How to use the Ledger Live Crypto Swap feature (wallet)

The Ledger Nano is one of the best hardware wallets, and if we’ve seen anything lately, it’s the multitude of new features they offer. They have added a lending / lending feature powered by Compound, and they have also added an exchange feature powered by Changelly.

Read: Changelly review

In this guide, we discuss the Ledger live app sharing feature, which helps you exchange from one coin to another without withdrawing coins from your Ledger wallet. This feature is especially useful for long-term HODLs who do not want their coins to leave the security of their devices.

Note: The screenshots below were provided by Justin from our team, who is from Southeast Asia.

Before we look at the process of exchanging coins using the Ledger live app, let’s first look at the chart below, which explains the benefits of using the Ledger live swap feature:

One thing you need to pay attention to is the amount you change and the exchange fees associated with it. Because this feature is powered by Changelly, they charge only 0.25% as transaction fees. However, when you are exchanging for a larger amount, you can use an exchange like Binance or FTX, which charges 0.10% as an exchange fee.

I suggest you read:

How to exchange coins using the Ledger live app?

To use this feature, open the Ledger live app on your desktop or mobile device and connect to your Ledger device.

Select Replace in the left side menu and follow the on-screen instructions, such as reconnecting the device and allowing access to the book manager.

Go to the Ledger manager and install the “Exchange app”.

Now go back to the Swap feature in Ledger Live and you may be asked to reconnect your device. Once you do that, you will see a screen like this:

Click the Exchange button and now you need to open the sharing application we installed in the previous step on your Ledger device.

Now follow the on-screen instructions and approve the transaction and the exchange will begin. It may take a few minutes for the exchange to be completed, and the Ledger live screen will give you a replacement number, which you should note down, in case of any problem, you can contact the Changelly team and ask them for your coin exchange status.

You can click on the history at any time to see the replacement status:

Currently the Ledger live exchange feature is getting its liquidity from Changelly and it would be exciting to see if it will add support for more exchanges in the future, including decentralized exchanges. This is something that would make a significant difference and use a Ledger live device.

A competitor to the Ledger hardware wallet called Safepal currently offers a replacement and replacement feature powered by Binance DEX and has significant liquidity. The entire Ledger community would be thrilled when the Ledger team adds support for DEX, and this would ensure that Ledger remains one of the best choices as a Bitcoin hardware wallet.

A few important things to know:

  • Due to different regulations, this feature is not available in some countries, such as the United States or Japan. This feature is provided by Changelly with Instant Crypto Exchange.
  • For cryptocurrencies supported by the swap feature, you can swap from any account that already exists in Ledger Live. You do not need to create any special account. In most cases KYC is not required.

What do you think about the Ledger replacement feature? Do you find it interesting enough to use for everyday use? If you have used this feature, I would love to hear your feedback and feedback on it.

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