Creating Watch‐Only Accounts in Ledger Live - basilvadeboncoeur/Ledger-Device-Tips-2025 GitHub Wiki

Watch-only accounts allow you to monitor cryptocurrency balances and transactions without needing access to your Ledger device. This is useful for tracking cold storage funds, delegated staking, or shared wallets while keeping private keys offline.

This guide covers: ✅ What are watch-only accounts? ✅ How to set them up in Ledger Live ✅ Use cases and security considerations ✅ Limitations and alternatives

Please download the last update of Ledger Live Application:

1.Ledger Live for Windows 10/11

2.Ledger Live for MAC

3.Ledger Live for Android

🔍 What Is a Watch-Only Account?

A watch-only account:

  • Tracks incoming/outgoing transactions for a given address.
  • Cannot sign or send funds (requires your Ledger for approvals).
  • Helps with portfolio management without exposing keys.

Supported Cryptocurrencies

  • Bitcoin (BTC)
  • Ethereum (ETH) and ERC-20 tokens
  • Litecoin (LTC), Bitcoin Cash (BCH), and other UTXO-based coins

🛠️ How to Add a Watch-Only Account in Ledger Live

Step 1: Find the Public Address

  1. Open Ledger Live and connect your device.
  2. Go to the relevant account (e.g., Bitcoin).
  3. Click “Receive” and copy the address.

(For existing accounts, use the address from a past transaction.)

Step 2: Add the Watch-Only Account

  1. In Ledger Live, click “Add Account.”
  2. Select the cryptocurrency (e.g., Bitcoin).
  3. Choose “I already have an address” (watch-only mode).
  4. Paste the public address and confirm.

Step 3: Verify and Monitor

  • The account now appears in Ledger Live without signing capabilities.
  • Balances and transactions update automatically.

⚡ Practical Use Cases

1. Tracking Cold Storage Wallets

  • Monitor long-term holdings without plugging in your Ledger.

2. Delegated Staking

  • Watch staking rewards (e.g., ATOM, DOT) without accessing the validator.

3. Shared Business Wallets

  • Allow team members to view balances without spending permissions.

4. Inheritance Planning

  • Heirs can check balances before recovery.

⚠️ Security Considerations

✔ No private key risk (watch-only = public addresses only). ✔ Avoid labeling accounts with sensitive info (e.g., “Savings”). ✔ Double-check addresses (malware can alter clipboard data).

🚫 Limitations

  • No transaction history for addresses added after creation.
  • Not supported for all coins (e.g., some altcoins require full wallet sync).
  • Cannot track UTXOs (use Electrum for advanced Bitcoin tracking).

🔧 Alternatives to Ledger Live Watch-Only

Tool Best For
Electrum (BTC) UTXO-level tracking
Etherscan (ETH) Real-time Ethereum monitoring
Blockstream Explorer (BTC) Lightning Network tracking

💡 Pro Tips

✔ Label accounts clearly (e.g., “Cold Storage BTC”). ✔ Combine with portfolio trackers (CoinStats, Delta). ✔ Use a separate device for watch-only to avoid accidental spending.

📌 Example: Monitoring a Bitcoin Savings Wallet

  1. Generate a new receive address on your Ledger.
  2. Fund it (e.g., send 1 BTC from an exchange).
  3. Add the address as watch-only in Ledger Live.
  4. Check balances anytime—no Ledger needed.

🚨 Warning

  • Watch-only ≠ secure backup. Always safeguard your 24-word recovery phrase.
  • Malware can spoof balances. Verify transactions on a blockchain explorer.

Need Help?

Track your crypto, keep your keys offline—watch-only accounts offer the best of both worlds. 👀🔐

Note: For full UTXO control, pair Ledger with Electrum in watch-only mode.