At the rate of democratization of Ledger wallets among cryptocurrency investors, the French company is offering more and more new features. Today, it is possible to buy Bitcoin and cryptocurrency directly from Ledger Live, your wallet dashboard. Let’s see together how to buy Bitcoin with Ledger.
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Is it possible to buy Bitcoin (BTC) with Ledger?
Buy Bitcoin (BTC) is one thing, keeping it safe is another. In this domain, the French unicorn Ledger has established itself as a world reference with more than 6 million physical wallets sold in 2022. More commonly known as “Ledger keys”, these wallets allow you to store Bitcoin and other cryptocurrencies securely.
Since 2022, Ledger has improved its offer by making it simpler, safer and faster. From now on, it is no longer necessary to go through a third-party cryptocurrency purchase platform to buy Bitcoin, since it is possible to do it directly from Ledger.
It all happens on Ledger Live, the dashboard for Ledger devices. This app is available on desktop and mobile. In the remainder of this guide, let’s see together how to proceed with the purchase of Bitcoin on Ledger Live through these two options.
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To buy Bitcoin with Ledger, you will need to open the Ledger Live application on your computer. In the menu on the left of your screen, go to the “Buy and Sell” tab. Then click on “Compare providers” to proceed with your Bitcoin purchase.
Figure 1: Menu for buying cryptocurrencies via Ledger
The window that opens asks you to select the fiat currency you want to use. Select the euro from the drop-down menu and fill in the desired purchase amount. Check that the chosen cryptocurrency is Bitcoin (BTC), then click on “Confirm amount”.
Once you have selected your country of residence from the drop-down list, you must choose the payment method you wish to use to proceed with the purchase of BTC from Ledger Live. Several options are available to you: either you make a bank transfer (this can take several days), or you pay using your bank card. Note that the fees are 1.7% for the first option and 4.5% for the second.
Figure 2: Payment options on Ledger Live
Also know that payment by credit card is facilitated thanks to Google Pay and Apple Pay. Choose one of the options above and click on “Find eligible providers”. Indeed, Ledger does not natively support payments and goes through a third-party provider. Among these, you will find Transak, Ramp or MoonPay. Go for the cheapest and follow the instructions that appear on your screen.
In the majority of cases, you must enter an e-mail address and you are redirected to the site of the payment service provider. Once your payment is validated, you will receive a notification from Ledger. Wait while your request is being processed and your BTC will show up directly in your balance on Ledger Live.
If you want to use your smartphone to buy Bitcoin with Ledger Live, the process will be substantially similar. Open the application and click on the button at the bottom center of the interface, then on “Buy”. For the following, the window that opens is the same as in Figure 1. Follow the steps mentioned earlier in this article and you will also get Bitcoin on your Ledger key.
? Discover our complete video tutorial to configure and use your Ledger:
Why use Ledger to store bitcoins?
The main reason for choosing a Ledger wallet is simple: Security. Stories of loss or theft of digital assets are very numerous in this ecosystem and it is essential to protect against them. Undeniably, Ledger is one of the most secure solutions for protect themselves from the risks of attacks, hacking, theft or bankruptcy of a centralized platform like FTX.
To understand this, you should know that cryptocurrency storage wallets are made up of two elements: the public key (the one that everyone can know) and the private key (the one that only you should know and which allows access to your cryptocurrencies).
In the case of a centralized exchange platform, the wallet used is said to be “custodial”. In other words, the management of the private key is not your responsibility and is based on the platform, which therefore has full control over your cryptocurrencies. In the event of the company going bankrupt, as the cryptocurrency ecosystem has already experienced on several occasions, you risk losing access to them.
Then there are the so-called “non-custodial” wallets. Conversely, you own your private key and who therefore have full possession of the cryptocurrencies stored there. Ledger wallets fall precisely into this category. Although you are responsible for keeping this key, you eliminate most of the risks of hacking or theft of your crypto-assets.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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