How to Migrate Your Crypto to a New Device?
So, you just bought a brand new Ledger Nano, and want to migrate your custody from your old device to your new one? Easy. All you have to do is watch this step-by-step guide.
All right, so, you just got a shiny new Ledger S or X, and you can’t wait to start using it. But, the last time you set up a wallet, it was a long process, and you had to transfer your crypto from your old wallet, one painful coin at the time. Well, there is a much easier way to migrate custody of your crypto, from one wallet to another, and we’re going to show you right now.
MIGRATING YOUR KEYS
Now, notice I said ‘migrate custody’ not ‘migrate funds’. Your crypto isn’t actually in your wallets, it’s on the Blockchain. What’s in your wallet are the public and private keys that keep your crypto safe. And it’s by owning those keys that you can access, and therefore own, your crypto. That’s why you hear us at Ledger say “your keys, your crypto”. Alright, so how do we do this?
Well, remember those 24 words you copied down on a piece of paper, when you first set up your wallet? That’s the recovery phrase, your wallet uses to derive your private keys. All we have to do is use the recovery phrase from your current device to set up the new device. Like taking your debit card out of your old wallet and putting it into your new wallet. Ready?
YOUR STEP BY STEP GUIDE
Okay, if you’re setting up a Nano S, plug it into your computer or power source. If you’re setting up a new X, or S Plus, just click on the left button to turn it on. Everything will be done on the device – no need for Ledger Live this time. Now, scroll right through the navigation instructions, until it says ‘restore from recovery phrase’, and press both buttons to confirm. You’ll then choose a 4 – 8 digit pin; This controls access to the device only, it doesn’t affect your crypto. Then you’ll be asked to choose the number of words in your recovery phrase. Select the appropriate number, and enter the words one at a time, in the order they were given to you. Once you enter the first three letters, you can choose the correct word from the options that appear – do that for the entire phrase, taking your time to get it right. If you enter a wrong word, or enter the right words but in the wrong order, you’ll have to do it again, so take your time. After the last word, the device will say ‘processing’, then your device is now ready – and that’s it. Pretty easy right? You can now safely manage your existing crypto portfolio with your brand new Ledger Nano. Well done.