How to Use Ledger Live as a Watch‐Only Wallet (Without a Ledger Device) - sistim63/Ledger-Tips-and-Tricks-2025 GitHub Wiki

What is a Watch-Only Wallet?

A watch-only wallet allows you to monitor cryptocurrency balances and transactions without the ability to send funds. This is useful for:

  • Tracking investments securely (no private key exposure)
  • Keeping an eye on exchange or cold storage balances
  • Letting accountants/family view holdings without spending access

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

Can Ledger Live Be Used as Watch-Only?

Yes! While Ledger Live is designed for Ledger hardware wallets, you can use it in read-only mode by adding public addresses manually.

Step-by-Step: Setting Up Ledger Live as Watch-Only

1. Install Ledger Live

2. Create a Read-Only Account

  1. Open Ledger Live
  2. Click “Add account”
  3. Select your cryptocurrency (BTC, ETH, etc.)
  4. Choose “I don’t have a Ledger device”
  5. Enter the public address you want to monitor
  6. Click “Add account”

3. Adding Multiple Watch-Only Accounts

Repeat the process for each address/coin you want to track. Ledger Live will:

  • Display current balance
  • Show transaction history
  • Track portfolio value over time

What You Can Do With Watch-Only Mode

✅ View balances across multiple addresses ✅ Monitor incoming/outgoing transactions ✅ Track portfolio performance ✅ Check historical price charts

What You Can’t Do

❌ Send cryptocurrency ❌ Receive to the address (no private key access) ❌ Stake coins ❌ Connect to dApps ❌ Swap tokens

Advanced Watch-Only Features

Importing Multiple Addresses

For Bitcoin and similar UTXO-based coins, you can:

  1. Export xpub/zpub keys from your wallet
  2. Import them into Ledger Live to track entire wallets

Customizing Your View

  • Create portfolio segments
  • Set price alerts (mobile app)
  • Choose preferred fiat currency

Security Benefits of Watch-Only Mode

  • No private keys stored – Just public addresses
  • No transaction signing possible
  • Safe to use on compromised devices
  • Ideal for shared viewing situations

Alternatives to Ledger Live for Watch-Only

If you need more features:

  1. Blockstream Green (Best for Bitcoin)
  2. ZenGo (No-key wallet)
  3. CoinStats (Portfolio tracker)
  4. Glassnode (Advanced analytics)

Limitations to Consider

  • Some newer coins may not be supported
  • No automatic address discovery
  • Balance updates may be delayed

Conclusion

Ledger Live works well as a watch-only wallet for basic tracking of crypto holdings. While it doesn’t replace full wallet functionality, it provides a secure, convenient way to monitor assets without risking your private keys.

Pro Tip: Combine with a hardware wallet for full functionality – when ready to transact, simply connect your Ledger device!

🔐 Remember: Watch-only mode is safe for viewing, but always keep your private keys offline in cold storage.