Now, she helps the Ledger Academy with Editorial Content and SEO. You have 1 year to activate your redeem code from the moment you receive it. You can try to recover access to your wallet up to 3 times per month and up to 10 times per year. With Ledger Stax, Ledger Flex and Ledger Nano X, the service is available on the Ledger Live desktop and mobile app.
Verify your identity to start backing up access to your wallet
The encrypted fragments are securely sent to three independent providers – Ledger, Coincover, and EscrowTech – that store them in Hardware Security Modules (HSMs). These are highly secure devices that protect and manage digital keys. As a crypto user, you know how crucial it is to keep your Secret Recovery Phrase in a safe and secure place. This is a 12 to 24-word phrase that lets you restore your private keys and access your crypto wallet if you lose or damage your Ledger device. Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. If you lose or don’t have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
A digital backup for your wallet access
You need to create your Ledger Recover login manually by entering your email and password. Keeping your device nearby, grab a valid ID and follow the instructions to complete your login setup. Once you’ve set up your device, click on “Start your free trial”, or go to the Ledger Recover section in the Ledger Live app. Ledger Recover uses ID verification because we believe in self-custody and individual autonomy. Unlike the full KYC process, ID verifications are less complicated and reveal only the necessary information.
Create your Ledger Recover login
- However, one of the most confusing aspects for any newcomer is the concept of private keys and seed phrases and how they can keep that information safe.
- To begin creating the digital backup to access your wallet, you must first set up your Ledger wallet and sync it to the Ledger Live app.
- But for those who want to back up their wallet access, Ledger Recover is the perfect solution.
- It only creates an encrypted backup of your Secret Recovery Phrase that only you can decrypt with your ID and your Ledger device.
- For example, if you’re based in the United States, you will pay in the US dollar.
In the end, the choice depends on your personal preference and risk tolerance. These encrypted pieces are worthless by themselves and can only be unlocked by your Ledger device with your ID verification. Ledger also promises to open-source the code for the Recover feature, so users can check the security of the proposed custody mechanism by themselves. Ledger Recover can also help those without a safe place to store their seed phrase.
Recovering access to your wallet
If you lose or don’t have access to your Secret Recovery Phrase, you can use Ledger Recover to restore your crypto wallet on a new or existing Ledger device. You will need an internet connection and a smartphone with a camera. When you need to recover your crypto account, you will need to verify your identity again with your ID card and connect your Ledger device. While this setup makes you enjoy all the benefits of self-custody and complete control over your assets, it also makes you solely responsible for their protection. Ledger Recover is designed for users who want to add an enhanced layer of security in case their Secret Recovery Phrase is lost or when they can’t access it. Ledger Recover allows you to restore access to your own wallet whenever you need it.
- To begin creating the digital backup to access your wallet, you must first set up your Ledger wallet and sync it to the Ledger Live app.
- For the time being, Ledger Recover is available to Ledger customers in EU countries, the UK, Canada, and the USA with a Ledger Nano X or Ledger Nano S Plus.
- Your private keys never leave your Ledger device or the Secure Element chip.
- To use the service, you must also go through a KYC process with an ID document and a selfie recording.
- If you want to learn more about crypto security and hardware wallets, make sure to check out our list of the best Ledger alternatives.
- Self-custody is the golden standard of crypto security and Ledger’s goal is to make it easy to use.
- In these situations, looking after your seed phrase may be more of a burden than not.
- But for those who want to back up their wallet access, Ledger Recover is the perfect solution.
How Does Ledger Recover Stay Secure?
By clicking ”Add to cart”, you agree to accept these terms and the Ledger Recover Redeem Code T&Cs here. The encrypted shards are then sent over these secure channels, bound to your identity and stored encrypted (once more) in the backup provider’s HSM. Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.
What Is Ledger Recover?
Finally, Ledger Recover has undergone independent security audits to check and test its processes. That means you can rest assured that your wallet backup is in safe hands. Put simply, Ledger Recover is a way to create a backup of your wallet access. Hopefully, you won’t need to use it, but Ledger Recover brings you peace of mind should you ever find yourself in an unfortunate situation. To begin creating the digital backup to access your wallet, you must first set up your Ledger wallet and sync it to the Ledger Live app.
- Ledger Recover uses ID verification because we believe in self-custody and individual autonomy.
- Please note that while the redeem code purchase is charged in your local currency, any monthly renewal payment will be processed in EUR (Euros).
- Unlike the full KYC process, ID verifications are less complicated and reveal only the necessary information.
- Another option is to reset an already-used device to its factory settings.
- If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them.
- This is why it’s so important to back it up safely and never share your seed phrase with anyone.
- Since cryptocurrency transactions are irreversible, it’s very difficult to recover funds if your crypto wallet gets hacked.
Who Is Ledger Recover For?
- Each fragment is then sent to a separate company—Coincover, Ledger, and Escrowtech.
- You’ll have to log in to your account and then go through 2 independent Identity verification processes.
- Once contained in the secure element, they are decrypted and reconstitute your seed phrase.
- Once you’ve set up your device, click on “Start your free trial”, or go to the Ledger Recover section in the Ledger Live app.
- In short, this service is all about making self-custody more convenient and less frightening.
- Your device will take care of that for you following the verified identification.
There are several measures in place to assure the trustworthiness of ledger recover device’s trusted parties. You’ll need to identify yourself twice to both Coincover and Ledger’s identity verification providers before you’ll be able to use the service. Furthermore, Recovery requests will systematically go through multiple manual identity verifications by independent agents in addition to automatic AI-assisted recognition. All of these aspects are designed to keep users safe from Recover’s trusted parties becoming compromised.
Ledger Recover explained
Ledger Recover was developed for those who want to back up their wallet access regardless of wherever they are in the world or whatever they’re doing. It’s a completely paid optional service, designed to help users take custody of their assets, no matter their situation. The crypto space can be daunting, especially when it comes to securing your assets. One of the biggest hurdles blockchain technology faces is its accessibility.
when you get a Ledger Recover subscription with a Ledger crypto wallet
You can read through the Whitepaper here, and the source-code on Github here. Please note that one shard alone, even in the extremely unlikely case of decryption, is useless – you’ll always need at least two of the shards in order to restore your Secret Recovery Phrase. For a complete but less technical dive, you can read our blog series The Genesis of Ledger Recover.
Step 2: Identity Verification
You still need to go through the subscription process outlined above to activate your subscription and create a backup for your wallet access. Ledger Recover, provided by Coincover, is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase, and is a dedicated service for individual consumers. Restore access to your crypto wallet in case of a lost or out of reach Secret Recovery Phrase.
Finish the onboarding to create the digital backup that secures access to your wallet.Redeem the code sent to your inbox to complete activating Ledger Recover. If you don’t want to update your Ledger OS, your Ledger device will remain functional. However, skipping OS updates will also prevent you from using certain features of the Ledger Live app. This is because some OS updates give your device the tools needed to sign certain types of transactions – for example, by updating your Ethereum withdrawal credentials. If you choose not to update your OS, you will potentially miss out on important security updates.
Verify your email
As an added layer of protection, subject to investigation, $50,000 compensation may be available from Coincover in the unlikely event that something were to go wrong. If you don’t update your payment info and pay the subscription within 7 days, you won’t be able to restore your private keys using Ledger Recover. If you don’t regularize your payment within 3 months, your subscription will be suspended. After your subscription is suspended, you have 9 months to contact Ledger Recover Support and reactivate your subscription. You will need to pay an administration fee of 50 EUR along with any outstanding balance.
The purpose of the Ledger Recover service is to provide an additional backup in case you lose access to your existing seed phrase backup. Ledger Recover can generally be regarded as safe, although it is not risk-free. When you’re using Ledger Recover, encrypted fragments of your private keys are stored on servers that are not under your control, so there is a degree of trust involved. You also need to trust Ledger and Coincover that they will be handling your personal information safely. However, some crypto users may still choose to keep their secret recovery phrase offline and avoid depending on third-party services.
How long is my Secret Recovery Phrase secured by Ledger Recover?
While cryptocurrencies promise to have a major impact on the way we use and think about money, they also bring unique challenges. Yes, your crypto is still in self-custody after using Ledger Recover. This means that you are the only one who can access and control your crypto assets, without relying on intermediaries or custodians. To set up Ledger Recover, you will need a Ledger Nano X device and a subscription to the service. Jem started her web3 journey in journalism, running the NFT news site NFTevening. Since then, she became enamoured with power blockchain technology has to revolutionize multiple industries–not just art!
How much does Ledger Recover cost?
This way, the service can verify who you are in the event of a Recovery request, but your private information stays private. This ensures you alone can back up and regain access to your wallet. Your device will take care of that for you following the verified identification.
Who Is Ledger Recover For?
Payments are settled in the currency of your country of residence. For example, if you’re based in the United States, you will pay in the US dollar. In the event of a rejected payment, please contact your bank directly.