Ledger Nano X Review 2020: Best Crypto Wallet?

The Ledger Nano X is a high-end cryptocurrency hardware wallet that offers an impressive amount of features as well as top-tier security. The device is a hardware wallet, meaning it is a physical piece of technology that you can connect to your device through USB or Bluetooth. Ledger was founded in 2014 by eight experts with backgrounds in embedded security, cryptocurrencies, and entrepreneurship. Their goal was to create secure solutions for blockchain applications. Ledger now has over 130 employees. They developed their own operating system for their wallets and are the only cryptocurrency wallet provider in the market to do this. The Ledger Nano X, along with the rest of Ledger’s products, such as the Ledger Nano S, have been extremely well received in the cryptocurrency community. The security of the hardware wallet, and its ability to support over 1300 crypto tokens and assets make the Ledger Nano X, and the rest of the Ledger product line, extremely popular, having already sold 1.5 million Ledger wallets.

Ledger Nano X Overview

Ledger Nano X

  • High-end wallet with top-tier security
  • Supports over 1300 crypto assets and tokens
  • Supports all major desktop and mobile operating systems
  • Ledger has developed their own operating system

Pros & Cons

The Benefits PRO's
  • Supports over 1300 crypto assets and tokens
  • Bluetooth enabled
  • Supports all major desktop and mobile operating systems
  • Private keys stored inside hardware wallet’s chip
  • Stores up to 100 applications including Bitcoin, Ethereum, and Bitcoin Cash
The Downside CON's
  • Fairly expensive
  • Cannot store more than 100 applications
  • Bluetooth only compatible with mobile app, not desktop
  • No assets or tokens can be purchased through Ledger Nano X

Ledger Nano X at a Glance

Wallet type: Hardware
Platforms supported: Windows, MacOS, Linux, Android, iOS
Price: $160-$180
Cryptocurrencies supported: Bitcoin, Litecoin, Bitcoin Cash (1,337+ others)
Device size: Small
Released: May 2019
Pin code protected: Yes
Built-in display: Yes
Mobile support: Yes
Trust rating: High

Best Features of the Ledger Nano X

The best features of the Ledger Nano X cryptocurrency hardware wallet are its security, its asset and token support, and its technical support. The Ledger Nano X currently supports over 1300 crypto assets and tokens, meaning that almost any cryptocurrency you can think of can be stored on the wallet. Ledger provides detailed technical support, as both physical instructions included with the wallet, and online instruction and troubleshooting.

The main feature of the Ledger Nano X, and any other hardware wallet, is the extra security it provides. Ledger has created its own operating system that the hardware wallet runs on and is the only company to provide this. A PIN code is required to access the hardware wallet, and all transactions and changes made to the wallet’s settings must be confirmed by pressing the two physical buttons on the wallet.

In addition to the PIN code, the Ledger Nano X allows for a passphrase to be created. Using this feature creates a separate account on the wallet, meaning even if your PIN is compromised, whatever accounts you have stored with the extra passphrase cannot be accessed. Finally, the Ledger Nano X uses a 24-word recovery phrase, rather than the standard 12-word phrase frequently seen for software wallets. This makes it even harder for your device, and therefore your assets, to be compromised.

What Cryptocurrencies Are Supported?

The Ledger Nano X supports over 1300 crypto assets and tokens including all the major ones such as Bitcoin, Ethereum, EOS and Litecoin. Keep in mind that it also natively supports 100 different cryptocurrency applications, which makes cryptocurrency much easier to manage.

Here are some of the big-name cryptocurrencies that the Ledger Nano X supports:

  1. Bitcoin
  2. Ethereum
  3. Bitcoin Cash
  4. Litecoin
  5. EOS
  6. Stellar
  7. Ripple
  8. Cardano
  9. Monero
  10. Dash
  11. Dogecoin
  12. NEO
  13. Vechain
  14. BAT
  15. OmiseGO

For a full list of supported crypto assets and tokens please visit the official Ledger website.

Security

Ledger has created its own operating system that the hardware wallet runs on called BOLOS and is the only company to provide this. Your private keys are stored and isolated inside the device on the most secure chip on the market. A PIN code is required to access the hardware wallet, and all transactions and changes made to the wallet’s settings must be confirmed by pressing the two physical buttons on the wallet. In addition to the PIN, the Ledger Nano X allows for a passphrase to be created. Using this feature creates a separate account on the wallet, where you can store whichever assets you want, meaning even if your PIN is compromised, whatever accounts and assets you have stored with the extra passphrase cannot be accessed.

Finally, the Ledger Nano X uses a 24-word recovery phrase, rather than the standard 12-word phrase frequently seen for software wallets. This makes it even harder for your device, and therefore your assets, to be compromised.

Supported Operating Systems

The Ledger Nano X cryptocurrency hardware wallet supports 64-bit desktop computer operating systems Windows 8 and up, macOS 10.8 and up, and Linux. It is also compatible with phones with either Android 7 and up, or iOS 9 and up.

Potential Dealbreakers

The main downside with using the Ledger Nano X cryptocurrency hardware wallet is that it costs money to buy. Unlike software wallets, where you only have to pay transaction fees required to trade assets and tokens, the Ledger Nano X costs more than $150 before tax. For someone new to cryptocurrency, or simply comfortable with the security of another wallet, they may prefer to spend that money on acquiring extra tokens and assets, and simply use a free software wallet. Apart from the cost, there is little downside to the Ledger Nano X, as it is extremely secure. The only other potential downside being the same as with all software and hardware wallets: losing your recovery phrase with no contingencies results in losing your assets.

Ledger Nano X Frequently Asked Questions

About the Author

Evan Jones

Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He bought his first hardware wallet shortly thereafter. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.