Ledger Nano X Review

With the growing popularity of cryptocurrencies, there’s also an increasing need for secure wallets. Storing your cryptocurrencies online may not be the best idea, however, hardware wallets are truly reliable when it comes to keeping huge amounts of crypto. That’s why this Ledger Nano X review might be exactly what you’re looking for.

In this Ledger Nano X review, I will provide you with all the details regarding this hardware wallet, including information about the company, Ledger Nano X supported coins, pros and cons as well as additional details.

By the end of this review, you should be able to decide whether or not the Ledger Nano X wallet is suitable for your needs.

Without further ado, let’s jump into details about the company and Ledger wallet.

Verdict at a Glance: Ledger Nano X is the leading cryptocurrency hardware wallet in the market. It offers ultimate security, supports more than 5000 cryptocurrencies, can be managed from your mobile device and offers a more comfortable design compared to the company’s previous version. Even though Ledger Nano X is relatively expensive, its new features are completely worth it.

Jong-Chan Chung

Venture Manager at Blockchain Founders Group (BFG)

What is the role of crypto wallets in the DeFi ecosystem?

It is arguably the entry point to decentralized finance. While you can buy and trade crypto without having the knowledge of and having to touch crypto wallets through centralized exchanges (CEXs), interacting with decentralized applications through your wallet marks the first step of emancipation from trusted intermediaries.

Ledger Nano X Review: Short Introduction to the Company and Wallet Itself 

Ledger was founded back in 2014 by eight specialists that have expertise in cryptocurrencies, embedded security, entrepreneurship and other safety solutions for blockchain applications. Currently, the company has more than 130 employees in Paris, Vierzon and San Francisco.

Interesting fact: Ledger is so popular that it has already sold more than 1 million devices. Impressive, right?

Ledger wallet is highly recommended for people who are crazy about security. It’s so much more reliable than software wallets that are connected to the internet and can be hacked at any time. Being a cold wallet, all of the assets that are transferred to Ledger Nano X are held offline. I’ll get more into details when talking about security in this Ledger Nano X review.

But, What is a Hardware Wallet?

To put it simply, a hardware wallet is a flash-drive-like physical device that holds your private keys offline as well as signs transactions for you. It is a type of a cold wallet that is not connected to the internet. Therefore, by far, hardware wallets are considered to be one of the safest ways of storing your crypto assets.

Since you have to physically connect your hardware wallet to a computer to use it, there's no way for hackers to access it. On top of that, even if you do connect your wallet to a computer that is controlled by a hacker or compromised by a virus, they still won't be able to access it.

Why? Because they would have to know your secret recovery phrase (also known as seed phrase), which, obviously, only you should know. Besides that, the transactions you make are signed on your hardware wallet itself, not on the device it is connected to. 

So, as you can see, hardware wallets surely are very safe. To steal anything from you the hacker would have to steal the actual physical device and know your recovery phrase. That being said, make sure to keep your hardware wallet recovery phrase out of reach for anyone but you.

Now, let's get back to the Ledger Nano X Review and see why this hardware wallet is one of the best ones out there.

Latest Ledger Nano X Coupon Found:

Ledger Nano X Review: PROS

Let’s begin this Ledger Nano X review from the positive aspects. Make sure to consider each of them before making the final decision.

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Ultimate Security

“Is the Ledger Nano X safe?” - that’s one of the main questions that cryptocurrency enthusiasts keep asking before purchasing this device. For this reason, I want to make this super clear once and for all. 

Ledger Nano X can provide you with ultimate security. It’s a hardware wallet, which means that all of your Bitcoins, Litecoins and other altcoins will be securely stored offline. That being said, as you already know, a hacker simply cannot access it online. 

You might notice that Ledger Nano X has Bluetooth Low Energy (BLE) connectivity that allows you to use it without the need for a cable. While wireless connection sounds really convenient, it can also raise some security concerns. However, before jumping to conclusions, let me assure you that there are no security issues when it comes to Ledger Nano X. 

Since only public data is transferred via Bluetooth and your private keys and seed never leave the device, there’s no reason to worry about that. The company highlights the fact that even if someone would hack Bluetooth connection, Ledger Nano X features Secure Element (SE) that would ask for your permission before making any changes.  

What is more, it’s important to mention in this Ledger Nano X review that the company developed a unique operating system called BOLOS that integrates a secure chip for the Ledger wallet line. Ledger is the only wallet in the market that offers such technology. 

Moreover, once you receive your Ledger Nano X device, you’ll have to create a pin code of at least 4 digits. Make sure to keep this code to yourself. In case you forget your pin, there’s a 24-word recovery phrase that you’ll be given in order to create a new pin. That being said, you shouldn’t be asking “is the Ledger Nano X safe?” because it’s one of the most secure cryptocurrency wallets in the market.

	LEDGER NANO X	TREZOR MODEL T
Security Level	| | | | | Very Poor Average Excellent	| | | | | Very Poor Average Excellent
2FA Two-factor Authentification
Multi-signature
Pin Code
Anonimity Level	| | | | | Very Poor Average Excellent	| | | | | Very Poor Average Excellent
Backup Type	24-word Recovery Phrase or Nano S Plus	12-24 letter and number code
Private Key Owner	You	You
Full Wallet Control	| | | | | No Partial Yes	| | | | | No Partial Yes
	Visit site	Visit site

Table: The security features of the Ledger Nano X and the Trezor Model T

Now, since Ledger is a hardware wallet, it’s crucial to consider its protection against physical damage. The good news is that Ledger Nano X is made using the highest-quality materials that can protect the device from physical damage. Since the cover is made of stainless steel, it’s completely protected in case you drop it.

Software wallets (also known as hot wallets) work entirely differently. They can usually be downloaded on desktop or mobile devices. Many people choose hot wallets because most of them are completely free (except for fees) and are super easy to use. In most cases, even people who are using them for the first time can figure things out.

However, what’s important to understand is that you should never keep huge amounts of cryptocurrencies in software wallets - a hacker can install malware into your device and infect it using a keylogger that allows stealing your wallet’s private keys and possessing your cryptocurrencies. Doesn’t sound too safe, am I right? 

Of course, I’m not saying that all software wallets are bad; they’re simply not as reliable as hardware options. That being said, you should only store an amount that you wouldn’t be too sad to lose in them. 

Supports the Main Cryptocurrencies and More

If you’re not into the mainstream cryptocurrencies, such as Bitcoin or Ethereum, but rather prefer less popular options, it’s crucial to be aware of Ledger Nano X supported coins. After all, there’s no such device that would support all the existing cryptocurrencies. 

Ledger Nano X supports more than 5,500 coins and tokens, including the most popular cryptocurrencies: 

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
• USD Tether (ERC20) (USDT)
• Bitcoin Cash (BCH)
• Litecoin (LTC)
• Binance Coin (BNB)
• EOS (EOS) 
• ....

Ledger also supports other, less popular altcoins, so even if you’re into less mainstream cryptocurrencies, I bet that you’ll be able to find your coin.

Though, besides supporting cryptocurrencies, Ledger also supports NFTs. Thus, you can store and manage your NFTs safely, the same way you can store and manage your cryptocurrencies.

Design and Usability

Appearance-wise Ledger Nano X is almost the same as the company’s first model - Ledger Nano S (though it was discontinued and replaced with Ledger Nano S Plus). The only few differences are that it’s slightly heavier and has a wider screen, however, you can still fit it in your hand easily.

The navigation buttons are located next to the screen, just like in the previous model. If you want to press “enter”, just hold the two buttons together. 

All in all, it’s safe to say that the Ledger Nano X design is more advanced compared to the S version. Since you have a bigger screen, it’s easier to see wallet addresses and all the other needed details. 

Moving further, if you want to connect Ledger Nano X to your computer, you can do that using a USB-C cable, however, there’s also a possibility to use your wallet using a smartphone. The latter option is so much more comfortable as you can move your funds to the hardware wallet instantly. However, it might also raise some security concerns (due to Bluetooth connection) that I mentioned earlier in this Ledger Nano X review. 

Thus, Ledger Nano X comes with some truly amazing updates that make the entire process of using this hardware wallet way more enjoyable. 

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Ledger Nano X Review: CONS

Even though Ledger Nano X comes with some great features, there’s also something that you should take into consideration. 

Relatively Expensive

When it comes to hardware wallets, one of the main problems is that you have to actually buy them. Even though their prices tend to vary, Ledger Nano X is one of the more expensive options. 

Currently, Ledger Nano X price is 149,00 €‎. Compared to the S Plus model that costs only 79,00€‎, that’s quite an increase. However, don’t forget that Ledger Nano X is a new and improved version that comes with really attractive features that you can find in no other wallet in the market. 

While the price is one of the main reasons why people choose software wallets (most of them are free), security should always come first when it comes to storing cryptocurrencies. Just imagine losing all the coins you store in your software wallet, just because you didn’t want to purchase a hardware wallet. ‎

Ledger Nano X Compared to Ledger Nano S Plus

I keep saying that Ledger Nano X is a new and improved wallet that can provide you with even more features, however, how is it different from the Ledger Nano S Plus? 

For the sake of clarity, I would like to provide you with a quick comparison of these two devices. 

As you can see, there are a few main differences when it comes to Ledger wallets. Ledger Nano X has a battery that can last up to 8 hours, which Ledger Nano S Plus doesn't have. Besides that, Ledger Nano X provides Bluetooth compatibility that allows you to manage Ledger wallet from your mobile device.

While Ledger Nano X is almost twice as expensive, it comes with features that are completely worth the price.

What Comes in the Ledger Nano X Wallet Package? 

Ledger Nano X comes with a package that contains 5 elements, including:

• 1 USB C cable
• 1 keychain strap for the device
• 3 recovery sheets
• 1 getting started leaflet
• Ledger Nano X device itself

Even though further in this Ledger Nano X review you’ll find all the needed information on how to use the device, there’s always a starting leaflet that will guide you through the process.

What is Ledger Live?

Now, if you plan on getting a Ledger hardware wallet, you should also know what Ledger Live is. Put simply, Ledger Live is the software that’s needed to set up your device and manage cryptocurrencies. You can download the desktop app for Windows, Mac and Linux on Ledger’s official site, and get a mobile app from App Store or Google Play.

Though, Ledger Live allows you to do so much more than just set your device and manage you cryptocurrencies. It also allows you to buy, sell, cash out, exchange and lend your crypto assets directly in the app through the platfroms Ledger has partered with (including Simplex, Coinify, 1inch, and others).

In addition to that, Ledger Live also allows you to grow your holdings through staking. If you don't know what staking is, in essence, it's locking up your coins in order to become a validator on a Proof-of-Stake blockchain. In return for transaction validation, you get more coins as a reward. Ledger Live allows you to stake on such blockchain as Ethereum, Polkadot, Solana, Cosmos, Tron, and others.

That being said, let's see what you have to do after buying the Ledger Nano X wallet.

How to Set Up Ledger Nano X?

There are six steps to follow when setting up Ledger Nano X.

Step 1: Get Ledger Live.

When you'll download an app, add an account that will allow you to manage crypto.

Step 2: Set up as a new device.

To set up a new device, you need to turn it on first. Just press and hold the button next to the USB port until you see the Ledger logo. Once it’s done, you’ll need to read the on-screen instructions. You can proceed by pressing the right button and go back by pressing the left one. When you’ll see “Set up as a new device” on the screen, you need to press both buttons simultaneously.

Step 3: Choose a PIN code.

After performing all the previous steps, it’s time to choose a PIN code. Simply press both buttons simultaneously until you see “Choose PIN code” on the screen.

Use any of the buttons to select a digit and press both buttons simultaneously to validate it. Your code should consist of 4-8 digits, so once you’re done, press “✓”. Re-enter the pin to confirm it.

Step 4: Write down your 24-words recovery phrase.

After entering the pin code, you will see the recovery phrase on the screen. Since it will be provided only once, you have to make sure to write it down carefully. To begin, press both buttons and you’ll see word #1. Write it down and press the right button to move to word #2. Continue until you have all 24 words. Once again, press both buttons to proceed.

Now, using the right and left buttons, you need to select the #1 recovery phrase. Continue until you confirm all 24 words. And, your device is ready! Press both buttons and access the Dashboard.

Step 5: Install apps.

Once your device is ready, you can install applications on your device. To do that, simply go to the Ledger Live Manager and choose the needed apps. All of the most popular cryptocurrencies are available, you can find Bitcoin, Ethereum, XRP, Litecoin and many other apps.

Now you can access the Ledger dashboard.

How to Receive Funds

To receive crypto assets, you first need to make sure that you have Ledger Live together with a created account as well as the needed app. For example, if you want to receive Ethereum, you need to install the Ethereum app. After it’s done, follow these steps:

Step 1: Press the Transact tab that you can find at the bottom of the app.

Step 2: Tap “Receive”.

Step 3: Choose the account to use.

Step 4: Confirm that the address that’s shown in Ledger Live matches the one that you can see on the device.

Step 5: Copy the address and share it with a person that will send you funds.

Even though we already figured out is Ledger Nano X wallet safe, you should still be careful and make sure that the address you share with other people is the same as it was provided initially.

How to Send Funds

Before sending funds, you need to enter transaction details. Here’s a quick guide on how to do that:

Step 1: Press on the Transact tab that you can find at the bottom of the app.

Step 2: Tap “Send”.

Step 3: Choose the account that you want to send funds to.

Step 4: Enter the recipient address. You can do that either manually or by tapping “Scan QR Code”.

Step 5: Enter the amount that you want to send.

Step 6: Press “Continue”.

After entering transaction details, you will need to verify and sign. Here’s how you can do that:

Step 1: Check the transaction details and if they’re correct, tap “continue”.

Step 2: Make sure that your device is turned on and unlocked and then select the Ledger Nano X to send with.

Step 3: Open the crypto app and tap “continue”.

Step 4: Go through all transaction details and make sure they’re correct. Once you’re ready to verify it, press two buttons.

Step 5: Your transaction is verified!

It might seem slightly challenging to use this hardware wallet, however, if you followed this Ledger Nano X review that shouldn’t be an issue.

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Conclusions

Therefore, Ledger Nano X is one of the most reliable hardware wallets in the market. Since it’s a cold wallet and your private keys are held offline, hackers have no access to it.

Moreover, compared to Ledger Nano S Plus, the newer model provides better usability. Not only it allows you to use a mobile app to manage crypto assets, but also has a battery that lasts up to 8 hours.

When it comes to Ledger Nano X supported coins, the device is compatible with more than 5,500 cryptocurrencies. That being said, you’ll be able to store not only the most popular but also less-known coins and tokens.

I hope that this Ledger Nano X review was helpful and you managed to find all the information that you were looking for. Whatever you decide, always know that cold wallets can protect your cryptocurrencies best.

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