I am very new to cryptocurrency as anything more than holding it on my Binance app, so I recently got a Nano Ledger S for security as a long term investment to store and hold my coins for years to come. I transferred my BTC, ETH, etc. all to my ledger, but am struggling with my ADA. I have heard about something called a Youri website or something along those lines. Could someone fill me in on how to get my coins from my Binance app to my Ledger and the entire process of that?
Hey and welcome @Jthorne
First of all id like to say that buying a hardware wallet is one of the best things you can do when you own cryptocurrencies.
Second id like to say is try to learn as much as you can about how those devices work, so you wont get scammed. The best rule to learn is NEVER ever enter your recovery seed somewhere else then in your device!
To your question : If you want to use your ledger device for Cardano you will need a wallet to manage your address because Cardano is currently not integrated in Ledger Live. There are different options like Yoroi, Adalite or Daedalus. Imo id go currently for Yoroi because it has imo the most user friendly userface. Install Yoroi as browser exentsion, connect your wallet with it, copy the receiving address and send your coins from Binance to that address et voila you are already done.
If you have any futher questions feel free to ask here or drop me a PM
So once I transfer my ADA from Binance to Yoroi and if my Yoroi is connected with my Ledger I don’t need to make a second transfer? It will automatically be in my ledger wallet?
I dont really know what you mean. If you buy new ada coins you have to transfer them again to your ledger wallet.
By second transfer I mean from Yoroi to Ledger. Is that a thing that I will have to do or once my coins are in Yoroi they are also in my ledger?
You have to understand that the userinterface you use doesnt matter. Once you have transfered your coins to your ledger address you can use any wallet which supports ledger without transfering anything.
Let me try to explain it in a different way.
Ledger Live is like Yoroi or Daedalus. Its just an interface which scans the blockchain. The keys you need are on the Ledger device, thats why you dont get a new seed when you connect your Ledger via Yoroi.
The reason why you cant add a Cardano account on Ledger Live is because they dont support Cardano there right now.
I cant really tell you anything about a Ledger Live integration of Cardano, because we dont know that. Ledger is responsible for this.
If you still have any questions or uncertainties, feel free to ask.
Hi @hiladrox ,
I use Ledger Nano S, so maybe I could answer several of your questions:
- Ledger Nano S/X at the moment doesn’t support Cardano on Ledger Live yet.
- You can use official Cardano wallet (Daedalus desktop app, Yoroi, or Adalite)
- You use your Ledger Nano S/X to pair with Daedalus,Yoroi or Adalite
- In this case, whenever you send out ADA from your wallet to another address, your Ledger Nano S/X needs to verify that transaction (to increase the security)
- I hope that Ledger will also support Cardano on Ledger Live in the near future
- You can check whether your asset/ADA successfully transferred by checking the Transaction ID/Wallet address using Cardano Explorer
I think Fabian (@Zyroxa) already explained most of it to you. Happy staking!