
Ledger Reseña
Secure-element hardware wallets from $69, with Bluetooth from $99 and an optional paid seed backup
Link to the company's own site · doesn't affect score
De un vistazo
Ledger is a Paris hardware wallet maker launched in 2014. It sells five signers, its term for hardware wallets: the Nano S Plus ($69), Nano X ($99), Nano Gen5 ($179), Flex ($249) and Stax ($399). Every model uses a certified STMicroelectronics secure element, EAL6+ except the Nano X at EAL5+. Ledger is partly open source: the Ledger Wallet app is MIT-licensed, but low-level chip code is withheld. The app compares buy quotes and offers swaps and staking through third-party providers. Ledger Recover is an optional ID-based backup at $9.99 a month. Ledger's 2020 customer-data leak and the 2023 Connect Kit attack (about $600,000, by Ledger's count) still shape its record. As of 17 October 2026, hidden implants in some devices sold through the reseller CryptoBilis had been linked to losses third-party trackers estimate at roughly $72 million to $102 million; Ledger has confirmed no figure.
Self-custody users who want a secure-element signer that works with MetaMask, Phantom and Rabby, plus in-app buying, swapping and staking, and who will buy direct from ledger.com. The Nano S Plus suits most first-time buyers; the Nano X is the cheapest model with Bluetooth.
You want firmware you can read end to end, you object to firmware that can export an encrypted copy of your seed even as an opt-in, or your only option is a discounted unit from a marketplace.
Datos rápidos
- Wallet type
- hardware
- Custody
- self
- Supported chains
- 100+
- Built-in swap
- Yes
- NFT support
- Yes
- Hardware price
- $69
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A favor
- Every current model uses a Common Criteria certified STMicroelectronics secure element (EAL6+, or EAL5+ on the Nano X)
- Lineup starts at $69 for the Nano S Plus, with Bluetooth from $99 (Nano X) and a touchscreen from $179 (Nano Gen5)
- Works in MetaMask Mobile and Phantom, which do not support Trezor (Phantom also excludes the Nano Gen5), and Solflare's docs list Ledger but not Trezor
- Ledger Wallet compares buy quotes side by side and stakes ETH, SOL, DOT, AVAX, TRX, POL, BNB and more through third-party providers
- Clear Signing and Transaction Check (Gen5, Flex, Stax) help you read what you sign, and the in-house Donjon lab runs a bug bounty
En contra
- In October 2026, implants in some devices sold through the reseller CryptoBilis were linked to losses third parties estimate at roughly $72 million to $102 million; Ledger has confirmed no figure
- The 2020 customer-data leak, including about 272,000 customers' postal addresses dumped online, still fuels phishing and led to fake devices being mailed to victims
- Only partly open source: the low-level secure-chip code is withheld under Ledger's agreement with STMicroelectronics
- Ledger Recover ($9.99 a month, ID-based, run by Coincover) drew a 2023 backlash because the firmware can export an encrypted copy of the seed
- Swap quotes can include a Ledger fee with no published percentage, and Genuine Check cannot detect physical implants if the original secure chip is intact
Ledger review: the short answer
Ledger makes solid cold wallets. The $69 Nano S Plus is a sensible first one. Buy it direct from ledger.com. In October 2026, tampered units sold through a Southeast Asian reseller were linked to drained wallets.
This Ledger review covers the five signers on sale, Ledger's term for its hardware wallets: the Nano S Plus, Nano X, Nano Gen5, Flex and Stax. We checked every claim against Ledger's own pages, security reports, court reporting and IRS guidance on 16 and 17 October 2026. It is a desk review. We did not run device trials.
A lot changed in the past year. Ledger Live became Ledger Wallet in October 2025, and the Nano Gen5 arrived at $179. In October 2026 Ledger confirmed hidden implants in some devices sold through a reseller, then announced the Ledger Atom, an Android-based signer it expects to ship in 2027.
- Good fit: you want a signer that works with MetaMask, Phantom and Rabby, you like buying, swapping and staking in one app, and you will buy direct from ledger.com.
- Look elsewhere: you want firmware you can read end to end, or you object to firmware that can export an encrypted copy of your seed, even as an opt-in.
Which Ledger should you buy in 2026?
The Nano S Plus ($69) suits most first-time buyers. The Nano Gen5 ($179) is the cheapest Ledger that combines Bluetooth, a touchscreen and an EAL6+ chip.
| Model | Price (US) | Screen | Connectivity | Secure element | Best for |
|---|---|---|---|---|---|
| Ledger Nano S Plus | $69 | Monochrome OLED (128 x 64) | USB-C | ST33K1M5 (EAL6+) | A first hardware wallet |
| Ledger Nano X | $99 | Monochrome OLED | USB-C, Bluetooth (BLE 5.2) | ST33J2M0 (EAL5+) | The cheapest Ledger with Bluetooth |
| Ledger Nano Gen5 | $179 | 2.8-inch monochrome E Ink touchscreen (300 x 400) | USB-C, Bluetooth (BLE 5.2), NFC | ST33K1M5 (EAL6+) | A touchscreen at a mid-range price, Recovery Key included |
| Ledger Flex | $249 | 2.8-inch 16-grayscale E Ink touchscreen (480 x 600) | USB-C, Bluetooth (BLE 5.2), NFC | ST33K1M5 (EAL6+) | Regular DeFi users who want a higher-resolution screen |
| Ledger Stax | $399 (includes a Recovery Key) | Curved 16-grayscale E Ink touchscreen (400 x 670) | USB-C, Bluetooth (BLE 5.2), NFC, Qi wireless charging | ST33K1M5 (EAL6+) | Buyers who want a larger curved screen and wireless charging |
Ledger groups the Nano S Plus and Nano X as "Classic signers for backup use", but neither is discontinued, and the Nano X is the only current model on the older EAL5+ chip. The Nano S Plus has no Bluetooth. On a phone it works only with Android.
NFC on the Gen5, Flex and Stax works with the Ledger Recovery Key, a card with its own EAL6+ chip that holds a PIN-protected backup you keep offline. Ledger presents it as a complement to your 24 words. On the Gen5, Ledger lists NFC for the Recovery Key and its Security Key, not tap-to-sign. Bought alone, the card costs $39, or $99 for three.
Ledger Atom: a 2027 reservation
Ledger announced the Atom on 15 October 2026. It is an Android-based, data-only handheld with a separate EAL6+ secure element running Ledger OS, and the Founders Edition has an $849 reserve price and a $100 refundable deposit. Ledger expects to ship in 2027. It calls its Q2 2027 date an estimate. Delivery depends on US and EU regulatory approvals. We will rate it once it ships.
What about the original Nano S?
Retire it. Ledger retired the Nano S in 2022 and said in June 2025 that software support would be phased out, because the device's 320 KB of memory could not keep up. It cannot use Ledger Recover or Ledger Sync.
Is Ledger a cold wallet, and how does it protect your keys?
Yes. A Ledger cold wallet keeps your private keys inside a secure chip on the device, and every transaction needs your approval on its screen, so the keys never sit on your computer or phone.
Ledger compares that chip to the ones in bank cards and passports, and says it is "designed to withstand power-glitching". What about Bluetooth? Ledger says only public data crosses the link, and pairing uses numeric comparison and AES encryption. You can switch Bluetooth off.
- PIN. It is 4 to 8 digits long. The device resets after three wrong tries, and an optional second PIN gives you plausible deniability.
- Genuine Check. Ledger Wallet checks the device during setup, but Ledger's own documentation says this cannot detect physical implants if the original secure chip is intact.
- Clear Signing. Readable transaction details, introduced by Ledger in 2023. In May 2026 Ledger handed stewardship of Clear Signing to the Ethereum Foundation, which credits Ledger with starting the ERC-7730 standard.
- Transaction Check. On the Gen5, Flex and Stax, outside providers simulate EVM transactions before you sign. The Nano S Plus and Nano X do not get it.
- Ledger Sync. Opt-in, end-to-end encrypted account sync across devices, launched in October 2024.
The Ledger Wallet app
Ledger Wallet, renamed from Ledger Live in October 2025, is the free companion app for Windows, macOS, Linux, iOS and Android. Every buy, sell, swap and staking action runs through a third-party provider. You approve each one on the device.
- Buy and sell: side-by-side buy quotes from providers including Revolut, MoonPay, Transak and Topper. Cash App Pay through MoonPay is US-only, and selling is not currently available in the UK.
- Swap: Ledger's April 2026 redesign named nine providers, including Uniswap, 1inch, THORChain and Changelly. Its October 2026 notes claim 50 providers.
- Stake and lend: ETH, SOL, DOT, AVAX, TRX, POL, BNB and more through providers such as Kiln, Lido and Figment, plus stablecoin lending through Aave, Morpho and Compound.
- Borrow: Crypto Loan lets you borrow USDC or USDT against cbBTC or wBTC through Morpho, with variable rates and liquidation risk. It is not available in all countries.
Ledger has announced two more additions. In September 2026 it said Payward, the company behind the Kraken exchange, will become a buy, sell and swap provider in Ledger Wallet, starting in Europe and the UK, with no launch date. In October it unveiled Agent Intent, a single screen for approving AI-agent requests on a Ledger signer.
Ledger's asset figures conflict. Its pages range from 500+ coins in the app itself to 15,000+ through the app and partners, so call it thousands, and it claims 100+ chains. It lists MetaMask, Phantom, Rabby and Electrum as compatible wallets.
Who makes Ledger?
Ledger SAS, launched in Paris in 2014 by eight experts, makes the devices. Pascal Gauthier is chairman and CEO. The company was last priced at about $1.5 billion (EUR 1.3 billion) in a 2023 round and claims more than 8 million devices sold. In January 2026 the Financial Times reported a planned New York IPO at more than $4 billion, but CoinDesk reported in May that the plan was on hold. Ledger confirmed neither report.
Is Ledger safe? Chip, code and track record
Yes, for most owners who buy direct from Ledger and keep their 24 words offline. The large losses we found came from tampered units sold through a reseller, a hijacked code library, leaked customer data and fake apps.
So the risk sits around the device more than inside it. Gauthier said in October 2025 that Nano devices had sold in the millions with "none ever hacked". Treat that as a company claim. The 2026 implant did not modify the chip. It read the recovery phrase off the screen.
The secure chip and the open-source question
Every current Ledger uses an STMicroelectronics secure element. The Nano X has the EAL5+ ST33J2M0, and the other four use the EAL6+ ST33K1M5. Ledger is partly open source. The Ledger Wallet app is public under the MIT licence. The developer kit, the device apps, parts of the operating system and the entry points Ledger Recover uses are also public on GitHub.
The low-level code that talks to the chip stays private. Ledger says its agreement with STMicroelectronics "legally prevents" it from publishing that code. A July 2024 Ledger post put the open or reviewable share of its operating system and software at "95%". Its current page gives no figure and calls the operating system "partially reviewable".
Audits and bug bounty
Ledger says an unnamed outside lab audits each operating system release. No report is public. Its in-house security team, Ledger Donjon, runs a bug bounty for the devices, apps and Ledger Wallet. Rewards are paid in bitcoin at Ledger's discretion, with no published maximum.
Donjon finds flaws in Ledger's own code too. In August 2026 it disclosed a race condition in some clear-signing flows of the Ethereum app that could let a malicious contract alter what you sign. Ledger fixed it in version 1.22.2. No losses were reported.
Has Ledger been hacked?
Two incidents hit Ledger's own systems: the 2020 customer-data breach and the 2023 Connect Kit attack. The others were scams, tampered devices, a partner's leak and one app bug.
| Date | What happened | Loss |
|---|---|---|
| June 2020 (disclosed July) | Attackers used an API key to reach Ledger's e-commerce and marketing database (details below) | No funds or payment data taken |
| December 2020 | Data on about 272,000 customers was dumped online | No funds taken; Ledger declined refunds |
| June 2021 | Fake "replacement" Nano X devices were mailed to leak victims; one had a flash drive wired to its board | Not disclosed |
| December 2023 | Connect Kit, a Ledger code library used by dApps, served a wallet drainer; Ledger says active draining lasted less than two hours | About $600,000, by Ledger's count |
| August 2024 to May 2025 | macOS malware replaced Ledger Live with a clone that phished recovery phrases | Not disclosed |
| April 2025 | Paper letters with Ledger's logo asked owners to scan a QR code and enter their recovery phrase | Not disclosed |
| January 2026 | Order data at Global-e, the merchant of record for ledger.com orders, was accessed, exposing some buyers' names and contact details | No payment data; count not disclosed |
| April 2026 | A fake Ledger app in Apple's App Store drained users between 7 and 13 April; Apple removed it | About $9.5 million from 50+ victims, according to investigator ZachXBT |
| August 2026 | Donjon found a clear-signing bug in Ledger's Ethereum app, fixed in version 1.22.2 | None reported |
| October 2026 | Hidden implants in some devices sold through the reseller CryptoBilis (details below) | Third-party estimates of roughly $72 million to $102 million; Ledger has confirmed no figure |
The October 2026 implant case
This section is current as of 17 October 2026, and the story is still moving. In October 2026 Ledger confirmed that some devices sold through CryptoBilis, a reseller in Southeast Asia, had been opened and fitted with a hidden implant. The implant read the 24-word recovery phrase off the screen during setup, then sent it out over a cellular connection.
Ledger says its chip, operating system and servers were not compromised, and that its direct sales were not affected. It blames a "highly organized criminal group" that bought genuine devices over many months, opened and modified them, and fed them back into distribution through Southeast Asian resellers. Independent teardowns found an STM32 microcontroller, an eSIM and an LTE module.
How much was lost is unclear. Third-party blockchain trackers estimate roughly $72 million to $102 million. The low figure is tanuki42's; Bitquery's 12 October update, as reported by crypto.news, counted about $102 million across 324 wallets. Ledger has confirmed no figure. It says "figures circulating online come from third parties".
Ledger asked resellers in seven Asian markets (Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia and Hong Kong) to stop selling. After one customer report in Germany, with no funds lost, MediaMarktSaturn pulled Ledger products, and a spokesperson said the removal applied "internationally in all of our countries". Ledger says the German stock it inspected was clean.
Ledger has confirmed cases only in devices sold through CryptoBilis; reports from other sellers are under review. It has not said which models were affected. Ledger advised CryptoBilis buyers from the past 90 days not to set up their devices, and anyone already using one to move funds to a new seed on a device bought from Ledger.
Do not treat 90 days as a safe cutoff. Bitquery found that more than eight in ten drained wallets were first funded in June 2026 or later. Researcher Mark Karpelès says the tampered unit he examined passed Genuine Check. As of this update Ledger had announced no compensation. It asks victims to contact Support and file a police report.
The 2023 Connect Kit attack
On 14 December 2023, an attacker phished a former Ledger employee whose npm access had not been revoked, then published malicious versions of Connect Kit. That is a JavaScript library dApps use to talk to Ledger devices. Versions 1.1.5 to 1.1.7 carried code from Angel Drainer. Device firmware was untouched.
Ledger says draining lasted under two hours, and it shipped a fix within 40 minutes of learning about it. Tether froze the attacker's USDT. Losses came to about $600,000, by Ledger's count. Ledger pledged to make all victims whole by the end of February 2024, including non-customers, and to phase out blind signing for EVM dApps by June 2024. We found no public confirmation that every payout was completed.
The 2020 data leak and the scams that followed
The 2020 leak still feeds scams. About 1 million email addresses and roughly 9,500 customers' postal details were taken; in December 2020 a dump of about 272,000 customers' names, addresses and phone numbers appeared online. Ledger declined to refund customers. No funds or payment data were taken.
Courts are still weighing it. In February 2025 a federal judge let part of the Baton class action proceed, including claims that Ledger knowingly violated its privacy policy. A proposed class action filed on 27 August 2026 in federal court in Manhattan seeks at least $500 million, citing the 2020 and 2023 incidents. The claims are unproven. Ledger does not comment on legal matters.
The plaintiff, Douglas Kim, alleges he lost $1,948,074 after a February 2025 call from someone claiming to represent Coincover, the firm behind Ledger Recover. Scammers also pose as Ledger in emails, paper letters and fake "firmware update" pages. Ledger says it will never ask for your 24 words.
Can a Ledger be hacked?
Yes, but every loss in the table above went around the secure chip rather than through it. Anyone with your 24 words can move your coins without the device. That is how the 2026 implant worked. Ledger's own Atom security post admits that attestation "cannot catch an implant spying on the screen". Blind-signing a transaction you cannot read is the other big risk.
Ledger Recover: what is it, and should you use it?
Ledger Recover is an optional, paid backup of your recovery phrase, run by Coincover and tied to your ID. It suits people who fear losing their 24 words more than they distrust outside firms; most owners can skip it.
Here is how it works. Your phrase is encrypted and split into three fragments, held by Coincover, Ledger and EscrowTech. Any two can restore it. You must pass an identity check through Onfido. Recovery is capped at three attempts a month and ten a year.
It costs $9.99 a month after a free first month, with renewals billed in euros, or $49.99 for six months and $99.99 for a year in prepaid codes from the US store. Coincover offers up to $50,000 if funds are stolen through Recover, subject to investigation.
Availability depends on the country that issued your ID. US and Canadian users can verify with a passport, national ID or driver's licence. EU and UK users need a passport or national ID. Passport holders from 24 more countries qualify too, including Australia. Ledger says Recover works with all current devices, the Nano S Plus on desktop only. The original Nano S is excluded.
Why Recover caused a backlash in 2023
Ledger announced Recover on 16 May 2023, and the reaction was fierce. Critics called it a potential "backdoor", because it showed the firmware could export an encrypted copy of the seed. Ledger paused the launch about a week later and sped up its open-sourcing, and Gauthier apologised for "miscommunication". Trezor said its sales jumped 900% week on week.
Recover went live in October 2023. Its device-side entry points are public on GitHub, but we found no public server-side code, and no reported breach of Recover itself. If you can keep your written 24 words safe, we think Recover adds cost and outside parties for little gain. The Recovery Key is the offline option you hold yourself.
How to buy a genuine Ledger and spot fakes
Buy direct from ledger.com. The October 2026 implant case came through the reseller channel, and Ledger's own documentation says its Genuine Check cannot detect physical implants if the original secure chip is intact.
Ledger still lists authorized resellers, such as Fnac, Darty and Best Buy, and says to buy on Amazon only from its official storefront or a listed reseller. That advice predates the implant case. Since then it has suspended its own authorized resellers in seven Asian markets and told resellers to keep devices off open shelves and never resell returns.
Marketplaces and discounts are the biggest red flag. Researchers said the units they took apart came from Amazon Japan and a Japanese auction site at about half price. Ledger already urged "high caution" on third-party marketplaces such as Shopee and Lazada.
Setup checks for a new Ledger
- Download Ledger Wallet only from ledger.com or the official app stores, and check the publisher. A fake Ledger app sat in Apple's App Store in April 2026.
- Check that the device arrives without a PIN or recovery phrase set. Ledger devices never ship with either.
- Run Genuine Check in Ledger Wallet, but remember it cannot catch an implant.
- Write the 24 words down yourself, and never type them into a website.
- Ignore emails, letters, calls and "firmware update" pages that ask for your phrase.
- Bought from CryptoBilis? Do not set the device up. Ledger's advice covers purchases from the past 90 days, but do not treat that as a safe cutoff. If funds were lost, Ledger says to work with law enforcement before opening it.
What does Ledger cost?
The device is the main cost, from $69 to $399. The Ledger Wallet app is free, but buy, swap and staking providers charge their own fees, and swap quotes can include a Ledger fee.
| Item | What you pay (October 2026) |
|---|---|
| Nano S Plus, Nano X, Nano Gen5 | $69, $99 and $179 |
| Flex, Stax | $249 and $399 (the Stax includes a Recovery Key) |
| Ledger Recovery Key | $39, or $99 for a three-pack |
| Ledger Recover (optional) | $9.99 a month after a free first month, or $49.99 for six months and $99.99 for a year in prepaid codes |
| Ledger Wallet app | Free, with no subscription |
| Buying crypto | No Ledger fee on the buy feature, Ledger says; provider fees show with each quote, and minimums are around $10 to $30 |
| Swapping | Provider and network fees; the quoted rate can include a Ledger fee |
| Staking | No Ledger fee, Ledger says; providers may take a commission (Ledger's staking page says Lido takes 10% of ETH rewards) and network fees apply |
Ledger publishes no swap fee percentage. Its developer docs describe a "Ledger fee" taken as part of a swap and built into the quoted rate. Compare what you will receive across quotes. Ledger also says Changelly's fixed-rate quotes cost more than floating ones.
Does Ledger report to the IRS?
No. Ledger files no Form 1099-DA for your wallet activity, because the current IRS rules do not cover non-custodial wallet software or brokers.
The Form 1099-DA instructions exclude a company that only provides hardware or software letting you control your own private keys. Ledger also takes a fee inside some swaps. The wider exclusion for non-custodial brokers is the one that covers it.
The providers you sell through are another matter. Brokers report gross proceeds from 1 January 2025, and cost basis for certain sales from 1 January 2026. PayPal reports sales inside its own wallet. Buying crypto with PayPal and sending it to your Ledger is not a sale. We found no source confirming which Ledger Wallet partners file the form.
- The Form 1040 question applies. Sales, swaps and staking rewards mean "Yes". Only holding, buying with dollars or moving coins between your own wallets means "No", unless you paid a fee in crypto.
- Staking rewards are income at fair market value in the year you gain "dominion and control" over them, under Revenue Ruling 2023-14. Brokers are told not to report them on Form 1099-DA, so track them yourself.
- The DeFi broker rule is gone, overturned by H.J.Res.25 on 10 April 2025.
- Pending bills are not law. Congress is considering changes to how staking rewards and small transactions are taxed, including a House Ways and Means markup on 16 September 2026. None had become law as of October 2026.
Our US crypto tax guide for 2026 covers rates and forms. This is general information, not tax advice.
Ledger vs Trezor
Pick Ledger if you want Bluetooth for $99, Solana apps such as Phantom, or an optional backup service. Pick Trezor if you want firmware anyone can read and no seed-backup service at all.
| Factor | Ledger | Trezor |
|---|---|---|
| Entry price | Nano S Plus, $69 | Safe 3, $59 |
| Bluetooth | Nano X ($99), Nano Gen5, Flex and Stax | Safe 7 only ($249) |
| Secure element | STMicroelectronics ST33K1M5 (EAL6+); ST33J2M0 (EAL5+) on the Nano X | Infineon OPTIGA Trust M (EAL6+) on Safe models; TROPIC01 added on the Safe 7 |
| Firmware code | Partly open: the app and parts of the operating system are public; low-level chip code is withheld | Public on GitHub for all models, mainly under GPL-3.0 |
| Seed backup service | Ledger Recover, optional, $9.99 a month | None |
| Staking in the app | ETH, SOL, DOT, AVAX, TRX, POL, BNB and more | ETH, SOL, ADA and TRX |
| NFTs in the app | View, manage and send on Ethereum and Polygon | View-only and experimental, EVM only |
| Phantom, Solflare, MetaMask Mobile | Supported, except the Nano Gen5 in Phantom | Phantom: not supported; Solflare: not listed; MetaMask: browser extension only |
| Resellers after October 2026 | Sales suspended in seven Asian markets; stricter handling rules | Cutting part of its reseller network from 1 January 2027 |
Open code is the clearest difference. Trezor publishes its firmware, while Ledger keeps the lowest layer closed under its chip-maker agreement. Ledger's security team has also found flaws in Trezor hardware, including the 2025 Safe 3 issue and the June 2026 laser attack on the Safe 7's TROPIC01 chip, both of which needed the device in hand. Our Trezor review covers that side.
Should you buy a Ledger?
Yes, if you buy it direct from ledger.com and keep your 24 words offline. For most people the Nano S Plus at $69, or the Nano X at $99 for Bluetooth, is enough.
Pick the Nano Gen5 at $179 if you want a touchscreen, Transaction Check and a Recovery Key in the box, but note that Phantom does not support it. The Flex and Stax suit people who sign DeFi transactions often. Skip Ledger if you want firmware you can read end to end; Trezor is the closer match. If Recover troubles you, note that it stays opt-in, but its entry points ship in Ledger's operating system.
Past buyers should expect phishing after the 2020 leak and the January 2026 Global-e incident. We score wallets on security, chain support, ease of use, pricing and transparency; see how we score wallets or browse our crypto wallets hub.
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