Folks at Ledger have churned out updated version of desktop app, Ledger Live, that adds support for Ethereum’s ERC20 tokens.
Earlier, the only way to manage ERC20 using Ledger was to connect it to mycrypto desktop app. Clearly, that was not the best solution as it did not make use of the official Ledger Live.
Now that Ledger Live support ERC20 tokens, you can simply manage them from the app itself. Send an ERC20 token to your Ethereum address (since they are stored on ethereum blockchain), and they will show up just like any other asset in the Ledger Live. No additional app needs to be installed as all is managed by Ethereum app itself.
Obviously, if you do not have Ethereum app installed on Ledger, you must do so by using Ledger Live before you can manage ERC20 tokens.
Keep in mind that for sending an Ethereum ERC20 token, ether is used so make sure you have some amount of ethereum, like 0.05 to send ERC20 successfully.
Here is a very useful video that explains how to manage ERC20 tokens on the Ledger hardware wallet.
Note – if your ERC20 tokens do not show up, this means you are not running the latest version of Ledger Live.