How to move your crypto off exchanges to a Ledger Nano?

Understanding the Importance of Self-Custody

1. Exchanges represent third-party custodians where users do not hold private keys, meaning full control over assets remains with the platform.

2. Historical incidents like Mt. Gox, FTX, and Celsius demonstrate how centralized entities can freeze withdrawals or collapse without warning.

3. Ledger Nano devices are hardware wallets that generate and store private keys offline, isolating them from internet-based threats.

4. Moving crypto off exchanges is not merely a security upgrade—it is the foundational act of reclaiming sovereignty over digital assets.

5. The process requires careful coordination between exchange interfaces, wallet software, and physical device verification steps.

Preparing Your Ledger Nano Device

1. Download Ledger Live from the official ledger.com website—never use third-party installers or browser extensions.

2. Connect the Ledger Nano via USB and follow the on-screen instructions to initialize firmware and set a PIN code.

3. Write down the 24-word recovery phrase on the included metal backup card—never digitize or screenshot it.

4. Confirm the seed phrase by re-entering words in random order as prompted by the device screen.

5. Install the required cryptocurrency apps inside Ledger Live—each coin or token demands its own dedicated app.

Withdrawing from an Exchange to Ledger

1. Log into your exchange account and navigate to the withdrawal or send section for the specific cryptocurrency.

2. Open Ledger Live, select the corresponding wallet, and click “Receive” to display a fresh, unused public address.

3. Copy the address manually or use Ledger Live’s QR code scanner—avoid pasting from untrusted sources or clipboard managers.

4. Enter the withdrawal amount, ensuring it exceeds network fees and stays within exchange daily limits.

5. Confirm the transaction on both the exchange interface and the Ledger Nano’s physical screen before final submission.

Verifying On-Chain Receipt

1. After confirmation, wait for at least one blockchain-confirmed transaction—this varies per network (e.g., Bitcoin: ~10 minutes, Ethereum: ~15 seconds).

2. In Ledger Live, refresh the wallet balance or check the transaction history tab to see incoming transfers.

3. Cross-reference the transaction hash on a block explorer like Etherscan or Blockchain.com to validate destination address and status.

4. If funds do not appear after multiple confirmations, verify that the correct network was selected—Ethereum ERC-20 tokens require ETH network selection, not BSC or Polygon.

5. Never reuse addresses for subsequent deposits unless explicitly supported by the asset’s protocol and wallet configuration.

Frequently Asked Questions

Q: Can I send Bitcoin Cash (BCH) to a Bitcoin (BTC) address on my Ledger?No. BCH and BTC use incompatible address formats and networks. Sending BCH to a BTC address will result in permanent loss.

Q: Why does Ledger Live show zero balance even after confirming receipt on a block explorer?This occurs when the wrong derivation path or network is selected in Ledger Live. Reinstall the relevant app and ensure the correct network setting matches the transaction.

Q: Is it safe to use Ledger Live on a public or shared computer?No. Ledger Live must only run on trusted, malware-free machines. The device itself secures keys, but malicious software can manipulate displayed addresses or intercept transaction metadata.

Q: What happens if I lose my Ledger Nano but still have the 24-word recovery phrase?You can restore all assets onto another Ledger device or compatible wallet by entering the phrase during setup—the phrase alone holds full access to your funds.