Swapping cryptocurrencies has become easier thanks to Ledger, a digital asset company. Unlike the past, where you can’t convert cryptocurrencies directly, Ledger has improvised ways by which you can convert your digital currencies to another with ease. In fact, you can swap your cryptos in a cold wallet without withdrawing it through Ledger Live, a hardware wallet interface app. In this article, you will learn how to swap your coins through the crypto swap feature on Ledger Live. Before then, let’s take a look at what Ledger Live and Crypto Swap entail together with the benefits.
WHAT IS LEDGER LIVE?
Ledger Live is a hardware wallet interface app available to users of Ledger products such as Ledger Nano X, Ledger Nano S, and Ledger Blue. The app allows users to manage their crypto assets and the hardware as well. Besides, it has some features such as real-time price updates of cryptocurrencies, management of multiple accounts, and a simple setup process. The exchange feature of this app enables users to convert one cryptocurrency into another without withdrawing it. With this, your cryptos assets are safe especially if you do not want it to leave the security of your device. It is available to Android and IOS users.
WHAT DOES CRYPTO SWAP MEAN?
Thousands of cryptocurrencies exist across the globe. Each day, many are becoming more valuable. So, what if you want to diversify your portfolio and add bits from here and there? You can certainly do that without spending extra cash by swapping cryptocurrencies.
Swapping cryptocurrencies means the exchange of one cryptocurrency to another through an exchange platform. In other words, you can directly change one cryptocurrency to another for roughly the same value. For instance, let’s say you have some Bitcoin and want to get some Ethereum. With certain Swap services, you can easily convert a certain amount of Bitcoin to Ethereum. Meaning, you will send your Bitcoin to a Swap exchange platform that will ultimately convert to the cryptocurrency of your choice. As simple as this process seems, it always comes with a fee. With Ledger Live and their partner, Changelly, swapping cryptocurrencies induces a cost of 0.25% transaction fee.
BENEFITS OF SWAPPING CRYPTOCURRENCIES
- TO MAKE PROFITS
Yes! You heard right. Making money! You can gain a lot in trading cryptocurrencies since their price patterns often change. If you study the market closely and make accurate predictions, you can earn a lot by swapping your digital currencies at the right time.
- DIVERSIFY PORTFOLIOS
Diversifying your portfolios can serve as a weapon against price changes and induced risks. By having bits of cryptocurrencies, you reduce the impact of price drops and balance things out.
- PASSIVE INCOME
Having a passive income is no more than a benefit. By swapping for certain crypto assets, you can stake them to earn more crypto.
However, trading cryptocurrencies comes with risks. Therefore, never trade more than you can afford to lose. Do your research beforehand and study the market to avert losses.
HOW TO SWAP COINS WITH THE LEDGER LIVE APP?
To get started, open the app on your desktop computer or mobile. Then, connect with your Ledger device. Select swap on the left-side menu. Follow the on-screen instructions like reconnecting your device and giving access to the Ledger Manager. Then, install the “Exchange app” and note down your wallet addresses. The wallet addresses should be the one you are sending from and the one you will receive. After that, create a swap request that includes information like the type of crypto you wish to trade, the amount, the receiving address, and more.
Then, the Ledger app will give you a unique transaction ID that signifies your specific request. You should note your Transaction ID for future purposes. The transaction is sent to Changelly by Ledger Live to complete the process with your approval. When the transaction is all done, Changelly sends a summary of the transaction. This includes a transaction ID and a specific signature. With the signature, the Ledger Live app can confirm if the transaction is legitimate. You can view the amount of the converted crypto as well as the transaction fee.
Here are few things to note:
- The Ledger Live Swap feature is not available to some countries due to their financial regulations. Countries like the United States and Japan are excluded from using the feature.
- You don’t need to create a specific account to swap coins. You can swap with the existing account in Ledger Coins.
- Competitors like Safepal are available for users who do not have access to Ledger Live. SafePal is an exchange platform that offers swaps and is powered by Binance DEX.
The Ledger Live app offers an efficient method of swapping cryptocurrencies while maintaining security. Create an account here and enjoy a smooth experience.