fine if it was from Ledger store on Amazon👍
support.ledger.com/hc/en-us/articles/4404389367057-Is-my-Ledger-device-genuine-?docs=true
If the crypto stays on the Chain then why do I need a cold wallet?
It's because of your private keys, think of the keys to the safe. The safe can be at the bank, and there is only one set of keys, either you have them or you trust them with some other organisation and hope for the best. If you keep it on the hardware wallet you basically hold on to your own keys and nobody can hack the exchange and use your keys to withdraw your Crypto. Hope this helps.
If I have 20,000 coins of 5 different coins, can I have them on the same wallet? Thank you
Hi and yes, you can store 20,000 coins of 5 different types on the same Ledger wallet. Ledger wallets support a wide range of cryptocurrencies, so you can manage multiple coins within a single device. Just ensure that each type of coin you want to store is supported by Ledger's software. You can check the list of supported coins on the Ledger website. This setup allows you to manage all your assets securely in one place. Cheers
Can you transfer directly to your bank?
Hi and yes you can, but only in FIAT currency 👌 Cheers
👍
did ledger allow two persons on ..like the father have own wallet..and son own wallet..and same crypto
Hi and yes, you can share Ledger Live app across different accounts, the Ledger wallet physical device though should only be used per one person, unless you want to give full custody and control to your family members as well. Cheers.
Accounts in Ledger Live have separated balances to provide flexibility in managing your crypto assets. You can add multiple accounts for each crypto asset and give them a name for different purposes (e.g. trading, checking, savings, etc.).
When you add an account, Ledger Live gets its unique extended public key from your Ledger device. Thanks to the xpub, Ledger Live then generates individual public addresses and checks their balances in the blockchain to calculate your account balance.
@@SmartMoneywithKai tnx
Great video, now next step is a safe box in a bank 😂
😂😂😂True story or find a great way to memorise 24 words and then burn the piece of paper and hope you'll keep your memory😉
@@SmartMoneywithKai The second one is too risky mate because I can’t remember what I ate yesterday! 😀
@@Success_is_inevitable 😂😂😂😂😂👌
What happens if LEDGER app/servers are down or the company goes bust? What happens then?
Hi there, that's the beauty of Crypto, nothing happens, you simply can restore your funds through your recovery phrase on any hardware or software wallet that supports 24-word recovery phrases. So you are platform and manufacturer agnostic👌 Cheers
Have you seen the Arculus Wallet? It supports Nexo tokens. It has a very limited selection of supported coins which makes them supporting Nexo an interesting option, especially for Nexo users with a large amount of the token
Hi Omar, actually I haven't heard about them, but Ledger also offers support to store your Nexo Token so for me that's enough. To be honest though, I leave all my Nexo on the exchange, at least I can still get staking rewards for it and use my Nexo card. Because if, touch wood it won't happen, Nexo goes bust, the value of Nexo token will also go to zero so then there is no point of keeping it on your own hardware wallet, so I think you might as well just use them or in case you have really a huge amount of it, maybe worth to convert some of it to BTC or ETH and those you could keep in your own wallet, rest to leave on the exchange and use it for it's utility. Cheers.
will my money that i invest into crypto still go up (if the asset is going up of course)?
Hi Simoun, absolutely, it will. It matter how much Crypto you hold. The prices fluctuates and you decide at what point you want to sell it. Think of Gold in your safe. It's your choice to pick the price you want to sell it for. Cheers
@@SmartMoneywithKai so if they are in my “ledger wallet” will they still count as an investment?
Hi Simoun, certainly, they will always be yours as long as you have the private keys to them, that makes them yours and as such is your investment.
So with BTC Canot afford to keep sending small test transfers because it always change receiving address, is it safe to send to new address everytime?
Hi there and good point. For me I did it in 4 transfers. The good things being Nexo Platinum member you get 5 free transfers and with every BTC out, your Nexo ratio increases so it's easier to become Platinum and then you can stretch it out if you feel more comfortable, but in general, as long as you make sure you have the right address and will be silky smooth👌
@@SmartMoneywithKai thank you. nano is showing the same as on the app so i think its ok.
@@SmartMoneywithKai by the way how do you like nexo? Is it safe right now with all the ftx troubles??
@@syfodias-jedimaster That’s perfect then👌
@@syfodias-jedimaster I ve always loved Nexo and still use it now though of course I have pulled out 90% of my funds the rest I leave it there and yes there is a risk of losing it potentially. If crypto prices continue to drop I might withdraw the rest as well and keep it all on my ledger though honestly so far they’ve done really well and communicated transparently. They also have live audits but we’ve seen with FTX how much that could be worth:)
Ciao Kai, a question: when you put cryptos in ledger wallet, is there a chance to put back cryptos to Nexo? 🤔
Ciao my friend. Absolutely you can. Pretty much the same principle just in reverse. You go to your Ledger. Click withdraw on the Crypto you want to send and then add the wallet number of your respective Nexo wallet address and it will be send back to the Nexo exchange. No lock up period👍
@@SmartMoneywithKai great! Just in case I need more money to spend with the nexo card 😁😁😁😁😁
@@SmartMoneywithKai wich network is better to transfer Ethereum? In Nexo they give you native eth or Matic poligon free,....
😂👍
Definitely go with Matic, at least I used it, was super fast and as it says, free, which is awesome💯
I don't want all my money just sitting in the bank, so I thought I'd get the Nano S just to store some bitcoin as an alternative to a bank, no other reason, and I am very new to crypto, is this a reasonable idea? The idea of a cold/hard wallet appeals as well.
Hi Alan, that's a very smart approach indeed, it's always good to diversify your funds so having some Bitcoin on your own wallet is a smart move and much better than keeping your Crypto on an exchange these days. I would recommend Nano S Plus though, it's newer and can hold more coins, in case you want to add more in the future. Cheers.
@@SmartMoneywithKai Thanks for your reply, I realise there is a risk with crypto, similar to shares in the respect that your say $500 of crypto could be worth only $400 the following day, or worse but I can see the banks being a major problem in the near future and as you said, diversifying is a good idea, and I know the risks now, thanks again and the Nano S plus will be ordered soon, cheers
Hi Alan, you are absolutely right on with that, but as you said, there is no 100% stable investment anyways. Gold fluctuates, so do Stocks, ETF's and House prices and even USD, GBP & EUR are loosing value to inflation so yes, ultimately long-term investing and diversification seem to be the way to go. Cheers.
@@SmartMoneywithKai Appreciate your comments Kai, wish I could buy you a coffee, Nano S plus ordered directly from Ledger👍
@@alangb2086 Many thanks Alan, much appreciated and hope that one day the channel is big enough to do some kind of subscribers meet up's in different cities, so we can then have that coffee😉Cheers.
How do I transfer my crypto from NDAX to my ledger?
Hi Patricia, never used NDAX, but the principle should be exactly the same as I've shown with Nexo. Just go into your exchange, click on withdraw your respective crytpo and then follow the same steps, I've shown in the video. It's the same for pretty much any crypto exchange. Cheers
Thank you.
I did try last night but got lost.
@@patriciacox8677 Sorry to hear that, hope their support team could help you out🤞
How do I “receive” on my nano s? The button has a white 🚫 tia
Hi Jonas, not sure I understand your question. You received crypto to your Ledgers respective crypto address that it shows you on the Ledger Live app. Cheers
@@SmartMoneywithKai
When I try to push receive on my Mac book: the button doesn’t work. The cursor shows a white stop sign.
Very strange, just had a quick Google, maybe this will help www.reddit.com/r/ledgerwallet/comments/ai8gnt/white_screen_on_the_ledger_live_app/ Good luck
So
If
I 'store' my crypto on the Ledger Stick (for security of assets)
and
I damage or loose the stick
I can recover my crypto (or anyone who has access to the recovery phrases can recover /aquire /steal my crypto assests)
- Is the crypto *really stored on the hardware wallet (since its still cloud accessable) ??
Wondering what the point of the hardware is
- Asking for a friend
Hi there 👋,
Absolutely, let's dive into this! Your crypto isn't stored "on" the Ledger Stick in the way you might store files on a USB drive. Instead, the hardware wallet securely holds the private keys necessary to access and manage your crypto assets, which are indeed on the blockchain (the cloud part you mentioned).
If your Ledger Stick is damaged or lost, you can indeed recover your assets using the recovery phrase you were given when you set it up. This phrase is a direct link to your private keys. So, to your point, if someone else gets this phrase, they could access your assets. That's why it's crucial to keep that recovery phrase in a super secure place - think of it as the master key to your digital treasure chest.
The real value of a hardware wallet like Ledger lies in its ability to keep your private keys offline, away from the clutches of online hackers and malicious software. When you want to make a transaction, it's done in a secure environment within the device, which significantly reduces the risk of unauthorized access.
In a nutshell, the hardware wallet's job is to be the guardian of your keys in a digital world full of pickpockets. It's not about storing the crypto itself but about protecting your ability to access and manage it safely.
Hope that clarifies things for your friend 😉
Cheers
@SmartMoneywithKai
Great response; as well as explanation. Thank you !
For clarity: The personal keys to access assets are stored securely on the Ledger server, I assume (?), and not 'cloud' accesable then
BTW - Had a look at a few alternate videos of yours
Good content and clear information
- Nice work
Hi again 👋,
Thanks for the kind words, and I'm glad you found the content helpful!
To clarify further: Your personal keys are not stored on Ledger's servers or any cloud service. They're securely stored within the hardware wallet itself, and only you have access to them through your device. This is a critical feature that makes hardware wallets like Ledger so secure. The device keeps your keys completely offline and isolated from potential online threats.
The only thing that can leave the device (and should be guarded like a priceless gem) is your recovery phrase. As mentioned, it's vital to keep this phrase somewhere extremely secure because it can be used to regain access to your assets on a new device if your original one is lost or damaged.
Thanks for diving deeper into this topic and for checking out the other videos! Stay curious and keep those questions coming. Your engagement is what makes this community awesome. 😊
Cheers
how is it possible 24 words (seed phrase) can recover 100+ Crypto portfolio ?
Hi there, great question, well I am neither a cryptographer nor a blockchain expert, but to assure you how many combinations are there, here a little example from a great Reddit post about it. www.reddit.com/r/ledgerwallet/comments/nbco9z/how_many_24word_combinations_are_there_would_it/
> How many 24-word combinations are there?
115792089237316195423570985008687907853269984665640564039457584007913129639936
> Would it be possible for 2 devices to generate the same seed?
yes, one chance over 115792089237316195423570985008687907853269984665640564039457584007913129639936
So, practically speaking: no
Hope this helps. Cheers.
Why ur nano s wallet High flegaring? 🤔
Hi Vignesh, do you mean why the screen is flickering? It's because the camera frame rate, it doesn't actually flicker, just did on my camera😉 Cheers
@@SmartMoneywithKai ohh okay sir. Thank you 😊
I use a device with the same model.If my desktop OS crashes Or the Ledger Live app crashes How to introduce my previous accounts to the general ledger device.Because I think the account is installed on the desktop(Helpppp(When I connect my Ledjer device to my work desktop Accounts configured on the home desktop system They are not visible on the workplace desktop system)And of course, I remind you that I have not yet deposited bitcoins into these accounts And my account balance is zero please guide me The answer to this question is very important to me Please read my question three times Then answer Thank you very much❤❤❤
Hi Rahim 👋
Don't worry, I’ve got you covered! If your desktop OS or Ledger Live app crashes, you can still access your accounts on your Ledger device. Here’s what you need to do:
Install Ledger Live on the new desktop: Download and install the Ledger Live app on your new or restored desktop.
Connect your Ledger device: Plug in your Ledger device and open Ledger Live.
Restore accounts: Go to the "Accounts" tab in Ledger Live. Click on "Add account" and follow the prompts. Your accounts are not stored on your desktop but on the blockchain, accessible via your Ledger device and recovery phrase.
Enter recovery phrase: If needed, you can restore your accounts by entering your 24-word recovery phrase in Ledger Live. This will allow you to recover all your accounts and balances.
Since you haven’t deposited any bitcoins yet, you’re in the clear. Just make sure to keep your recovery phrase safe and secure for future use.
Cheers
@@SmartMoneywithKai Hello, the answer was complete Thank you very much❤❤❤
My pleasure 🙌
I have ADA,XRP, and ETH in my Trust Wallet and they all in either BEP20 or BEP2.
I’ve made accounts for these on my Ledger Nano S Plus, can I send these straight to the account address for each crypto? Or do they need to swapped to a different format such as ERC etc…
Thanks
Hi Harris, Interesting question and I'll be honest, I would not know 100% as I haven't had that situation before. But found a good article on that which might help you support.ledger.com/hc/en-us/articles/4412962166289-Manage-BEP20-tokens?docs=true Cheers.
How many millions can a ledger hold? Like lets say 400 mils
Ledger doesn't hold your funds, just your private keys, so the answer is an infinite amount 😉
@@SmartMoneywithKai Oh I thought it was like a little storage Unit for your crypto. So it was locked away from internet.
@@Krallebaby1 I thought the same initally, but the crypto never leaves the blockchain, the only difference is who keeps the keys that unlock the crypto either the exchange for you, or yourself, in which case you keep those keys on your own hardware wallet, in this case Ledger or any other of your choice 👌
I made this video on the topic recently which might be useful to better understand it. th-cam.com/video/5X_1fd6KVC4/w-d-xo.html Cheers
@@SmartMoneywithKai I’ll watch it when I get home. Thanks for responding so quick!
"Trust takes years to build, seconds to break, forever to repair"
RIP Ledger.
Man, this is really sad to see. Seems to are trying to go back from their decision now, but might be a bit too late already. Will drop a video on this topic today. Cheers
This about that firmware update?
@@Jel0XD Yes👍
Why the f would you buy a hardware wallet and at the same time write down the recovery phase on a piece of paper?
The reason you'd use a hardware wallet and write down the recovery phrase on paper is simple: security and backup.
Security: A hardware wallet keeps your crypto safe from online threats.
Backup: Writing down the recovery phrase ensures you can recover your funds if the wallet is lost or damaged.
Think of it as having a backup key to your safe. Without it, you risk losing access to your funds forever. Simple as that.
Cheers.
@@SmartMoneywithKai Just use Fiat Shamir Secret sharing instead of writing down the WHOLE mnemonics. Writing down the whole mnemonics directly defeats the purpose of hardware wallets.
Sure you could do that as well or use multi-sig, many different ways to go about it. Though I still have a written back-up of 24 words segmented across 3 different places, so similar principle, just offline 😉
I would think...that it makes no sense to write down the recovery phrase ON THE CARD THAT LEDGER PROVIDES. Why do that? THAT CARD, makes a direct link/connection (to a potential thief) of the Recovery Phrase and Ledger. Why have Ledger's name/card on the card that contains your recovery phrase? Instead write them down on a "normal"-looking piece of paper (in the correct order of course). Maybe even remove the "numbers"...just remember yourself. Thanks for the video.
Hi James, thanks for your comment. In a way I get your point to make it less obvious so you can totally do that. Ultimately however, you definitely don't want this paper to be casually laying around anywhere because people who know can easily figure out that those random words are not a shopping list, but instead the key to your Crypto:) So whichever option one chooses, super important to have this locked up somewhere in a safe place. I personally keep it in my fire-proof safe. Cheers mate.
@@SmartMoneywithKai Yes, agreed.
What about spelling mistakes.
Hi there, what do you mean by spelling mistakes? You should not make any spelling mistakes though, this is super crucial that you have the exact and right words💯
Waaay too fast I couldn’t get past the pin
Hi Stacey, I tend to speak fast:) I guess you can always slow the video down or rewatch. Have a fabulous day. Cheers
Thanks for the update, please how does crypto investment works? And what are the risks involved im still lost I want to know how i can make earnings from crypto trading
Hi Julia 👋
Thanks a lot. In short, crypto investment works like this:
How It Works:
Buy Coins: Purchase on exchanges like Coinbase or Nexo.
Hold or Trade: Hold long-term or trade for short-term gains.
Staking: Earn rewards by holding coins in certain wallets.
Risks:
Volatility: Prices can change rapidly.
Security: Risk of hacks. Use secure wallets.
Regulation: Laws can impact the market.
Tips for Earnings:
Educate Yourself: Learn about the market.
Start Small: Only invest what you can afford to lose.
Diversify: Don’t invest in just one coin.
Hope this helps.
Cheers
You’re talking so fast… can’t follow you…I am a beginner… geez.
Use TH-cam controls to slow it down. Geez
Thank you! Can you use two different ledger nanos on the same ledger live software?
My pleasure and yes you can, you can read more about it here support.ledger.com/hc/en-us/articles/360007646053-Use-multiple-Ledger-devices?docs=true Cheers
Can you connect Ledger S Plus to iPhone or Android ?
Hi there, you can connect it to Android, but not to iPhone. You can however sync your Ledger Live app on computer with your Ledger app on your phone, but to confirm transactions, you can't do it via iPhone. Cheers
@@SmartMoneywithKai Thanks I'm getting the Ledger X and returning the S Plus waiting for both to arrive.
PLEASE TELL ME CAN WE ADD SWEAT OR JMPT IN IT AS ITS NOT SHOWING ON THEIR SITE CAN WE ADD IT AND RECIVE THAT CRYTO I MENTIONED
Hi Ansh, even though I never heard of those, just checked and it does not seem to show SWEAT, but JMPT is being offered so you can add it✅ Cheers
@@SmartMoneywithKai BUT WHAT ABOUT SWEAT CAN WE ADD ANY CUSTOM TOKEN LIKE TRUST WALLET AND RECIVE IT ON LEGDER PLEASE TELL ALSO THAT can Any virus enter through cable to ledger when connecting to phone
@@anshmaurya3250 From what I understand if they are not supported you can't add them to Ledger. Virus through cable, well, technically I know such devices exist, but as long as you use the original Ledger cable that should not be an issue.
@@SmartMoneywithKai CAn we add SWEAT cryto in anyway to LEDGER BEACAUSE SAFEPAL SAYS ITS SUPPORT IT THEN THY NOT LEDGER
@@anshmaurya3250 I would not know, best to contact Ledger for that specific question directly as I don't use Sweat nor Safepal.
Always make sure its never been open
Good point and 100%, this is a must for sure✅