Ledger Nano X Wallet Review 2020: Fees, Pros, Cons and Features

Ledger Nano X wallet is the latest product in the Ledger line of hardware cryptocurrency wallets. In this Ledger Nano X wallet review, we will carry out an in-depth analysis of its features and find out whether it is the safest crypto wallet out there.

What is Ledger Nano X Wallet?

Ledger Nano X is a Bluetooth-enabled hardware wallet designed to offer top-notch security in digital asset storage. It resembles a flash disk drive, but is slightly bigger and has two buttons and a screen. Its exterior sports a smooth, stainless steel finish and it is a little larger than the Ledger Nano S.

The company behind Ledger Nano X, Ledger SAS, came into existence in 2014. It was founded by an eight-person team consisting of security, crypto and entrepreneurship experts. With branches in Paris, San Francisco and Vierzon, it currently has more than 130 staff members.

Its line of hardware wallets started out with the Ledger Nano S and Ledger Blue.

Ledger SAS announced Ledger Nano X in January 2019 at the annual Consumer Electronics Show (CES) that took place in Las Vegas, Nevada. At the time, they said it would become available this April. The wallet is not a replacement for Ledger Nano S and the two will continue to enjoy support side by side.

A major difference between the two is the Ledger Live app that is available on the Nano X. Using this app, you can view wallet contents even when your device is not connected to your smartphone. You could also sign off on transactions in a simple manner, a long-standing problem for Ledger hardware wallet users who want to use crypto for everyday payments. We will highlight other differences in the wallet comparison section towards the end of the article.

Ledger Nano X Compatibility

The Nano X is compatible with:

• Desktop computers
• Laptops
• Smartphones

It can work with a wide variety of operating systems on these devices, including:

• Windows 8 and above
• Mac OS 10.8 and above
• Linux
• iOS 9 and above
• Android 7 and above

What wallet type is Ledger Nano X?

• Hardware wallet
• Bluetooth-enabled

What cryptocurrencies does the Ledger Nano X wallet support?

Ledger Nano X supports over 1,000 cryptocurrencies including:

What fees does Ledger Nano X wallet have?

There are no Ledger Nano X wallet fees chargeable for using the device. However, when using cryptocurrencies, network fees always apply. These vary from network to network and depend on transaction size.

How to open your Ledger Nano X Wallet account

You now have a general idea of what is Ledger Nano X and now it’s time to find out how to open Ledger Nano X wallet. Here is what you need to do:

Step 1: You can plug in your Nano X using the cable that comes in the package or connect it via Bluetooth to your smartphone or other device.

Another option is to use the Ledger Live mobile app to set it up. For this example, we will go through the set up process using the app on iPhone and the Nano X connected via Bluetooth. The process is more or less the same no matter which method you use.

Download the app from Apple AppStore and once you launch it, click on “Get Started”

Step 2: Once the app opens, select your device, in this case, Ledger Nano X

Step 3: Since we are setting up for the very first time, we will select “Initialize as a new device”

Step 4: Set a PIN Code for your device by following the steps shown on the app.

According to the app’s directions, you need to turn on the Nano X

And then press both buttons to select “Setup as new device”

The device will ask you to set a four- to eight-digit PIN Code which will be your first line of defence

Step 5: Your device will now show a 24-word recovery phrase. Follow the instructions on the app to copy, confirm and validate them.

Once you write down and confirm all 24 words, your device will be ready to use. Once again, the app will offer useful security tips, follow them.

Step 6: Pair your Nano X with your phone. For this step, make sure Bluetooth on your phone is on.

Once they pair successfully, you will get a few security notifications, and finally, the message we have been waiting for.

And that is all you need to know on how to open a wallet on Ledger Nano X and pair the device to your phone.

How do I add cryptocurrencies to Ledger Nano X Wallet?

Next, we want to find out how to add currency to your Ledger Nano X wallet:

Step 1: Before you can start transacting on the wallet, you need to add the coins you plan to use.

Go to “Manager” and then tap on the blue install button on the coins you want to add.

Step 2: For every single coin you want to add, you need to install the app. Let’s start with Bitcoin

Step 3: After the installation process completes, open your Bitcoin app

Step 4: Create a Bitcoin account and then you can start receiving and sending funds

Add all the cryptocurrencies you would like to use on the wallet using the above procedure.

Once you have done that, you can transfer funds from another wallet or buy coins from an exchange to start using the wallet.

How to send payments on Ledger Nano X wallet?

Let us now find out how to send payments on Ledger Nano X wallet. The process is quite simple; here is what you need to do:

Step 1: Connect your Nano X to a PC or phone

Step 2: Launch the app and navigate to the bottom of your screen and tap on “Send Funds.”

Step 2: Follow the prompts on your wallet screen and on the app.

Enter transaction details including your recipient’s wallet address and the amount of crypto you want to transfer. Confirm that all the details are correct and tap “Send”

Step 3: As a final step, you will need to sign the transaction using the two buttons on your device.

Before doing this, verify the transaction details as they appear on the Ledger Nano X and then push the two buttons together to approve.

The procedure you follow on how to transfer bitcoin to Ledger Nano X wallet is the same as how to transfer Ethereum to Ledger Nano X wallet. Similarly, how to transfer Ripple to Ledger Nano X wallet and all other cryptocurrencies follow the same procedure outlined above.

How do I receive payments on Ledger Nano X wallet?

If you are wondering how to receive payments on Ledger Nano X, here is all you need to know:

Step 1: We already created an account for Bitcoin and using the same procedure, you can create an account for any other supported coin.

After creating an account for the cryptocurrency you want to receive, you need to find the Ledger Nano X wallet address for that account. To do that, click on the “Receive” button and the wallet address will appear.

Step 2: The address appears in form of a QR code and a long string of characters below that. Confirm that the address on the screen and on your Nano X wallet is the same.

Step 3: Click on the address to copy it and paste it on the medium you intend to use to send it to the person making a payment.

 

Step 4: Wait for the funds to reflect in your wallet.

How safe is Ledger Nano X Wallet?

Hardware wallets have a reputation for being the most secure since they store funds in cold storage. But in addition to that, there are a number of Ledger Nano X wallet features that offer significant security for your funds. Let us analyse them one by one:

Bluetooth Encryption

One of the controversial additions to Ledger Nano X that sets it apart from Nano S is Bluetooth connectivity. Some claim that the feature makes this wallet more prone to remote attacks. But the company explains that the device uses state of the art security to keep digital assets safe even if the device were to get hacked.

When you pair your Nano X with another device, for instance your phone, it generates a number. Before any transaction takes place, you have to confirm this number on both ends. Additionally, it features end-to-end encryption as well as a microcontroller unit (MCU) that is completely separate from the chip responsible for asset storage.

Physical Transaction Confirmation (Signing)

Whenever you want to transact on your Ledger Nano X, you need to push the two buttons on the device. This feature makes it impossible for someone to remotely use your wallet even if they have everything else.

The above safety features make the Ledger Nano X relatively secure. However, it is not absolutely safe as it omits one major precaution. This wallet, like many others in the cryptocurrency space is not regulated. As such, users cannot be guaranteed of absolute safety and have no legal recourse in case of unforeseen occurrences. One of the few wallets that offer such safety is eToro, which is regulated in a number of jurisdictions. These include the Financial Conduct Authority in the UK and Cyprus Securities and Exchange in Cyprus.

Ledger Nano X Wallet Pros and Cons

Ledger Nano X Wallet vs. other wallets – how does it compare?

Clearly, Ledger Nano X is a remarkable wallet on its own. But how does it compare to other popular wallets?

Ledger Nano X wallet vs. eToro

• User Friendliness

As we’ve briefly explained already, the Ledger Nano x wallet has a fairly confusing interface. That is part of the reason why we recommend eToro over Ledger Nano X. eToro has a user friendly interface and the sign up process is very simple. It is suitable for both beginners and professional traders.

• Versatility

eToro is a very versatile wallet. In fact, as opposed to Ledger Nano X, eToro also offers trading and exchange services other than being a crypto storage platform. So in case you wanted to buy cryptocurrencies other than storing them, eToro would definitely be a simpler option.

Ledger Nano X wallet vs. Keepkey

• Portability

In order to provide a bigger screen and enhance user experience, Keepkey has a much bigger screen than all hardware wallets including Ledger Nano X. While this is great when carrying out transactions, it is a weakness when it comes to portability. Nano X has a convenient size, with a large enough screen to offer convenient use.

• Price Point

KeepKey is almost half the price of Ledger Nano X in spite of the fact that it is considered an expensive hardware wallet.

Ledger Nano X wallet vs. Ledger Nano S

• Screen Size

One of the top complaints about Ledger Nano S has to do with the screen size. Many users reported a difficult time seeing the details, especially the characters in wallet addresses. Ledger Nano X has a bigger screen, which significantly enhances user experience.

• Asset Support

Ledger Nano X can support and store a wider range of assets than the Nano S. Once again, this is in response to user feedback.

• Bluetooth

This is the first Ledger wallet to offer Bluetooth support, a feature that adds functional value and convenience to the device. It is in fact one of only two hardware wallets with Bluetooth functionality and it happens to be the lower priced of the two.

Conclusion

From the above overview of the Ledger Nano X in comparison to other popular wallets, it clearly has remarkable strengths, but eToro gives the wallet a run for its money. eToro is not only a great wallet, but it stands out with regards to user safety.

eToro is unique in that it is one of the few compliant crypto wallets and thus offers higher safety for its users. As mentioned before, it is regulated in several jurisdictions, and any time it expands to a new market, it seeks to comply with regulatory oversight.

FAQs

Where can I download Ledger Nano X Wallet?

Ledger Nano X wallet is a hardware and not software, and therefore is not available for download. But you can download the Ledger Live mobile app from ledger.com/live. The app is available for Android 7 Nougat and iOS 9.

My Ledger Nano X wallet froze; what should I do?

If your Ledger Nano X screen gets stuck on the same menu and refuses to scroll, download the Ledger manager and launch it. Hold the left side button (the one near the USB port) and then plug in the device into your PC. The screen should display Bootloader and once it does that, you need to release the left button. After that the Ledger Manager should start loading and correct the problem.

How do I reset my Ledger Nano X password?

If you have forgotten your Nano X PIN code, you can set a new one. When you make three incorrect entries of your PIN code, the device will automatically reset to factory settings. This will among other things erase the private keys. Once your device has completed the process, restore your wallet using the 24-word recovery phrase. During the restoration process, you can set the new PIN code.

Can I deactivate Bluetooth on my Ledger Nano X?

Yes. If you prefer to connect your device to a PC using the included USB cable, you can opt to turn Bluetooth off. To do so, hold both its buttons so as to access the Control Center. Here, you can directly turn Bluetooth off (or on).

What is the battery life of Nano X and is it rechargeable?

Ledger Nano X comes with a 100mAh battery, which can last several hours while in use. But when idle, it can last a few months on full charge. You can recharge its battery by connecting the device to your PC using the included USB cable. The battery is designed to last up to five years but is not replaceable.

Is the Ledger Nano X waterproof?

No. The wallet does not have a waterproof rating. Therefore, if your Nano X comes into contact with water, you should turn it off and dry it completely before attempting to use it again. For instance, you could put it in a bowl of rice or use other methods for drying out electronics such as phones.

Can I transfer my crypto from another Ledger device to the new Ledger Nano X?

Yes. You can use your previous Ledger device’s 24-word recovery phrase to restore your wallet to the new Nano X. Alternatively you could set up the Nano X as a new device and then send your funds to it using the Ledger Live app.

I have lost my recovery sheet. What should I do?

Your recovery sheet provides access to your private keys Ledger Nano X wallet. as such, if anyone accesses it, they can take your funds without requiring your PIN code. Therefore, if you lose the sheet holding the phrase, you need to immediately transfer all funds from the wallet to temporary storage. This can be on an exchange or another wallet. Once your funds are out of harm’s way, enter the wrong PIN code thrice to reset your device to factory settings. Set it up as a new device and copy the new recovery phrase and keep it safe. Transfer your funds back to the wallet.