Benefits of Buying Crypto through Ledger Live

Beginner Jun 12, 2020 · 4 min read

Buy Crypto

Disclaimer: this service is operated by our partners Coinify and Wyre. Availability is subject to licensing applicable to our partners in each jurisdiction. If you encounter any transaction related issues, please reach out to Coinify. 

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

Ledger Live has just added its App Catalogue – an ever expanding range of dApps you can access from within the Ledger Live platform. So you can enjoy the highest level of transparency for all your transactions.

As the one-stop-shop for your crypto, Ledger Live offers you all the services you need to manage and secure your crypto assets. Among them, the Buy feature enables you to start your crypto journey easily and securely. Let’s take a closer look into 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 our users to directly buy several different crypto assets directly through Ledger Live. You will no longer need to go anywhere else to go anywhere else to buy your favorite cryptocurrencies! It supports buying Bitcoin, Ethereum, Bitcoin Cash, USDT, Polkadot, Litecoin, Stellar, Chainlink, MakerDao, Dogecoin, Uniswap, Compound, Celsius. and many more The option to buy crypto assets through Ledger is operated by our partners Coinify and Wyre. Find out more here.

Cryptocurrencies like Bitcoin and Ethereum 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? Also, each time you want to interact with your crypto, you’re basically asking permission to the exchange to have access to it. Like a bank, you will need to wait till they process and approve your request. Simply put: You are not in control.

With Ledger Live’s Buy feature, you can enjoy true ownership and real control over your digital assets.

Nothing extra needed to keep your crypto secure

With the Buy feature, the crypto that you bought will be directly sent to your Ledger device! You won’t even have to worry about setting up a transaction from your exchange to the address managed by your Ledger hardware wallet. It’s all automatic. Your crypto will directly benefit from the security of a Ledger hardware wallet! It reduces a step that not only saves you time, but also immediately reduces a lot of risks for your crypto assets.

Not only does this skip a step, it also means that nobody but you will be in charge of the cryptocurrencies you just bought. No exchange will ever have held your precious Bitcoin, Ethereum or other crypto asset for you when using the Ledger Live Buy option — it will be sent directly to the security of your hardware wallet.

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.

One single app to do everything

Having one single place to manage all of your crypto operations securely just makes your crypto life so much easier. You will no longer need other parties for buying your crypto or staking it securely — this can all be done through the simple yet intuitive app that is Ledger Live. Combining it with your Ledger hardware wallet provides the best security currently available on the market.

Ledger Live really has evolved. More and more features are being added and more cryptocurrencies are being integrated, giving you the best crypto experience possible. Ledger Live was already the go-to app for managing 28 coins and over 1800 different tokens all in a single place. Specifically, by using Ledger Live Mobile, you can manage a vast array of crypto assets anywhere you go.

Since then, Ledger Live has grown as the one-stop-shop for your crypto. Today Ledger Live gives you access to all the crypto management services you need. You can buy, sell, exchange your crypto directly on the app with our partners. Furthermore, you can easily grow your assets by securely staking crypto like Polkadot, Algorand, Cosmos, Tezos or Tron. And you can also lend other digital assets using Compound lending services.
Start your crypto journey with Ledger Live and be the only one in charge of your money!

Keep learning! If you enjoy getting to grips with crypto and blockchain, check out our School of Block video Smart Contracts for Beginners.

Related article

Share this article