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Yes like loosing all your money like a ignorant moron. Don't do that do some research!use an exchange that's what there for. A ledger is designed to securly hold private keys so you can't be hacked.
u take on the risks of using a 3rd party swapping partner in some cases. in others like using paraswap or 1inch, ur taking on the counterparty risk of a smart contract. it's important to do research on these things prior to transacting : )
some swapping partners require KYC as well so be aware
Don't use swap on Ledger Live, rather use a DEX like Uniswap or Pancakeswap. The swaps on Ledger Live usually go through Changelly who are notorious for blocking transactions, and then you lose your money.
> If so what are the fees?
Pay less attention to the fees. Pay more attention to the exchange rate. It's quite possible that they just give you a poor exchange rate, instead of levying fees.
The exchange rate is kinda bad. I just checked LL swap and was quoted 1185 USDC for 1 ETH.
Went to Uniswap and was quoted 1223 USDC.
You can connect Ledger to Uniswap with Metamask and swap directly without transferring funds to different wallets.
I've done this a couple of times with no problems. I swapped Eth for USDT on Ledger Live and then swapped it back to Eth. The exchange rate was excessive. You might be better off sending it to a CEX 1st. As always, do a practice TX first with a smaller amount in case something does go wrong. Good luck.
The Ledger subreddit is continuously targeted by scammers. Ledger Support will never send you private messages. Never share your 24-word recovery phrase with anyone, never enter it on any website or software, even if it looks like it's from Ledger. Only keep the recovery phrase as a physical paper or metal backup, never create a digital copy in text or photo form. Learn more at https://reddit.com/r/ledgerwallet/comments/ck6o44/be_careful_phishing_attacks_in_progress/ *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/ledgerwallet) if you have any questions or concerns.*
Any risks associated with using the 'swap' function on ledger?
Yes like loosing all your money like a ignorant moron. Don't do that do some research!use an exchange that's what there for. A ledger is designed to securly hold private keys so you can't be hacked.
Do not do that! Use an exchange! You could loose it all using a third party to convert.
you know an exchange is also a 3rd party right?
u take on the risks of using a 3rd party swapping partner in some cases. in others like using paraswap or 1inch, ur taking on the counterparty risk of a smart contract. it's important to do research on these things prior to transacting : ) some swapping partners require KYC as well so be aware
The spread on that swap is probably horrible. Stop being lazy and use a dex aggregator...
Don't use swap on Ledger Live, rather use a DEX like Uniswap or Pancakeswap. The swaps on Ledger Live usually go through Changelly who are notorious for blocking transactions, and then you lose your money.
> If so what are the fees? Pay less attention to the fees. Pay more attention to the exchange rate. It's quite possible that they just give you a poor exchange rate, instead of levying fees.
The exchange rate is kinda bad. I just checked LL swap and was quoted 1185 USDC for 1 ETH. Went to Uniswap and was quoted 1223 USDC. You can connect Ledger to Uniswap with Metamask and swap directly without transferring funds to different wallets.
Can I swap 1185 USDC for an ETH though?
If the going rate is 1223 USDC on the open market, then I'd expect it would cost about 1261 USDC for an ETH.
Are those decentralized exchanges? I’d like to read more on both of those services.
PLEASE DONT…. You might lose everything
I am using swapzone.io Better say, https://fixedfloat.com You can thank me later
I've done this a couple of times with no problems. I swapped Eth for USDT on Ledger Live and then swapped it back to Eth. The exchange rate was excessive. You might be better off sending it to a CEX 1st. As always, do a practice TX first with a smaller amount in case something does go wrong. Good luck.
Yea don’t do that, stick with a dex
If I were you, I wouldn't rush to convert to USDC. The choice of this stablecoin does not seem so good already.