The Nano X can store private keys to more than 5,500 digital assets, just like the Nano S Plus and original Nano S.
If being able to manage a wide range of coins is important to you, you'll be hard-pressed to find a better cold storage wallet outside of Ledger's line. Trezor's range of wallets comes in next best with support for around 1,800 assets.
The Nano X is superior to Ledger's other devices in terms of asset storage because it has 2MB of storage capacity compared to the Nano S Plus's 1.5 MB and the Nano S's 320KB. This means that the device has more capacity to run crypto apps and store the keys to more crypto assets simultaneously.
Managing NFTs on the Nano X
You can also store the private keys to your NFTs on your Ledger Nano X.
With native support from the Ledger Live app, you can view and manage your NFTs on the Ethereum and Polygon blockchains.
You can also store the private keys to NFTs on other blockchains like Solana and Cardano on your device, but you'll have to sync your Nano X with a third-party app like MetaMask.
Ledger Nano X security
All Ledger hardware wallets, including the Nano X, benefit from the same top-level security rating.
As a French company, Ledger has The National Cybersecurity Agency of France conduct a range of evaluations to verify device security.
All Ledger devices use Secure Element chips, which are also used in credit cards, passports and SIM cards. This level of chip isn't a requirement for hardware wallets, but Ledger opts to use it for added security.
Ledger devices pass the Common Criteria security evaluation, an international standard for state requirements and banking cards, and earn an Evaluation Assurance Level (EAL) 5+ certificate.
An EAL 5+ certificate indicates that a device offers:
The highest level of defense against penetration — or hacking — attempts.
Protection from both remote and physical attacks.
Ledger states on its site that "going beyond EAL 5+ doesn't provide a higher assurance against attacks anymore."
Does the Nano X's Bluetooth functionality make it susceptible to a hack?
Ledger has denied concerns that the Nano X's Bluetooth functionality makes it vulnerable to data interception.
Its website states, "Only public data is transmitted via Bluetooth; critical data such as private keys and recovery phrases never leave the device."
The website also explains that critical data on the Nano X is protected by its Secure Element chip, which has never been hacked on a Ledger device.
Select Nano X, then choose the Set up a new Nano X option.
Review the educational slides. Hit OK, I'm ready in the bottom right corner of the app, then connect your Nano X to your computer.
Scroll through the welcome message on the Nano X using the button at the top right.
Select both buttons at the top of the device simultaneously after you arrive at the message Set Up As New Device.
Create a four- to eight-digit PIN code. Write down and store this PIN in a safe place.
Write down your 24-word recovery seed phrase at the prompt and store it in a secure place. Confirm the phrase.
How to use the Ledger Nano X
To use your Nano X, you'll need to set up the Ledger Live app on your desktop computer or phone.
Connecting with Ledger Live:
Open the Ledger Live app on your desktop.
Input your Ledger Live password if you created one.
Plug your Nano X into your computer.
Input the PIN code for your Nano X.
You'll see your digital asset balances via Ledger Live after following these steps.
To use Nano X's Bluetooth function, you must pair your Nano X with your smartphone first. The Nano X is compatible with Android or iPhone.
Follow these steps to pair your Nano X with your smartphone using Bluetooth.
Download the Ledger Live app on your smartphone.
Enable Bluetooth on your smartphone when Ledger Live asks you to pair your Nano X. Bluetooth on your Nano X is enabled by default.
Select the name of your Nano X and wait for it to pair.
Verify the pairing code on your smartphone and your Nano X. If they match, simultaneously press both buttons on your Nano X.
Press both buttons again to Allow Ledger Manager.
Once you've completed these steps, you can manage the digital assets' keys stored on your Nano X device with your smartphone via the Ledger Live app.
To store the private keys to your digital assets on your Nano X, you must add the apps that support each blockchain:
Using the Ledger Live interface select the apps — like Ethereum — you'd like to add to your device.
Confirm the addition of these apps by following the directions on your Nano X device.
Both Ledger Live and your Nano X will show that the app is downloading.
Repeat for all of the apps you'd like to use on your device.
Here's how to store the private keys to your Bitcoin (BTC), for example, on your Nano X:
Open the Bitcoin app on Ledger Live.
Copy the Bitcoin wallet address displayed in the app.
Follow the directions on your Nano X to verify the address is correct.
Input the address in the space provided in the wallet from which you're sending funds.
Wait for the transaction to process. Some transactions can take longer than others based on network congestion.
Staking with the Nano X can be a bit challenging. Only a handful of digital assets are available to stake using Ledger Live as an interface — the main drawback to using any of Ledger's wallets for staking.
For example, if you want to stake ETH, you'll be directed to an interface for the Lido.fi decentralised application (dApp). Follow the instructions on the dApp interface to stake the amount of ETH of your choosing.
You can stake some tokens like Polkadot (DOT) via Ledger Live, where the app will walk you through the process of bonding your DOT and then nominating a validator. You'll then have to connect your Nano X to the Polkadot.js browser extension wallet to retrieve your staking rewards.
Staking ETH with the Lido.fi dApp interface Image: Finder
Staking DOT with the Ledger Live interface Image: Finder
For the uninitiated, this can be confusing and much less straightforward than staking via a centralised exchange or in a desktop or mobile wallet.
To use your Ledger Nano X to stake any of the assets supported through Ledger Live:
Create an account in Ledger Live for the coins you want to stake.
Transfer the private keys to your crypto to your Ledger Nano X.
Hit the Accounts tab on the left side of Ledger Live.
Choose the account for the asset you'd like to stake.
Select the stake button toward the top left-hand corner of the app interface.
Follow the tailored instructions for the token you're staking.
To stake other digital assets while taking advantage of the security of your Ledger Nano X, you'll need to use a third-party app like MetaMask.
Compare the Nano X to other hardware wallets
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The Nano X is one of the most secure and feature-rich hardware wallets on the market today.
If you invest in a broad range of crypto assets, you'll appreciate the device's 2MB of storage and the Bluetooth-enabled convenience of being able to manage your crypto on the go.
But if you're not an iPhone user and don't need significant storage, the more affordable Nano S Plus will likely give you everything you need.
Keep in mind that Ledger's staking UI has never been its strength, but this is a small trade-off for safely storing the private keys to your digital assets offline while you put your assets to work.
Before purchasing the Nano X — or any crypto wallet for that matter — do your research on other crypto wallets before deciding which is best for you.
It bears remembering, though, that hardware wallets like the Nano X are still widely considered one of the safest ways to store your crypto, particularly if you're a high-volume investor or plan on holding for the long term.
Hardware wallets are widely regarded as the most secure way to store the private keys to your digital assets. The Nano X leverages Ledger's long track record of security and a number of other best-practice protocols to keep your private keys safe.
How do I upgrade from a Nano S to a Nano X?
To upgrade and transfer the private keys to your assets from a Nano S to a Nano X, you'll need to download the most recent version of Ledger Live and make sure that you have your Nano S 24-word recovery phrase to do so.
To migrate the private keys for your assets from your Nano S to your Nano X, follow these steps:
Plug your Nano X into your computer and turn on the device.
Select the right button until you come to the Restore from recovery phrase message.
Choose a four- to eight-digit PIN.
Confirm your PIN.
Select Enter your Recovery Phrase.
When your device displays Select the number of words written on your recovery sheet, select 24 words.
Enter each word of your Nano S recovery phrase into your Nano X.
Your Nano X should then display Processing before it displays Your device is ready.
Hit the right button until you get to the message: Go to the dashboard and your device should display the dashboard.
What happens if I lose my Ledger Nano X?
If you lose your Nano X, you can still retrieve the assets you managed on the device. To do so, you'll need to use your 24-word recovery phrase to restore the private keys to your digital assets on a new device.
How do I turn off the Ledger Nano X?
To turn off your Ledger Nano X, go to the Control Center on your device by holding down both buttons for three seconds and then choosing the Power Off option.
You can also set your Nano X to auto power-off by going to the Control Center and navigating to Settings > General. After that, press both buttons to enter the Battery Saver menu and then select how long you'd like your device to wait before powering off.
Cryptocurrency wallet ratings
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We rate cryptocurrency hardware wallets by scoring each wallet out of 10 for 3 components: security, functionality and cost. Each component is weighted based on importance, as follows:
These scores are aggregated and visualised as a total score out of 5 stars.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Frank Corva is the senior analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He taught writing and entertainment business courses in Japan and worked with UNICEF in Nambia before returning to the States to teach at universities in New York City. He spent years as a publicist and graphic designer in the music industry, working for record labels like Warner Music Group and Triple Crown Records, and he's also a former music journalist whose writing and photography has been in published in Alternative Press, Spin and other outlets.
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