Either as a beginner or a seasoned crypto trader or crypto user, one of your utmost concerns must be where to safely store your crypto digital assets bought from exchanges if you decide not to leave them in those exchanges after purchasing them. In this article we will be examining two of the major crypto services providers; Coinbase and Ledger and more specifically, how to transfer from Coinbase to Ledger Nano S.
Coinbase is an exchange where cryptocurrencies and fiat are traded, as is usual with most exchanges, Coinbase allows for deposits of coins and fiat and their withdrawals too to preferred mediums at the convenience of the account user provided all other requirements are met.
Now you might have deposited into your Coinbase account and probably successfully made some trades and wish to withdraw your coins to a wallet or you use them to pay some fees or make some purchases. Normally, withdrawing from Coinbase is pretty easy and straightforward as all you need to do is to login with your details into your Coinbase account, navigate to “Accounts”, select the digital currency you wish to withdraw, input the recipient’s wallet address or email (if it is to another Coinbase account), then the amount you are sending and confirming the details of the transaction for it to be sent.
But, when it comes to how to transfer from Coinbase to a digital currency hardware wallet like Ledger Nano s, it becomes a little of a different ball game though not really a hard nut to crack. So this little piece is an expose on how to transfer from Coinbase to ledger nano s.
How to use Ledger Nano S with Coinbase:
So you recently got a ledger nano s hardware wallet in your bid to top up your security measures over your crypto assets, because you know that with ledger nano s, you have full control over your wallet, your private keys and all crypto assets in it, instead of trusting them to third parties like digital currencies exchanges or other online wallets providers (especially web and application wallets).
If your ledger nano s is new and not yet set up, the first thing you need to do is to set up your ledger nano s wallet device and create your accounts on Ledger Live. Remember your assets in ledger nano s are stored offline but can only be accessed online by connecting the wallet device to your computer system using a USB cable.
Once you have successfully created your accounts on Ledger Live, connect your Ledger device to your PC and input your PIN, open the Ledger Live application and input your password to grant you access.
Then you navigate and click on the “Receive” button, click the particular digital currency you want to receive. Due to the fact that most digital currencies need their own app in order for them to fully work on ledger nano s, you will have to connect your ledger nano s device to your computer system and then open the application of the currency you want to receive, verify the receiving address shown on your ledger device and confirm if it matches with what you have in the application, then copy the address.
The next thing you do is logging in to your Coinbase account with your login details and navigating to “Accounts”. Then select the digital currency you want to transfer out, paste the address you copied from your Ledger Live, enter the amount you are sending and click on “Continue” in order to confirm the transaction details and then send. If 2FA is activated on your Coinbase account, then note that too will be required to input your 2FA code before completing the withdrawal transaction.
Let’s say for example that you want to know how to transfer XRP from Coinbase to Ledger Nano s or how to transfer Bitcoin from Coinbase to Ledger Nano s. All you need to do is to connect your Ledger device to your computer device, get access to your ledger live account, click the “Receive” button, then select your desired digital currency which in this case is either XRP or BTC, then copy the address made available there.
Now you log in to your Coinbase account, navigate to “Accounts”, select XRP or BTC, then paste the copied address you got from ledger live, enter the desired amount and then click on “Continue” to confirm the details of the withdrawal transaction that you are performing. Check the withdrawal fees using the mempool and chose an amount that suits you, input your password to send and 2FA if you have 2FA activated to your Coinbase account. Expect your XRP or BTC in your ledger nano s wallet!
Coinbase to Ledger Nano S Fees:
On getting exposed on how to transfer from Coinbase to ledger nano s wallet, you should also take note of the transfer fees. Well, Coinbase usually has flat fees on it’s spread for all transactions with them which include purchases, sales, and withdrawals.
But it’s fees depends on how much you want to pay, transferring from Coinbase to ledger nano s might take a range of 30 minutes to 3 days depending on the amount of traffic on the block within that period and also on the amount paid by the Coinbase user on fees when performing the withdrawal. Use the diagram of the mempool on Coinbase to see what the current highest transaction fees are, just don’t chose the lowest because it might get stuck or even denied after some time. Remember miners mine transactions with the highest fees first before those with lower fees.
How to transfer from Coinbase to Ledger Nano S though not like other conventional withdrawal patterns for other wallet types is also not a hard nut to crack. Once you understand the basics, all that is required and get down with it for the first time, you will find it pretty easy to do during subsequent times.
Remember, setting up your ledger nano s device on Ledger Live application is the number one step, then always confirm your address before copying them, then you can log in with your login details to your Coinbase account and make your withdrawals or transfers as you would to other wallets from Coinbase.
Read Also: How to use Shapeshift with Coinbase
Jesus Cedeño is a certified doctor turned cryptocurrency expert, writer, and investor who lives in New York City. Jesús specializes in cryptocurrency product reviews, tutorials & technical analysis. Follow him on LinkedIn to stay up to date on his latest work on blockchain, decentralization and crypto investments.