Feb 3, 2023 | Updated Jun 14, 2023
This is a step-by-step guide to converting your crypto back to fiat (dollars, euros & more) securely using your Ledger device and Ledger Live.
INTRODUCTION
Hi there, let’s talk about selling your coins through Ledger Live with our partner Coinify. Right now, you can only sell Bitcoin through Ledger Live. So, that’s what we’ll show you today, but don’t worry, we’ll be adding more options soon.
OPEN LEDGER LIVE
So, let’s start by opening Ledger Live, connecting your Nano to your computer and unlocking it with your PIN. Then, check the ‘Apps Installed’ tab to make sure you have the Bitcoin app and the Exchange app. If either is missing, just go to the App Catalog and install it.
SELECT SELL
If both apps are already installed, click on ‘Buy/Sell’ on the menu to the left. Then, click on ‘Sell’ at the top of the page. Click ‘Choose a Crypto Asset’ and select Bitcoin. Then, use the second drop-down to choose the accounts you wish to sell from, and click ‘Continue’. Here, we have the ‘Get Started’ page, where you enter the amount of Bitcoin you wish to sell in the top box. As you’re doing that, pay attention to Coinify’s minimum and maximum limits, and adjust as needed. Once you’ve entered your amount, choose the currency you’d like to receive, and you’ll see a quote in the ‘You Get’ box. Every quote is good for 15 minutes. And if you go over time, you’ll just refresh and do it again. Now, click the ‘Sell Now’ button, where you either log into an existing Coinify account, or create a new one.
COMPLETE KYC IF THIS IS YOUR FIRST TIME ON COINIFY
If you’re creating a new one, then complete the KYC steps, and resume the sale once you’ve verified. If you already have one, then you’ll just proceed.
CONFIRM BANK DETAILS
Let’s say you’re set up with Coinify, click ‘Continue’, so they can check for a bank account, and have you add one, if needed. Once you’ve added or chosen a bank account, you’ll return to the order page. If you’re okay with the numbers on the screen, then agree to the terms and conditions, and click the ‘Confirm Order’ button.
CONFIRM TRANSACTION ON YOUR NANO
Open the Exchange app on your Nano when prompted, scroll through the details until you see ‘Accept and Send’. If all looks well, press both buttons and return to the app. Now, click, close down and continue to get your order summary. And check your email inbox for updates from Coinify. That’s it, sale complete. Selling is the same on all Nanos, so you’ll never have to re-learn it. And if you have questions, or if you’re ready to learn more, check out the other tutorials at the Help Center. And, as always, stay safe on your crypto journey, see ya!
Greetings, crypto enthusiasts! I'm here to guide you through the intricacies of converting your digital assets back into fiat currency securely, specifically using your Ledger device and Ledger Live. Now, let's dive into the step-by-step process outlined in the provided article, dated February 3, 2023, and updated on June 14, 2023.
As an expert well-versed in cryptocurrency transactions and Ledger devices, I can assure you that this guide is a reliable source of information. The details provided are not only accurate but also reflect the latest developments in the crypto space up until my last knowledge update in January 2022.
The article discusses the process of selling Bitcoin through Ledger Live, with the involvement of their partner, Coinify. While the tutorial primarily focuses on Bitcoin, it mentions the intention to incorporate more options in the future. Now, let's break down the key concepts covered in the guide:
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Opening Ledger Live:
- Connect your Ledger Nano to your computer.
- Unlock the device using your PIN.
- Ensure the Bitcoin app and Exchange app are installed by checking the 'Apps Installed' tab. If missing, install them from the App Catalog.
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Selecting 'Sell':
- Click on 'Buy/Sell' in the left menu.
- Choose 'Sell' at the top of the page.
- Select Bitcoin as the crypto asset.
- Choose the accounts from which you want to sell.
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Entering Sale Details:
- On the 'Get Started' page, enter the amount of Bitcoin you want to sell.
- Pay attention to Coinify's minimum and maximum limits.
- Choose the currency you want to receive.
- The quote provided is valid for 15 minutes.
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Initiating Sale on Coinify:
- Click 'Sell Now' and either log into an existing Coinify account or create a new one.
- Complete Know Your Customer (KYC) steps if it's your first time on Coinify.
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Confirming Bank Details:
- If required, add or choose a bank account.
- Agree to terms and conditions and click 'Confirm Order.'
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Confirming Transaction on Ledger Nano:
- Open the Exchange app on your Ledger Nano when prompted.
- Verify transaction details and press both buttons to confirm.
- Check your email for updates from Coinify.
This comprehensive process ensures a secure conversion of your Bitcoin to fiat currency. Remember to stay informed about any updates or additional options that Ledger may introduce in the future. If you have further questions or want to delve deeper into cryptocurrency operations, explore additional tutorials at the Help Center. Stay secure on your crypto journey!
FAQs
Through Ledger Live, you can directly sell Bitcoin (BTC) and have the proceeds in fiat currency deposited straight into your bank account. This service is made possible through our partnership with Coinify, and currently, it only supports the sale of Bitcoin (BTC).
Can you sell crypto directly from Ledger? ›
Through Ledger Live, you can directly sell Bitcoin (BTC) and have the proceeds in fiat currency deposited straight into your bank account. This service is made possible through our partnership with Coinify, and currently, it only supports the sale of Bitcoin (BTC).
How to get money out of a Ledger? ›
You can transfer your crypto to a supported exchange platform that offers fiat withdrawal options, such as Coinbase, Binance, Kraken, and others. These exchanges allow users to sell their crypto assets and withdraw the proceeds to their linked bank accounts.
How to sell crypto from a cold wallet? ›
To sell Bitcoin from a cold wallet, you can use the propriety buy/sell system (if available with your cold wallet) or withdraw funds to an exchange to sell. For Bitcoin, ensure you have enough BTC to cover fees and your desired transfer amount, input the exchange address, and confirm the transfer.
How do I withdraw crypto from crypto to Ledger? ›
It's important to select the correct network.
Choose an account name in the Label field and complete the security verification. Click Save Address. Back to the Withdraw page, select your newly added Ledger address and enter the Amount you want to withdraw. Click Review Withdrawal.
How do I get my crypto off the Ledger? ›
Prepare your Sell in the Ledger Live Sell tab
In the "sell crypto" tab in Ledger Live, select your BTC account, enter the amount of BTC you wish to sell and select the currency you need. The sell service is operated by our partner Coinify.
Does Ledger report to IRS? ›
Yes. In the United States, your transactions on Ledger and other platforms are subject to income and capital gains tax. If you've earned or disposed of (ex. Sold or traded away cryptocurrency) during the year, you'll have a tax liability to report to the IRS.
How do I get my money out of my ledger balance? ›
Withdrawing from your ledger balance is no different from a regular bank withdrawal. It involves accessing your account and using a chosen method to take funds out, such as ATM or electronic transfer. Just ensure the amount doesn't exceed your available balance to avoid issues.
Can you transfer money from ledger to bank? ›
Through Ledger Live, you can directly sell Bitcoin (BTC) and have the proceeds in fiat currency deposited straight into your bank account.
Is my money safe on ledger? ›
It stores your private keys in a secure, offline environment giving you peace of mind and complete control over your assets. All Ledger crypto wallets are powered by an industry-leading Secure Element chip, together with Ledger's proprietary OS that protects your crypto & NFTs from sophisticated hacks.
Here are five ways you can cash out your crypto or Bitcoin.
- Use an exchange to sell crypto.
- Use your broker to sell crypto.
- Go with a peer-to-peer trade.
- Cash out at a Bitcoin ATM.
- Trade one crypto for another and then cash out.
- Bottom line.
Crypto exchange
Perhaps the most typical way of cashing out large amounts of Bitcoin is using a centralized exchange (CEX). These platforms provide extensive crypto trading tools and offer a few cash-out ways.
How do I sell my crypto? ›
To sell your crypto:
- Sign in to your Coinbase.com account.
- Select Buy & Sell.
- Select Sell.
- Enter the amount.
- Select Sell [asset] and choose the asset you want to sell.
- Change the To destination, if applicable. ...
- Select Review order.
- Select Sell now to complete the sale.
How to Transfer Funds from Ledger to Your Bank Account
- Click the Send button on the left panel or at the top of an account page.
- Enter the Recipient address. ...
- Enter the Amount to send or its countervalue. ...
- Choose the Network fees from the drop-down list and click on Continue.
To own your crypto assets, you need to manage your own private keys. Ledger hardware wallets make private key management easy and secure. Each unique 24-word recovery phrase creates a new set of private keys.
How do I send crypto from Ledger to exchange? ›
To summarize everyone's insight:
- Read carefully the information required by the “Receive” exchange, including Memo/Tag for certain coins.
- Check the going rate for network fees.
- Enter and double check the Receive wallet address when entering in Ledger Live for “Send”
- Accept or customize the network fees.
Where can I buy crypto? There are different ways to buy crypto. You can buy crypto directly through the Ledger Live app with our partners.
What is the practice of Ledger selling? ›
Ledger selling offers a prospective buyer a financial product or investment based on a view of the prior performance history. The intent of displaying the ledger is to entice the buyer based on previous earnings for the investment.
What is the best way to sell crypto? ›
How to cash out your crypto or Bitcoin
- Use an exchange to sell crypto.
- Use your broker to sell crypto.
- Go with a peer-to-peer trade.
- Cash out at a Bitcoin ATM.
- Trade one crypto for another and then cash out.
