Blockchain Lockbox hardware wallet review
A simple and affordable hardware wallet for BTC, BCH, ETH and XLM.
- Great for its simple set up
- Not so great for its limited ability to only be used with Blockchain Wallet
Check out our full list of pros and cons or read on.
|Product Name||Blockchain Lockbox Wallet|
|Supported Cryptocurrencies||BTC, ETH, BCH, XLM|
Supported cryptocurrenciesSupported cryptocurrencies include:
How do I set up Blockchain Lockbox?
Your Blockchain Lockbox package will include:
- The Lockbox device
- A USB cable
- An instruction manual
The first thing you need to do is get the Blockchain.com web wallet if you don’t already have it.
Once you have your Lockbox, you can transfer funds from your Blockchain.com web wallet to your Lockbox. The advantage of this is that your funds are more secure on the Lockbox than they are in the web wallet.
You can still transfer funds easily from the Lockbox using the Blockchain.com web wallet, but only if you have the device with you.
To put funds into the Lockbox:
- Plug the Lockbox into the USB port of a computer that has the Blockchain.com web wallet installed on it.
- Sign into the web wallet.
- Click “Send” and choose which cryptocurrency you want to send.
- In the “From” dropdown menu, choose which sub-wallet you want to send funds from.
- In the “To” field, select your Lockbox. This option will only appear if the Lockbox is plugged into the computer.
- Choose how much you want to transfer and click “Continue” to complete the transaction.
Now your cryptocurrency is on the Lockbox.
How do I use the Blockchain Lockbox?
To make payments from the Lockbox:
- Log into the Blockchain.com web wallet. In the “From” section choose your Lockbox wallet.
- In the “To” section, enter the destination address and the amount that you want to transfer.
- Click “Continue” and double check the transaction details.
- You will now be prompted to connect your Lockbox to the computer. Do so and enter your PIN code.
- Open the application (BTC, ETH, BCH, XLM) that you want to use to send funds.
- Your Lockbox will now go through the security checks. It will show you the details of the transaction, including the destination, the amount and your change address. Double check these details and authenticate them by pressing the right-hand button (above the checkmark) to verify each detail.
After manually authenticating each detail, your transaction will be on its way.
Where to buy a Blockchain Lockbox in Canada
You can order a Blockchain Lockbox at the Blockchain.com official site.
How much does a Blockchain Lockbox cost?US$59
How secure is the Blockchain Lockbox?
The Blockchain Lockbox is a hardware wallet, which can add an additional level of security to your funds. It is safer than using the Blockchain.com web wallet by itself.
The device itself is a Ledger Nano S with new firmware that makes it compatible with Blockchain Wallet only. It is as secure as a Ledger Nano S.
What if I lose my PIN number or the device?
When you set up your Blockchain Lockbox for the first time, you will be prompted to write down a 24 word recovery phrase.
If you forget your PIN number or if your Lockbox is lost or damaged, this phrase can be used to restore access to your funds on a new device.
Keep your recovery phrase safe.
What else do I need to know about the Blockchain Lockbox?
The Blockchain Lockbox is the result of a partnership between Blockchain.com and Ledger.
The device itself is identical to a Ledger Nano S, with two key differences:
- The Blockchain Lockbox can only be used with the Blockchain web wallet. This means it can only hold BTC, BCH and ETH.
- It’s cheaper than the Ledger Nano S.
The result is a simple, secure, highly-regarded and comparatively cost-effective hardware wallet. The downside is that it’s relatively inflexible.
It’s not just for cryptocurrency though. The Lockbox is FIDO certified, which means it can also be used as a security key for Google, Dropbox, GitHub and other accounts.
In a nutshell
- Competitively priced. The device is essentially a Ledger Nano S, but cheaper.
- Reliable and trusted hardware. The Ledger Nano S, and by extension the Blockchain Lockbox, is highly regarded as one of the world’s most popular hardware wallets.
- Simple. It’s designed specifically for ease of use, pairing with only one web wallet.
- Restrictive. It can only be used with the Blockchain.com wallet.
- Limited currencies. One of the key limitations of this lack of compatibility is that it can only hold BTC, BCH and ETH.