How To Transfer Crypto From One Ledger to Another

Do you have multiple Ledger wallets and want to know how to transfer your crypto assets between them? Or is one of your Ledger wallets compromised, and you want to protect your crypto by transferring it to another wallet? Whatever your reasons, knowing how to transfer between two or more Ledger devices will give you additional flexibility in managing your crypto.

Here’s how to transfer crypto from one Ledger to another:

  1. Use the Ledger Live app to install the right crypto app corresponding to the crypto you’re transferring to the recipient Ledger.
  2. Set up an account for the crypto on the recipient Ledger.
  3. Get the address for the recipient crypto account.
  4. Use the Ledger Live app to send crypto from the donor Ledger to the recipient address.
  5. Check the recipient Ledger wallet to see if you have received the amount.

You can easily transfer your crypto assets between two or more Ledgers using the above steps. However, if you’re new to using Ledger wallets, you might get stuck during your first transfer. As such, I’ve provided a step-by-step walkthrough of the whole process in the following section.

Transferring Crypto From One Ledger to Another

Transferring your crypto assets from one Ledger to another can be tricky and confusing, especially if you’re new to using Ledger wallets. To help you out, I’ve broadly divided the process into two sections:

  • Set up the recipient Ledger.
  • Send crypto to the recipient Ledger.

This should help you focus on one task at a time and ensure you don’t end up making any mistakes during the transfer process.

Setup the Recipient Ledger

Before you can transfer crypto to one of your Ledger devices, you must first install the right app corresponding to the crypto you’re transferring and create an account. This will generate a new crypto address to which you can send the crypto assets.

Here’s a step by step guide on how to set up the recipient Ledger device using the Ledger Live Desktop app:

  1. Open the Ledger Live Desktop app.
  2. Select “Manager” from the left hand sidebar.
  3. Connect your recipient Ledger device to the desktop and unlock it.
  4. Press both buttons to allow the “Manager.”
  5. From the “App Catalog,” search for the corresponding app for the crypto you wish to transfer. For example, if you wish to transfer bitcoins, search for the Bitcoin app.
  6. Click on the “Install” button on the app. Your Ledger wallet will show the message “Processing” until the app gets downloaded.
  7. From the left hand sidebar, click on “Accounts” > “Add account.”
  8. Select the crypto asset from the drop-down list for which you want to create the new account and click “Continue.”
  9. Select the same crypto app/asset on the Ledger device and click “Continue.”
  10. Ledger Live will now search the blockchain for any existing accounts and display them one by one. If no accounts exist, it’ll generate a new account under the “Add new account” section, which you can rename and add to the Ledger.
  11. Now that the recipient Ledger has the necessary crypto account, hit the “Receive” button on the left hand sidebar.
  12. Select the crypto account from the drop-down list and hit “Continue.”
  13. Open the corresponding crypto app on your Ledger device and hit “Continue.”
  14. Follow the instructions and hit “Verify” to see the address for that crypto account.
  15. Ensure that the address shown on your Ledger device and the Ledger Live app is the same. If yes, copy the address and then “Approve” it on your Ledger device by hitting both buttons.

In this guide, I’ve used the Ledger Live desktop app. Some of you might also use the Ledger live mobile app. However, I don’t recommend it for setting up your crypto account, as it has several bugs and issues in my experience.

Instead, it’s better that you use the desktop app to install the crypto app and set up a crypto account. Once that’s done, you can use the mobile app to check your crypto address. 

Here’s a short 1-minute video from the official Ledger YouTube channel explaining how to find your crypto account address:

Send Crypto to the Recipient Ledger

Now that you have the recipient address, it’s time to transfer cryptos to it. Here’s a step-by-step guide on how to send cryptos to another Ledger device using the Ledger Live Desktop app. (Again, I recommend installing and creating an account via the Desktop app first before accessing it via your mobile device.)

  1. Open the Ledger Live Desktop app. Make sure you connect the sender Ledger device to the app.
  2. Hit the “Send” button located on the left hand sidebar.
  3. From the drop-down list, select the account from which your crypto assets will be transferred under “Account to debt.”
  4. Paste or type in the “Recipient address” into the provided field. 
  5. On the “Amount” field, enter the amount of crypto you wish to transfer. If you want to send all your crypto holdings to the recipient address, use “Send Max.”
  6. Pick “Network fees” from the drop-down list and hit “Continue.” I recommend this option because higher networking fees result in faster processing time.
  7. Connect your donor Ledger device to the desktop and unlock it.
  8. Open the app for the crypto you’re sending on the Ledger device and hit “Continue.”
  9. Verify all the transaction details like transaction amount, network fees, and recipient address. Use your Ledger’s right and left buttons to browse through these details.
  10. If everything checks out, go to the “Accept and Send” dialog and press both buttons on your Ledger to sign and confirm the transaction. If something is off, you can pick “Reject” and retry.
  11. Click the “View details” section to keep track of the transaction until it’s complete.

You can also use the Ledger Live mobile app to send and verify crypto transactions. However, as with the installation and account creation part, it’s a bit buggy and unreliable. 

Still, if you want to try it out for yourself, check out this comprehensive 19-minute YouTube video on how to trade bitcoin anywhere using the Ledger Live mobile app:

Warning: Always remember to be extra careful when transferring crypto assets. If you enter the wrong recipient address, you can lose all your crypto with no way to retrieve them.

Sync Your Ledger Seed To Access All Your Old Crypto Accounts

It’s important to note that your Ledger wallet doesn’t store any crypto assets. All your bitcoin or altcoin holdings are stored on the blockchain, with reference to particular crypto addresses. Your Ledger wallet only stores and manages the private keys necessary to prove that you own a particular crypto address(es) and therefore have the right to spend its holdings.

When you connect all your crypto addresses and their corresponding private keys to your Ledger wallet, that’s the “seed phrase” (i.e., the sequence of 24 words you received when setting up the device).

As such, if you bought a new Ledger device, don’t want to use the old one, and want to transfer all your crypto holdings from the old to the new one, the simplest way to do so is to enter the seed from your old Ledger into the new one.

Here’s a great 30-minute YouTube video describing how to restore a Ledger Nano S from your 24 words recovery phrase:

Of course, the same steps apply to other Ledger devices as well.

Warning: If the seed phrase for your old Ledger is compromised, transferring it to a new Ledger won’t help. Instead, set up a new seed phrase on the new Ledger and transfer your funds as quickly as you can from the old Ledger to the new one.

Key Takeaways

Transferring crypto assets from one Ledger to another is like performing any regular transaction.

You’ll first need to set up the recipient Ledger by installing the app for the crypto you wish to receive, setting up an account, and then getting the address for that account. Finally, using the recipient address, you can send crypto assets from your other Ledger to this one.

Sources

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