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Review of the Ledger Nano X cryptocurrency wallet

Designed for long-term use of your coins, this hardware wallet 

secures your coins

OUR VERDICT

The Ledger Nano X is one of the best hardware wallets on the market for holding your cryptocurrency. Thanks to the well-designed and feature-rich apps for mobile and desktop, the Nano X is also easy to manage and add to your portfolio. Main question is whether the improvement in display is worth the added cost as compared with the previous model. Navigation could be simplified

FOR                                                                                        AGAINST

A highly secure DeFi feature                 NAVIGATION COULD BE SIMPLIFIED

 attractive design                                     The price is on the high side

 Easy to use                                                  Data breach at Ledger

The Ledger Nano X is a hardware cryptocurrency wallet that is designed to keep your digital assets as safe as possible. In contrast to hot wallets, which are connected to the internet and thus vulnerable to attack, the Nano X stores your private keys offline, on the hardware itself.

Ledger uses a custom built OS (BOLOS) and CC EAL5+ certified Secure Element (SE) chip to ensure the hardware is as resilient as possible. The device's security has also been audited and verified by ANSSI, France's national cybersecurity agency.

The Nano X has all of the features of its cheaper sibling, the Ledger Nano S, but with the added ability to store a wider range of assets at once and manage your portfolio on the go by connecting the device via Bluetooth to the smartphone app.

Because of the much larger 100mAh battery, you can use this hardware wallet while out and about without needing to connect it to a power source.

While the Nano X is primarily aimed at HODLers, it is also simple to add to your cryptocurrency portfolio and put your holdings to use, thanks to partnerships with crypto exchanges Coinify and Changelly, as well as the DeFi protocol Compound.

• Purchase the Ledger Nano X here.

Price

The Ledger Nano X costs $119/£109. You can also buy a three-pack for $299/£274, but there's no reason you'd want to do so as an individual user.

The Nano X's main rival may be Trezor's Model T, which costs $170 (approximately £125).

The slightly less sophisticated Ledger Nano S is just as secure as the Nano X but does not have the same connectivity options. The Nano S, which costs $59/£54.50, may be a better option for people who are concerned about securing their crypto but don't want to break the bank.

User interface and usability

When there are only two buttons available, there isn't much that can go wrong when using the Ledger Nano X. When you turn on the device, the buttons are used to navigate left and right within menus, and pressing both at the same time confirms your selection.

However, this process feels clumsy at times, especially when returning to a previous menu, and we wished for a touchscreen or, at the very least, a third button.

To manage your cryptocurrency, connect the device to either the Ledger Live desktop or mobile application, using a USB-C to USB-A cable for the former and Bluetooth for the latter.

All major operating systems, including Windows, macOS, Linux, Android, and iOS, have native clients.

Because of their simple design and clean interface, both the desktop and mobile applications are simple to use. The various functions are housed in self-explanatory tabs in the desktop sidebar and mobile bottom nav bar.

Linking the Nano X to the Ledger Live apps is straightforward if the instructions are followed exactly. Failure to record your 24-word recovery phrase, for example, could spell disaster, but this is all part of securing crypto with a hardware wallet.

The only issue we encountered was when trying to set up a Bitcoin account through the app, which requires you to choose between two different address formats. Even though the topic is covered on the Ledger website, the app could do a better job of explaining the difference to crypto beginners.

 

Transferring funds

The Nano X makes it simple to send and receive cryptocurrency. Transactions can be set up and approved with a few button clicks when the device is connected to the Ledger Live app. In addition, the wallet supports over 1,800 different crypto assets.

What distinguishes the Nano X is the ability to purchase cryptocurrency directly through the Ledger Live app, courtesy of a partnership with Coinify. This allows you to avoid any transaction fees that would be incurred if you purchased cryptocurrency through an exchange and then initiated a transfer to your Ledger wallet. This is especially useful at the moment, when Ethereum transaction fees are around $13.

Ledger Live also includes some DeFi functionality, allowing you to use and secure your crypto. Through a collaboration with the lending protocol Compound, you can lend Ethereum-compatible assets and earn interest as a reward for adding liquidity to the network.

Finally, the Swap tab allows you to directly exchange one crypto asset for another (for example, Bitcoin for Ether), which is a quick way to diversify your portfolio without returning to fiat currency. This feature, however, is not available in all regions, including Japan and the United States.

Support

The extensive knowledge base on the Ledger website is the primary source of assistance. You'll find detailed information on how to set up your wallet and transfer cryptocurrency for the first time, as well as deep dives into more complex features and potential technical glitches.

Meanwhile, Ledger Academy is a completely free resource designed to teach beginners about the esoteric world of cryptocurrency and the underlying technology, blockchain.

If you can't find what you're looking for in the knowledge base or FAQs, you can use the website's live chat feature or submit a ticket through the online contact form.

While Ledger provides a variety of support resources to its customers, we would be remiss if we did not mention the company's security breach in the summer of 2020, which exposed the personal data of hundreds of thousands of customers.

Hackers were able to lift a variety of personally identifiable data after gaining access to the company's e-commerce database, including names, email addresses, and home addresses. This information was later made public online and was used by criminals to threaten and extort owners of Ledger crypto wallets.

While the breach had nothing to do with the security of the hardware wallets themselves, it is reasonable to regard such an incident as a red flag.

Alternatives 

The Trezor Model T is the closest competitor to the Ledger Nano X in terms of hardware wallets. Both devices have a premium feel to them and are fairly secure; the only difference between them is a few minor details.
The Nano X is slightly less expensive, but the Model T has a touchscreen interface that is superior to Ledger's two-button system. The Ledger device has native apps for more platforms, but the Model T is completely open source and thus more transparent.
Both companies also sell less expensive but less feature-rich alternatives, the Ledger Nano S and Trezor One.

The other option is to store your cryptocurrency in a popular hot wallet, such as Exodus, Electrum, or Wasabi, which are all completely free.
Non-custodial hot wallets, as opposed to wallets linked to cryptocurrency exchanges, give you control over your private keys. The only disadvantage is that these wallets are linked to the internet and thus more vulnerable to cyberattacks.

(Image credit: Amazon.com)

Final verdict

The Ledger Nano X is a visually appealing, highly secure, and simple-to-use hardware crypto wallet that will give you peace of mind when storing your cryptocurrency.

Unlike other hardware wallets on the market, the accompanying app allows you to directly purchase crypto, exchange tokens for one another, and earn interest on your holdings via the lend function.

While the addition of Bluetooth allows you to manage your wallet while on the go, the fact that hardware wallets are primarily designed for long-term crypto holders means we'd be tempted to go with the much cheaper Ledger Nano S.