Please keep in mind not much experience so need best practice. So I have a Ledger Nano S that I have been storing my btc on for a couple years. I have decided for a couple of reasons I wanted to switch to a trezor, so I purchased a Safe 5.
I am wanting to know the proper procedure to get my funds on trezor. This is what I was thinking:
Restore using my Ledger (BIP39) seed phrase on the trezor Safe 5.
Create a new wallet address on the trezor.
Transfer the balance from the old address to the new address.
Deleting the old address off the trezor.
If you want to abandon your old wallet in L and use a brand new wallet, then create a new wallet in T and send the coins to the new wallet.
If you want to continue using your old wallet, you just need to use L’s seed phrase to restore T to the same wallet.
The safest practice is to create a new wallet backup (aka seed phrase), and then transfer your crypto balance(s) from the old Ledger addresses to the new Trezor addresses. This ensures that your security is solely dependent on Trezor, and no longer reliant on the Ledger generated backup.
Alternatively, you can just recover your BIP-39 wallet backup to the Trezor, and use the same wallet as before
A Trezor Expert onboarding session, which I’d highly recommend to assist with setting up and using your device for either scenario, can help! It’s currently 50% off for Black Friday Pro tip: If you want to do it with me, just send us a response to the booking email asking if it’s possible to book it with Nick
Pro tip: If you want to do it with me, just send us a response to the booking email asking if it’s possible to book it with Nick 