How do you transfer your coins to your hardware wallet?

Storing your crypto on an exchange is convenient, but comes with risks. For larger amounts of crypto, it is safer to manage them yourself, for example with a hardware wallet. In this guide, we explain step by step how to transfer your cryptocurrencies to a hardware wallet such as Ledger or Trezor. We also discuss why it is safer not to leave your crypto on an exchange, how to buy and sell them, and how to store them safely.

What is a hardware wallet?

With a hardware wallet, you have full control over your crypto. You manage your own private keys and thus your own coins. No one else has access to your crypto, and you run no risk in the event of bankruptcy, fraud or hacking of an exchange. A hardware wallet offers extra security and ensures that you are not dependent on third parties.

Why shouldn't I leave my crypto on an exchange?

Exchanges are useful for buying and selling crypto, but less suitable for long-term storage. The saying 'Not your keys, not your coins' applies here. When you store your crypto on an exchange, the control over your coins lies with the exchange. If something goes wrong, such as a hack or bankruptcy, you run the risk of losing your crypto. Unlike traditional banks, there are no government guarantees for crypto assets. That is why it is wise to store your crypto safely in a hardware wallet.

Sending Cryptocurrencies to a Hardware Wallet

If you want to keep your crypto safe, the process of transferring it to a hardware wallet is simple:

1. Open your hardware wallet software
   For example, Ledger Live or Trezor Suite.

2. Click on 'Receive'
   Choose the cryptocurrency you want to receive.

3. Connect your hardware wallet
   Open the corresponding app on your device.

4. Verify the address
   Check that the generated address matches what you see on your hardware wallet.

5. Copy and paste the address
   You enter this address on the exchange from which you send the crypto.

6. Confirm the transaction on the exchange
   Enter the amount and send the crypto.

7. Wait for confirmation
   Depending on network pressure, this may take several minutes.

Returning Coins to an Exchange

If you store your crypto on a hardware wallet, you can always send it back to an exchange if you want to trade or sell. This process is similar to sending it to a wallet, but in reverse:

1. Open your hardware wallet software
   Go to the 'Send' option.

2. Enter the receiving address of the exchange
   Copy the correct address from your exchange account.

3. Select the amount and transaction costs
   A higher fee usually means a faster transaction.

4. Verify and confirm the transaction on your hardware wallet
   Please check the information carefully before signing it.

5. Follow the transaction
   You can track the status of the transaction via a blockchain explorer.

Safely store your crypto

A hardware wallet is one of the safest ways to store your crypto, but it requires responsibility. Make sure to store your recovery seed safely, for example in an offline location. Without this seed, you cannot recover your wallet in case of loss or damage.