The cooperation between crypto exchange FTX and hardware wallet manufacturer Ledger is bearing fruit: as of now, more than 120 cryptocurrencies can be swapped among each other at FTX from Ledger.
Ledger’s hardware wallets are known for the highest possible security paired with great ease of use. A new feature demonstrates these benefits for investors in collaboration with crypto exchange FTX. According to Ledger’s blog post, it is now possible to do so-called swap business at FTX via the Ledger Live software with just one mouse click. More than 120 cryptocurrencies are involved, resulting in more than 7,000 combinations for a swap, the company writes.
Previously, it had been necessary to first transfer Bitcoin and Co. from the Ledger Nanos S (Plus) or Nano X hardware wallets to FTX for swaps, then settle the transaction there and then secure crypto back on its own hardware wallet. The complicated procedure is eliminated with immediate effect and instead swap can be chosen directly at Ledger Live. It is only necessary to determine the desired trading pair for the swap and release the self-selected amount for it. The exchanged cryptocurrency is then credited via Ledger Live and securely stored in real time on the Nano X or Nano S (Plus). With a short video, Leder shows the process:
Ledger points to FTX’s low fees, high security and market position as other benefits in addition to ease of use. In fact, FTX has become the second largest trading venue in the world in spot markets in terms of turnover, which guarantees the formation of fair prizes in swaps. Moreover, FTX has so far been spared from scandals. Our comparison between FTX and market leader Binance at the end of 2021 showed a positive picture.
Conclusion: Cooperation with FTX another argument for Ledger hardware wallets
Anyone who trades in Bitcoin and Co. and designs investment strategies should definitely use a hardware wallet anyway to keep their assets safe from hacker attacks, separate from the Internet. Pascal Gauthier, CEO of Ledger, says that 20 percent of the world’s investments in crypo are now secured on the just over 5 million hardware wallets his company sells. With the ease of swapping on FTX in conjunction with Ledger Live, you can react quickly to market movements. In Ledger’s current range, we have praised the Nano S Plus for beginners and occasional traders from our own experience and recommended the Legder Nano X for frequent users.