As announced by the ShapeShift team on Twitter, it is now possible to use the Ledger Nano S to trade on the platform for free.
— ShapeShift ☃️ (@ShapeShift_io) December 12, 2019
The demand for the integration of Ledger’s hardware wallet had been huge among Shapeshift’s users and so the team made sure to satisfy them.
A hardware wallet like Ledger guarantees high security because the private keys are by no means shared with the platform, and the wallet also allows the user to sign the transaction in complete security without the risk of incurring losses of any kind due to hackers or bugs.
From now on, by going to the Shapeshift platform, it is possible to connect the Ledger Nano S and activate different options and functions to interact with it.
Some examples include:
- Free trading between dozens of assets when you hold FOX tokens;
- Buy Bitcoin, Ethereum, and Dai with USD for fees less than 1%;
- Real-time market data and price charts for all available assets;
- Powerful dashboard and tools for portfolio management;
- Downloadable trade history and 24-hour support.
In addition, the same platform offers 100 FOX tokens to users who create a new account and use the new hardware wallet, which allows for free transactions up to $1000.
The revolution of the blockchain and crypto industry also involves the concept of managing one’s own private keys. CEO and founder of ShapeShift, Erik Voorhees, commented:
“The crypto revolution is meaningless if people don’t control their own keys. Ledger’s hardware wallet is the most popular in the world. Now, Ledger Nano S owners can plug directly into the new ShapeShift Platform, earn 100 FOX tokens and take advantage of the industry’s only free trading option. We hope this further encourages people away from custodial alternatives.”
The use of a hardware wallet or a non custodial wallet should be the first thing on the list for those who decide to invest in crypto, as these allow to maintain security when managing funds since the private keys are not stored by any central entity.
This, of course, also has a downside since the system is so secure that, if the seed is lost, it will no longer be possible to access the wallet because no one can recover it.
Consequently, this is often becoming a solution for those who are more attentive and experienced in crypto and perhaps that’s why banks, in order to not be excluded from this growing sector, are increasingly offering custody services for crypto users.