Transfer Krypto from Bitpanda to Ledger

[Tom03]

Dear Experts, when attempting to transfer cryptos from Bitpanda to my Ledger Nano S Plus hardware wallet, I'm presented with a choice: 'Wallet Host on Ledger' or 'Ledger Live'. What is the difference? My goal is to send the cryptos to the cold wallet (i.e., this USB stick) and not to a cloud-based solution from Ledger. Could this even be a 'trap'? How reputable is Ledger, or am I stepping onto thin ice?"

The argument from Ledger Support to send to their "Live Wallet " as following :  (but I dont belive that)


Ledger Live is essentially a management tool that allows you to interact with your cryptocurrency holdings. It does not store your cryptocurrencies; instead, it provides a way to view and manage them securely through your Ledger hardware wallet. Here's a simplified breakdown: 1. Interface: Ledger Live acts as an interface for you to manage your crypto assets. It allows you to see your balances, initiate transactions, and manage your accounts. 2. Security: Your private keys, which are necessary for authorizing transactions, are stored securely on your Ledger hardware wallet. They never leave the device, ensuring your assets are protected. 3. Transaction Process: When you want to send crypto, you use Ledger Live to prepare the transaction. The transaction is then sent to your Ledger device, where it is signed using your private keys. This signed transaction is then broadcasted to the blockchain network. 4. Blockchain Interaction: Ledger Live interacts with the blockchain to update your account balances and transaction history. It queries the blockchain to provide you with the latest information about your assets. The key point is that Ledger Live facilitates the interaction with the blockchain while keeping your private keys secure on the hardware wallet. This setup ensures both security and functionality. If you need further assistance or have more questions, you will be able to contact a human assistant in the next steps.

[BitMaxz]

That's a bad idea to use the hosted one when withdrawing crypto from Bitpanda; any cloudbase wallet are risky and it might sent to a wallet that you don't fully control. like you said, possible a trap.
According to them, there's an option to choose a self-hosted wallet; this should be what you selected when withdrawing from BitPanda the withdrawal will be sent to your ledger device.

I found a guide; check the link below; I don't know if Bitpanda is still active; they also have own announcement thread here

Code:

https://support.bitpanda.com/hc/en-us/articles/360000902845-Withdraw-cryptocurrencies

Sorry to put it in code; I just don't want to link them here.

[dkbit98]

Dear Experts, when attempting to transfer cryptos from Bitpanda to my Ledger Nano S Plus hardware wallet, I'm presented with a choice: 'Wallet Host on Ledger' or 'Ledger Live'. What is the difference? My goal is to send the cryptos to the cold wallet (i.e., this USB stick) and not to a cloud-based solution from Ledger. Could this even be a 'trap'? How reputable is Ledger, or am I stepping onto thin ice?"

Ledger is crap, and it's possible that is another trap coming from them.
It's a good idea to move coins from centralized exchanges to non-custodial wallets,
but I would choose some different option for cold storage that is open source, something like Trezor, Satochip, Krystone, etc.
More important thing is that you keep seed words offline in a safe place, and never enter them anywhere online.

[Pmalek]

I have never used Bitpanda in my life and it's been years since I last used a standard CEX. Withdrawals should be as easy as you selecting the coin you wish to withdraw, enter the address, and perhaps select the right network. This bullshit that Bitpanda is asking for has probably something to do with the EU turning into Orwell's 1984 and all services being required to report all customer information to regulators and government agencies.

Ledger has lost a lot of reputation and can no longer be considered a trusted brand. This isn't the place to discuss it but you can find several threads in the Hardware Wallet sub about why that is. If you have another reputable hardware wallet, you could use that instead. You will still have to cope with Bitpanda wanting to know what you have and where you send your crypto. I would lie because f**k them.