Benefits of Buying Crypto through Ledger Live
| – When buying crypto and leaving them on exchanges, they are vulnerable and you are not in complete control of them|
– With the Buy feature, you can purchase crypto directly in Ledger Live
– When using this, the crypto you bought is immediately sent to the address created by your Ledger device
– This makes sure your freshly bought crypto is kept secure and in your control from the moment you finished the purchase
We’ve added a new feature in Ledger Live which allows you to buy different crypto assets directly through the platform! It’s a pretty big deal, and in this article we’ll take a closer look into what the Buy Crypto feature in Ledger Live is and what advantages it brings to the table.
What is the Buy Feature in Ledger Live?
On the 10th of June 2020, we released a brand-new feature that allows our users to directly buy several different crypto assets directly through Ledger Live. No longer will you need to go anywhere else to buy your favorite cryptocurrencies! Upon its launch, it supports buying Bitcoin, Ethereum, Bitcoin Cash and Dash with more coming in the future. The option to buy crypto assets through Ledger is operated by our partner Coinify.
Most commonly, cryptocurrencies like Bitcoin and Ethereum are purchased through exchanges. These are services that specialize in this as well as trading your crypto assets for another. While it may have some level of convenience to leave your precious cryptocurrencies on their platform, 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) would 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 in case of the exchange filing 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. Similarly to a bank, you will need to wait till they process and approve your request. Simply put: You are not in control.
With the release of the Buy Crypto feature within Ledger Live, we plan to change things.
No Crypto Transaction Needed to Keep your Crypto Secure
With the introduction of the Buy feature in Ledger Live – through our partner – the crypto that you bought will directly be 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 and your crypto will be directly sent to the security that your hardware wallet brings! It takes out an extra 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 simple extra step, it also means that no one 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.
As the saying goes 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 if 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.
Convenience with Ledger Live: An All-In-One Platform
Perhaps the biggest part of it all, having one single place to manage all of your crypto operations securely just makes your crypto life so much easier. No longer will you 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 with more and more features being added on top and more cryptocurrencies being added to give you the best crypto experience possible. Ledger Live was already the go-to app for managing 25 coins and over 1500 different tokens all in a single place. Especially by using Ledger Live Mobile, you can manage a vast array of crypto assets anywhere you go.
Since then, Ledger Live has grown and now includes growing your assets as well. You can now securely stake your Tezos and Tron to receive extra crypto assets. And now, you can even buy your crypto directly through Ledger Live!
We’re excited for the development Ledger Live has undergone thus far – and there is yet more to come in the future…