Hey there! So, I have some crypto on Coinbase that I’d like to transfer to my Ledger hardware wallet. It’s the first time I’m doing a transfer like this, and although I have a basic understanding of how a Ledger works, I’m a little apprehensive about the transaction process. Can somebody share a step-by-step process?
I’ve got the Ledger Live app installed on my computer and I understand that it’s needed to manage the Ledger wallet. From what I can gather, I’ll need to generate a receiving address on Ledger Live then provide this address as the destination on Coinbase, is that correct? Does this process apply to all kinds of cryptocurrencies or does it vary? Resetting my nerves here and appreciating all the help I can get!
To transfer your crypto from Coinbase to Ledger, your understanding is correct. First, you need to generate a receiving address on your Ledger Live. Click on the “Receive” button in the app and select the account where you want to receive your cryptocurrency. The app will then display the address you should use.
Next, you’ll need to go to your Coinbase account. After choosing the right cryptocurrency, select “Send/Withdraw” and enter the receiving address you generated on Ledger Live. It’s very crucial to double check the address as transactions on blockchain can’t be reversed. Before you finalize the transaction on Coinbase, Ledger Live will ask you to verify the address on your device as an extra measure of security.
This process should be the same for all sorts of cryptocurrencies as long as they are supported by both your Ledger Wallet and Coinbase. Be mindful of network fees that vary for different cryptocurrencies. And remember, it can take from a few minutes to several hours for the transaction to be confirmed on the blockchain, depending on how busy the network is at the time.