Question 1

Can I use several hardware wallets at the same time with Ledger Live?

Accepted Answer

The Ledger Live application can be used with multiple ledger devices. If the different devices have the same recovery seed, they can be used easily interchangeable. If the devices have different seeds, the appropriate hardware wallet must always be connected in order to be able to carry out transactions with the account.

Question 2

Can I manage Bitcoin SV (BSV) with Ledger?

Accepted Answer

Bitcoin SV (Bitcoin Satoshi Vision, or BSV) is a cryptocurrency formed on November 15, 2018 by a hard fork from Bitcoin Cash. Bitcoin Satoshi Vision is the fourth largest cryptocurrency and has thus overtaken Bitcoin Cash (Source: Wikipedia). Users who have secured their Bitcoin Cash with a Ledger hardware wallet before the hard fork automatically own the same amount of BSV as BCH. BSV is not supported in Ledger Live. Instead, users can manage their BSV using the Bitcoin Cash app on their ledger device in conjunction with Electrum SV, as described below: https://electrumsv.io/.

Question 3

How to transfer coins from Coinbase to Ledger?

Accepted Answer

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.

How to transfer coins from Coinbase to your hardware wallet

Generate a new address via 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 into the corresponding 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.

Question 4

How do I use Ledger to create the wallet for Stellar Lumen?

Accepted Answer

Install the Stellar app on the ledger device to manage Stellar (XLM) with the Stellar Account Viewer or StellarTerm. The Stellar app is developed by the Stellar community. To manage the transactions you have to use the Stellar Account Viewer, because Ledger Live does not currently support this cryptocurrency itself.

Question 5

Do Ledger hardware wallets support IOTA?

Accepted Answer

The IOTA Foundation announced on November 2, 2018 that Ledger hardware wallets now support the storage of IOTA tokens. To do this, the IOTA app must be installed on the Ledger hardware wallet in order to manage MIOTA with the official Trinity wallet. The IOTA app is developed and supported by the IOTA community. How to use your ledger with the Trinity Wallet is described on their website: https://trinity.iota.org/hardware.

Question 6

Can I restore Ledger Live to a new computer?

Accepted Answer

You can easily install Ledger Live on a new computer and link your old hardware wallet again. Ledger Live is just the interface for managing cryptocurrencies All the necessary keys are stored on the hardware wallet itself.

Question 7

Is it possible to change the language?

Accepted Answer

Ledger Live provides the ability to change the language. The language settings of the hardware wallet itself cannot be changed. There, the menu and all settings are only available in English. The same applies to documentation and support.

Question 8

How do I set up a Ledger hardware wallet?

Accepted Answer

Setting up a Ledger Hardware Wallet is done in 4 simple steps.

Download Ledger Live to begin the setup process. This is also where cryptocurrencies will later be managed.
Select PIN code write down the recovery seed - the 24-word recovery seed is the only backup of the private key. Never give it to anyone else!
Installing applications on the hardware wallet via Ledger Live, for example the Bitcoin application.
Adding an account to manage cryptocurrencies.

The complete setup process for all models is clearly explained with videos here: Ledger Getting Started.

Question 9

What does NYKNYC mean?

Accepted Answer

If you're in the crypto space, you've probably come across the acronym NYKNYC. This stands for "Not your keys, not your coins" and is a basic and important rule for dealing with cryptocurrencies. But what does it mean and what can you learn from it as a cryptocurrencies user? The phrase "Not your keys, not your coins" refers to the fact that you must have the private keys for your cryptocurrencies. The person who holds the private keys decides how the crypto assets associated with them are spent. This means that if you do not own them yourself, you trust a third party not to transfer them against your will. This is the case, for example, when storing cryptocurrencies on an online exchange. Here, the private keys are held by the operator of the exchange. However, possession of the keys also means that you yourself are responsible for its security. This is why there are hardware wallets that ensure secure generation and storage of private keys. A more widespread manufacturer is Ledger. Their devices, like those of all other manufacturers, store the private keys without ever revealing them to the computer or smartphone. This means that even a hacker with access to the PC would not have access to the valuable cryptocurrencies. Ledger uses only the highest quality security chips, known as Secure Elements, to withstand even the most sophisticated physical attacks on Ledger hardware wallets. [button color="btn-primary" size="btn-md" shape="btn-rounded" outline="false" block="false" target="_blank" rel="" href="/out/ledger"]to the Ledger hardware wallets[/button]

Question 10

Why should I use Ledger Flex and not an exchange or a software wallet to store my digital assets?

Accepted Answer

Software wallets store private keys on systems or devices that are connected to the internet, making them vulnerable to all kinds of attacks. When you store your cryptocurrencies on an exchange, you entrust the private keys to a third party and have no control over your money. Ledger Flex stores your private keys offline on a Secure Element chip and provides complete isolation between the keys and your computer/smartphone to give you complete control over your assets.

Question 11

Will I lose my cryptocurrency if I lose my Ledger Flex?

Accepted Answer

Don't worry, you can access, manage and retrieve your cryptocurrency as long as your secret recovery phrase is secure and only accessible to you. Simply get another Ledger Flex or another Ledger hardware wallet and restore access to your accounts using the secret recovery phrase.

Question 12

What is the difference between Ledger Flex vs Ledger Stax?

Accepted Answer

The comparison between Ledger's two hardware wallets, the Ledger Stax and the Ledger Flex, is of great importance to many crypto enthusiasts. Both models offer high security and ease of use, but there are some differences that could make all the difference. Here is a detailed overview:

Ledger Flex vs Ledger Stax: The comparison

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Main differences

This results in the following main differences between the two wallets:

Display size and shape: The Ledger Stax has a larger and curved screen, while the Ledger Flex has a flatter and smaller screen.
Additional functions: The Ledger Stax offers wireless charging and a magnetic tray, which is not included with the Ledger Flex.
Weight: The Ledger Stax is lighter than the Ledger Flex.
Price: The Ledger Stax is more expensive than the Ledger Flex.

Conclusion

Both wallets offer excellent security and ease of use, but the Ledger Stax offers some additional features and a larger display, making it ideal for users who value convenience and additional features. The Ledger Flex is a cheaper option that still offers all the essential functions.

Question 13

Which coins does Ledger support?

Accepted Answer

Ledger supports thousands of different cryptocurrencies and tokens. Here are some of the most important ones that can be managed with Ledger Wallets:

Bitcoin (BTC)
Ethereum (ETH)
Tether (USDT)
Binance Smart Chain (BNB)
Solana (SOL)
USDC (USDC)
Ripple (XRP)
Dogecoin (DOGE)
Cardano (ADA)
Tron (TRX)

This list is not complete, as Ledger supports thousands of different cryptocurrencies and tokens and the list is constantly being expanded. You can find the complete list on the official Ledger website: [button color="btn-primary" size="btn-md" shape="btn-rounded" outline="false" block="false" target="_blank" rel="" href="/out/ledger-cryptocurrencies"]Ledger supported cryptocurrencies.[/button]

Question 14

Is Ledger still safe?

Accepted Answer

In the world of cryptocurrencies, security is of crucial importance. Many users are wondering whether Ledger, one of the leading providers of hardware wallets, is still secure, as there have been various incidents in the past. In this article, we look at the current security concerns and explain how Ledger is responding to them.

Is Ledger still safe in [y]? Previous security incidents

2018: Receiving address manipulation

Ledger issued a warning about a possible man-in-the-middle attack in 2018. A proof-of-concept attack was discovered in which a malware manipulates Ledger's Chrome application to change the displayed receiving address. However, Ledger emphasizes that users are safe as long as they verify the new receiving address on their Ledger device. Nobody lost money as a result, as this was only a concept attack. Ledger has responded by updating the Chrome application to prompt users to verify the receiving address on the Ledger device. Meanwhile, the Chrome extension no longer exists and in Ledger Live new addresses must always be checked on the device.

2020: Customer data compromised

In July 2020, a Ledger database containing e-commerce data was compromised. Around 272,000 detailed customer details such as postal addresses, names and telephone numbers were leaked. Ledger responded by hiring an external security company and updating the affected databases. Despite the leak, the CEO emphasized that no cryptocurrencies or wallets are affected and that the security of hardware wallets remains untouched. Ledger has continued to take measures to improve data security and protect affected customers from phishing attacks. The data is still being used for phishing attacks by e-mail and SMS.

2023: Ledger Connect Kit Hack

In December 2023, the Ledger Connect Kit library was infiltrated by hackers. This vulnerability allowed attackers to inject malicious code into DApps that used the Ledger Connect Kit. This caused users to sign transactions that emptied their wallets. Ledger reacted quickly by removing the malicious code and updating the affected versions. The vulnerability was fixed within about five hours of its discovery.

2023: Ledger Recover Problem

Ledger Recover is a paid, optional subscription service from Ledger that allows users to recover access to their crypto wallet if they have lost the recovery phrase (seed phrase). "Ledger Recover" has been criticized since its announcement because it undermines the basic principles of hardware wallet security. Here are the main points of criticism:

Security risks: By transferring fragments of the private key (seed phrase) to cloud services, there is a risk that this data could be intercepted by hackers.
Trust issues: Users must blindly trust Ledger to handle their data securely because the code is not completely open source.
Communication problems: The introduction of Ledger Recover was criticized as poorly communicated, leading to confusion and concerns.
Violation of the principles: The crypto community argues that the seed phrase should never leave the device to ensure the highest standard of security.

Due to this criticism, Ledger has postponed the launch of Ledger Recover for the time being and plans to make the code base completely open source to ensure transparency and trust.

Measures to improve safety

Ledger has taken several measures to improve the security of its wallets:

Regular firmware updates: Ledger continuously carries out updates to counter new threats.
PIN codes and recovery phrases: These functions significantly increase security by adding additional layers of protection.
Isolated hardware: The private keys are stored offline, which makes them less susceptible to hacker attacks.

Conclusion whether Ledger is still safe in the year [y]

Although there have been security problems in the past, Ledger has reacted quickly and taken measures to improve the security of its wallets. With regular updates and additional security features, Ledger remains a reliable choice for the secure storage of cryptocurrencies.

Question 15

Can you simply remove the ledger?

Accepted Answer

It is safe to disconnect a Ledger hardware wallet from a computer or smartphone without following any special steps. In contrast to USB sticks, no "Safely Remove Hardware" guidelines need to be observed. If a Nano S or Nano S Plus is removed, the device is switched off, while the Nano X, Flex or Stax is only locked. Nevertheless, it is recommended not to disconnect the device during the transaction release or installation/uninstallation of nano apps in order to avoid errors in Ledger Live.

Question 16

What is Ledger Recover?

Accepted Answer

Okay, let's talk about Ledger Recover! You may have heard of it, but do you know exactly what it is? Don't worry, I'll explain it to you very simply. Imagine that your seed phrase - the master key to your cryptocurrencies - is like the PIN to your bank card. If you lose the PIN, you can no longer get your money. It's the same with the seed phrase. That is why it is so important to keep them safe. And this is exactly where Ledger Recover comes into play.

Ledger Recover is an additional service from Ledger that allows you to store your seed phrase encrypted in the cloud. Sounds a bit paradoxical at first, doesn't it? Your super-secret phrase in the cloud? But don't panic, Ledger has come up with a few ideas. First you have to identify yourself, just like when you open an account at your bank. Then your seed phrase is split into three parts, each part is encrypted separately and sent to three different companies. So nobody has the complete phrase. Clever, isn't it? If you lose your seed phrase now - don't worry, it happens to the best - you can recover it using Ledger Recover. You just have to identify yourself again, then you will get your three parts back and can restore your wallet.

Ledger Recover sounds great, doesn't it? But of course there is a catch...

Ledger Recover is not free of charge. You have to take out a subscription, just like with Netflix or Spotify. You can find the current price here. You also have to deposit your data with Ledger and the other companies. Some people don't think that's so great, understandably.

What is the alternative?

Well, the good old method: write down your seed phrase and keep it safe. Preferably in several places, in case a fire breaks out or you move house and misplace the note. It may sound old school, but it works.

So, what should I do now?

You have to decide for yourself! If you want to play it safe and convenience is important to you, Ledger Recover may be a good option for you. However, if you prefer to retain full control over your data, then stick to the classic method. Another tip: find out all you can before you make your decision. Read the Ledger Recover terms and conditions carefully and see what other users have to say. There are many forums and blogs on the internet where people share their experiences. And remember: no matter which method you choose, treat your seed phrase like gold! After all, it is the key to your crypto treasures.

Question 17

What does Ledger Recover do?

Accepted Answer

Ledger Recover is an optional service from Ledger that helps you to keep your seed phrase safe. Basically, Ledger Recover does three important things:

It encrypts your seed phrase. Your seed phrase is like the master key to your cryptocurrencies. Ledger Recover splits this phrase into three encrypted fragments. This means that it is optimally protected even in the event of a data leak.
It distributes the fragments. Each fragment is sent to a different provider. Ledger works together with trustworthy partners such as Coincover. This prevents anyone from gaining access to your entire seed phrase.
It enables recovery. If you lose your seed phrase, you can recover it via Ledger Recover. You have to identify yourself, similar to a bank. The fragments are then merged and you regain access to your cryptocurrencies.

In short: Ledger Recover offers you an additional layer of security for your seed phrase in case you lose it. Keep in mind, however, that Ledger Recover is a paid service and some users have concerns about data protection. Weigh up the pros and cons and decide for yourself whether Ledger Recover is right for you. You can also find out more here: What is Ledger Recover?

Question 18

How do I get money on Ledger?

Accepted Answer

So you've bought a ledger and are now wondering how to get your first cryptocurrencies on it? Don't worry, it's easier than you might think! In principle, you have two options: Buy or transfer.

Buy cryptocurrencies directly

Did you know that you can buy cryptocurrencies directly via the Ledger Live app? Ledger has partnerships with various providers for this purpose. Simply select the desired cryptocurrency, enter the amount and it will be transferred directly to your Ledger Wallet after payment. Super practical and safe!

Transfer cryptocurrencies

If you already have your cryptocurrencies on an exchange or another wallet, you can easily transfer them to your ledger. For this you need the receiving address of your Ledger Wallet. You can find them in the Ledger Live app. Copy the address, paste it into the exchange or other wallet and your coins will be sent to your ledger.

Safe is safe

Whichever method you choose, always make sure you use the correct address! A typing error can lead to your cryptocurrencies being lost. It is therefore better to check the address twice before confirming the transaction. If you have any further questions, please have a look at the Ledger website. There you will find lots of helpful information and tutorials.

Advantages	State-of-the-art security with Secure Element Chip Simple backup in the form of 24 words The world's first secure touchscreen the display can be personalized so that you can present your NFTs or favourite pictures More than 5.500+ (to the complete list) different cryptocurrencies are supported
Compatibility	Mycelium, Rainbow.me, BTC direct, Mercuryo, Metamask, MyEtherWallet, Bitstamp, SSH Agent, FIDO/U2F, Password Generator, OTP
Cryptocurrencies	Bitcoin, Casper, Tezos, Monero, Ethereum, Litecoin, Dogecoin, Zcash, Dash, Stratis, Ripple, Komodo, Bitcoin Cash, Ethereum Classic, ERC-20 Tokens, PoSW, ARK, Expanse, PivX, Vertcoin, Viacoin, NEO, Bitcoin Gold, Stellar, Hcash, DigiByte, Qtum, IOTA, Bitcoin Private, ZenCash, Nano, Nimiq, Peercoin, Woleet, Zcoin, Tron, Wanchain, Vechain, Ontology, Kowala, Icon, Particl, Rootstock, Hycon, Waves, Rise, FIC Network, Pirl, EOS, Akroma, Stealth, POA network, Lisk, Musicoin, Factom, Gamecredits, MIX, ethergem
Package Contents	1 Ledger Flex 1 USB-C to USB-C cable 1 Recovery Sheet Ledger Flex guide
Brand	Ledger
Platform	Windows, Linux, Mac, Android, iOS
Altcoin Support
Supported Coins	5.500+ (to the complete list)
Open Source
Secure Element
Display as 2FA
Interfaces	USB, NFC, Bluetooth
Input Options	Touchscreen
Weight	57.5g
Size	78.4x56.5x7.7mm

Shop		Preis
	Buy Ledger hardware wallets directly from the manufacturer without intermediaries Numerous accessories in the store Recommended by Forbes, TechCrunch and Bloomberg More than 15 accepted payment methods	Approved check price to the shop
Current Promotions -10% Save up to 10% with LEDGER bundles

Ledger Flex
Review and Comments 2024

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Exact sequence of the set-up process

Generate the wallet

Handling the Ledger Flex

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Ledger Flex Review and Comments 2024