Can a watch-only wallet really initiate a swap without the hardware device connected
No. A watch-only wallet cannot initiate a swap without the hardware device connected. The watch-only wallet can prepare a swap, but it cannot sign it - and signing is what makes the swap happen.
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The confusion is understandable. A watch-only wallet shows your balances and transaction history. It lets you build a transaction, choose a route through the exchanger, and even preview the final output. It looks like you are doing everything. But the critical step - cryptographic authorization - requires the private key. The hardware device holds that key. Without the device, the transaction is a dead draft.
What a watch-only wallet can do
A watch-only wallet is a read-only interface to your public addresses. It connects to the blockchain and fetches your balances. It can construct an unsigned transaction: pick inputs, set outputs, calculate fees, and format the data for the exchanger. If you are using the site's swap feature, the watch-only wallet can even communicate with the exchanger to get a quote and lock in a rate. All of this happens without the private key.
This is useful. You can verify that you have enough funds. You can check that the swap terms are acceptable. You can prepare multiple swaps and queue them. But none of these steps move coins.
What the hardware device does
The hardware device stores the private key in a secure chip. It never exports the key. When you send it a transaction to sign, it checks the details on its own screen - the amount, the destination, the fee - and only then produces a signature. That signature proves you own the private key without revealing it.
The signed transaction is what the network accepts. Without that signature, the network sees an invalid instruction. The exchanger will not credit your swap. The coins stay where they are.
The common workflow
You connect the hardware device to a computer or phone. The watch-only wallet detects it and switches from read-only to signing mode. You review the swap on the device screen. You press a button to confirm. The device returns the signed transaction. The watch-only wallet broadcasts it. The swap proceeds.
If you disconnect the device before signing, the watch-only wallet cannot finish. It may show a "waiting for device" message. It may time out. The swap never executes.
Why this matters
Some people try to use a watch-only wallet as a shortcut. They think they can approve a swap from one location and have someone else connect the hardware device elsewhere. That does not work. The watch-only wallet and the hardware device must be physically connected during the signing step. There is no workaround. The security model depends on it.
If you want to move assets held on a hardware device without exposing the keys, the hub page titled Swapping from a hardware wallet covers the full process: connecting the device, verifying swap details on the screen, and broadcasting the signed transaction. The watch-only wallet is a tool for preparation and review, not for execution.
A final clarification
A watch-only wallet can initiate the process of a swap. It cannot initiate the transfer of assets. The distinction is not pedantic. The network only acts on signed transactions. The exchanger only acts on confirmed deposits. The hardware device is the only thing that can produce a signature. No device, no swap.
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