Swap digital currency in ledger wallet

Changing or swapping digital currency in the ledger wallet

One of the ways to buy the desired digital currency is to exchange or swap the digital currency you want with the digital currency you currently have. A digital currency swap is a simple way to quickly convert currencies to each other and save time. If this feature is collected in a wallet, it will be the best possible news because you no longer need to make transfers to the exchange to have the desired digital currency.

Using Ledger hardware wallet, you can easily swap your digital currencies and also buy and sell digital currency by connecting your credit card to Ledger Live. But in Iran, due to sanctions, it is not possible to use these features and to swap digital currency in Ledger Live, you must use a third-party Metamask wallet.

Swap using a ledger hardware wallet!

On October 13, 2020, the ledger company introduced a system called Swap (or vaulting) that allows you to convert the digital currency in your wallet to another digital currency through your ledger wallet. This happened in such a way that you first had to convert your currency to a common currency (Fiat) and then buy another currency, which happened with a fee deduction and it took time. But in the ledger swap (or conversion) system, it will be possible to convert one digital currency into another digital currency directly.

But how is this possible? Ledger, in cooperation with its new business partner Changlly, has provided a new system in the form of its own software, Ledger Live, through which it is possible to swap one currency for another without any intermediary and completely directly for its users.

What is currency swapping?

Let us clarify this issue for you with an example, you have some Ethereum in your ledger wallet and you want to convert some or all of your Ethereum assets to Bitcoin. Using the swap system, you can easily convert your currencies.

You send your Ethereum in the swap system and the ledger converts it into Bitcoin by taking care of your currency. This example is similar to converting your rial units to dollars in an exchange, with the difference that all this happens in the world of cryptocurrencies.

In the past, this happened if you gave your cryptocurrency assets to exchange or another person for exchange, but in the form of the Swap Ledger system, which happened with unique developments with the help of Changlly, you have complete control over You will have encryption of your currencies.

Advantages of swapping cryptocurrencies using a ledger wallet

Swapping currencies or converting them to each other has many advantages for users. One of the most important advantages of exchanging digital currency is that it will save you time, you will do all the conversion process without cashing your money in common currency. Using the swap system, you can easily diversify your stock portfolio or portfolio, for example, if you only have one or two digital currencies, you can use these currencies to expand your stock portfolio and buy various currencies from them. Use in the swap system. Also, by swapping, you can earn profit from buying new currency and increase the security of your property by buying more stable currencies.

1. saving time
2. Diversify your portfolio and account
3. Expand your property
4. Protect your property

Why should you use the swap ledger system?

It is better to talk about the unique features of the swap ledger system and what features make us recommend the swap ledger system for converting your cryptocurrencies.

High security in the Ledger wallet system

The high security of ledger hardware wallets is not just a slogan, and in reality, when you talk about your cryptocurrency assets, you should always consider high security and low risk as your priority.

Every day we hear about thefts of hundreds of thousands of dollars and even millions of dollars through professional hackers, and this issue is quite common in the world of cryptocurrencies, which is completely dependent on the Internet.

But our usual suggestion is to use ledger hardware wallets, which will always keep your assets offline and safe.

But the swap ledger system in the field of currency conversion means that you will never give access to your currency to any third party, including exchanges, even for a very short period of time, and all transactions require your approval. have

Reduce your risk by using the swap ledger system

One of the issues that we always face is that when buying and selling in exchanges, I face a big surprise called floating rates, which means, there is no guarantee that the real rate of the cryptocurrency that we see and receive the amount we pay for it. As you know, hidden and hidden fees are always charged to us in this type of exchange and these types of exchanges are quite risky, but the good news is that in the swap ledger system, It is not one of these surprises that you will receive exactly what you see without any deductions or additions, and this is one of the notable advantages of Ledger.

No restrictions on the use of the swap ledger system

In this section, we ask you first, who doesn’t like to have many options to choose from? Of course, no one likes limitations, everyone’s desire is to choose and choose. Therefore, we give you the good news that Ledger will give you the opportunity to choose and convert your currency to 50 different types of currency. You can convert Ethereum, Bitcoin, Litecoin, and Tether currencies directly from your ledger.

Important note: Currently, the swap ledger includes rules and regulations that are not active for some countries. Be sure to read the Changlly site rules before using this feature.

In the table below, we have published a comparison between currency conversion in reputable exchanges and online with Swap Ledger, so that you can easily see the difference at a glance.

The method of swapping in Ledger wallet using a desktop

If you are not familiar with the steps of swapping, don’t worry, we have put the steps of swapping step by step completely and in detail with pictures in this section.

1. Click on Swap in the left panel.
2. If this is your first time using the exchange feature, the Welcome to Exchange page will appear.
3. If you agree to share your location data with Changely, click Continue after checking the box.
4. On the Exchange page, select the crypto asset accounts you want to exchange to and from.
5. Enter the desired amount for the exchange.
6. Note that there are defined minimum and maximum values that you can exchange.
7. Review the details of the swap transaction:
   Provider: This service is provided through our third-party partner Changelly.
   Rate: Exchange rate
   Fees: (Optional) Click Edit to change fee levels. Fee levels refer to transaction speed
   Destination Account: (Optional) Click Edit to change the account you want your coins to receive.
8. Click on Exchange.
9. The Confirm Your Exchange side panel appears on the right.
10. Connect and unlock your device.
11. Allow Ledger Manager on your device
12. If your device doesn’t have the apps you need to replace, they’ll be installed automatically.
13. Open the Exchange app on your device.
14. Verify and verify the exchange transaction details on your device.
15. Note down your change ID in case you need help from Changelly Support.

You have now swapped crypto assets on Ledger Live! You will receive your currencies directly in your ledger account. It may take some time for the transaction to be processed and verified. To track the status of your exchange transaction, check the History tab.

The method of swapping in Ledger wallet using a mobile

• In the bottom menu, tap Transfer > Swap.
• If this is your first time using the exchange feature, the Welcome to Exchange page will appear.
• If you agree to share your location data with Changelly, tap Continue after checking the box.
• Select your ledger device. Then connect your device and unlock it.
• Allow Ledger Manager on your device.
• The Exchange page appears.
• Select the accounts you want to transfer from and to. Then click on Continue.
• Enter the desired amount for the exchange. Tap Continue.
  Note that there are defined minimum and maximum values that you can exchange.

• Above, select one of the following exchange rates:
  Fixed Rate (default): Locks and guarantees the amount displayed on the screen for 60 seconds, but charges may be higher.
  Floating Rate: Provides an estimate of the amount received that can change due to market fluctuations, but fees are as low as possible. However, if the slippage is more than 10%, Changelly will refund the transaction.
• Check the amounts you want to exchange, the provider, and the type of exchange rate. Tap Continue.
• If you agree to Changely’s terms and conditions, tap Accept.
• Open the Exchange app on your device.
• Verify and verify the exchange transaction details on your device.

If you have selected a floating rate, please note that payment charges will not be displayed on your device. In addition, the estimated amount shown on the device does not take into account the payment costs. To get an accurate estimated amount, you need to subtract the payment costs from the estimated amount.

• Note down your replacement ID in case you run into problems. Tap Continue.

You have now swapped crypto assets on Ledger Live! You will receive your currencies directly in your ledger account. It may take some time for the transaction to be processed and verified. To track the status of your exchange transaction, check the History tab.

Discussion

Swapping digital currencies in the Ledger hardware wallet allows you to not need an exchange. This happens so that you do not need to transfer your currencies, as a result, the possibility of any risk for your digital currencies is zero. Also, by using the digital currency swap system in the ledger wallet, you will not have to pay for the transfer fee, and in this way, your expenses will also be saved.

If you have any problems in the digital currency swap process, you can ask your questions in the comments section below, and our experts will answer you at this opportunity. You can also do your first digital currency swap in the ledger wallet step by step with our guidance using the ledger service.