How to Stake Tezos on Ledger Nano X Wallet [Ledger Live App]

Hello everyone, it's Petko Aleksandrov from 
Trading Academy. And today I'll be showing you how you can stake Tezos using the Ledger Live 
app, and I will demonstrate it step by step. Ledger is one of the safest wallets and more and 
more people are using it. But not everyone knows that actually they can earn passive income from 
keeping their tokens in their hardware wallet. So if I am a token holder of Tezos, I can delegate 
the validation rights to other token holders that are known as validators. But I won't 
be transferring ownership of my tokens. The good thing here is that while I am delegating, 
my Tezos is complete liquid.

This means that there is no locking period, I can move my Tezos at any 
moment. As well, it is said that there is no risk of delegating the Tezos when using the Ledger 
Live device, the only risk is that I won't be getting my rewards. This is why choosing carefully 
the validator is essential. And I wouldn't suggest you always go with the validator that offers the 
highest rewards, because if too many people choose him, then he might not be able to do it.

So let me 
open the app now and I will show you how it works. What I have here are different accounts 
where I store Bitcoin, Ethereum, I have Stellar, Litecoin, Bitcoin cash, Tezos. Now if 
I tap on my Tezos account, I have a totally 255.37 Tezos, which equals to $887 based on the price 
where Tezos is today. And on the top you see that I have the option to earn rewards.

You 
can earn rewards by delegating your account. I will tap on that and here we have 3 important 
things to note, delegated accounts remain yours. And if we compare the information from the 
official website, you can see that the token holders can delegate their validation rights 
to other token holders called validators without transferring ownership. And the second 
important thing is that we remain with liquid assets, in other words, we don't have freezing 
periods or locking periods like what we have with the Earn section on Crypto.com. At any moment 
we can exchange, move or transfer the tokens. And the last thing is they state that there 
is no risk when you are delegating the tokens, the only risk is not to get your rewards.

Now 
I will tap on Delegate to earn rewards and you will see that it will give me automatically 
a delegator called figment, that offers 5.69% yearly reward. But the better thing you should 
do, is to choose a delegator by yourself. So I will tap on the Pencil and I will see all 
of the delegators, and here we see estimated yield or this is the reward. And you can go through 
all of them but the better thing you can do is to open the website called MyTezosBaker. And 
I usually prefer to open it from my computer not from the phone because I can see clearly the 
parameters. We have the fee which varies a lot, so if I click on Fee, I can arrange it according 
to the fees.

On the top I can see the ones that have the lowest fees, however, I never aim 
at the lowest fees. Anything between 5 and 6 works well for me. And if the fee is that 
low, probably there is a reason for it. And you can see that some of the first ones have 
a low efficiency. So I usually go with bakers that have a fee somewhere 5 to 6% and are at least 
for a year on the market. Then I have the staking yield. Again, not a good idea to look always for 
the highest yields. But of course, anything above 5 would work great. Then we have the efficiency, 
then we have the capacity. So you can see that most of them are in red, which means that they 
might not accept any more Tezos to stake and their available capacity is actually on negative.

And if 
you go with a baker that has run out of capacity then you take the risk, they might not be 
able to complete and pay you back the promised rewards. And in the last column, we have the 
country, which doesn't talk a lot but you can have an idea from where the baker is. So 
what you need to do is to make your own research, you can visit their Twitter profiles or other 
social media, look for reviews and see which are the ones that you can trust.

I will go 
now for the purpose of this video and for the purpose of staking this Tezos account 
with the Steak and Bake. They have 5% fee which is just fine for me, they've been on 
the market since November 2019. And they have staking yield of 5.92, which is very close to 
the maximum and we have good efficiency, they're from Switzerland, and you can see that they have 
some available capacity, so I will go with them. Now, let me open the same website on the phone, 
here it is. And I will look for Steak and Bake, here it is, 5%. You can see the same information, 
it's the very same thing. It's the same website, just looking at it from the computer, it's much 
easier and I can see the bigger picture.

I will tap on it and when opening, you will see that I 
have their address. Starts with TZ and ends on 9M, and below I have some more information about 
that baker. But what I need to do right here is to copy the address. So I will have the address 
where I will be sending the delegation rights. And I will open the app now, I will tap again on 
Delegate to earn. Now again, the Ledger Live app gives me another baker by default but I will tap 
on the Pencil to choose the one I want. Now here you can look for them in the list but the better 
thing you can do is add a custom validator. And I will paste the address from the website and I 
will tap on Confirm validation. And here is the same icon with the delicious steak and it shows 
the estimated yields per year and I will tap on Continue. And now I need to connect to my Nano X, 
it will take just a couple of seconds to connect it, and it requires confirmation from 
the device itself.

Once I do that, it will display the both addresses. So it will 
show the address from the Steak and Bake. And it will show as well my public address, 
which is the source. And then I will be just confirming it from the device. As you can 
see it says, 'On your device, please confirm to finalize the operation'. And it's loading, takes 
a few more seconds, and here it is, 'Delegation sent'. And what you can see here, you should 
earn your first rewards in around 40 days, depending on the validator and then I will see the 
results. Right here I have some more details like the date, the hour, the network fee, which 
is about 20 cents, a very small fee, and from my address to the address of the delegator. 
And if I go back to the portfolio, I can see the delegation as an actual transaction and you can see that it was delegated.

It's easy to keep track of what I have done, if I'm delegating or if I'm staking more accounts. So now the Tezos actually stays into my account, it's on my 
Ledger. I have just delegated it to a baker and I will get rewards for it. Alright, guys? So this 
is how easy it is to delegate your Tezos using the Ledger Live app connecting it to the Ledger Nano 
X I'm using. And if you're not familiar with it, there is the Ledger Nano S as well. 
I have made a video for both of them, so if you wonder which one would work better 
for you, then you can have a look at it.

But if you are a beginner who is just starting out 
and you want to test or you are buying your first Cryptocurrencies for a couple of hundred dollars, 
for example, I don't think it's worth it buying a Ledger. Probably on a later stage when you have 
at least a couple of thousand dollars in value, then I think it is worthy having a Ledger 
so you will store your Cryptocurrency safe. And something very important, 
if you are planning anyway to buy a Ledger, I would suggest you go from the official 
website. There is an affiliate link below in the description, if you want to use it. And 
if you have any questions about staking Tezos on the Ledger Live app or anything that 
I would be useful to you, please write in the comments below. I'll be super happy to 
answer your questions, if I can of course.

And if you found the video useful, thumbs up, and 
I will see you guys in the next video. Cheers..

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