Already in summer 2016 the market leader among the hardware wallet manufacturers, Ledger, published the Ledger Nano S. According to the company, the model was sold over 1.3 million times. After three years, however, it was time for a new model. After a long development period, Ledger launched the successor model for the Nano S in May 2019.
The French manufacturer presented its new flagship, the Ledger Nano X, in May 2019. With the new Nano X, Ledger promises the “next generation of hardware wallets” and a “game changer for crypto investors all over the world”.
We’ve tested the Ledger Nano X and tell you if it’s really worth buying (even if you already own a Nano S). We will also show you how the new hardware wallet from Ledger works and is set up.
Comparison of the Ledger Nano S with the Ledger Nano X
The French manufacturer lists four differences as to why the Ledger Nano X represents a new generation of hardware wallets compared to the Nano S. The Nano X is a new generation of hardware wallets. From our point of view, these four points are groundbreaking innovations and updates that justify the purchase of the new device, even if you already own a Ledger Nano S.
❶ Bluetooth connection: The new Ledger Nano X offers you the possibility to manage cryptocurrencies on all popular smartphones via a Bluetooth connection together with the Ledger Live App. The technical basis for this is an integrated Bluetooth chip that enables wireless connection. The Bluetooth connection is safety-certified. Your Private Keys will not be transferred.
❷ Significantly more memory: Compared to the Ledger Nano S, the internal memory has been significantly increased. With the Ledger Nano X you can now manage up to 100 different cryptocurrencies at the same time. This eliminates the hassle of uninstalling and installing apps (the Ledger Nano S could only manage 5 apps at a time). The Ledger Nano X supports more than 1,100 cryptocurrencies. This is much more than any other hardware wallet (e.g. Trezor or the Digital Box).
❸ Larger screen: Ledger has enlarged not only the memory of the Nano X, but also the screen. This makes it possible to display addresses completely, so that scrolling, like with the Ledger Nano S, is no longer necessary.
❹ Improved security chip: The central component of the hardware wallet has been revised and certified by the French cyber security authority ANSSI (Agence nationale de la sécurité des systèmes d’information).
Ledger Nano X: Price comparison and buy online
The price for the Ledger Nano X is currently 119 Euro (June 2019). Compared to other wallets, the price is in the midfield. There are definitely more expensive hardware wallets, but also cheaper ones.
However, the cheaper models, such as the Opendime (35 EUR for 3 pieces), the Trezor One (69 EUR) and also the predecessor model, the Ledger Nano S (59 EUR), offer a much smaller range of functions. The Ledger Nano X is therefore our clear winner in our Hardware Wallet Test 2019 in terms of price-performance ratio. Even more expensive hardware wallets such as the Trezor Model T or the Ellipal offer a smaller range of functions and can manage fewer cryptocurrencies.
In addition, Ledger’s security standard is industry-leading. No hardware wallet provider has been able to build such a brand and popularity in recent years. But Ledger is not only appreciated by private investors; numerous companies have also entered into partnerships with Ledger. The company cooperates with Neufund, blockchain.com and Switcheo, among others. Samsung also announced a 2.6 million investment in the French company in April 2019.
If you are already convinced of the Ledger Nano X, you can buy it on Amazon, eBay or directly from the manufacturer. However, we recommend that you buy from the manufacturer, as you will get the best price there and the product will be shipped directly from the manufacturer.
The price on Amazon and eBay may also be higher. Especially eBay also holds the danger of dubious traders. With the manufacturer, however, you have the security to get an original and not yet used Ledger. All prices on Ledger’s website are displayed directly in euros and include VAT.
We have ordered the Ledger Nano X directly from the official Ledger homepage. Although the company is located in France, the shipping took only 3 working days. As payment methods you can choose Bitcoin, Credit Card, Giropay, SOFORT or Paypal. Shipping is free worldwide.
Ledger Nano X Review: Scope of delivery
When you receive and unpack the package, you should first check that the packaging is unopened and the seal is undamaged. This is very important because someone (in the case of open packaging) may have manipulated the ledger to steal your Bitcoin, Ether or other cryptocurrencies later.
If anything on the packaging is broken or appears unusual, it is better to replace the product immediately. Better now than later when you suffer a great loss.
The following is included in the scope of delivery:
- the Ledger Nano X Hardware Wallet
- a USB connecting cable
- a lanyard (but we recommend that you do not carry the wallet on your lanyard)
- numerous cards and instructions on how to install the Nano X. Among other things, there are three cards where you can enter your recovery seed consisting of 24 words.
- Ledger Stickers
Ledger Nano X: First Steps
Install Ledger Live
The Ledger Nano X is even easier to set up than its predecessor. First you turn on the hardware wallet by pressing the left button for 3 seconds. An English welcome message will appear on the display. You will then be prompted to download the Ledger Live software. To do this you need to go to the official website of the manufacturer, start.ledgerwallet.com and then download the Ledger Live software.
On the website you will find different versions for the different PC operating systems. Select the appropriate version for your operating system here and download it. The subsequent installation should not take longer than 2 minutes.
When you run the Ledger Live application, you will first be prompted for a password. This password is only used to access the Ledger Live App (and is independent of the Ledger Nano X).
The password is very important. But if you lose it, it’s not so bad (as if you lose your recovery seed), because you can reset the password. Then only your data will be deleted in the application. Nevertheless, this can be very annoying, which is why it is best to make sure that you never have to take this step. Keep your Ledger Live password in a safe place.
Then you can start the setup by clicking “Get started”.
You can choose between different setup options:
- You can set up a new device.
- If you already own a Ledger Nano X, you can recover your account with the help of your Recovery Seeds.
- You can use a device that has already been set up by you, or
buy another hardware wallet. You will then be redirected to the ledger.com website.
Since you’ve probably bought your ledger and are setting it up for the first time, click “Set up new device”. In the next step you will be asked which model you want to configure. Click here on the “Ledger Nano X”. Now your hardware wallet will be set up.
To continue, you must connect the Ledger Nano X to your PC using the supplied USB cable. First you will be explained both buttons, which are located at the top of the stick.
The operation of the Ledger Nano X is really very simple and intuitive. As with the Nano S, it is operated exclusively via 2 buttons on the top. With the left button you navigate to the left in the menus on the Nano X, with the right button you navigate to the right. If you want to confirm an entry, press both buttons at the same time. That’s it, that’s it! That’s all you need.
First installation of the Ledger Nano X
After you have connected the Ledger Nano X to your PC via the USB cable, you must first assign a PIN for your device. This can be 4 or 8 digits. Each time you restart the device or it has not been active for a long time, you will need to enter the PIN to gain access to the Hardware Wallet. So this is a physical security measure that protects your hardware!
If you have assigned the PIN code, you must write down your “Recovery Seed” in the next step. You will be shown 24 words that you can write o
n Ledger’s card. It’s best to use two Ledger cards to double back up the Recovery Seed if you lose a note or can’t find it.
Be sure to keep the Recovery Seed in a safe place. With this key you have access to your crypto currencies and all your assets if you change your computer, it breaks down or you lose your Ledger Hardware Wallet.
Never store the recovery seed online or in a file, as the file could become the target of hacker attacks. After you have written down the recovery seed, you will be asked again to enter your seed to check that your notes are correct.
Now you will be asked again whether you have really assigned and written down your PIN and recovery phrase yourself. You have to confirm this action on the Ledger Nano X.
If your device has been successfully registered, the Ledger Nano X display will tell you that you can access the Ledger Live software dashboard.
Managing Bitcoin, Ether, and Other Altcoins with the Ledger
For each cryptocurrency like Bitcoin, Ethereum or XRP you have to install an “App”. This works via the “Manager” integrated in the Ledger Live software. To install apps, you need to connect your ledger to your computer and unlock it with your PIN. Only then can you install and uninstall new apps.
Under the menu item “Manager” you will find a large catalog of 1,100 apps. In addition to the crypto currency apps, there are also other apps that use the technology and security of the device. This includes an SSH agent or an app that can check the recovery seed.
The installation of the apps is super easy! Just click on “Install” and a few seconds later the app will be installed on your Ledger Nano X.
Recommendation: 2-factor authentication for the Ledger Nano X
We recommend to install the App Fido U2F Standard. This activates the 2-factor authentication, which is already standard on almost all cryptocurrency exchanges today. First you scan the barcode with your Google Authentiticator App, or a comparable app, with your mobile phone. You will then find a code in your app that updates every 30 seconds.
If you want to access your ledger in the future, you will be asked for this code. This is not a must for using the Ledger Nano X, as the hardware wallet already has the PIN security measure.
By using the 2-factor authentication app you increase the security of your hardware wallet even more! Especially since the Ledger Nano X can now manage 100 apps at the same time, you should take the time to install it. Unlike the Nano S, the limited disk space (on 5 apps) is no longer an excuse not to install the app.
Using Apps on the Ledger
Once you have installed the app on your Ledger, you can create an account in Ledger Live. Click on “Accounts” and then “Add account”:
If you want to create a wallet address for Bitcoin, you have to select “Bitcoin” now. Then follow the steps the ledgers ask you to follow. Among other things, you must confirm the account with the Ledger Nano X by pressing the two upper buttons. If you have also done this successfully, you can now start depositing Bitcoin, Ether, XRP or any other cryptocurrency.
You can also use your Ledger on any PC where Ledger Live is installed. Of course you have to go through all relevant security steps (enter PIN, password, 2-factor authentication etc.) each time you log in.
Receiving cryptocurrencies with the Nano X Ledger
If you want to deposit Bitcoin on your Ledger, you have to click on the tab “Receive”. Then you must select the correct account, in this case Bitcoin.
The next step is to connect your Ledger Nano X to your PC and select the Bitcoin app on your Ledger (double-click with both buttons).
If you have done this successfully, you can click on the blue button “Continue”.
Then you have to compare the address displayed on your Ledger Nano X with the address on your Ledger. Only if these two addresses match completely, you should confirm the address by pressing the two buttons on your Ledger Nano X.
You can now either copy the address (clipboard), use the scan function of the QR code or send it by mail.
Sending Cryptocurrencies with the Ledger Nano X
Then select the respective account (e.g. “Bitcoin 1” in the screenshot) from which you want to send the cryptocurrency. On the following page you can set the receiving address, the amount and the network fee:
You can set the fees yourself. The higher the fees, the faster the transaction is normally processed. If you are not in a hurry, we recommend that you leave “Default” set. If you now click on “Continue”, your transaction will be sent. The display of the Ledger Nano X will now show you all the details of the transaction:
- The recipient address
- The fees charged for this transaction are as follows
If this information is correct, you can confirm the transaction on your Nano X.
The new Bluetooth function of the Ledger Nano X
When Ledger announced the new Bluetooth feature, there was a huge outcry in the crypto community that the feature is not secure and can be hacked. The fear was that hackers could hack the Bluetooth connection while sending and intercept the coins and redirect them to another address.
But this fear is wrong! Ledger explained that only non-critical data (not the private key and not the recovery seed) is transferred via Bluetooth. In addition, a physical keystroke on the Nano X ledger is always required to confirm transactions. Even if the Bluetooth connection is hacked, the transaction cannot be redirected to another address.
From a technical point of view, the French hardware wallet manufacturer also uses AES-based encryption, a state-of-the-art Bluetooth protocol that ensures authentication through the use of pairing. Your smartphone and the Nano X are “paired” by comparing two longer numbers on both devices. This process is shown in the following official Ledger video:
Advantages and disadvantages of the Ledger Nano X
The advantages of the Ledger Nano X:
✅ Best price/performance ratio in our hardware wallet comparison test
✅ Manage up to 100 crypto currencies on one hardware wallet simultaneously
✅ Over 1,100 supported crypto currencies
✅ Regular updates of Ledger
✅ Private keys are never connected to the PC or Internet, lie safely on the Ledger Nano X
✅ Manual confirmation of each transaction
✅ Ledger Live use via smartphone via Bluetooth connection
✅ Possibility to enable 2-factor authentication
Conclusion on the Ledger Nano X
After the Ledger Nano S has been sold more than 1.3 million times worldwide, Ledger has presented a worthy and innovative successor with the new Nano X. The device offers many new features and improvements (more memory, larger display, Bluetooth, …) which, in our opinion, justify the purchase of the Ledger Nano X, despite the ownership of a Ledger Nano S.
Especially if you want to manage larger amounts in cryptocurrencies, a hardware wallet is a mandatory investment. The price of 119 Euros is to be considered in relation to your assets: What are 119 EUR, if you want to secure your Bitcoin and Ether which are worth a thousand Dollars or more? In our opinion the investment in a hardware wallet is therefore an obligation and should be a matter of course.
The Ledger Nano X is our test winner in the big hardware wallet test and comparison and therefore our purchase recommendation for you.
Currently Ledger offers a discount campaign where you can buy a Ledger Nano S and a Ledger Nano X with 50% discount each. The total price is then 149,00€. If you want to buy the combo-package, just click on the following link:
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If you are not 100% sure which hardware wallet you want to buy, you can also check out our other hardware wallet reviews:
- Ledger Nano S Test
- Trezor One Test
- Trezor Model T Test
- ELLIPAL Test
- Bitbox 01 Test
- Opendime Bitcoin Stick Test