As you jump into the crypto niche, the very first thing that most of the newbies consider is growing their wealth by trading, and our crypto signals have benefitted several people in that regard. However, apart from just creating wealth, you need to keep it secure as well and this is where crypto wallets come into the picture. To put it straight, please note that once you have made a profit, you should always ask yourself a simple question ‘how much of the total funds can you risk’ – once you have that answer, you should withdraw or rather deposit the remaining to a secure wallet in order to keep your funds protected.
Why is it important to use a secure crypto wallet?
It’s quite a popular question and people often seem skeptical about it. Almost every newbie thinks that cryptocurrency itself is secure than fiat money, then why are they vulnerable to hacking? Well, because it’s digital money and crypto exchanges are the honeypots for hackers.
Therefore, you should only keep the amount you are about to trade on an exchange and the rest (your earnings) should always be kept in a secure wallet, such as Ledger Nano S.
Depositing/Withdrawing crypto to ledger wallet
Now that you have understood the risks of keeping your funds on an exchange wallet, let’s talk about withdrawing them. Please note that since MyCryptoParadise provides Binance and Bitmex signals, we will use Binance as an example to teach you the method. However, the procedure remains the same for every exchange.
- Firstly, you need to connect the Ledger Nano S wallet to your device (laptop or computer)
- Once it is attached, you need to double click and launch the desktop application to enter your password and authorize the access
- Since you are withdrawing the money from your Binance account to your ledger wallet, you need to press ‘Receive’ at this step
- As the ledger wallet allows you to have multiple accounts per currency, you need to select an account and press ‘Continue’
- Please don’t forget to select a coin as well (e.g. BTC)
- Now you need to select the coin on your hardware wallet device as well for double authentication
- The small screen of the ledger wallet shows the coins you can receive – please select the same icon that you have chosen in step ‘4a’
- The ledger wallet will take a while to conduct authentication
- Please ensure that you have selected the same currencies on the ledger and desktop app
- Click ‘Continue’ on the desktop app (the option becomes available automatically after the authentication)
- Click ‘Verify’ on the next screen (aka ‘Verification step’)
- At this point, a wallet address will be presented in front of you and you need to verify whether the addresses on your laptop’s screen and the one on your ledger wallet’s small LCD are the same
- After you have verified the addresses, you can press the button on the side of the ledger device (just beside the small screen)
- Pressing this button acts as a confirmation that you have verified the address
- Since everything is verified now, you can click the ‘Copy’ button on your desktop app
- Now you need to login to Binance
- Go to the ‘Funds’ section and select ‘Withdrawals’
- We are assuming that you have already enabled 2FA for your Binance account
- Please provide 2FA
- Select the coin that you want to withdraw (this must be the same account that you selected on your ledger wallet and desktop app)
- Hit the dropdown menu and pick the option titled ‘Use New Address’
- Enter the address that you copied from the desktop app
- Provide the amount you are willing to withdraw
- Hit ‘Submit’
That’s it! You have successfully withdrawn your exchange funds to the ledger wallet
Once you have initiated the transfer, you can also monitor the movement of your funds from one wallet to another and you can also view the number of confirmations it takes before the funds are successfully transferred and appear in the recipient’s wallet.
It should be noted that while using a hardware wallet carries high precedence, you can also take our best crypto signals to see how the market moves in order to grow your wealth by trading.