Getting a 2nd Hardware Wallet Nano Ledger S Plus For Daily Trading?

[jerry0]

I only have a nano ledger s and been using it for a while.  I have btc, bch, btg and waves app on it.  I have coins on btc and bch and waves.  I do not do transactions that much so it is more of a long term storage. 


I also have never done any trading before.  But if I want to start doing lot of trading, let say with btc but also with eth and those other coins, i should definitely get a 2nd hardware wallet for this right?  I have heard of metamask and never used it ever.  But I heard if you connect to bad contract or something not good, you could get hacked? 



I would llke to try and trade those strange coins like meme coins and I believe these coins are only available in places like uniswap and pancakeswap?  Is that correct?  What exchanges would I even use for this?  Also, I feel it is better using say a nano ledger s plus and thus a 2nd hardware wallet strictly for daily trading with all these altcoins?  That is certainly better than using the nano ledger s since I have add and remove coins since of the limited space?



So I want opinion from people who trade those other altcoins .



Because it seems less risky with another 2nd wallet where it is more like your daily trading hardware wallet?  So anything you do on it even if you connect it to a malicious contract, it won't affect your nano ledger s right?



The other thing is do many people here use both their 2 hardware wallets on ledger live?  Because I would still plan to have btc wallet in the 2nd hardware wallet.  But it would not affect your main nano ledger s wallet right?


Also do people who trade daily keep their coins in say uniswap, pancakeswap or those things.. do you keep the coins there or you move them to your metamask or hardware wallet daily?  Seems like you would be wasting lot of money if you keep moving the coins back and forth daily if you are a trader?

[IIrik11]

second hardware wallet with different seed would be a great option for day-to-day trade trading.

and no, your other hardware wallet won't get affected.

people do keep their shit-coins on exchanges because like u said transferring them back and forth would be expensive.

but if the amount of coins u hold is greater than like say $1000 then u should definitely move them to ur hardware wallet.

but don't attach your nano with different hot wallets like some of those shit-coins suggest.

[ABCbits]

Most exchange require few confirmation and high withdraw fee. If you frequently move your coin between exchange and hardware wallet, it's likely you'll lose your money either because,
1. You miss timing to make a sell/buy (due to amount of transaction confirmation).
2. You lose your profit due to high withdraw exchange fee.
3. You lose your profit due to transaction fee of that coin.

P.S. This reply was written for another member who might have similar question or visitor from google search result.

[bitmover]

I also have never done any trading before.  But if I want to start doing lot of trading, let say with btc but also with eth and those other coins, i should definitely get a 2nd hardware wallet for this right?  I have heard of metamask and never used it ever.  But I heard if you connect to bad contract or something not good, you could get hacked?  

No need to use an extra hardware wallet, imo.

You won't the leaking private keys or anything like that when you make a transaction. So you can use it once a day and there is no security risk (unless you are going to care it around out of your home)

As you never day-traded before, start small.

Just send 1%-5% of your overall holdings and try to day trade it.
Keep all that money in the exchange while you are learning.

See how you feel and if you really want to keep that strategy.

Also do people who trade daily keep their coins in say uniswap, pancakeswap or those things.. do you keep the coins there or you move them to your metamask or hardware wallet daily?  Seems like you would be wasting lot of money if you keep moving the coins back and forth daily if you are a trader?

Uniswap and pancake swap can be done from within your hardware wallet. You do not need to move your coins out of the hardware wallet to use them.

They are just swaps. They will interact with your metamask (compatible with trezer/ledger) and will send the coins back to the same address you sent from.

[jerry0]

The fees to send these coins seem to be not worth it.  I am not talking about tiny amounts.  Let say I want to start with say few hundred dollars to practice.  Then if I want to continue, would be thousands etc.


So anyone that has over 1k balance for trading should absolutely use a hardware wallet for this?  Again, I am talking about trading those crap coins where it is hard to find them unless you use uniswap or pancakeswap etc.  So what about that?  You say no need for extra wallet.  But if your laptop gets malware, then isn't your coins on uniswap, sushiswap or pancakeswap or metamask at risk then?  That doesn't seem that safe to me if your trading wallet which could be thousands of dollars or more is a hot wallet?  I would plan to start small ... few hundred dollars... then go to thousands etc.  By that I mean the balance etc. 



Now if you are trading on coinbase and gemini, would this be different or not?  Because at the end of trading, you keep the coins there for the usd balance there and trade the next time whenever right?



But the people that use metamask with these memecoins and strange coins, is it different or not?



Let say if i have to have 3k usd worth of coins and buy $500 of altcoin1, $1000 altcoin 2, $1500 altcoin 3 etc.  So just keep the coins in the exchanges or metamask?  But if you want to use a hardware wallet... should you always use a 2nd hardware wallet strictly for this?  Because say your main nano ledger s, it is mainly your btc and bch that you store but you also do transactions on it but it isn't a daily transaction.



So based on this, what is the best recommendation?  My main concern is... I wouldn't want to use the same nano ledger s for it because if you connect to malicious contract, are you putting your btc and bch at risk?  Because i thought with a 2nd hardware wallet, even if you make a mistake somewhere, any harm is only done to whatever coins you have on the 2nd hardware wallet?

[joniboini]

If you're planning to trade in thousands of dollars worth of tokens, maybe getting a cheap Nano S is okay. Most of the shitcoins won't get listed on cex anyway. But remember that most of them have terrible liquidity on dex. The main concern would be the trading opportunity instead of what wallet you use to store your tokens. In short, I think it's okay if you plan on primarily using dex, but if you're planning to use centralized exchange then as others have pointed out, you might be losing more money due to the fees if you can't make a decent profit.

[jerry0]

Okay so most people who are trading altcoins on those dex like uniswap and sushiswap... the main wallets they use are metamask and or trustwallet right?


But do most people use a hardware wallet with it?  So basically with the hardware wallet attached to the metamask, your metamask seed which you get when you first install metamask is then completely useless right?  So even if your laptop get hack or malware, nothing could happen to your metamask wallet?


With the nano ledger connected to the metamask, anything wrong that could happen is on you because you are confirming or rejecting the transaction on the nano ledger screen right... thus similar to how you use the nano ledger with ledger live when you do transactions with btc?

[n0nce]

Okay so most people who are trading altcoins on those dex like uniswap and sushiswap... the main wallets they use are metamask and or trustwallet right?

I understand MetaMask, since it's convenient sitting in your browser extensions. But Trust Wallet? Why is that popular? (Is it?) As far as I know, it's a mobile app, which makes it super inconvenient to use when trading on PC (which I think is desirable due to screen size).
Meanwhile it's completely closed-source and not recommended, in light of better alternatives. https://walletscrutiny.com/android/com.wallet.crypto.trustapp/

But do most people use a hardware wallet with it?  So basically with the hardware wallet attached to the metamask, your metamask seed which you get when you first install metamask is then completely useless right?

It's unlikely that statistics on something like this exist. You could create a poll about this in the forum's Trading section.

So even if your laptop get hack or malware, nothing could happen to your metamask wallet?

With the nano ledger connected to the metamask, anything wrong that could happen is on you because you are confirming or rejecting the transaction on the nano ledger screen right... thus similar to how you use the nano ledger with ledger live when you do transactions with btc?

I'm pretty sure that it works like that, yes. Otherwise connecting a hardware wallet to it would be completely pointless. I can't vouch for this though, as I never tried.

[hugeblack]

If you want to trade with amounts more than a thousand dollars, then paying less than 100 dollars to buy a wallet will not be a problem.

Hardware wallets are designed for long-term storage and therefore day trading is not a suitable option, but if you want to prepare deals according to points of support and resistance (where trading times are limited times during the week or month)

anyway 2 wallet better than one specially if you want to hodling it for more than 3 years

[Pmalek]

If you're planning to trade in thousands of dollars worth of tokens, maybe getting a cheap Nano S is okay.

It might be late for that now. The official Ledger online store doesn't sell them anymore. There could still be some with official resellers or in 3rd-party electronics stores (physical stores). I don't rule out the possibility that Ledger still keeps some Nano S' on their shelves that can be used as potential replacement devices for those that are still under warranty.

Okay so most people who are trading altcoins on those dex like uniswap and sushiswap... the main wallets they use are metamask and or trustwallet right?

The people here don't count as "most people". They don't deal with altcoins, don't use Trust Wallet, Uniswap, Sushiswap, and the likes.

But do most people use a hardware wallet with it?  So basically with the hardware wallet attached to the metamask, your metamask seed which you get when you first install metamask is then completely useless right?  So even if your laptop get hack or malware, nothing could happen to your metamask wallet?

The proper way to use a hardware wallet is to generate a seed in its safe environment and not import a seed from a browser extension like MetaMask. Your hardware wallet-generated seed and the safely stored private keys would be safe if something happens to MetaMask and you get malware on your computer. The things you are not safe with is phishing and getting social engineered to reveal information about you and your seed/wallet.