Review: Ledger Nano X hardware wallet

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Images: Ledger

Supported cryptocurrencies

At the time of writing (January 2019), the Ledger Nano X supports more than 1,000 cryptocurrencies via its integration with compatible software apps.

How to set up a Ledger Nano X

To set it up through a computer, you will need to download the Ledger Live program. To set it up through your phone, you will need to download the Ledger app, which will be released on 28 January. You may be able to import existing Ledger accounts and wallet details to your new device.

You will get step-by-step prompts on your devices during installation, and the steps may vary depending on whether you’re importing an existing Ledger account of private keys to a new device or creating an entirely new account. Regardless of which one you are doing, the process will generally involve the following:

• Connect your wallet with the mobile or PC application
• Choose or enter your login details and PIN
• Back up your recovery phrase on the “recovery sheet” that came with your new wallet – it’s very important that you keep this safe
• Install the desired apps on relevant devices

How do I use the Ledger Nano X?

The Ledger Nano X, like other hardware wallets, is a way of securely holding private keys so that you don’t need to expose them to the potentially dangerous environment of the Internet when making transactions.

Instead, it securely holds the keys offline and provides them on a per-transaction basis. When you want to make a transaction, you will need to physically push buttons on the device to approve the transaction. This means it’s impossible to remotely steal your cryptocurrency when you hold the keys to your crypto solely on a hardware wallet.

To use it for transactions, you will need to pair it with a desktop or mobile “soft” wallet of your choice. Note that not all wallets are compatible with the Ledger Nano X, and different cryptocurrencies will have different compatibility options.

How to sign transactions

• Connect your Ledger to your phone or computer
• Initiate the transaction through the relevant app
• Follow the prompts on the app and on your Ledger to sign off on a transaction
• The final stage of the transaction will typically require you to verify the details being displayed on the Ledger device itself and then to physically push a button to approve it

Where can I buy a Ledger Nano X in Sweden?

You can pre-order the Ledger Nano X on its official site.

Buying a second-hand hardware wallet or purchasing one from an unauthorised reseller is not recommended and exposes you to the risk of hacking and the theft of your funds.

How much does a Ledger Nano X cost?

At the time of writing, the Ledger Nano X is available for SEK1239.

Ledger Nano X vs Ledger Nano S

The following features are the primary differences between the older Ledger Nano S and the newer Ledger Nano X:

• Bluetooth compatibility for mobile usage
• A much larger memory (about 6x larger) for more apps and crypto storage
• A much higher quality screen (128×64 pixels instead of 128×32 pixels)
• A more powerful and responsive, but still generally comparable, secure chip

Even though it has new features, the Ledge Nano X may still not be the preferred option for every situation. According to Ledger, the Ledger Nano S will continue retailing at a lower price, which might make it a more cost-effective back-up device or alternative hardware wallet.

How secure is the Ledger Nano X?

As a hardware wallet, the Ledger Nano X offers a higher level of security than software wallets alone. This is because they introduce a physical security element to the process of making cryptocurrency transactions, which will protect users from a wide range of potential attacks.

Tried and tested

The Ledger company is one of the most highly-regarded companies in the cryptocurrency world, and its products have a long track record of effective security.

Ledger Nano X Bluetooth security

Contrary to popular opinion, the addition of Bluetooth is not a significant security risk since your private keys never leave the secure element of the hardware wallet.

Essentially, the Bluetooth connection lets your phone app visit the wallet to complete a transaction rather than bringing your private keys to your phone. It’s still just as secure as the Ledger Nano S.

Plus, the Bluetooth connection is end-to-end encrypted for your privacy, and even in the unlikely event of someone hacking into the Bluetooth communications between your phone and your hardware wallet, they would still need your Ledger PIN and physical access to the wallet to actually steal your funds.

Staying safe

For security, it’s important to make sure you keep your back-up phrase safe from damage and safe from view. You can use it to back up and restore access to your crypto if anything happens to your hardware wallet, but it will also let others access the funds on your device if it falls into the wrong hands.

What else do I need to know about Ledger Nano X?

Ledger released its first hardware wallet in 2014 during a massive boom when hardware wallets and bitcoin storage systems first started hitting the market in a big way.

It quickly rose to become one of the most popular hardware wallets around, and then two years later, it cemented its reputation as one of the top manufacturers in the area with the extremely popular Ledger Nano S, which the company released in 2016.

Now, the Ledger Nano X is the long-awaited update to the Nano S, bringing mobile functionality, additional storage, a larger screen and other features to one of the most popular hardware wallets around.

At the time of writing (January 2019), the Ledger Nano X is slated to be one of only two hardware wallets in existence that uses Bluetooth to connect to mobile devices (the other is the CoolWallet S). It’s extremely difficult to build hardware wallets with extensive Bluetooth compatibility, but it gives you a much wider range of compatible smartphones.

Compare the Ledger Nano X against other cryptocurrency wallets

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Name	Product	Wallet Type	Supported cryptocurrencies	Price (USD)	Disclaimer
Uphold Digital Money Platform				Free to download		Buy, send and convert from 27 currencies in seconds, all on one platform.	Go to site	Compare	loading Fetching your data...

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Frequently asked questions

• Is Bluetooth safe to use on a hardware wallet?

  The addition of Bluetooth does not create significant new security risks since your private keys never leave the secure element of your hardware wallet. The Bluetooth connection is encrypted and even if someone did manage to hack it, they would still need your PIN number and access to the wallet itself.

• What happens if I lose my Ledger Nano X or forget my password?

  If you lose access to your hardware wallet, you can use your back-up phrase to restore it on a different Ledger device.

  If you’ve also lost your back-up phrase, your funds might be permanently lost.

• Can I use the Ledger Nano X by itself without an app?

  No. You need to use it alongside a compatible app.

• Is the Ledger Nano X waterproof?

  No. If it gets wet, you should immediately turn it off and then make sure it’s thoroughly dry before using it again. Putting it in a bowl of rice, similar to how you would dry out a phone, is often recommended by other users.

• Does the Ledger Nano X come with a warranty?

  Yes. It comes with a two-year warranty.