Ledger Nano X Wallet Review – 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.

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Ledger Nano X Alternatives

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The price and value of any investment in digital asset products can fluctuate.

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71% of retail CFD accounts lose money.

Rating

5.0

4.9

4.7

4.7

4.6

4.5

4.4

4.3

4.1

Mobile App Rating

10/10

10/10

9/10

9/10

8/10

8/10

9/10

9/10

9/10

Features

Mobile App

Wallet

Number of Coins

134

108

59

22

34

12

46

52

15

Fees

Trading Fees

Spreads

0.2%

Spreads

0.1%

0.1%

0.1%

0.1%

0.50%

Spreads

Deposit Fees

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Withdrawal Fees

$5

N/A

N/A

0.0005 BTC

N/A

N/A

N/A

N/A

N/A

Extras

Regulated

ASIC, CySEC, FCA

N/A

CySEC

N/A

N/A

N/A

FCA

FCA

CBI, MiFID

Min. Deposit

$50

N/A

100 EUR

N/A

N/A

$10

$10

$2

$100

Leveraged Trading

N/A

1-200x

N/A

1 - 100x

1 - 100x

1 - 10x

1 - 100x

N/A

1 - 30x

Latest Prices (per Coin)

Bitcoin

$29477.08

$40377.55

$29592.03

$29496.24

$40391.88

$40393.04

$40404.41

$40416.27

$29577.29

Ethereum

$2000.83

$2795.54

$1977.26

$1964.99

$2796.11

$2795.55

$2797.45

$2796.59

$1970.39

XRP

$0.42

$0.78

$0.41

N/A

$0.23

N/A

$0.78

$0.30

$0.42

Tether

$1.00

N/A

N/A

$1.00

$1.00

N/A

N/A

$1.00

N/A

Litecoin

$69.72

$108.99

$68.76

N/A

$109.04

N/A

$109.10

$109.04

$68.83

Bitcoin Cash

$195.20

$294.96

$194.05

N/A

$506.41

N/A

$295.12

$295.07

$193.95

Chainlink

$6.97

$14.68

$6.99

N/A

$14.26

N/A

$14.68

$14.67

$7.08

Cardano

$0.54

$0.83

$0.54

N/A

$0.83

N/A

$0.83

$0.83

N/A

IOTA

$0.35

$0.70

$0.34

$0.34

N/A

$0.70

$1.91

$1.91

$0.34

Binance Coin

$308.64

N/A

$301.56

$301.49

N/A

N/A

$385.92

N/A

N/A

Stellar

$0.13

$0.19

$0.13

N/A

$0.19

$0.08

$0.19

$0.19

$0.13

Bitcoin SV

$51.71

$77.12

$51.40

N/A

$182.50

N/A

N/A

N/A

N/A

USD Coin

$1.01

$1.00

N/A

N/A

$1.00

N/A

N/A

N/A

N/A

EOS

$1.33

$2.06

$1.30

$1.29

$2.06

$2.06

$2.06

$2.05

$1.31

Monero

$164.74

$188.31

$165.39

$163.23

N/A

N/A

N/A

N/A

N/A

Payment methods

Credit Card

Giropay

Neteller

Paypal

Sepa Transfer

Skrill

Sofort

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