How to Swap Crypto with Ledger
Ever wanted to exchange one crypto for another? This is a how-to guide on how to swap with Ledger, so you can grow your assets and always stay within the security of Ledger ecosystem.
INTRODUCTION
Hi there, ever watch one of your coins die a slow death, while another just shoots to the moon? Or maybe you’ve got one coin, but need to pay for something with another, and you don’t feel like buying more crypto with your bank accounts? If either of these is true, then swapping might be for you.
WHAT’S SWAPPING?
What’s swapping? Well, it’s a simple process where you exchange one crypto for another. Kind of like swapping dollars for euros. You send a swap partner one type of crypto, and they return another of your choosing. Simple, really… ready to try? Okay, let’s go!
STEP BY STEP GUIDE
First, connect your Nano to your computer and unlock it. Then, open Ledger Live and click on ‘Manager’ on the bottom left of the dashboard. Once you’re in the Manager, click on ‘Apps installed’. Here, you’ll see a list of apps that are already installed on your Nano. Since you’re swapping from a crypto you already have into one you don’t, you’ll need to make sure of two things. One, that you’ve installed the apps of the currencies you want to swap. And two, that you have installed the Exchange app. So, take a second and make sure both Exchange and the apps for your chosen crypto are listed under the ‘Apps installed’ tab. And if they’re not, just return to the App catalog and install what you need. So, once that’s done, click ‘Swap’ on the left hand menu in Ledger Live, and choose the assets you want to swap. In our case, we want to swap Bitcoin for Ethereum, but you can select any assets on the drop-down list. Now, you’ll enter the amount you want to swap, we’ll do 0. 0015 BTC here. And you’ll see how Ledger Live automatically calculates your ETH amount, based on the current exchange rate.
CLEAR SIGN YOUR TRANSACTION
Alright, now, before we continue, let’s review the information on the bottom. So, the provider is the partner that will perform this one. It’s Changelly here, but other parts of the world might use a different partner. The rate is the current exchange rates of the currencies you’re trying to swap. The fees pay for your transaction, and Changelly charges an industry low. You can lower your fee, but we don’t recommend it because you might slow down your transaction. And, of course, the target account is the account in Ledger Live where you want your funds to go. If you have multiple accounts for the same type of crypto, you can choose between those accounts here. Now, click the ‘Exchange’ button. Ledger Live will double-check that you have the right apps and accounts installed. And if anything is missing, it’ll automatically install it here, and then ask you to open the Exchange app on your Nano. Go ahead and do that. To confirm, the side panel will now open, and you’ll be asked to review transaction details. If everything looks good to you, just confirm the swap on your Nano, and that’s it, your crypto is now being sent to and from Changelly, and all you have to do is wait for the transaction to be confirmed. In most cases, it only takes a few minutes, but it’s still good practice to write down your swap ID in case you need to contact Changelly Support. And that’s it, swap complete. Swapping is the same on all Nanos, so you’ll never have to re-learn it. And if you have questions, or if you’re ready to learn more, check out the other tutorials at the Help Center. And, as always, stay safe on your crypto journey, see ya!