Adding and Importing Accounts with Ledger Live

Managing multiple cryptocurrencies used to mean juggling various wallets, apps, and platforms, all with their own interfaces and security considerations. This fragmented approach not only creates confusion but also introduces potential security vulnerabilities as you switch between different systems.

For investors diversifying across multiple crypto assets, keeping track of different balances, addresses, and transaction histories can quickly become overwhelming. Ledger Live solves this problem by providing a unified platform where you can manage all your crypto assets with clarity and confidence.

This article goes into the details of adding accounts to your Ledger device with Ledger Live, how accounts work, and the best way to stay secure when moving existing accounts.

Understanding Accounts in Ledger Live

Accounts in Ledger Live function similarly to traditional bank accounts. They have separate balances to provide flexibility in managing your crypto assets. Thanks to the hierarchical deterministic (HD) nature of Ledger devices, you can add as many accounts as you want for each cryptocurrency and give them custom names for different purposes, such as trading, minting, savings, or any other category that helps you organize your assets.

When you add an account, Ledger Live retrieves its unique extended public key from your Ledger device. Using this, Ledger Live then generates individual public addresses and checks their balances on the blockchain to calculate your account’s total balance. This process allows you to view your balances without connecting your device each time while keeping your private keys secure inside your hardware wallet.

Adding New Accounts to Ledger Live

Setting up accounts with your Ledger device and Ledger Live is a straightforward process. 

Before you begin, make sure that you:

• Update to the latest version of Ledger Live
• Check that your crypto assets are supported in Ledger Live
• Install the required crypto asset app on your Ledger device (For example, to add Bitcoin accounts, you’ll need the Bitcoin app installed. ERC20 tokens require the Ethereum app, etc.)

Adding an Account on Ledger Live Desktop

To add accounts on Ledger Live Desktop:

1. Start the Ledger Live app on your computer.
2. Select the Accounts tab from the left sidebar. If you’ve just installed or reset Ledger Live, this tab might appear grayed out—in this case, first select the Portfolio section.
3. Click on Add account.
4. Select the cryptocurrency for the account you’d like to add from the dropdown menu or by typing its name.
5. Connect and unlock your Ledger device, then open the corresponding app on your device.
6. Ledger Live will display available accounts.

During the Add Accounts step, you’ll see several sections:

• Under ‘Add Existing Account’, you’ll see accounts with previous blockchain transactions. Check the boxes for accounts you want to add and assign names to them.
• Under ‘Add New Account’, you can initiate a new account by checking the box. This option is only available if your latest account for that cryptocurrency has received at least one transaction.
• ‘Accounts already in Portfolio’ displays accounts already integrated into your Portfolio that can’t be added again.

After selecting your accounts, click Add account(s) to add more accounts, or click Done if you’re finished.

Adding an Account on Ledger Live Mobile

The process on mobile devices is slightly different:

1. Start the Ledger Live app on your mobile device.
2. Open the Wallet tab in the app.
3. Scroll down to the “See all assets” button.
4. Tap on the + icon in the upper-right corner and choose between adding new or existing accounts using your Ledger device or syncing with another instance of Ledger Live using Ledger Sync.

If you select With your Ledger:

1. Choose the crypto asset for the account you want to add.
2. Select the Ledger device to connect to and make sure it’s unlocked with the right app opened.
3. In the Accounts step, choose which accounts to add and swipe right to rename them.
4. Tap Continue to add your selected accounts to the Portfolio.

If you select Sync with another instance of Ledger Live, you’ll use Ledger Sync, a service that keeps your hardware wallet accounts synchronized across both desktop and mobile sessions using the Ledger Key Ring Protocol for end-to-end encryption.

Adding a Second Account

Ledger Live follows the BIP32 protocol, which doesn’t allow adding a new account if the previous one is still unused. Thus, if you want to add a second account for the same cryptocurrency, your previous account must already have at least one transaction.

This means that to add a second Bitcoin account, for example, your first Bitcoin account must have received at least one transaction. Similarly, to add a third account, your second account must also have some transaction history.

Managing Your Accounts

Once your accounts are set up, you can personalize them to better organize your portfolio.

Renaming Accounts on Desktop

You can rename your accounts in Ledger Live Desktop in two ways:

From the secondary account menu:

1. In the Accounts tab, find the account you want to rename.
2. Left-click on the account to open a small dropdown menu.
3. Select Edit account.
4. Type the new name in the Account name field.
5. Click Apply to save the changes.

From the account page:

1. In the Accounts tab, find the account you want to rename.
2. Right-click on the account to open the detailed account page.
3. Hover over your account name and click on it to edit.
4. Type the new name and click the green checkmark icon to save.

Renaming Accounts on Mobile

On Ledger Live Mobile, the process is equally simple:

1. Select the Accounts tab in Ledger Live.
2. Tap on the account you want to rename.
3. Click on the small wrench icon in the top-right corner.
4. Type the new name in the Account name field.
5. Click Apply to save the changes.

Troubleshooting Zero Balance Issues

If you restore an existing account and see a zero balance, check that:

• You’re using the correct recovery phrase on your Ledger device.
• You’re running the latest version of Ledger Live.
• The network is properly synchronized.

If the problem persists, Ledger’s support team is available to help.

Moving Accounts to New Devices

Transferring your Ledger accounts to a new phone, laptop, or computer is straightforward. Importantly, this process never requires entering your 24-word recovery phrase. Be wary of any app or service that asks for this information, as legitimate Ledger applications will never request your recovery phrase.

Setting Up Ledger Live on Another Desktop or Mobile Device

1. Download and install Ledger Live on your new computer.
2. Start Ledger Live and select Connect your Ledger device in the onboarding menu.
3. Ensure your Ledger device contains the recovery phrase that secures the accounts you wish to migrate.
4. Re-add your accounts one by one using your Ledger device.

You can also use Ledger Sync to synchronize accounts across devices.

Upgrading from Software Wallets to Ledger Live

Software wallets store your private keys online, leaving them vulnerable to malware and other attacks. The primary advantage of a hardware wallet is keeping your private keys offline and secure.

If you’re migrating from a software wallet to a Ledger device, it’s crucial not to import the same recovery phrase from your software wallet to your Ledger device, as those keys have already been exposed online. Instead, set up your Ledger device as new to generate truly offline private keys.

Here’s how to upgrade from a software wallet to a Ledger device:

1. Set up your Ledger device as new, following the setup instructions to generate private keys offline.
2. Back up your new Secret Recovery Phrase and store it securely.
3. Install Ledger Live on your computer or mobile device.
4. Create accounts for each cryptocurrency you wish to manage.
5. Transfer your assets from your software wallet to the new addresses generated in Ledger Live.
6. Verify all transaction details on your Ledger device’s secure screen before confirming transfers.

Once complete, your assets will be protected by private keys that have never been exposed to the internet, making your amounts much more secure.

Take Control of Your Crypto with Properly Managed Accounts

Ledger Live transforms crypto management by providing a secure, organized system for handling multiple assets. By properly setting up and managing your accounts, you gain the convenience of viewing your portfolio at a glance while maintaining the reliable security that Ledger devices are known for.

Whether you’re diversifying your investments across different cryptocurrencies, organizing your assets for different purposes, or upgrading from less secure storage solutions, Ledger Live’s account management system gives you the tools to maintain complete control over your digital assets.

Ready to optimize your crypto management? Update to the latest version of Ledger Live, ensure your Ledger device firmware is current, and explore the full potential of account management with the security and peace of mind that Ledger provides.