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Ledger Nano X Review 2024: Is It Still the Best?
Swen Keller
- URL: https://www.ledger.com
- Software Compatible: Yes
- Price: $149
- Staking Rewards: Yes
- Platform App: Desktop, Mobile, Web
- NFTs Storage: Yes
- No. of Assets Supported: 5,500+
- Type of Wallet: Hardware wallet
Ledger Nano X Review: Our Opinion
The Ledger Nano X is a great choice for beginner crypto investors looking for a simple and easy-to-use hardware wallet to store the private keys of their crypto assets and NFTs offline.
That said, for users who prefer high-end usability on their hardware wallet, the Ledger Nano X isn’t the best choice.
The Ledger device does not support touchscreen functionality, wireless charging, etc.
It is primarily suitable for beginner crypto investors that want a simple cold storage device.
Also, the Ledger Nano X supports the use of third-party wallet options, which come with benefits and security concerns.
An Overview of Ledger
Defining itself as a growing brand developing security and infrastructural solutions for cryptocurrencies and blockchain apps for companies and individuals via proprietary technology, Ledger was founded in 2014.
The brand behind the Ledger Nano X was founded by 8 experts with backgrounds in cryptocurrencies, embedded security, and entrepreneurship.
These 8 founders of the Ledger hardware wallets were united by the concept of developing secure solutions for blockchain apps.
Over the years, the Ledger SAS brand has grown to be a global brand having over 800 employees in various countries including Singapore, Switzerland, the United States, and France.
Currently, Ledger has sold over 5,000,000 wallets and is in more than 200+ countries with clients. There are also over 100 official resellers of Ledger devices globally.
Ledger has released a couple of popular and innovative solutions including a first-of-its-kind operating system called BOLOS, which is integrated either to a Hardware Security Module (HSM) or to a secure chip for the various models of the Ledger hardware wallet.
Ledger is the only brand to offer this technology.
Ledger currently offers 3 models of hardware wallets including the Ledger Stax, Ledger Nano X, and Ledger Nano S Plus.
Each of these hardware wallets allows users to securely store the private keys of NFTs and cryptocurrencies, as well as, manage digital assets via the Ledger Live app or third-party wallet solutions like Exodus.
Beyond its hardware wallet, Ledger also offers enterprise solutions that involve safeguarding digital assets for hedge funds, banks, high-net-worth people, and the major players of various industries interested in delving into blockchain projects.
Pros
- Beginner-friendly
- Portable pocket-size device
- Easy to use
Cons
- Basic usability features
- Not 100% air-gapped
Ledger Nano X: What is It?
The Ledger Nano X is a pocket-sized hardware wallet that allows users to store the private keys of their digital assets (NFTs and cryptocurrencies) offline or in cold storage for safekeeping while allowing them to manage their assets via the Ledger Live app or third-party software wallets.
Ledger Nano X is extremely portable and can be used on the go.
This particular wallet supports Bluetooth connection and uses a PIN code for access.
The Ledger Nano X supports over 5,500 digital assets inclusive of those only accessible via third-party wallet apps.
Using the Ledger Nano X you can truly own your assets and won’t be vulnerable to crypto exchange hacks or crashes.
Ledger Neno X Review: Price
The Ledger Nano X goes for $149. This is considered an industry budget-friendly option when compared to similar options like the Trezor Model T, which costs over $300.
However, as with other hardware wallets, the Ledger Nano X cost rises with accessories included during purchase and can get up to $200+.
Why Use a Cold Storage Wallet?
The major advantage of cold storage wallets over hot wallets is the unrivalled security it provides for digital assets. Unlike hot wallets, cold storage wallets are isolated from the internet and not vulnerable to the majority of malicious attacks against crypto wallets.
Most hardware crypto wallets can only access internet connection via USB and those that have Bluetooth connectivity like the Ledger Nano X only transmit public data via Bluetooth technology.
This ensures that the private keys are always protected both in use and at rest.
Another advantage of cold wallets is the control it gives the user.
Cold wallets are 100% custodial, the user is in charge of his private keys and is responsible for the security of the keys.
This eliminates the loss that comes with attacks on hot wallets and crypto exchanges.
With the private keys stored in cold wallets offline, any attack on the crypto exchange used by the trader will not affect his digital assets.
While cold storage wallets have several advantages over hot wallets, some traders seem to favor hot wallets because of the convenience it provides – typically because of ease-of-access. But with cold storage wallets like the Ledger Nano X, you do not have to compromise security for comfort.
Just like some other hardware wallets, it has a mobile app that allows you to manage your accounts on the go without compromising the safety of your assets.
That said, a cold storage wallet is best for both active traders and crypto investors who wish to store large amounts of crypto for an extended period.
Cryptocurrencies Supported
The Ledger Nano X hardware wallet supports over 5500 digital assets. Supported Coins include Bitcoin, Ethereum, XRP, Litecoin, Dogecoin, ZCash, Polkadot, Binance Coin, Bitcoin Cash, EOS, Tezos, Chainlink, Shiba Inu, Cardano, Leo Token, Monero Token, Basic Attention Token, Terra Luna, Ethereum Classic, Curve DAO, Uniswap, Binance USD, Bitcoin Good, Pax Dollar, Hedera Hashgraph, etc.
Does the Ledger Nano X Support NFTs?
Yes, the Ledger Nano X supports NFTs and allows users to manage, buy, swap, lend, send, and receive NFTs using the hardware wallet, the Ledger Live app, and third-party NFT services.
Some third-party partners of the Ledger Nano X include Rarible, Poap, and Rainbow Me.
How to set up Ledger Nano X
Before you begin setting up your Ledger Nano X you’ll need the following:
- The Ledger Nano X hardware wallet
- Ledger Live mobile app downloaded and installed
- A device that is equipped with the latest Android or iOS operating system. For PC users, Ledger Nano X supports the following operating systems: macOS Big Sur, macOS Monterey, Ubuntu LTS 20.04 or 22.04 (64-bit versions only, except ARM processors), and Windows 10 or 11.
With all the above confirmed you can proceed with setting up your Ledger Nano X.
First, press the button beside the USB port till the Ledger device turns on.
It’s important to note that if you keep holding the button you will access the Bootloader menu and can Power Off the device to restart it.
Go through the onscreen instructions and hold the right button to go forward or the left button to go backward.
Hold both buttons simultaneously as soon as you see the ‘Set up new device’ message displayed.
Next, you’ll need to choose your PIN . To do so, hold both buttons as soon as Choose PIN is shown on the wallet.
Press the right or left button to choose a digit and hold both buttons to validate a chosen number.
Select the checkmark to confirm your chosen PIN of 4-8 digits. Use the X icon to erase a number.
Input the PIN to confirm it.
It’s important to note that if your Ledger wallet requires you to input a PIN right away then it is probably not safe to use and you should contact support immediately.
Once that’s done your 24-word recovery phrase will be shown word by word on the screen of your Ledger Nano X hardware wallet.
You need to look at it closely as the recovery phrase is only shown once.
To copy the recovery seed phrase, take the blank recovery sheet provided in the Ledger Nano X box.
Next, press both buttons as soon as ‘Write down your recovery phrase’ is shown.
Pen down the first word on your recovery sheet and verify that you copied it down correctly. Then push down the right button to go to the next word.
Iterate the process till the 24th word is written down in the 24th position on your recovery phrase sheet.
Hold both buttons after Confirming your recovery phrase is displayed.
Choose the first word that you wrote down in the first position on your recovery sheet using the right or left button. Press both buttons down to validate an entered word.
Do this over again till you have entered the whole 24-word recovery seed phrase.
After this you should see a message stating that ‘Your device is ready’, showing that you’ve completed the setup of your Ledger Nano X.
Hold both buttons to Access Dashboard.
That’s it! You’ve successfully set your Ledger Nano X.
Security of Ledger Nano X
The Ledger Nano X hardware wallet is a secure wallet with several security features just like other Ledger devices.
The Nano X wallet is secured with Ledger’s custom operating system BOLOS and a security element.
BOLOS is an acronym for Blockchain Ledger Operating System and it is unique to Ledger devices (Ledger Nano S, Nano X, and Ledger Stax).
BOLOS is Ledger’s way of turning Bitcoin hardware wallets into personal security devices. It plays a vital part in the security of the Ledger Nano X wallet in several ways.
First, BOLOS isolates all the applications on the Ledger Nano X device, this means that the applications do not interact with each other. All communications go directly to BOLOS. The isolation of the applications keeps other apps secure in the case where the security of one app is compromised.
It also isolates the 24-word recovery phrase from the applications and protects the private keys to ensure that they never leave the device.
The OS also ensures that physical confirmation is required for every crypto transaction.
Transactions that are not physically confirmed on the device are not approved. Transactions are confirmed by pressing the right button on the hardware wallet device and they are rejected by pressing the left button.
BOLOS uses a Root of Trust system for its signature and genuineness mechanisms. This is used to verify the genuineness of the Ledger device when connecting it to Ledger Live and when installing applications and updating your firmware.
The Secure Element is another vital security feature of the Ledger Nano X. This secure element is a military-grade security chip that makes the wallet device impenetrable to both online and sophisticated physical breaches.
The Secure Element is used to generate and store the private keys to users’ crypto assets.
It provides an extra layer of security that is missing in standard components. The secure element also protects users’ data and embeds intrinsic countermeasures against common attacks.
It also hides the power usage and electromagnetic radiation of the hardware wallet and protects it against vector attacks and other types of attacks. This makes the Ledger Nano X crypto wallet tamper-proof and resistant to hacks.
Ledger ensures that the Secure Element chips are subject to third-party evaluation to ensure that they can withstand the various specified attacks.
The Ledger Nano X device is also secured with a PIN code. All users are required to create a PIN (up to 8 digits long) when setting up the wallet.
Since the PIN is user-generated, it is only known to the user. Without the PIN, the hardware wallet cannot be accessed.
This means that even if your Ledger Nano X crypto wallet gets into the wrong hands, without the PIN, the wallet will be inaccessible to them.
If the wrong PIN is imputed up to 3 times, the wallet will perform a factory reset and wipe all the data on the device.
The Ledger Nano X hardware wallet has a new hardware architecture and features Bluetooth Low Energy ( BLE) connectivity. This enables it to be used with iOS and Android devices without a cable.
While this has raised some concerns about the security of the wireless connection, Ledger has assured users that the privacy and security of their devices will not be compromised as only public data is transported via Bluetooth.
All critical data like private keys and recovery seeds never leave the Ledger Nano X device.
Ledger Nano X Bluetooth also uses a state-of-the-art Bluetooth protocol that ensures authentication by pairing.
This numeric comparison is ensured using AES-based encryption. The BLE connection on the Ledger Nano X is a two-phase protocol.
When using the BLE channel, this is what happens, first, the Nano X device and the smartphone use a random generator to generate their key pairs. Once this is done and the user gives their approval, the Ledger Nano X wallet and the smartphone undergo an Elliptic Curve Diffie Bellman key exchange.
During this phase the Nano X device trusts the smartphone it is paired with and vice versa
The Bluetooth protocol on the Nano X wallet has a security configuration in place to avoid Man-in-the-Middle (MiTM) attacks. When the common secret is generated, both the smartphone and the Nano X display a numeric code that was computed using AES-CMAC from random numbers and the public keys of both parties.
The user checks the common secret on both devices to ensure that they are the same. If the information displayed on both devices is the same, both parties will consider each other legitimate and can communicate guaranteeing confidentiality and authentication.
This helps to enforce the authentication of public keys and prevents collision attacks and downgrade attacks.
Once the key exchange protocol is completed, a secure channel featuring an AES-based encryption scheme is established between the Nano X and the smartphone.
Nano X users who are not comfortable with the wireless connection on the Nano X device can deactivate the Bluetooth connectivity and use the USB type-C connector on the wallet.
Just like other Ledger wallets, the Nano X wallet features a Trusted Display.
Unlike regular phone and computer screens that can be tampered with by hackers via an internet connection, the Trusted Display is a screen that cannot be tampered with or hacked.
The presence of the Trusted Display on the Nano X eliminates blind signing. The screen displays the full details of every transaction. This allows the user to verify the details of every transaction before approval.
Ledger also has an internal security evaluation team known as Ledger Donjon. Donjon is made up of security experts in the industry and white-hat hackers who are tasked with constantly testing the security software of all Ledger hardware wallets. This constant monitoring of the software is aimed at ensuring that all possible attack vectors are quickly identified and eliminated.
If your Ledger Nano X wallet gets lost or broken you will still be able to manage and retrieve your assets by using your recovery phrase to restore your accounts on another Nano X device or any other hardware wallet.
Different Ledger Wallet Comparisons
Ledger offers 3 primary hardware wallets: the Ledger Nano S Plus, Ledger Stax, and the Ledger Nano X.
Ledger Nano X
- NFTs and 5,500+ coins supported: Yes
- Compatible with Ledger Live app: Yes
- Bluetooth mobile connection: Yes
- Customizable lock screen: No
- Curved E Ink® touch screen: No
- Wireless charging: No
- Embedded magnets: No
- Third-party wallets: Yes (50+)
- Secure Element chip: Yes
- Certified Secure Element: Yes (CC EAL5+)
- Mobile App: iOS and Android
- Price: $149
- Device Size: 72mm x 18.6mm x 11.75mm; 34 grams
Ledger Stax
- NFTs and 5,500+ coins supported: Yes
- Compatible with Ledger Live app: Yes
- Bluetooth mobile connection: Yes
- Customizable lock screen: No
- Curved E Ink® touch screen: Yes
- Wireless charging: Yes
- Embedded magnets: Yes
- Third-party wallets: Yes (50+)
- Secure Element chip: Yes
- Certified Secure Element: Yes (CC EAL5+)
- Mobile App: Android and iOS
- Price: $279
- Device Size: 85 x 54 x 6mm
Ledger Nano S Plus
- NFTs and 5,500+ coins supported: Yes
- Compatible with Ledger Live app: Yes
- Bluetooth mobile connection: No
- Customizable lock screen: No
- Curved E Ink® touch screen: No
- Wireless charging: No
- Embedded magnets: No
- Third-party wallets: Yes (50+)
- Secure Element chip: Yes
- Certified Secure Element: Yes (CC EAL5+)
- Mobile App: Android
- Price: $79
- Device Size: 62.39mm x 17.40mm x 8.24mm; 21 grams
Opening an Account For Ledger Nano X
Ledger Nano X is a non-custodial hardware wallet. This means that you do not need to sign up for an account to use the device.
However, to manage your assets secured in the hardware wallet you’ll need to add accounts in Ledger Live.
By adding a Ledger account, your public addresses will be stored on your smartphone or computer so you don’t need your device whenever you want to check your balance.
However, the private keys will remain on the Ledger Nano X.
That said, to add an account click Accounts on the left panel of the Ledger Live application.
Next, hit the Add Account button.
Click the drop-down menu to select the digital asset of the account you intend to add. Then click Continue.
If you do not find a crypto asset then it isn’t supported in the Ledger Live and you’ll need to use a third-party app to manage it.
Next, connect and unlock your Ledger Nano X hardware wallet and launch the app of the selected asset. Click Continue and Ledger Live will search for existing accounts in the blockchain. The accounts will then be shown one by one.
To choose an existing account or a new one, add a checkmark to your preferred option.
Click Continue and your added account will be placed in the Portfolio.
To add more accounts, click Add more otherwise close the Add Accounts page.
Ledger Live App
Ledger Live software is Ledger’s platform of applications and services integrated specifically to work with Ledger’s devices. It is Ledger’s official mobile application for the Ledger Nano X and other Ledger wallets.
The Ledger Live platform comes with every purchase of a Ledger Nano device. It is also available for download on the Google Play store and can be installed directly on your desktop computer or mobile device.
Ledger Live is compatible with Ledger Nano X via Bluetooth connection.
With Ledger Live, users can buy, stake, swap and manage their crypto assets. Ledger Live supports the swapping of over 5,000 cryptocurrencies, it also allows users to accumulate over 1250 ERC-20 tokens in one place.
Asides from managing cryptocurrencies, Ledger Live grants users access to several crypto NFTs and DeFi-based services directly from the hardware wallet.
Users can manage their DeFi portfolio with Zerion and also access popular DEX aggregators like 1Inch and ParaSwap.
With Ledger Live, you can get a crypto market watch list that allows you to track the price, volume, dominance, market cap, and supply of several crypto assets on the go.
You can also make crypto payments using the CL card with Ledger Live. The CL card is built to be compatible with your Ledger Nano X wallet.
Ledger Live is not independent of the hardware wallet as all transactions on Ledger Live must be confirmed on the hardware wallet.
The app is paired with the Ledger hardware wallet which holds the private keys needed to verify transactions. The information for the transaction must be validated by the user on the hardware wallet using the screen and the two buttons simultaneously for transactions to be verified.
The Nano X wallet acts as a safe validator in this case so that it is clear that the actions in Ledger Live originated from the wallet owner and not a malicious third party.
Setting up Ledger Live is easy.
Ledger Live will help you set up your Ledger wallet and configure the app the first time you use the Ledger Live application.
Note that all accounts and settings for Ledger Live are stored on your computer or phone.
To get started, do the following:
Download and install Ledger Live on your Mobile or Desktop and start the Ledger Live application.
Click on “Get Started” on the welcome screen.
Next, choose how to set up your device. If you are using Ledger Live for the first time. Click “Set Up as A New Device”, to create new accounts and generate private keys.
If you already have an account, you can click “Restore device”. This will allow you to restore the private keys of your existing accounts using your mnemonic seed or recovery phrase.
Connect your device, once it is ready, click “Continue”.
As already stated your Nano X can only be connected to Ledger Live via USB Cable.
Next, complete the security checklist. To verify the authenticity of your device, click on “Check”.
If your device is genuine it will provide the cryptographic proof required to connect with Ledger’s secure server.
The process of verifying the authenticity of your device may take a few minutes.
Once the authenticity of your device has been confirmed, click on “Continue”
Next, choose a password for your Ledger Live. To do this, enter your password in the new password field and in the “Confirm password” field. This step is optional. If you do not want to set a password, click on “Skip”
Next, select which optional data you wish to share with Ledger.
Aside from mandatory technical data, Ledger allows you to choose which anonymous data you are willing to share with it. The optional data you can share include analytics of data usage and bugs report.
Click ” Continue”
Finally, click on “Open Ledger Live” to open the application.
Customer Satisfaction
Customer reviews on third-party platforms indicate that the majority of Nano X users are satisfied with the security of the device.
Ledger offers customer service to users via email through the Help Center and via Social media.
Ledger maintains an active presence on numerous social media platforms such as Twitter, Facebook, Reddit, TikTok, YouTube, and Instagram, fostering support groups across the digital landscape.
Ledger does not provide phone support for security reasons.
Where can I Buy a Ledger Nano X Hardware Wallet?
You can buy a Ledger Nano X hardware wallet from the official Ledger website here: https://www.ledger.com.
Purchasing your Ledger wallet from unapproved third-party sources may affect the security of your device.
Alternatives to Ledger Nano X
There are various alternatives to the Ledger Nano X but popular options include the Trezor One, Trezor Model T, and the Ledger Nano S Plus.
When compared to other options the Ledger Nano X excels in supported coins and ease of use.
However, in terms of security, other fully air-gapped options like the Ngrave Zero are better alternatives.
Final Thoughts
The Ledger Nano X is a portable hardware wallet that allows users to store their crypto private keys offline on the go. It is beginner friendly and offers a sizable selection of supported coins. However, in terms of usability functions the device doesn’t have a widescreen or touchscreen capability. It also isn’t air-gapped which raises the potential of security issues.
FAQ
Most frequent questions and answers
Yes, the Ledger Nano X hardware wallet has never been hacked before. However, the Ledger website was hacked in 2020 and hundreds of customer data was stolen. This, however, did not affect the hardware wallets in any way.
Yes, the Ledger Nano X is worth it for beginners searching for simplicity and a portable device.
The primary downside of the Ledger Nano X is its price. Compared to the Nano X which offers similar functions, it comes out as too expensive.
No, Ledger is a great hardware wallet but it doesn’t offer 100% (completely air-gapped) cold storage like Ngrave Zero and other similar options that restrict internet access completely.
We always try to provide the most accurate information available, and make sure our team follow through.
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