[Guide] How to Avoid Exchange Hacks by Moving Your Funds From Bittrex to Ledger

There are plenty of reasons to like Bittrex as an exchange platform, ranging from its low trading fees to its incredible liquidity and digital asset selection. Beyond this, Bittrex is also renowned for its excellent security record, being one of the few cryptocurrency exchanges with a flawless record — having never been hacked.

However, as an online wallet, Bittrex is invariably less secure than cold-storage solutions such as the Ledger Nano S. In addition to this, cryptocurrency exchange hacks are the most common cause of lost funds in 2019, while even major exchanges like Binance have been compromised.

Because of this, it is widely recommended to keep only a small fraction of your funds in your cryptocurrency exchange wallet, just enough to cover your day-to-day trades. The bulk of your funds should be stored on your hardware wallet, transferring funds to and from your exchange wallet as and when needed to maximize security.

With that in mind, the following guide will teach you how to maximize the security of your funds by showing you how to transfer your Bittrex funds to your Ledger Nano S wallet. For the purposes of this guide, we will be showing you how to secure your Bitcoin (BTC) with Ledger, but the same steps can be applied to any supported cryptocurrency.

Prerequisites

Make sure to update your “Ledger Live” App from here:

https://download-live.ledger.com/releases/latest/download

  • Ledger Live installed on your computer
  • A Ledger Nano S with an official Ledger USB cable
  • The Bitcoin app installed on your Ledger Nano S
  • Bitcoin balance in your Binance wallet
  • A Bitcoin wallet created on your Ledger Nano S

Moving Your Bitcoin from Bittrex to your Ledger Wallet

Step 1: To begin transferring your funds from Bittrex you will first need to log in to the exchange.

Depending on your security settings, you may need to enter a two-factor authentication code before being able to log in.

Step 2: Once logged in, select the ‘Wallets’ option on the dashboard to load up your Bittrex wallets.

Here, search for the cryptocurrency you want to move into cold storage by searching for it in the search box. In the example shown below, we have searched for Bitcoin.

Step 3: After searching for your wallet, Bittrex will pull up a list of wallets that match. Here, select the red withdrawal button on the left-hand side to begin the withdrawal process.

Step 4: After clicking the withdrawal button, a new prompt will open asking you to input your withdrawal address.

Now that you have reached this step, it is time to retrieve your wallet address from your Ledger Nano S.

To do this, simply open Ledger Live and navigate to the ‘Receive’ tab.

Step 5: Connect your Ledger device to your computer and unlock the device, select your Bitcoin account and follow the on-screen steps until your Bitcoin wallet is displayed on Ledger Live. Be sure to check that this address matched the one displayed on your Ledger Nano S.

Note that if you are withdrawing another cryptocurrency, simply repeat the above step but select the correct account associated with this cryptocurrency in Ledger Live.

Step 6: After retrieving your BTC address from Ledger Live, simply copy this and enter it into your withdrawal page on Bittrex.

Now, simply enter the amount of BTC you want to withdraw, and click the ‘Withdraw BTC’ button to finalize the process.

After clicking the ‘Withdraw BTC’ button, your withdrawal will then be processed by Bittrex, and your funds will be transferred to the wallet address provided. Once these funds hit your wallet, they will then be protected by the security of your Ledger Nano S, ensuring they cannot be compromised.

Now that you have successfully secured your funds, why not add some additional security to your online logins by using your Ledger as a 2FA device?

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