Tutorial: Using a Ledger Nano S with Decentralized Exchanges

in ethereum •  5 months ago

Ledgerimage.jpeg

Hardware wallets are a great way to store your cryptocurrency investments more safely.

They’re also more convenient to transact with compared to using things like paper wallets.
In fact, the number of platforms that have integrated support for wallets like the Ledger and Trezor is growing, this is also true for decentralized exchanges.
Reason being that decentralized exchanges essentially require you to be in charge of your own wallet.
This is pretty much the bare minimum type of decentralization required of an exchange to be considered a decentralized exchange.

For the purpose of this video I’ll be covering how to use a Ledger Nano S with the decentralized exchange called IDEX.

If you just received your hardware wallet and are not very familiar with how it works, it’s best that you to take the time and get comfortable with navigating the device, using the buttons, and also understanding the settings options.

But please keep in mind, you only get three attempts at inputting your pin before the device locks up, so be careful to do this step correctly.

If you need guidance on how to set up your new Ledger Nano, I’ve made a comprehensive guide that walks you through the stages from opening the package to adding wallets and how to send and receive funds. A link to that video can be found down below.
If you wish to purchase a ledger hardware wallet, you can help support this channel by using my referral link here, this can also be found down in the description.

I appreciate your support!

Ok so now that you’re a pro with your Ledger, and you’re ready to become an expert with decentralized exchanges, (which I think is a very wise choice)

Let’s get into it.

Are you a visual learner? Do you learn best by listening? Check out the Video Here for Added Assistance

IDEX is specifically designed to interact with the Ethereum blockchain so this means it supports the trading of Ethereum with ERC20 tokens.

Your first step will be to make sure you have browser support activated on your hardware wallet.

To do this, you need to:

  • Plug in your ledger, carefully input your pin, and navigate to the Ethereum wallet.
  • From here you can scroll down to the settings menu and select browser support and select the yes option.
  • You’ll also need to select the contract data option and select yes.

Now your device is able to interact with websites other than the Ledger applications that you downloaded onto your web browser.
It is also now ready to work with ERC20 tokens as well.

For those of you who might not know, ERC20 tokens can be stored on Ethereum addresses since they are tokens that exist on the Ethereum blockchain.

So you are logged into your device, you are in your Ethereum wallet, with browser support activated, and contract data activated.

We are ready to connect to IDEX.

Once you are on the IDEX.market website, it’s important to know the trading and withdrawal limits so you don’t end up with coins stuck on the exchange.

  • Choose the unlock wallet option in the upper right hand corner.
    This is how you will connect your ledger wallet and transfer the funds inside onto IDEX in order to make trades.
  • Unlock wallet
  • Choose the Ledger wallet option and click unlock.
    You’ll be prompted to select your derivation path.
  • Since we want to work with Ethereum, choose the Ledger ETH option.
    Under this you’ll see a list of addresses that you can choose from to use with this decentralized exchange.
  • Choose the address that has the funds you’d like to deposit onto the exchange.
  • Once you’ve selected the address you want to use click on the unlock wallet button.

You are now connected to IDEX.

You can reference your balance information using the Balances tab and selecting Full Balances.
To make things less overwhelming you can check the small box to hide zero balances.
Here you’ll see that the wallet balances refers to the amount of funds in your wallet that you connected through your hardware wallet.
IDEX balances refers to the amount of coins that are still on IDEX that have yet to be deposited back into the safety of your hardware wallet.

Now it’s time to deposit your ETH or other ERC20 tokens onto IDEX to trade.

  • Find the token you’d like to deposit onto the exchange and select deposit.
    Please keep in mind that you will need to save some Ethereum specifically in your wallet in order to cover for the gas fees. These fees are applied when you deposit, trade and withdraw.
  • Fill in the amount you’d like to deposit
  • Set your gas price
  • Confirm the transaction.
  • Because this is involving your ledger wallet, you’ll also have to confirm this transaction on your device as well.

The deposit is now processing.
You can reference its progress by heading to the balances tab and selecting balance history.
Don’t be too eager to hit refresh for these transactions as it might disrupt the process, just be patient.
Once the transaction has achieved 10 confirmations the funds will have been moved onto IDEX.

Once the deposit goes through you’re free to take those tokens or Ethereum and trade with them on the exchange.

If you want to know how to make a trade on IDEX, go ahead and check out my tutorial which was created just for you. That link can also be found down below.

Once you’re done trading, the withdrawal process is pretty much identical to the deposit process.

This time you will:

  • Go to the balances tab
  • Select withdraw.
  • Fill out that form regarding how much you want to withdraw
  • Hit confirm.
  • Again, you’ll need to confirm this transaction on your Ledger device.

And that’s how it’s done.

You can now connect your hardware wallet and deposit and withdraw both Ethereum and ERC20 tokens onto IDEX!

If you want to check the balances of this hardware wallet, for example, if your curious which ERC20 tokens are stored on it, go to etherscan.io and input the public address of the wallet you’d like to analyze.
This will list all coins and tokens that are stored using that address.

Additional Reading/Links:

Referral Link for Ledger Products

How to Trade on IDEX

Check your balances with your PUBLIC key

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Hi Heidi!

Thanks a lot once again for this new video.

Amazing information and tutorial you provided in this one. I did not really know that I can use my Ledger with IDEX and of course I had no idea how do.
So thank you so much for this one.

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WOW thanks a lot for the upvotes! I really appreciate that.

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@heiditravels Thanks for all the information you share, is a huge help for the community. Keep going with those great videos and your amazing nomadic life style. Cheers

Thank you for your great videos. A question if the dex domain is comprised and a fake page is presented a hardware wallet provide protection as you never sent the key out is that correct?

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Correct, also you need to confirm any activity with the device also. Unless they have your device you're funds will remain in your hardware wallet.
Side note There are more decentralized exchanges which don't have the issue of you needing to trust a centralized domain. Check out Blocknet and Bisq as well :)

A subject about you could make a great video is about taxes for the crypto currencies...Which are the best places to live in or where would you pay the less taxes for trading and hodling crypto???