Review: Ledger Nano X hardware wallet
The newest generation of the Ledger Nano lets you go mobile and do more with your crypto.
finder.com.au's rating: 4.57 / 5.0
- Great for bluetooth mobile functionality
- Not so great for prices, more expensive than older models
Check out our full list of pros and cons or read on for our full review.
What's in this guide?
- Our Ledger Nano X unboxing
- Supported cryptocurrencies
- How to set up a Ledger Nano X
- How do I use the Ledger Nano X?
- Where can I buy a Ledger Nano X in Australia?
- How much does a Ledger Nano X cost?
- Ledger Nano X vs Ledger Nano S
- How secure is the Ledger Nano X?
- What else do I need to know about Ledger Nano X?
- In a nutshell
- Compare the Ledger Nano X against other cryptocurrency wallets
- Frequently asked questions
Our Ledger Nano X unboxing
Supported cryptocurrenciesSupported cryptocurrencies include:
- XLM & 1,350+ more
How to set up a Ledger Nano X
When it arrives, your new wallet will include the following:
- The hardware wallet itself
- A USB cable
- An instruction booklet
- A private key recovery sheet
- 64-bit desktop computer (Windows 8+, macOS 10.8+, Linux)
- Smartphones (iOS 9+, Android 5+)
To set up your Ledger Nano X, you will need to connect it to either a computer or a smartphone via USB or Bluetooth.
To set it up through a computer, you will need to download the Ledger Live program, and to set it up through your phone you will need to download the Ledger app. You are 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 different cryptocurrencies, you will need to pair it with desktop or mobile wallet apps. Your Ledger Nano X can support up to 100 different paired apps. You can find a hundreds of different official wallet apps for different coins on the Ledger website, which makes it an easy option if you're looking for a high-security wallet that can support an exceptionally wide range of different cryptocurrencies.
If you're using a third party wallet app with your Ledger Nano X, remember to check that it's compatible with the device.
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 Australia?
You can purchase the Ledger Nano X from the 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 AUD$199.
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 (128x64 pixels instead of 128x32 pixels)
- A more powerful and responsive, but still generally comparable, secure chip
The Ledger Nano X is also slightly larger than the Ledger Nano S. Here's a quick breakdown of its size and weight in comparison:
|Ledger Nano X||Ledger Nano S|
|Dimensions||72mm x 18.6mm x 11.75mm||56.95mm x 17.4mm x 9.1mm|
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.
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.
Must read: Keeping your back-up phrase safe
As mentioned, it's essential that your back-up phrase is kept safe. The best way to do this depends on your situation and the steps you're prepared to take, but one popular option is to use a recovery seed backup.
These kinds of devices let you personally stamp or otherwise record your seed back-up phrase in metal, without entrusting the task to a third party who could use that information to steal your funds.
The reason it's safer to record it in metal is because it's more durable. It can survive fire, flooding and other hazards such as general fading or moisture where simple pen and paper wouldn't. Importantly, it's also much harder to lose or misplace a solid piece of steel or titanium than a scrap of paper.
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.
As of January 2019, the Ledger Nano X was one of only two hardware wallets in existence that used Bluetooth to connect to mobile devices (the other was 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.
2020 data breach
In July 2020 Ledger's customer database was hacked, with the information being leaked online in December of that year. The breach revealed approximately 1 million user email addresses and additional information such as name, address and phone number of 272,000 users. Since then, those affected by the breach have been the subjects of ongoing targetted phishing campaigns, attempting to lure users into giving away sensitive information. While new users of Ledger should not be affected by the breach, you can stay up to date with it here.
In a nutshell
- Mobile compatible. Take your Ledger on the go with Bluetooth mobile compatibility.
- Familiar and secure. It's the same much-respected Ledger Nano as always, but with more features.
- App features. The additional memory and higher quality screen of the Ledger Nano X helps expand its functionality considerably relative to older models.
- Pricier. It's competitively priced within its field, but the Nano X is still more expensive than older hardware wallets.
Compare the Ledger Nano X against other cryptocurrency wallets
Frequently asked questions
Cryptocurrency wallet ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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:
- Security: 50%
- Functionality: 40%
- Cost: 10%
These scores are aggregated and visualised as a total score out of 5 stars.