The Ledger Nano X is the latest hardware wallet designed by Ledger. It was launched in 2019 as a successor to the Ledger Nano S. The Ledger Nano X is the subsequent production of hardware wallets, with smartphone connectivity, a larger screen, and a more eXtensive application capacity.
The Ledger Nano X, which costs $119, is ideal for newbies and experienced traders who want to trade multiple cryptocurrencies or huge quantities on the fly.
The device’s core notion is the simplest method to keep your Bitcoin and cryptocurrency safe offline. In the instance of Ledger, the gadgets use a feature known as “the secure element,” which makes them more resistant to physical damage and allows you to store your asset in a more protected cold offline storage environment. These advantages, in turn, safeguard the private keys from malware, giving it an edge over alternative software wallets regarding security. Regrettably, the security component isn’t open-source.
The crypto hardware wallet is easy to use after eXploring it. Indeed, it has the most straightforward, most seamless setup.
The Ledger Nano X is a high-end crypto hardware wallet with a lot of features and top-notch security. The Ledger Nano X and every other Ledger device line are immensely popular because of the safety of the hardware wallet, durability, and its ability to transfer and accept over 12500 crypto assets and tokens. This Ledger Nano X review will assist you in determining whether or not this hardware wallet is right for you.
What is a hardware wallet?
A hardware wallet works in the same way as a digital bank account. A hardware wallet can be used to send, receive, and manage your cryptocurrency.
The physical wallet, also termed hardware wallet, comes in different sizes and designs; the Ledger Nano X, for example, resembles a USB stick.
One of the best ways to keep your cryptocurrency safe is in a hardware wallet. When you make use of a hardware wallet, the device encrypts your coins’ access. A hardware wallet provides more safety than, say, an online wallet.
Your access is stored digitally when you use an online wallet. There’s a chance you’ll lose your bitcoins if a website like btc.com is hacked. Because a hardware wallet employs offline storage, this risk is eliminated.
Hardware wallets are also safeguarded against illegal usage by a second PIN. Even without a PIN, your hardware wallet can never be accessed, even if stolen or lost. You will recover access to your coins using your backup seed.
Bluetooth allows you to link your Ledger Nano X to your mobile phone. With the Ledger Nano X and the free software, you can manage your crypto anytime, anywhere. This device superimposes the security of a hardware wallet with the convenience of your smartphone.
The new Ledger Nano X allows users to save up to 100 varieties of cryptocurrencies at once. The Ledger Nano S, which preceded it, could only hold 18 coins at a time.
Ledger Nano X hardware wallet features
Earning and staking
Owners can lock up Tron ($TRX), Algorand ($ALGO), Cosmos ($ATOM), which can be staked on Ledger Live to secure their networks, and they’ll be paid interest in eXchange. This functionality allows Ledger to serve as more than simply a haven for your bitcoin; it can also assist you in growing your assets.
In three easy steps, you may stake your digital assets. To begin, log into your Ledger Live profile, choose the applicable account for the coin you would love to rise and click “earn rewards.” After that, a popup will display in a window.
There, you’ll be able to choose how much of your money you want to freeze. Now, vote for your validator(s), who will be responsible for creating blocks on your network, with the bitcoin gained from these blocks being dispersed to voters. Finally, in your applicable account, click “Claim” to claim your earned rewards. Every 24 hours, you can claim your earned rewards.
Ledger has launched a Ledger Swap function that allows customers to trade their cryptocurrencies with Changelly, a Ledger partner. You move your coins to Changelly from your phone, and Changelly delivers back the eXchanged coin.
You’ll need a Ledger device, Ledger Live, the application for the crypto you want to swap and obtain, and finally, the eXchange app to utilize this feature.
Ledger has partnered with Compound ($COMP) to enable users to borrow DAI, USDT, and USDC via Compound’s decentralized finance (DeFi) protocol. The goal is for the lender to earn a Yearly Percentage Rate by doing so.
Furthermore, there are various advantages of lending using Ledger:
You have absolute control over, and confirmation that the coin you lent and earned interest on is yours. Ledger lends through Compound, and you make “cTokens” as incentives if you lend out on the platform.
These cTokens serve as evidence of your ownership of the crypto lent out as well as the interest earned. You keep these cTokens until you want to reclaim your lent assets and interest, in which case you send the cTokens returned to the smart contract. For security, cTokens are stored on your ledger hardware wallets.
Ledger Live gives you a direct opportunity to Compound’s lending tools. It only takes three basic actions to carry out the lending of crypto using Compound and Ledger Live. Install the program for the coin you want to lend and register an account on Ledger Live’s Manager first.
Secondly, authorize Compound’s smart contract to communicate with your account by enabling your account. Finally, choose the number of cryptocurrencies you would like to lend and send a transaction to Compound, which you can then verify and approve on your device.
Characteristics of the security system
The company’s reputation for security is one of the most compelling reasons to purchase Ledger hardware wallets. Two CPU chips are included in the Nano X:
• Secure Element
ST33J2M0 (secure) is an eXternally certified specific element that keeps the private key and signs transactions.
• Operating system
The STM32WB55 chip is in charge of Ledger’s BOLOS operating system.
Hackers cannot break secure elements since they are independent bits of hardware (second layer of protection) with their very own database and limited functionality. This situation implies that even if the Ledger Nano X is linked to a hacked laptop or phone, the private keys (= access to crypto money) are never compromised. Certain aspects are missing from devices like the Trezor One and Model T, which only offer a single layer of security.
The BOLOS operating system is likewise included on the Ledger Nano. BOLOS controls how addresses are presented on the device and how connections to external devices are handled.
Customers can create wallets protected by a passcode in addition to their primary PIN code, just like the Nano S.
If a robber demands that you open your device, you can give them your PIN code to access accesso to wallets with lower balances. At the same time,e the majority of your crypto assets are hidden inside password-protected wallets.
Bluetooth support has been added to the Nano X. Unfortunately, Bluetooth’s security record isn’t perfect, and it introduces a new attack vector for the gadget.
In an interview, Ledger CTO Nicolas Bacca stated that Bluetooth on Ledger functions as if the connection has been disrupted – it will never be able to take control of the device.
The Nano X received ANSSI CSPN (First Level Security Certificate) certification in October 2019. (National Agency for Information Systems Security).
Only Ledger’s Nano S and Nano X hardware wallets have this certification right now, out of all the cryptocurrency hardware wallets on the market. By putting a device via many attack scenarios, the certification scheme assesses multiple areas of its security, including firewall, identity, authentication, and embedded software.
Hacking the ledger
In July 2020, Ledger announced a data breach in which an unauthorized third party gained access to the company’s e-commerce and marketing databases. As a result, around 1 million email addresses were disclosed, with 9,500 consumers having their first and last names, postal addresses, access to phone numbers, and ordered products announced.
Ledger had reported the incident to authorities, and the investigation is being carried out in collaboration with Orange Cyberdefense. The crew is also on the lookout for signs that data is being sold on the web.
Users have reported receiving phishing emails and SMS requesting them to download the latest edition of the Ledger program following the data incident. Users will be led to a phony cloned version of the Ledger site if they click on the link in the email.
Following that, if customers download the “update,” which is malware, it will prompt their Ledger recovery phrase. The attacker then uses the entered recovery phrase to retrieve the user’s wallet and transmit its cryptocurrency to their wallet. The Kraken report has a detailed explanation of how the phishing operation works.
We should point out that this is more correctly described as a “data breach” than a hack. More crucially, the Ledger hardware wallets and the Ledger Live app were not affected by this incident. The security of cryptocurrency held on Ledger devices has never been a concern. It has a 5 out of 5 rating for protection.
Support for several currencies
Ledger is one of the few companies that supports a wide range of cryptocurrencies, including NEO, Vechain, and Monero. The Ledger Nano X supports over 1100differentt assets because of their open stance to project team development.
Many cryptocurrencies like Vechain and NEO are not supported by competitors such as the Trezor or KeepKey, making Ledger the only hardware wallet for many of them. The Nano X will accommodate the same assets as the Ledger Nano B as a rule of thumb.
How to setup the Ledger Nano X
The Ledger includes a native application called Ledger Live (including Bitcoin, Litecoin, Ether,m, and other cryptocurrencies) to access bitcoin accounts. Ledger Live is compatible with various operating systems, including Windows, MacOS, Linux, Android, and iOS.
The Ledger Live app is simple to use, clearly representing cryptocurrency holdings and historical information. Sending bitcoins is straightforward, thanks to a step-by-step process that clearly shows the sender and receiver addresses. Advanced features include the ability to customize the transaction charge in sat/byte manually.
In terms of setting up your Nano X, you’ll have to go through several steps.
Step 1: Setting a PIN code
When you first turn on the device, it will prompt you to select a PIN code between 4 and 8 digits. The buttons can be used to toggle between numbers, and simultaneously pushing both buttons will result in “enter.”
Step 2: Making a list of your seed phrase
The seed phrase is similar to your wallet’s password. It’s something that should always be kept safe and hidden. When you first turn on the gadget, you’ll be given 24 words to jot down on a sheet of paper and save. Using your seed phrase, you can reclaim your funds if the device is lost, broken, or stolen.
Since the seed phrase is so crucial, you’ll be prompted to double-check it after you’ve written it down. Unlike the TREZOR initial setup, you can’t skip this step with Ledger. While I know the Ledger insists on it, you will find it inconvenient and would love to be able to reflect on this section and return to it later.
Step 3: Connecting the Nano X to your smartphone
The exciting part now begins: connecting the Nano X to your mobile device. Previously, only the desktop software known as “Ledger Live” could be used to control the Ledger.
The Ledger Live mobile app can also be used to control the Nano X. The pairing process should be simple, but unfortunately, that was not the case for most users. It was a little troublesome for some users, and it took two tries to get it to function.
When you start operating the device via the app, the process becomes much more complicated. Almost every time you use the app, you must wait for the Bluetooth connection to establish and then confirm the activity on the device.
Most of the time, the device won’t show the “approve” option, so you’ll have to wait a few seconds for the activity to be accepted automatically.
Step 4: Installing the Apps
After the device has been linked and is ready to use, you can install several apps depending on the coins you wish to use.
Step 5: Adding the accounts.
You can go after installing the Bitcoin app. You must also add a Bitcoin account to the gadget, which is not communicated through the user interface. Of course, Ledger’s website has a comprehensive onboarding process.
Coins supported by the Ledger Nano X
Over 1000 cryptocurrencies and tokens are supported by the Ledger Nano X. The Ledger Live software interface can be used to send and receive significant currency.
Here’s a rundown of the most popular coins: Bitcoin is a digital currency (BTC) Bitcoin Cash (BCH) is a cryptocurrency that (BCH) Gold Bitcoin (BTG) Ethereum is a cryptocurrency (ETH) Ethereum Classic (ETC) is a cryptocurrency that (ETC) Ripple of Stellar (XLM) (XRP) Litecoin (LTC) is a cryptocurrency that was launched (LTC) Dash (DASH) Dogecoin (DOGE) Zcash (ZEX)
To transmit and receive less “popular” coins, primarily ERC-20 tokens (i.e., coins used in ICOs), you need to connect the Ledger to the software (e.g., MyEtherWallet, MyCryptoWallet).
What is the price of the Nano X?
The Nano X costs $119 (VAT not included), more than twice as much as the Nano S ($59 VAT had). Essentially, you’re paying for Bluetooth capability and more coin capacity (the Nano X can hold up to 100 assets simultaneously).
While this is a significant price increase, I believe the increased capability is worth it.
The Nano S’s limited coin capacity can be a pain at times, but being able to regulate your hardware wallet from your phone is a significant plus.
TREZOR and the Nano S vs. Ledger Nano X
When compared to its competitors, I believe the Nano X has the upper hand. Finally, the Nano X features Bluetooth connectivity and supports more currencies. You can manage up to 100 coin apps simultaneously (compared to 3 on the previous Nano S model).
It simply loses a touchscreen when compared to the TREZOR Model T ($169.99 Vat excluded), which isn’t much of a benefit, in my opinion. The TREZOR One and other older versions can’t compete with the Nano X’s features.
Design of the hardware
The screen of the Nano X is more extensive and has a more excellent resolution. Thus, complete Bitcoin addresses can be shifted without scrolling, a feature not available on the Nano S.
The Nano X charges and connects to the PC through a modern USB-C interface. As the computing industry migrates to USB-C, this is a nice advance.
One can access menus (hold both buttons), make selections (push both buttons), and even enter recovery phrases on two buttons found on the cover pivot of the new Ledger Nano X. With only two buttons, we found typing PINs and recovery phrases to be tiresome — perhaps a touchscreen or additional buttons would have helped.
The screen of the Nano X is more extensive. It has a more excellent resolution, allowing Bitcoin addresses to be shifted without scrolling, a feature not available on the Nano S.
The Nano X charges and connects to the PC through a modern USB-C interface. As the computing industry migrates to USB-C, this is a nice advance.
Mobile phones can be utilized with the Ledger Nano X, and transactions can be sent while on the go via the Ledger Live app.
This functionality proved to be incredibly situational for us. While it’s convenient to send crypto on the go, given the Nano X’s security, it comes nowhere close to mobile wallets like the Enjin Wallet.
A set of separation confirmations is required: unlock the device with a PIN, enter the crypto app, eXamine and confirm the transaction. This is inconvenient and unsuitable for minor transactions like simple coffee orders. Perhaps major purchases (a car or a house?) or token sale investment make sense. However, how often do we need to spd huge sums of cryptocurrency while on the go?
Pros and Cons
• Over 1000 cryptocurrency assets and tokens are supported.
• Bluetooth compatibility
• All major mobile and desktop device operating systems are supported.
• Private keys are kept on the chip of the hardware wallet.
• Can store up to 100 apps, including Bitcoin, Ethereum, and Bitcoin Cash.
• Affordably priced
• There is a limit of 100 applications that can be stored.
• Bluetooth is only compatible with mobile apps; it is not compatible with desktop computers.
• Ledger Nano X does not allow the acquisition of any assets or tokens.
From the Ledger Nano X review, there’s no doubt that Ledger put in a lot of work to improve their latest hardware wallet model. The smart device creates a cryptocurrency asset management powerhouse with the feature-rich “Ledger Live” software. However, not everything on the Nano X is perfectly polished. The user interfaces for setting up the gadget, in my opinion, could use a little more thinking, and the Bluetooth connection interface is far from pleasant. Overall, despite its flaws, I would use this device. Even though it isn’t ideal, it outperforms all other competitors. However, the reality remains that the Ledger Nano X is a highly secure device. Aside from the price, the Nano X has relatively few drawbacks.
When you upgrade from the Ledger Nano S to the Ledger Nano X, can you keep your coins?
Yes. When upgrading, choose the “restore” option during setup and enter the 24-word recovery phrase from the Ledger Nano S backup.
Is it possible to disable Bluetooth on the Ledger Nano X?
From the Ledger Nano X review, the Bluetooth can be turned off from the Control Panel. This will turn off Bluetooth and force the Ledger to interact only through the USB cord. By pressing and holding both buttons for three seconds, you can gain access to the panel.
Can you install a lot of apps on the Ledger Nano X?
All 73 Apps now accessible on the Ledger Manager can be stored on the Ledger Nano X, according to our research. For future uses, there is even more storage accessible.
Why does the Bitcoin Address on the Ledger Nano X change?
When an outdated Bitcoin address is used, Ledger has a feature that immediately generates a new one. This promotes transaction privacy by using different addresses for recent transactions. Old addresses could still be used because the Ledger has complete access to these monies (including future access).
What is the best way to create a new public address for accepting money?
New ones are automatically generated when old public addresses are utilized (the address receives or sends a transaction).
What is the most recent version of the Ledger Firmware?
The most recent firmware version is 1.6.0.
Will Ledger be affected by the Coronavirus (COVID-19) pandemic?
Ledger has published a statement stating that it has put business continuity procedures to ensure that inventory and products are available to consumers.
However, there is a backlog in their customer service department, but they strive to ensure that customers’ complaints are addressed. You can verify the status of their systems’ operation here.
There will inevitably be challenges with shipping products to customers; nonetheless, they can still ship to most nations, albeit specific clients may have limited delivery alternatives.
How do you keep the Ledger Nano X up to date?
Ledger updates the Ledger Nano X regularly to increase security, efficiency, and coin support. Firmware updates are necessary to support the most recent cryptocurrency. Connect the Nano X to your computer and launch the Ledger Live software to update the firmware.
Our version number will be shown immediately, along with any available firmware updates. To begin the update, tap the update button, then confirm the installation in the Nano X by holding down both buttons when requested to “grant ledger manager” access to the device.
Is the upgrading to the Ledger Nano X worthwhile?
The Ledger Nano X is not a bargain device, costing $119; it commands a premium, deciding to upgrade more difficult for many customers.
The vast screen that displays complete cryptocurrency addresses and more extensive storage for more apps are many the deal-breaker convenience advantages. If these features are crucial to you, upgrading to the Nano X is a good idea. If you only need several apps, the Ledger Nano S, which costs $59, is a better choice.