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How to Transfer Crypto From Bitbuy to Ledger?
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
- May 12, 2024
Quick Answer on How to Transfer Crypto From Bitbuy to Ledger:
To transfer crypto from Bitbuy to Ledger, you need to have a hot wallet address on Bitbuy by creating an account on the platform and must have created the relevant wallet addresses on your Ledger Live app.
You will also need to have your Ledger device handy to verify and sign the transactions.
Table of Contents
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Step 1: Create a Bitbuy Account
To create a Bitbuy account, you must be a Canadian citizen and resident. If you certify these requirements, you can then proceed to Bitbuy.
Once there, you will need to create a password according to the requirements of the system and enter your email address.
Next, select your username and enter a referral code if you have it.
Once you’ve submitted the required information, Bitbuy will send you a message via your registered email address to verify it. You will need to click on the link embedded in the email to verify.
This will redirect you to a page where you’ll have to verify your Canadian mobile number.
Enter your Canadian mobile phone number and then Bitbuy digital currency exchange will send you an SMS code.
You will need to enter this code on the registration page to verify your phone number.
After this, you’ll have to input personal data to verify your identity. Bitbuy digital currency exchange uses a third-party identity verification service.
Once identity verification is successful, the Bitbuy platform is required by its Canadian regulators to ask users several questions about their risk profile and financial state.
This must be done to find out if you’re eligible to send digital currency from the Bitbuy wallet to the Ledger hardware wallet.
The financial and risk profile assessment deals with your current financial state, risk tolerance, investment objectives, etc.
Once successful you can begin sending digital currency to the intended wallet address.
Step 2: Set Up the Ledger Hardware Wallet
To set up the Ledger digital currency hardware wallet you’ll need to get the physical device (Ledger Nano X in this case) and press the button beside the USB port till the Ledger logo shows to turn on the device.
Next, hold both buttons at the same time when “Set Up as New Device” is shown on the screen.
Again, hold the left or right button to choose a digit to select your PIN code.
Select the “Tick to Confirm your PIN Code”. Then reenter the PIN code to verify it.
Your recovery seed phrase will then be shown word for word on the Ledger hardware wallet screen.
You need to copy it and then verify that you copied it correctly.
That’s it! Next, you’ll need to download the Ledger Live app, which is the user interface of all Ledger devices.
Step 3: Copy your Ledger Wallet Address
To receive digital currency on Ledger, log in to the Ledger Live app. Next, tap “Receive” in the menu on the left side of your screen.
Use the drop-down menu to select the account you’re sending cryptocurrency into.
Tap “Continue”.
Connect and unlock the Ledger device.
Go back to the Ledger Live app and tap “Continue”.
Click on “Verify” to show a wallet address on your device.
Ensure that the wallet address displayed on your screen is the same one that appears in the Ledger wallet.
Lastly, approve the address on your Ledger device if it is the same and copy the wallet address.
Step 4: Buy Cryptocurrency from the Bitbuy Software Wallet and Send it to the Ledger Wallet Address
Before sending a crypto withdrawal request on Bitbuy you need to buy digital currency on Bitbuy.
To do so, launch the Bitbuy wallet app and then go to the Express Trade section, which is at the top of the Accounts page.
Once there, find the digital currency you want to send to the intended wallet address. You can do this by tapping the drop-down menu and searching for the particular cryptocurrency you copied the wallet address of from Ledger.
Input the Canadian dollar amount you want to spend and once you’re ready to continue, tap “Buy Bitcoin” to finalize the transaction.
Step 5: Send Cryptocurrency to Ledger
Go to the Accounts section of your Bitbuy profile. The accounts page is found at the top of your screen.
Next, search for the digital currency you intend to send and tap on it. This action will show a new page that reveals your holdings and a chart for the digital currency’s price and movements.
Tap on the “Transfer” button to bring up a popup asking if you want to Deposit or Withdraw. Click “Withdraw” to initiate digital currency withdrawals.
Enter the amount of your chosen cryptocurrency that you intend to submit a withdrawal request for and input the wallet address you copied from Ledger.
Click “Continue” when you are set and review the withdrawal.
Lastly, enter your two-factor authentication code to finalize the withdrawal request. The two-factor authentication code is for security purposes and is required on all Bitbuy accounts.
Conclusion
Sending cryptocurrency from Bitbuy to Ledger is a seamless process to initiate, however, based on our experience with Bitbuy we found that cryptocurrency withdrawals can be held up to 3 business days for security purposes.
If instead of withdrawing your cryptocurrency into a hardware wallet, you want to send them to another software wallet like MetaMask, read this step-by-step guide.
FAQ
Most frequent questions and answers
Yes, you can send Bitcoin from Bitbuy to another BTC wallet.
Yes, Bitbuy offers a software wallet that allows you to store, send, and receive crypto. That said, software wallets should always be secured by a hardware wallet device.
It takes up to 3 days for your withdrawal request to be processed and sent out.
No, you need the physical Ledger Live device to verify all transactions initiated from the Ledger software wallet app.
The private keys of your Ledger Wallet are stored on the device. Without the private keys of a crypto asset, you do not truly own the currency. Since Ledger is a non-custodial hardware wallet, it gives you full access to your coins’ private keys.
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