Using a cryptocurrency storage hardware wallet is a way to protect your crypto and digital assets. In this article we will explain how to connect Ledger Nano to Binance Smart Chain Network (BSC). You can store any BEP-20 token on your device, but if your tokens are not visible, you may need to manually add support for it to appear in your transactions and UI.
In this article, we will discuss:
What is a Ledger Nano?
Ledger Nano S and Ledger Nano X are two wallets of cold storage hardware from Ledger. They can connect to a computer via USB to transact and manage cryptocurrencies stored in the wallet. This is done with the Ledger Live app or via MetaMask. Each device has a small screen and buttons for navigating the display.
cold storage device
A hardware wallet is a highly secure device for storing private keys. Of all the wallet options you have, it is by far the safest. Your private key is never exposed to the Internet at any time, greatly reducing the chance that someone will be able to hack or steal it. However, you need to keep the device physically stored somewhere safe, along with a backup of your private key in case you lose the device.
Setting up a Binance Smart Chain account in Ledger
- If you haven't set up your Ledger Nano yet, download the Ledger Live app to your desktop or mobile device and follow the setup instructions from Ledger.com. Open Ledger Live and connect your device via USB. Ledger Live allows you to manage cryptocurrencies on your cold storage device in different blockchains.
- Go to the Accounts tab and click [Add Account]. You will then see the BSC option. Select [Binance Smart Chain] and click [Continue].
- Ledger Live will now have created a BSC account for you. Then go to the [Receive] tab.
- Choose your BSC account before clicking [Continue].
- You should now see your Binance Smart Chain address displayed on your Ledger device and in the Ledger Live app. This address is only compatible with BEP-20 tokens. It does not support BEP-2 or Binance Chain tokens.
- Check the address on your device on it and press [Confirm].
Does Ledger Live app support all BEP-20 tokens?
Your Nano Ledger will accept any BEP-20 token, but it may not initially appear on your scale. Your token will be there safely and all you need to do is add some technical details so that it will show up in Ledger Live and on your Ledger device.
Ledger Live displays BEP-20 tokens in three different ways:
- With balance and fiduciary value. This is for fully supported tokens.
- With just a balance amount, but no fiduciary amount. This is for semi-supported tokens.
- No balance and no fiduciary value. This is for unsupported tokens, where you will have to add your details yourself.
If you have uploaded BEP-20 tokens to the Nano Ledger BSC wallet, but cannot see your balance in Ledger Live, check it again with BscScan. Go to BscScan and copy it to your BSC Ledger Nano address. Click the [Token] drop-down box on the left to view your balance.
Access my non-compatible BEP-20 token balance
Your Ledger Nano can store any BEP-20 token, but not every BEP-20 token in the BSC ecosystem is natively displayed on your Ledger Nano. For this reason, to manage your unsupported BEP-20 tokens, you will need to use a wallet like MetaMask with your Ledger Nano.
- If you don't already have MetaMask installed on your Chrome, Firefox, or other supported browser, go to their website and install the supported extension.
- Create a MetaMask wallet or log into your existing MetaMask wallet. Creating a wallet is simple – just make sure you keep a secure backup of your seed phrase, preferably on a device not connected to the Internet.
- Next, you will need to follow our Connecting MetaMask guide for Binance Smart Chain. This will involve adding a customer RPC with the following details:
Mainnet
Network name: Smart chain
New RPC URL: https://bsc-dataseed.binance.org/
Chain ID: 56
Symbol: BNB Faucet
Block Explorer URL: https://bscscan.com - After successfully following the tutorial, go back to step 4.
Connect your Nano Ledger to your computer and then open your device's Binance Smart Chain app. You can do this by looking for the Binance Smart Chain icon and simultaneously pressing both buttons on the Nano Ledger. - Open the Ledger Live app connected to the Nano Ledger.
- In MetaMask, go to [Settings] – [Advanced] and then enable [Use Ledger Live]. Your Nano Ledger will appear as a MetaMask account.
- Next, you will need to add the contract address of the unsupported BEP-20 token in MetaMask as a custom token.
- You can find the BEP-20 token contract by searching for the coin on CoinMarketCap or GoinGecko. You will see the box below with the information you need to copy. Also, be sure to note the [Decimal] field as well.
- Make sure you are in your Ledger Nano account in MetaMask and Binance Smart Chain is selected, click on the [Assets] tab. Scroll to the bottom and click [Add Token].
- Copy the address from the token contract and the decimal. MetaMask will normally fill in the rest of the details for you. The [Token Symbol] field is the stock symbol you want your wallet and Nano Ledger to display for crypto. In our example this would be CAKE . Finally, click [Next].
You will now have added support for your BEP-20 token on your Nano Ledger. If you decide to move the tokens into your wallet, make sure you have some BEP-20 BNB for transaction fees.
Conclusion
Using a hardware wallet is an important security update to protect your cryptocurrency portfolio. If you're a HODler, you won't even need to connect your device to your computer very often. You can buy crypto and send it to your device's address without ever connecting it.
Even if you regularly access it for trading, stakeout, or Decentralized Finance (DeFi) DApps, using your wallet with Ledger Live or MetaMask only requires one extra step: connecting your device. Whatever your crypto retention strategy, there is almost no downside to using a hardware wallet with BSC as long as you keep your device and start phrase secure.
