Ledger Nano X

Basic Information

A modern portable hardware wallet (HW) that will be of particular interest to those who like to travel with their crypto, but who do not like to carry a lot of cables. The Ledger Nano X wallet provides secure crypto asset storage for both professional and casual users.

Functionality

The Ledger Nano X wallet is the second model of a hardware wallet from the well-known French company, Ledger. Considering its price, it should be a premium product, as the newer Ledger Nano S Plus sells for almost half the price.

So what are you paying the extra for? First of all, Ledger Nano X offers Bluetooth, so you don't have to carry cables in order to connect your wallet to another device. While there are concerns about the security of Bluetooth technology in relation to crypto, to date (December, 2022) there have been no incident where this particular feature has made the wallet an easy target for hackers. According to the information available, the Ledger Nano X therefore provides perfect security. In order to use the wallet without a cable, it is equipped with a battery that lasts up to 8 hours in standby mode. That is plenty of time for you to trade or stake your funds through the manufacturer’s Ledger Live app. You can also do this using other Apps supported by the wallet.

Compared to its sister model, the Ledger Nano S Plus, the Nano X offers a slightly more robust look and a larger screen. This will be especially useful to those who use the wallet on a daily basis. Its appearance is reminiscent of a USB flash disk, and you can navigate it using its buttons. Charging and connection are via a USB-C cable, and Apple customers will be glad to know that it has iOS compatibility.

Pros and Cons

Pros

Bluetooth - a great benefit for those who like to travel or work with their crypto assets on their phone
Security and support - Ledger is one of the best hardware wallet manufacturers in the world
Large amount of cryptocurrency and third-party app support
iOS support
Wide use in DeFi

Cons

High price - if you do not need Bluetooth and iOS support, it might be a good idea to look at its sister model, Ledger Nano S Plus

Supported Chains

The Ledger wallet supports more than 5 500 digital assets, including coins, tokens and NFTs. The most well-known supported assets are bitcoin, ether, ripple, USD tether, litecoin and polkadot. A large portion of the funds can be managed using the integrated Ledger Live app, but the wallet also supports a huge number of third-party apps.

A complete list of all supported assets is available here.

Tips from an Analyst

The Ledger Nano X wallet provides perfect security for your funds; the only threat is your own error. Considering the small size and the similarity of the product to a classic USB flash disk, we recommend you keep it safe. We have all lost a USB flash disk or an item of similar size at some point in our lives. In this case, however, the loss would hurt you doubly.

Only buy this wallet from the official manufacturer's website. Of course, it can also be purchased from other sites such as Amazon, but selling through third parties only increases the risk of the wallet being manipulated. In the event of loss, the Ledger Nano X, like other wallets, can be recovered using a seed. You can write it down on a card that is included from the manufacturer. It is important that when you do this, you keep it offline world and ensure that nobody sees it that you don’t trust. If they do, they can then steal all your funds, and Ledger's official support won’t be able to do anything about it.

If you are just getting familiar with crypto and Ledger products, we also recommend visiting the manufacturer’s official website, where you can find detailed instructions on how to make full use of the wallet.

Personal Opinion

Ledger has improved on its first wallet and it is clear that it has listened to the wishes of many customers. The Ledger Nano X is a solid choice for those who want mobility but don't mind the higher purchase price. The wallet is especially good for those who like to experiment with altcoins, especially because of its support for many tokens / coins, and third-party apps. With regards to app support, it can be recommended for people who want to operate in DeFi.

Although Bluetooth may seem like the biggest advantage of the device, there are some concerns about the safety of this technology. However, these are continually refuted by Ledger, who claim that neither the technology, nor the security of the wallet have ever been breached. What has gone unnoticed, however, is an incident in 2020 when hackers attacked the company and obtained the personal data of those who had made purchases from Ledger. There was no breach of wallet security in this case. However, the irony remains that a company dedicated to protecting crypto assets against hackers, was itself successfully attacked by hackers. So, if you want to be completely confident in your security and you can cope with a cable connection, it would be worth buying the new Ledger Nano S plus model instead. As an added bonus, you'll save a bit of money, which you can then invest in a crypto instead!