Wallet recovery made easy with Ledger Recover Ledger

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.

when you get a Ledger Recover subscription with a Ledger crypto wallet

You can read the FAQs of how to sign up for Ledger Recover here. In the end, we will only say “Not your keys, not your crypto“. After suspension, you have 9 months to reactivate your subscription by contacting Ledger Recover Support and paying a 50 EUR fee and any outstanding balance. 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. However, it will become available to all Ledger customers in an increasing number of regions soon.

Enter a 6-digit backup code

This service is meant for customers who want to have an encrypted backup for their Secret Recovery Phrase. Subscription to the service is neither automatic nor mandatory. Hopefully, our article helped you understand what Ledger Recover is and which users the service is aimed at. Overall, the service is a welcome addition to the crypto security landscape and will be appreciated by investors who have a substantial portion of their net worth in crypto.

Is Ledger Recover available both on desktop and mobile?

Yes, even if you lose your Ledger device, you can access your crypto wallet again, provided that you have backed up your seed phrase (also known as the recovery phrase). You can either back up your seed phrase on a piece of paper or use a purpose-made metal crypto wallet backup for additional peace of mind. Ledger Recover is a wallet recovery service offered by Ledger in partnership with Coincover. The idea behind this service is that it allows users to access their wallet even in the event that they lose their seed phrase backup. Currently, Ledger Recover is only available to users who have Ledger Nano X or Nano S Plus wallets. In short, these Hardware Security Modules use similar technology to the computer chips in Ledger devices, but they use servers installed in data centers with more computation power.

• 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.
• It is an optional, paid subscription service, and if you do not enable it, there will be no change to your device security or experience.
• Your identity details are collected by Ledger Recover ID verification service providers.
• One of the biggest hurdles blockchain technology faces is its accessibility.
• This way, the service can verify who you are in the event of a Recovery request, but your private information stays private.

What should I do with my recovery sheet once I subscribe to Ledger Recover?

• In the event of a rejected payment, please contact your bank directly.
• Valid driver’s licenses also accepted for Canadian and US users.
• Following that, you can rest assured that your backup is safe to retrieve whenever you request it.
• You’ll be able to recover your wallet only if your subscription is active.
• Only you can access your backup by verifying your identity with your ID card and connecting your Ledger device.
• Jem started her web3 journey in journalism, running the NFT news site NFTevening.
• However, should someone steal your funds using Ledger Recover, Coincover offers users $50,000 in compensation.

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.

• Your device will take care of that for you following the verified identification.
• In short, this service is all about making self-custody more convenient and less frightening.
• Ledger Recover is compatible with all Ledger devices (through the Ledger Live desktop and mobile app) and with Ledger Nano S Plus (through the Ledger Live desktop app only).
• If you sign up for Ledger Recover, it is possible to restore your account on any new Ledger device too.
• That means you can rest assured that your wallet backup is in safe hands.
• Each fragment is then sent to a separate company—Coincover, Ledger, and Escrowtech.
• Ledger Recover uses your ID and a selfie to verify who you are, via its Identity Verification provider, Onfido.
• 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.

Enter the 6-digit code from your authenticator app

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.

How Ledger Recover Works

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!

Why do I need Ledger Recover?

However, keeping your Secret Recovery Phrase can be difficult and risky. You might misplace it, forget it, lose it, or have it stolen or destroyed by fire, water, or other hazards. If that happens, you could lose access to your crypto assets forever. To explain the ethos behind it, Ledger Recover uses ID verification due to Ledger’s belief in self-custody and individual autonomy.

Verify your email

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.

Ledger Recover explained

Plus, your Ledger will only allow your seed phrase to leave the wallet as encrypted fragments when you permit it. Setting up Ledger Recover requires you to enter the device PIN and consent to start the process on the device. Without your permission, the device will not (and cannot) fragment or send the encrypted fragments anywhere. That means if someone wants to exploit Ledger Recover to steal your seed phrase, they would need to have your PIN in the first place, which would already give them access to your wallet. To understand the thought behind it, you must first understand who it was made for.

You will then be able to restore your crypto wallet using the decrypted Secret Recovery Phrase. You can use this service to securely get back your private keys with a Ledger device and your ID if you ever lose or can’t access your seed phrase. When it launches, you can start using Ledger Recover via your Ledger Live app. Following that, you can rest assured that your backup is safe to retrieve whenever you request it. Ledger Recover is an advanced solution for the backup and restoration of your device seed, built upon a robust and resilient cryptographic protocol. Ledger Recover also isn’t a suitable service for those who insist on controlling their private keys to the fullest extent possible.

There are several measures in place to assure the trustworthiness of Ledger Recover’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.

Subscription requires a valid passport or national identity card. Valid driver’s licenses also accepted for Canadian and US users. Subscriptions are non-refundable except where statutory refund/cancellation rights apply. Please note that while the redeem code purchase is charged in your local currency, any monthly renewal payment will be processed in EUR (Euros). Due to fluctuating exchange rates, the price in your local currency may vary at the time of each payment and you may incur additional fees from your bank for currency conversion.

when you get a Ledger Recover subscription with a Ledger crypto wallet

Firstly, blockchain addresses are hexadecimal addresses, i.e long and complicated. 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. Ledger Recover can restore your private keys to your device, but it can’t provide you with your Secret Recovery Phrase. If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them. Keep in mind that anyone who obtains your Secret Recovery Phrase can access your wallet. Ledger Recover availability depends on the country/region where your identity document is issued.

• 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.
• 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.
• All of these aspects are designed to keep users safe from Recover’s trusted parties becoming compromised.
• These encrypted pieces are worthless by themselves and can only be unlocked by your Ledger device with your ID verification.
• Ledger Recover is a convenient and secure backup service for your Secret Recovery Phrase, but it also has some limitations and trade-offs.
• 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.

What happens if I stop paying my subscription?

Do you have housemates who you can’t trust around your valuables? In these situations, looking after your seed phrase may be more of a burden than not. You can now sign up for the optional, paid subscription wallet recovery service, ledger recover input, provided by Coincover. In our opinion, the majority of this backlash was misguided and based on misunderstandings and incorrect assumptions.

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.