How to transfer coins from Coinbase to Ledger?
If you buy cryptocurrencies through Coinbase and store them there, Coinbase is in possession of your private keys and could theoretically disappear with your cryptocurrencies at any time.
Therefore, it is recommended not to keep the coins on exchanges, but to transfer them to wallets, where one is the only one in possession of the private keys.
You should therefore consider sending the coins from your Coinbase Wallet to your Ledger Wallet. For a possible later sale, you can simply send the coins from the hardware wallet back to Coinbase.
This is how you transfer coins from Coinbase to your hardware wallet
- Generate a new address from your hardware wallet. For example, open the Ledger Live software and select the “Receive” option for the corresponding account. Copy the displayed address to your cache.
- In Coinbase, you now navigate to your portfolio page and select the appropriate wallet from which you want to send.
- In the Send dialog box, select the wallet address option because you want to send to a wallet outside of Coinbase. Copy the address of the hardware wallet to the appropriate field.
- Enter the amount of cryptocurrency you want to send into the Amount field.
- Select Next and confirm the transaction details to complete the sending. Make sure that the address matches the one copied from the hardware wallet