Benefits of Buying Crypto Through Ledger Live
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| KEY TAKEAWAYS: |
| — When you buy crypto and leave it on exchanges, they are vulnerable. Also, you’re not in full control of them. — With the Buy feature, you can purchase crypto directly on Ledger Live. — When using Ledger Live, the crypto you bought is immediately sent to the address created by your Ledger device. — This ensures that your freshly bought crypto is secure and in your control, starting from the moment you finish the purchase. |
As the Web3 app for self-custodians, Ledger Live offers you all the services you need to manage and secure your crypto & NFTs without forfeiting custody of your keys. Among them, the Buy feature enables you to purchase more than 80+ coins and to receive them right to the safety of your Ledger. Let’s take a closer look at this Ledger Live feature and the advantages it brings to the table!
What is the Buy feature in Ledger Live?
The Buy Crypto feature allows Ledger Live users to buy several different crypto assets directly through Ledger Live. Currently, Ledger works with a number of buy providers. Using these you can buy Bitcoin, Ethereum, USDT, Polkadot, Litecoin, Stellar, Chainlink, MakerDao, Dogecoin, Uniswap, and many more with your fiat currency, such as dollars or euros.
The buy feature doesn’t just allow you to buy crypto, it also offers tools to help you make informed crypto purchases. To explain, you can compare quotes and prices from different providers, such as Binance Connect, Moonpay, Ramp, and Coinify, directly within the Ledger Live app.
Much like an aggregator of buy providers, the Ledger Live Buy feature can provide you with the information you need to find the best deals. Accordingly, it supports countless providers, covering many different countries and payment methods.
How does the Ledger Live Buy Feature Work?
When you buy crypto with the Buy feature, you will be able to manage it with your Ledger device immediately. Instead of having to send your crypto from your exchange to the address that corresponds to your device, it’s all automatic. Reducing the need for that step saves you time and money, but it also reduces risk too. This is the impressive security of a Ledger hardware wallet.
Besides the fact it saves you money, time, and risk, you can be confident that you own the cryptocurrencies you buy when you use the Buy feature. This is called self-custody.
To explain, buying crypto through the Ledger Live Buy option guarantees no exchange gets access to your precious Bitcoin, Ethereum, or any other asset. Instead, it will arrive in your hardware wallet and immediately benefit from its security.
You may have heard the saying Not your Keys, Not your Coins. You’ll immediately have full ownership over your own crypto assets, rather than needing to leave them in the care of an exchange — even briefly. With the Ledger Live Buy feature, you’ll always be in control of your own assets.
This also means that the private keys that give access to your newly received crypto assets are immediately held offline after the purchase is finalized. Once received, your cryptocurrencies will be kept safe through the security of your hardware wallet.
Why is self-custody important when buying Crypto?
Cryptocurrencies like Bitcoin and Ethereum are most commonly purchased through exchanges. Exchanges are services that are in selling crypto (in exchange of fiat currencies) but also in exchanging crypto (also known as swap). While there may be some level of convenience in leaving your precious cryptocurrencies on exchanges, there are some major drawbacks as well.
First and foremost, your valuable digital currencies are vulnerable. Anyone who can figure out your login details (for example, through hacking or SIM swapping) will be able to access and steal your Bitcoins. Furthermore, you would not actually hold your crypto assets yourself. You aren’t the owner of them — the exchange is holding your crypto assets, much like a bank holding your money. If there’s any outage or issue with the exchange, this means that your cryptocurrencies are unreachable. You can imagine how catastrophic this could be. For instance, what if an exchange filed for bankruptcy? It’s not the first time it has happened, with multiple popular exchanges having similar problems in the past. Any crypto veteran shudders at the mention of Mt. Gox, or even Celsius.
This means each time you want access to your own funds, you must ask the exchange’s permission. Like a bank, you need to wait until they process and approve your request. Simply put: You are not in control of your own funds.
Ledger Live Is A One-App Solution
On the other hand, Ledger live offers you true ownership over your digital assets. Besides allowing users to buy crypto and retain ownership over it, Ledger Live also allows you to buy, stake, sell and manage your crypto securely.
Ledger Live allows you to grow your assets by securely staking crypto like SOL, DOT, ATOM, Tezos, Tron, NEAR, and EGLD. Furthermore, it gives you access to all the crypto management services you need. For example, you can buy, sell, and swap your crypto directly on the app with Ledger partners. Plus you can access some of the aforementioned Dapps securely, including ParaSwap, 1inch, Yearn Finance, Cometh Battle, and many more.
All in all, the combination of Ledger Live and a Ledger hardware wallet provides the best crypto security currently available on the market.
Keep learning! If you enjoy getting to grips with crypto and blockchain, check out our School of Block video Smart Contracts for Beginners.