Cryptocurrency wallet Ledger Nano X – The Ledger Nano X is a high-end hardware bitcoin wallet designed to safeguard your digital assets.
In contrast to hot wallets, which are connected to the internet and thus open to attack, the Nano X securely maintains your private keys on the device itself.
To guarantee the hardware is as resilient as feasible, Ledger uses a custom-built operating system (BOLOS) and a Secure Element (SE) chip certified to CC EAL5+. Additionally, the device’s security has been audited and validated by ANSSI, France’s national cybersecurity agency.
Ledger Nano X cryptocurrency wallet
The Nano X includes all of the functionality of its cheaper sister, the Ledger Nano S, but adds the ability to store a wider variety of assets and manage your portfolio on the go via Bluetooth connection to the smartphone app.
Additionally, the significantly bigger 100mAh battery allows you to use this hardware wallet while not connected to a power source.
While the Nano X is primarily aimed at HODLers, it also makes it easier to diversify your cryptocurrency holdings and use them, thanks to agreements with crypto exchanges Coinify and Changelly, as well as the DeFi protocol Compound.
Price
The Ledger Nano X is now available for $119/£109. Alternatively, you may get a three-pack for $299/£274, although there is no reason why an individual user would wish to do so.
The Nano X’s closest competition is probably Trezor’s Model T, which costs $170 (about £125). The slightly less advanced Ledger Nano S is equally secure as the Nano X but does not offer the same networking options.
At $59/£54.50, the Nano S may be the best alternative for those concerned about crypto security but don’t want to spend a lot of money.
User interface and usability
Utilizing the Ledger Nano X is extremely basic; with only two buttons available, there is nothing that can go wrong.
When the gadget is turned on, the buttons are used to traverse left and right through menus; hitting both buttons simultaneously confirms your choices.
However, this approach occasionally feels awkward, particularly when returning to a prior menu, and left us wanting for a touchscreen or at the very least a third button.
To manage your crypto, the device must be connected to either the Ledger Live desktop application or the Ledger Live mobile application using a USB-C to USB-A cable for the former and Bluetooth for the latter.
Native clients for all major operating systems are available, including Windows, macOS, Linux, Android, and iOS. Both the desktop and mobile programs are straightforward to use, owing to their simplistic design and uncluttered interfaces.
On desktop, the numerous functionalities are organized in self-explanatory tabs in the sidebar; on mobile, they are organized in the bottom navbar. Connecting the Nano X to the Ledger Live apps is straightforward, provided that the instructions are followed precisely.
For example, failing to record your 24-word recovery phrase could spell disaster, but this is all part of the process of safeguarding crypto using a hardware wallet.
The only snag we saw was while creating a Bitcoin account through the app, which required you to pick between two distinct address forms.
Even while the concept is discussed in detail on the Ledger website, the app could do a better job of clarifying the distinction to crypto newbies.
Funds transfer
It’s simple to transfer and receive cryptocurrencies with the Nano X. Transactions may be created and approved with just a few button clicks when the smartphone is connected to the Ledger Live app. Additionally, the wallet supports over 1,800 different crypto assets.
What differentiates the Nano X, though, is the ability to purchase cryptocurrency directly through the Ledger Live app, thanks to a partnership with Coinify.
This avoids the transaction fees associated with purchasing bitcoin on an exchange and then initiating a transfer to your Ledger wallet. This is especially advantageous at the moment, with Ethereum transaction rates hovering around $13.
Ledger Live also contains some DeFi capability, which enables you to use your crypto in addition to securing it. Through cooperation with lending protocol Compound, you can lend Ethereum-compatible assets and earn interest in exchange for contributing to the network’s liquidity.
Finally, the Swap option enables you to exchange one cryptocurrency for another immediately (e.g. Bitcoin for Ether),
It is a convenient method to diversify your holdings without resorting to fiat currencies. However, certain regions, such as Japan and the United States, do not have this feature.
Support
The primary source of assistance is the comprehensive knowledge base available on the Ledger website. You’ll find extensive instructions for setting up your wallet and transferring cryptocurrency for the first time, as well as in-depth examinations of more sophisticated features and probable technical difficulties.
Meanwhile, Ledger Academy is an entirely free site dedicated to educating newbies about the arcane world of cryptocurrency and its underlying technology, blockchain.
If you’re still unable to locate the information you’re searching for in the knowledge base or FAQs, you can contact the website’s live chat function or file a ticket via the website’s online contact form.
While Ledger provides a variety of assistance options for its consumers, it would be negligent of us not to note the company’s security breach in the summer of 2020, which exposed the personal data of hundreds of thousands of users.
Hackers obtained access to the company’s e-commerce database and extracted a range of personally identifiable information, including names, email addresses, and home addresses.
This information was later made public and was used by criminals to blackmail and extort owners of Ledger crypto wallets.
While the breach had nothing to do with the security of the hardware wallets themselves, it’s not unreasonable to regard such an occurrence as a red flag.
Alternatives
When it comes to rival hardware wallets, the Ledger Nano X’s closest competitor is the Trezor Model T. Both gadgets have a luxury feel and are fairly secure; the only distinctions are a few minor details.
While the Nano X is significantly less expensive, the Model T features a touchscreen interface, which is preferred to the two-button mechanism used by Ledger.
While the Ledger device supports a greater variety of systems natively, the Model T is totally open source and hence more transparent. Both businesses also offer significantly less feature-rich, but less expensive, alternatives: the Ledger Nano S and Trezor One.
The alternative is to keep your bitcoin in a popular hot wallet, like Exodus, Electrum, or Wasabi, which are all completely free.
In comparison to wallets associated with cryptocurrency exchanges, non-custodial hot wallets provide you with complete control over your private keys. The only disadvantage is that these wallets are internet-connected, making them more susceptible to hacks.
Conclusion
The Ledger Nano X is an aesthetically pleasing, highly secure, and simple-to-use hardware cryptocurrency wallet that will provide you with peace of mind when storing your bitcoin.
Unlike other hardware wallets on the market, the accompanying app enables you to directly acquire cryptocurrency, as well as swap tokens, and earn interest on your holdings via the lend function.
While the addition of Bluetooth enables mobile wallet management, the fact that hardware wallets are primarily designed for long-term crypto holders means we’d be inclined to settle for the somewhat cheaper Ledger Nano S.
