Is Ledger Wallet a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether Ledger Wallet is a good crypto exchange to start trading with. In this article you will learn whether Ledger Wallet is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker Ledger Wallet
The Ledger Wallet exchange for cryptocurrencies is a complex portal designed to trade and store cryptocurrencies. The website includes a multi-platform stock exchange application called Ledger Live and two hardware wallets—Ledger Nano X and Ledger Nano S. For trading on the exchange, hardware wallets are required, they are synchronized with an application that can be installed on a PC or smartphone. The cryptocurrency exchange presents contracts for 27 cryptocurrencies and 1,500 tokens. The most popular cryptocurrencies traded on the exchange are Bitcoin, Ethereum, Litecoin, Ripple, and BitcoinCash. Cryptocurrency can be stored in a wallet in the Ledger Wallet app or in your third-party wallet.
| 💰 Account currency: | XBT |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | No |
| 💱 Spread: | Market |
| 🔧 Instruments: | 27 cryptocurrencies, 1500 tokens, sale and purchase for US dollars |
| 💹 Margin Call / Stop Out: | No |
Ledger Wallet Pros and Cons
👍 Advantages of trading with Ledger Wallet:
•You can trade the most popular cryptocurrencies and their tokens on this exchange;
•no restrictions on the deposit or withdrawal funds and you can use your wallet;
•high activity on the exchange and a large volume of transactions;
•own training programs and regular market analytics;
•unique developments in the field of hardware cryptocurrency-wallets;
•convenient Ledger Live application with simple functionality;
•Polkadot integrated zero-level blockchain.
👎 Disadvantages of Ledger Wallet:
•the website and software are not localized into other languages, the interface is available only in English;
•technical support is also only in English;
•the usage of Ledger Nano hardware wallets is required; you can operate on the exchange only in this way.
What is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
-
Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
-
Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
-
Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
-
Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
-
Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
-
Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for Ledger Wallet Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. Ledger Wallet offers traders the following conditions.
| 💻 Trading platform: | Proprietary platform, web and mobile versions, plus hardware wallet |
| 📊 Accounts: | Standard |
| 💰 Account currency: | XBT |
| 💵 Replenishment / Withdrawal: | Visa, Mastercard, American Express, Bitpay, and Paypal |
| 🚀 Minimum deposit: | $1 |
| ⚖️ Leverage: | No |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | 27 cryptocurrencies, 1500 tokens, sale and purchase for US dollars |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | n/a |
| ⭐ Trading features: | You need the exchange hardware wallet to trade |
| 🎁 Contests and bonuses: | n/a |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of Ledger Wallet commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
Ledger Wallet doesn’t charge fees for deposits and withdrawals, or transfers between its wallets and the wallets of other users. The commission is charged only for purchase and sale transactions. There is no fixed commission indicator, it is calculated individually, based on the cryptocurrency used, the type of transaction, and the volume.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From 0.1% | No |
Investment programs of Ledger Wallet
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. Ledger Wallet offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
Cryptocurrency exchange Ledger Wallet doesn’t offer investment solutions. The exchange functionality is focused strictly on generating income from the independent sale and purchase of the selected cryptocurrency. There is no passive earning options on this platform.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
Ledger Wallet’s affiliate program:
Ledger Wallet has a standard affiliate program. You share your referral link with another user, he registers, and you get 10% from each sale. Regardless of the cryptocurrency that the referral uses, you receive payments in Bitcoins. The program is single-level.
The cryptocurrency exchange also has a Bounty program. This program is aimed at identifying and eliminating vulnerabilities in the system. To get a bonus:
accidentally or deliberately find a critical security vulnerability in the software or hardware wallet;
privately inform the developer about the vulnerability found, wait for verification;
if the vulnerability is deemed critical, you get an individual payment and you will make it into the Ledger Wallet “Hall of Fame”.
The standard reward on the Bounty program is 10 BTC. But higher payments to a specific user may depend on the level of the vulnerability detected. Web services can also participate in the program.
Conclusion. Is Ledger Wallet good for beginners?
The Ledger Wallet cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, Ledger Wallet could be considered as a good cryptocurrency exchange for a start.
- Is CoinDCX a Good Crypto Exchange for Beginners?
- Is Bitbank a Good Crypto Exchange for Beginners?
- Is Coinsuper a Good Crypto Exchange for Beginners?
- Is CoinCorner a Good Crypto Exchange for Beginners?
- Is Bitazza a Good Crypto Exchange for Beginners?
- Is CoinEx a Good Crypto Exchange for Beginners?
- Is eToroX a Good Crypto Exchange for Beginners?
- Is Huobi Global a Good Crypto Exchange for Beginners?
- Is Zaif a Good Crypto Exchange for Beginners?
- Is Bitvavo a Good Crypto Exchange for Beginners?
- Is Bitkub a Good Crypto Exchange for Beginners?
- Is BingX a Good Crypto Exchange for Beginners?
- Is CrossTower a Good Crypto Exchange for Beginners?
- Is Quidax a Good Crypto Exchange for Beginners?
- Is Unocoin a Good Crypto Exchange for Beginners?
- Is Catex a Good Crypto Exchange for Beginners?
- Is Bitci a Good Crypto Exchange for Beginners?
- Is Korbit a Good Crypto Exchange for Beginners?
- Is Upbit a Good Crypto Exchange for Beginners?
- Is Coinmama a Good Crypto Exchange for Beginners?
- Is Zipmex a Good Crypto Exchange for Beginners?
- Is Coinburp a Good Crypto Exchange for Beginners?
- Is Paymium a Good Crypto Exchange for Beginners?
- Is Nominex a Good Crypto Exchange for Beginners?
- Is Binance a Good Crypto Exchange for Beginners?
- Is BW com a Good Crypto Exchange for Beginners?
- Is Mercado Bitcoin a Good Crypto Exchange for Beginners?
- Is Delta Exchange a Good Crypto Exchange for Beginners?
- Is CoinList a Good Crypto Exchange for Beginners?
- Is Bitexen a Good Crypto Exchange for Beginners?
FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
Related Articles
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.