Has anyone bought or sold bitcoin directly from the Ledger Live app?

[Bitman7976]

Hey guys.  I usually buy/sell crypto on Coinbase, then transfer back to my ledger nano X eventually.  If i wanted to sell, I usually send it back to Coinbase.

I know that ledger live has their own exchange partner(Coinify) and I was wondering what everyones thoughts were on Coinify.  Originally i was going to purchase bitcoin directly from the ledger live app this way, but it was a little scarey because they wanted me to wire money to Coinify's bank in another country.  I know in a sense its kind of like the same thing when i send money to Coinbase, but it just seems a little more simple and reassuring with Coinbase, seeing the instant balance show up instead of waiting days for a wire to be cleared with Coinify.

So, how do you guys/girls do it?  If I bought and sold from the ledger live app, whats the time frame to see your money?  Also it seems like wire fees are insane, $50.  My bank gives the option to send money in their(Coinify's) currency and its a lot cheaper, but didnt know if it would be accepted in anything but USD when buying bitcoin from them.  Thank you for the help.

[xcaret]

Coinify has ATM 's in Quebec, and Ontario that give out cash. I'd think that would make dealing with them a bit  less to worry about.
They also can issue prepaid Visa or M/C .
I was going to sign up with them after  doing a little research ,but I found I had an account elsewhere that I'd opened several years ago.
For me ,here in Canada ,I was having a hard time turning my partial BC into cash in my hand . Coinify was a way to do it. 

[Bratusvan]

I don't know anything about this company and its reputation, but please be careful anyway. It's so easy to get into trouble with all the hype around bitcoins nowadays, I would probably recommend everyone to be careful and check the security and legality of each company carefully. Because not only bitcoin itself is hard to trace and prove in general the existence of any operations with this asset, but the companies, which created it for fraudulent purposes, can also create conditions for you to lose money and not even immediately understand it. There are a lot of such services now, but only a few of them are really worth any attention.

[Lucius]

Bitman7976, if you want to buy crypto through Ledger Live you have to create an account on Coinify, which means that KYC is required on that exchange. Furthermore, at the beginning, users commented that the fees are terribly high compared to, say, Coinbase - but this is logical when even two companies have to take their share through this business.

If you think that buying through Ledger Live would be simpler or maybe cheaper for you, you can try to make one transaction (if KYC is not a problem for you) - and then compare the costs with a similar transaction on Coinbase. I’ve never used Ledger Live to buy, so I can’t say anything from personal experience.

You just need to follow the steps, and you will receive your crypto shortly. Thanks to the Coinify integration, the transaction is simple and once received you will be in charge of your own crypto through the safety of your Ledger hardware wallet. Together, we’ve also made sure that the fees meet the market standards: 4.5% for payment card users and 1.7% for bank transfers.

[crwth]

I haven't tried using the direct buy/sell feature on the Ledger App, but I frequently see it with ads and opportunities to buy at a 0% fee or something. I just know that if you take advantage of the promotion that they have, you can have it. But just like Lucius said, it's going to be a procedure, and you have to provide KYC.

Those kind of wire fees are not worth it, I suggest another way though. If you have the time to risk a minimal amount just to try and an understandable fee, why not try it? Or deposit it into another account in which you can have a type of debit card and use it.

[Shakazs]

I think that such services are extremely important now, because they allow you to quickly and easily make the necessary financial transactions, and almost always with minimal fees. The same goes for exchange or p2p, which is also in great demand right now.
Regarding mindfulness I agree, but in my opinion it matters in any circumstance and in any business, not just ours.
The commission here is really not very low, but maybe this is due to the fact that the service works at all without failure and ensures complete safety and confidentiality of data. An expensive service requires additional investment - that's the law. But now I would also like to hear the opinions of existing clients.

[LeGaulois]

"with minimal fees..."

Are you joking? The original poster mentioned $50, how is that minimal, when we usually can but BTC in an exchange platform with a 0% deposit and 0.15% to trade. Have you ever buy bitcoins just once to realize what you're saying
$50 is minimal? 1.7% for bank transfers mentioned after isn't 'cheap", it's x10 compared to the standart

"complete safety and confidentiality of data"

What are you talking about? There is nothing confidential buying coins via Ledger Live since it uses Changely. I advise going to read changely's privacy policies
And doing a bank transfer with Coinify is less confidential since you need to verify your identity and provide personal data to foreign persons

[Nhazwrath]

II am currently using Bitbuy in Canada.  they are Fintrac compliant ( https://www.fintrac-canafe.gc.ca/intro-eng )which means money transfers via email e-transfer deposit are approved by Canadian Gov and the banks which is quite an achievement.  they also have low rates.

[8coin8]

I haven't tried using it, But I traded bitcoin through a trustworthy exchange, With SEC certified from my country.

[blockman]

I haven't tried it and that's because of the fees that they have. They have published that article about integration to Coinify before the bull run so looking and calculating it at this time makes it more expensive. Just use another exchange that's really for exchanging rather than use that feature. A ledger is as good as a hardware wallet and not an exchange.

[TribalBob]

I have never tried and just found out about this after read your thread , I used to buy bitcoin on an exchange that supports my currency and use a bank with a name that matches the KYC I do, thus I don't hesitate to transact bitcoin.
for me the way you do it is too complicated how many transactions have to do

[EdgeoftheContinent]

I have not and I imagine they have high fees with it being integrated into ledger live

[Bitman7976]

Thanks guys.  Well I dont feel comfortable sending a wire to a foreign country thats for sure.  So basically I've been using coinbase.  My problem is that once I transfer money from my bank account to them, i then buy bitcoin.  My problem is that, even after my money is withdrawn from my bank account, they still will not let you withdraw the bitcoin for 10 days.  A lot can happen in 10 days....EMP, Site Hack, etc., so its scary waiting.  Have you seen what happen to livecoin?

By the way,  whats KYC?

Well does anyone know any other legit exchanges that dont hold for so long?  

The only other option I see is to buy crypto with credit card to protect yourself and maybe you can withdraw it instantly.  Does anyone know any exchanges that accept credit card?

[joniboini]

KYC is Know Your Customer, basically, you need to submit details about yourself such as an ID card, proof of residence, etc before you can use their services and in some cases prove that you're not doing illegal transactions.

There are a lot of options, such as Simplex. But buying with a card is really expensive imo, and depends on your volume, it might not be worth it at all. Another option is to do P2P transactions through Hodlhodl or this forum, but obviously finding a trusted seller is a problem on its own.

[Keila Faith Villanueva]

Coinify has ATM 's in Quebec, and Ontario that give out cash. I'd think that would make dealing with them a bit  less to worry about.
They also can issue prepaid Visa or M/C .
I was going to sign up with them after  doing a little research ,but I found I had an account elsewhere that I'd opened several years ago.
For me ,here in Canada ,I was having a hard time turning my partial BC into cash in my hand . Coinify was a way to do it. 

r u sure that coinify is safe? I never hear about that.

[Globb0]

I didn't know you needed a specific exchange account, but it makes sense now you say it. You cant load cash on the ledger.

What are the other options? there is a paypal thing, but do you really get the coins?


I got my coins from bitylicious a long time ago.

What services do normal humans use to get bitcoin for their weekly purchases?

[Bitman7976]

I didn't know you needed a specific exchange account, but it makes sense now you say it. You cant load cash on the ledger.

What are the other options? there is a paypal thing, but do you really get the coins?


I got my coins from bitylicious a long time ago.

What services do normal humans use to get bitcoin for their weekly purchases?

[kiki8899]

– When you buy crypto and leave it on exchanges, they are vulnerable.
Also, you’re not in full control of them.
– With the Buy feature, you can purchase crypto directly on Ledger Live
– When using Ledger Live, the crypto you bought is immediately sent to the address created by your Ledger device
– This ensures that your freshly bought crypto is secure and in your control, starting from the moment you finish the purchase

sounds good

[Keila Faith Villanueva]

no, I never tried. BTC is too precious to me

[john_nautica]

I haven't tried it and that's because of the fees that they have. They have published that article about integration to Coinify before the bull run so looking and calculating it at this time makes it more expensive. Just use another exchange that's really for exchanging rather than use that feature. A ledger is as good as a hardware wallet and not an exchange.

Well, I could not agree more with you. Although I haven’t tried buying or selling Bitcoin directly from the Ledger live app, I do not also see myself from doing so. Especially that I have became aware of the fees, and I am just not confident about doing it, at least not yet. Nevertheless, I could attest that ledger live app is one of the good and secure hardware wallet I have used.