The Ledger Nano is considered to be one of the best hardware wallets, and there have been a lot of new characteristics introduced by it lately. As such they have provided facilities that include lending and borrowing through Compound as well as adding an exchange feature that operates through Changelly. If you are interested in bitcoin trading check how to spot cryptocurrency scams.
If we talk about this tutorial, then in the Ledger App aspect given in it you can easily commute one coin to another without disengaging your coins with the facilitation of Ledger Wallet. This feature is especially beneficial for users who want to be in it for a long time, and who do not want to leave their coins to keep their devices safe.
Since this feature is powered by Changelly, it is important to note that the sole charge is 0.25 per cent of each transaction fee for the amount you are exchanging and the exchange fee associated with it. If you wish to exchange for a huge amount, you can do so using an exchange like FTX or Binance which charges 0.10% as an exchange fee.
How Can I Use the Ledger Live App to Exchange Coins?
To use this feature to exchange coins, you will first need to download the Ledger Live app on your mobile or desktop as well as connect it with your Ledger device. After opening the Ledger Live app, you will have to select Swap from the menu on the left and then follow some instructions on-screen, then connect your device once again, after which you will have to Finally access the Ledger Manager will be granted.
Open the Ledger Manager and after opening it install the "Exchange App". And now open the swap characteristic of Ledger Live again and you may see an option to connect your device one more time. Once this is complete, click on the Exchange button and then on your Ledger device, open the Exchange. After opening it adhere the on-screen reference and approbate the transaction to begin the swap.
The swapping process may take a few minutes to finish, and the Ledger Live screen will give you a swap number that you always have to remember because if you face any issues related to this, you can also take help from the Changelly team. You can also ask them about your coin swap status.
Currently, the Ledger Live Exchange feature by Changelly derives its liquidity, and if they add support for more exchanges with decentralized exchanges in the future, it will be something that will be a significant difference to the Ledger Live device and usage. would be helpful in this case. Which can be exciting.
Ledger is the only competitor to the hardware wallet known as SafePal. Currently, a swap and exchange facility is provided that is operated by Binance DEX and also includes significant liquidity. When DEX adds support for the Ledger team, it could be a very important thing for the Ledger community, as well as ensure that Ledger remains one of the top choices as a bitcoin hardware wallet.
Some important things related to this are worth noting. Since these facilities have different regulations, they are not available in some countries. This feature is prefabricated by Changelly from the lead of Crypto Exchange. With the swap feature, swaps can be made from any account already in Ledger Live, for supported cryptocurrencies. After which you do not need to create any specific account, Nor is KYC needed in most cases.