How coin support works on a hardware wallet
Short answer: the device holds private keys; apps and external software expose accounts and format transactions. The companion manager installs “apps” on the device to enable specific chains (Bitcoin, Ethereum, Solana, etc.).
Apps, accounts, and the secure element
Each supported blockchain requires logic to derive addresses and sign transactions. That signing happens inside the secure element (secure chip) on the hardware wallet so the private keys never leave the device. The companion app or third-party wallet builds the transaction and asks the device to sign it.
In my experience this split model works well: the device enforces key security while desktop/mobile apps handle UX and network fees. But remember that some networks (especially newer ones) may only be usable through third-party wallet integrations — that’s normal.
Seed phrase, BIP-39 and backups
Most devices use a BIP-39 seed phrase (commonly 24 words) to derive keys. You control that seed phrase, and it’s the ultimate recovery mechanism. Shamir backup (SLIP-39) is a different standard some users like for splitting backups; that standard is not the default seed workflow here, so plan accordingly (multisig or split backups are alternatives).
I believe strongly in a tested, metal backup for long-term storage. See more on seed-phrase-management and the passphrase-25th-word-guide.
Major networks and token standards (at a glance)
Which coins are supported? Think in categories rather than a single static list. Here’s a compact comparison to help you decide quickly.
| Network / Token Type |
Typical support model |
NFT support |
Notes |
| Bitcoin (BTC) |
Native app & companion account |
Not native (inscriptions handled differently) |
Usually supported natively; multiple address formats available |
| Ethereum (ETH) + ERC-20 |
Native ETH app; ERC-20 via companion or third-party |
ERC-721/ERC-1155 supported via wallets |
Most ERC-20 tokens work (often via integrated token lists) |
| EVM chains (Polygon, BSC, Avalanche C-Chain) |
Often accessed via third-party wallets using same ETH app |
Depends on wallet |
Many EVM chains are compatible with the ETH signing flow |
| Solana (SOL) |
Separate app + third-party wallets (desktop/mobile) |
Native NFT support via wallets |
Uses a non-EVM signing scheme |
| Cardano, Tezos, Algorand |
Separate apps with companion or third-party wallet support |
Varies by chain |
Staking features often available in companion or partner apps |
| Privacy coins (Monero, etc.) |
Typically via third-party wallets |
Limited |
Privacy coins sometimes require special integration or extra steps |
This table simplifies reality, but it maps the frequent case: either native companion support or third-party wallet integration. For a deeper network-by-network look, see supported-coins-networks and the specific guides like ledger-and-bitcoin or ledger-and-ethereum-defi.
ERC-20 and EVM-compatible chains: step-by-step
How do you add an ERC-20 token you care about? Step by step:
- Open the companion Manager on desktop or mobile (ledger-live-guide) and install the Ethereum app.
- Create or add an Ethereum account in the companion app.
- Use a wallet (browser extension or web wallet) that recognizes the token contract, and connect the companion/ledger device when prompted (using-ledger-with-wallets).
- If the token isn't visible, add the contract address manually in the wallet (follow wallet-specific instructions).
A quick tip: always verify the token contract address from a reliable source (official project page, block explorer). I noticed that manual token additions are a common source of user error.
NFTs, Solana tokens and non-EVM networks
NFT handling depends heavily on wallet integrations. For Solana NFTs you’ll usually use a Solana-aware wallet and the device’s Solana app for signing. For Ethereum NFTs, the ETH app plus an NFT-compatible manager or marketplace wallet works.
(And yes, the UX across networks is inconsistent — that’s a function of the broader ecosystem, not just the device.)
Multisig, staking and advanced setups
Want stronger security than a single seed phrase? Multi-signature (multi-signature) arrangements split signing authority across multiple devices and keys. It’s a very sensible approach for large holdings or shared custody. Use dedicated multisig wallet software that lists hardware wallets as signer options (multisig-for-ledger).
Staking is supported for some chains either natively in the companion app or via third-party wallets. If staking matters to you, check the specific chain guide (see staking-on-ledger).
Common pitfalls and what I learned in testing
- Buying a device from an unofficial seller can risk a tampered unit — always buy from trusted sources (buying-safely-and-supply-chain).
- Confusing token standards (ERC-20 vs BEP-20) leads to lost funds. Ask: which chain are you sending to? (This remains the number-one rookie mistake.)
- Relying solely on the companion app for all tokens? Expect gaps. Many tokens exist only in community wallets.
But don’t let the complexity intimidate you. With a checklist—verify contract addresses, use metal backups, test small transactions—you can manage a multi-chain portfolio safely.
FAQ — real user questions
Q: Can I recover my crypto if the device breaks?
A: Yes. Your seed phrase (recovery phrase) lets you restore access on another compatible hardware wallet or compatible software wallet that supports the same derivation standard. See restore-recovery-phrase.
Q: What happens if the company goes bankrupt?
A: Crypto isn’t stored by the company — it’s on-chain. If you control your seed phrase, you retain access. Company bankruptcy can affect services and firmware updates, though, so consider redundancy (multisig or multiple backups).
Q: Is Bluetooth safe for a hardware wallet?
A: Bluetooth adds convenience for mobile use but also expands the attack surface. I prefer USB for large transfers, and Bluetooth for small, on-the-go checks. For more, read bluetooth-usb-nfc-security.
Conclusion & next steps
Supported coins and tokens are not a single checkbox — they’re an ecosystem of device apps, companion software, and third-party wallets. In my testing, that model delivers very strong security while offering wide blockchain access, but it requires a little extra homework from the user.
If you hold Bitcoin and major EVM tokens you’ll find solid coverage. If you hold niche chains or want things fully managed inside one app, expect to use third-party wallets sometimes (and that’s fine).
Ready to add a coin or check app capacity? Start with the app-manager and follow the setup-ledger-step-by-step. For multisig planning, see multisig-for-ledger. If you want a full walkthrough on Ethereum tokens, read ledger-and-ethereum-defi.
Thanks for reading — protect your seed phrase, test a small transaction first, and keep records of which wallets and passphrases you use. And if you want more on firmware verification and supply-chain checks, check firmware-update-guide and supply-chain-security-verification.
