Managing Your Digital Assets
After completing setup, you can explore the compatible wallet software and its available features. Depending on your device, application version, and supported assets, these features may include checking balances, managing accounts, reviewing transaction history, and preparing cryptocurrency transfers.
Before Receiving Cryptocurrency
Verify Address and Network
Before receiving cryptocurrency, confirm that the receiving address and network match the asset being sent. Different cryptocurrencies use different networks and addresses. Sending funds to the wrong address or network can result in permanent loss.
Example:
A Bitcoin address should be used to receive Bitcoin, not Ethereum. Each has its own unique address format.
Make a Test Transfer
When practical, consider making a small test transfer before sending a larger amount. This allows you to verify that everything is working correctly and that you can successfully receive funds. Test transfers are especially important when using a new wallet or receiving to an unfamiliar address.
- Start with a small amount you can afford to lose if something goes wrong
- Wait for the transaction to confirm
- Verify the funds appear in your wallet
- Only then send larger amounts
Understand Network Fees and Timing
Network fees, minimum transaction requirements, and confirmation times can vary significantly:
Network Fees: Vary based on network congestion. Sometimes fees are higher during busy periods.
Confirmation Time: Bitcoin typically takes 10+ minutes, but other networks may be faster or slower.
Minimum Amounts: Some networks have minimum transaction sizes. Always check before receiving.
When Sending Cryptocurrency
The Most Critical Step: Verify on Your Device
When sending funds, verify the destination address and transaction amount on your hardware wallet itself. Do not rely exclusively on information displayed on your computer or phone. Your device is the most secure place to verify transaction details.
Why verify on your device?
Malware on your computer could change the recipient address shown on your screen without changing the actual transaction. Your hardware wallet shows the real transaction details.
Always match what you see on your device with what you see on your computer before confirming.
Review Before Approving
Double-check all details before approving any transaction:
Recipient Address
Check the complete address on your device
Amount
Verify the exact quantity you're sending
Network Fee
Understand what you're paying for transaction processing
Network
Confirm you're using the correct blockchain
If Something Looks Wrong
If a transaction request appears unexpected or differs from your intentions, cancel it and investigate before continuing.
Common signs something is wrong:
- • You don't recognize the recipient address
- • The amount is different from what you intended
- • The fee seems unusually high
- • You don't remember initiating this transaction
Ongoing Wallet Management
Keep Software Updated
Keep your software updated through official channels. Security updates are critical to protect against newly discovered vulnerabilities. Always download updates from the official Ledger website or official app stores.
Learn Your Device's Recovery Process
Understand how your chosen device handles account access and recovery. Familiarize yourself with:
- How to restore a wallet using your recovery phrase
- How to access accounts on different applications
- What to do if your device is lost or damaged
- How to manage multiple accounts (if applicable)
Use Third-Party Applications Carefully
If you use additional wallet applications, understand how they interact with your hardware wallet before granting permissions or signing transactions. Some third-party apps may have security considerations you should be aware of.
Before using a third-party app:
- • Research the application and its developers
- • Check community reviews and feedback
- • Understand what permissions you're granting
- • Only use it with amounts you can afford to lose
Monitor Your Accounts
Regularly review your transaction history and account balances. Look for any unusual activity that you don't recognize. Early detection of unauthorized transactions or suspicious activity is important.
Best Practices Summary
For Receiving Funds:
- Verify correct address and network
- Start with small test amounts
- Understand network fees and timing
- Use only official address generation
For Sending Funds:
- Always verify on your device
- Check all transaction details
- Use trusted recipient addresses
- Cancel if anything seems wrong