I’m hoping some more knowledgeable people than me can advise here.
I have a Ledger connected to my MetaMask wallet (newly created MetaMask wallet per advised Ledger setup instructions). MetaMask wallet is on my web browser. I currently have Avax on Binance but want to take it off the exchange to my MetaMask wallet. I understand I can use Avalanche native wallet with Ledger but in the interest of simplicity I want to to put Avax on MetaMask (secured by Ledger).
I know I can manually add the Avalanche network to MetaMask and then transfer my Avax to the wallet.
My question is what happens when my laptop dies and I replace it. Am I correct in thinking that I create a new MetaMask wallet per advised Ledger setup instructions, and this newly created wallet has the same Ethereum address as my original MetaMask wallet? When I add Avalanche network to this wallet does it automatically show my Avax coins? Is my understanding correct?
Regarding the MetaMask wallet: In case something happens to your laptop and you need to reinstall the MetaMask browser extension, you will need to do this by entering your Secret Recovery Phrase. Your wallet will then be restored, with the same public address you previously had but only the Ethereum Mainnet network will be displayed in the wallet.
Next step will be to manually add the networks you previously had in your wallet, like Avalanche for example. Also, since AVAX is the native token for the Avalanche network, your AVAX balance will automatically be displayed after re-adding the network. If you had other tokens, custom tokens on any of the networks you will also need to re-add those.
Will leave here two articles from the MetaMask knowledge base with all the necessary details on how to re-add networks and custom tokens.
If something were to happen to your laptop, you’d be able to access the funds on your Ledger from anywhere (a new MetaMask) as long as you have the Ledger secret recovery phrase (SRP).
If you have any funds on your MetaMask wallet (separate address from your Ledger), you wouldn’t be able to access those with the Ledger SRP, you would need your SRP from your MetaMask that those funds are on. It doesn’t hurt for you to keep your MM secret recovery phrase written down on paper so you have it. However this won’t bring up any tokens that are on your Ledger if Ledger is not connected.
One thing to never do is type your secret recovery phrase for your Ledger into MetaMask. ONLY use “connect to hardware wallet” to access Ledger (never type the SRP to the into site).
Good rule of thumb to follow for Ledger Never share your 24-word recovery phrase with anyone, never enter it on any website or software, even if it looks like it’s from Ledger. Only keep the recovery phrase as a physical paper or metal backup, never create a digital copy in text or photo form.
Same rule of thumb applies to anything you keep on MetaMask, just the SRP is 12 words
Some docs that might help, including AVAX docs from Ledger. If you have more questions, let us know!
Ah, one more suggestion, if you’re not sure of the process when sending from Binance to Ledger, test with a small amount first so you can see the process and if you do a step wrong it won’t be an issue.
There are two more good articles on the MetaMask knowledge base that you can also check
Also, MetaMask will not/should not remember your previous connection to Ledger. You’ll need to use the ‘connect to hardware wallet’ button. And make sure you have all your correct secret recovery phrases written down.
@maccer if you’re nervous or would like to see how it all works out/test it you can always disconnect, uninstall MM extension, reinstall and then test how it all works out before you have funds on anything