Ledger Nano X Review: Best Bitcoin Wallet in 2020?

12

Ledger Nano X is the next generation of Hardware wallet with smartphone support, a larger screen and more storage space for Apps. The Ledger Nano X is great for newcomers or experienced traders trading more than 3 types of cryptocurrencies at at time or large volumes on the go. If more apps and mobility isn’t a big concern, stick with the Ledger Nano S.

In this review, we’ll be looking at the security, hardware design and cryptocurrency support of the Ledger Nano X to tell you if this device is worth purchasing or not. For Set-up and installation guides, check out our full Ledger Nano X guide.

Key Features of the Ledger Nano X:

Ledger Nano X Video Review
  • Larger screen – Displays full cryptocurrency addresses without scrolling
  • Mobile support – (Android and iOS) support via Ledger Live Mobile
  • More storage space – Install up to 100 different apps for different coins.
  • Rechargeable Battery – allows the device to be powered-on without a cable.

Security features

One of the key reasons to buy Ledger hardware wallets is the firm’s reputation for security. The Nano X contains a two processor chips:

  • Secure Element: ST33J2M0 (secure) is independently certified and stores the private key and signs transactions
  • Operating system: STM32WB55 chip is responsible for Ledger’s BOLOS proprietary Operating System.

Secure elements are separate pieces of hardware (second layer of security) with their own storage and limited functionality that cannot be breached by hackers. This means that even if the Ledger Nano X is connected to a compromise device – like a hacked laptop or phone, the private keys (=access to crypto funds) is never compromised. Devices like the Trezor One and Model T do not have secure elements and only have a single layer of security.

Ledger Nano X Teardown
Ledger Nano X Teardown showing CC EAL 5+ Secure Element Chip

The Ledger Nano X also has the same BOLOS operating system that is found on the Nano S. BOLOS ensures that addresses are displayed properly on the device and handles connections to external devices.

Similar to the Nano S, users can set up wallets protected by a passphrase in addition to your primary PIN code. So say a thief demands you to unlock your device, you can give them the PIN code to access wallets with fewer funds. Whilst hiding the bulk of your crypto assets behind passphrase protected wallets.

The Nano X has the addition of Bluetooth support. Unfortunately Bluetooth’s security record is not spotless, and presents a new vector of attack for the device. Ledger CTO Nicolas Bacca has stated during an interview that Bluetooth on Ledger functions assuming the connection has been compromised – at no point will it be able to take over the device.

Ledger Nano X Bluetooth Control Panel
Bluetooth can be turned off on the Ledger Nano X

In October 2019, the Nano X received CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security). Currently, of all the cryptocurrency hardware wallets on the market, only Ledger’s Nano S and Nano X have this certification. The certification scheme evaluates multiple aspects of a device’s security including firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.

5/5 Security Rating

Multi Currency Support

Coins Supported By Ledger Nano X
Full list of supported coins on Ledger can be found here

Ledger has one of the most diverse support for different cryptocurrencies such as NEO, Vechain and Monero. With their open policy to development from project teams, the Ledger nano X supports 1100+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey, making Ledger the only hardware wallet available for many coins. The rule of thumb here is that the Nano X will support the same assets as the Ledger Nano S.

Installing Ledger Live

Ledger Live application interface

Ledger has a native application called Ledger Live to allow you to access cryptocurrency accounts (including Bitcoin, Litecoin Ethereum and other cryptocurrencies). Ledger Live is available on multiple platforms including Windows, MacOS, Linux, Android and iOS. We found the Ledger Live app easy to use as it clearly displays cryptocurrency assets with historical charts. Sending cryptocurrencies is extremely easy with step-by-step operation which clearly displays the sender and receiver addresses. There are also advanced features to manually customise the transaction fee in sat/byte.

How many coins can Ledger Nano X Hold?

One of the weakness of the Nano S is the lack of space for installed applications. The Ledger Nano X fixes this problem by increasing the internal memory to 2 MB. In our tests we were able to install all 73 available apps on the device (Ledger claims up to 100+). It should be noted that app storage is a convenience feature – apps will still retain their accounts / cryptocurrency balances even if uninstalled.

Does Ledger Nano X support Ethereum and ERC-20?

In September 2019 Ledger added a native Ethereum Wallet to its latest Ledger Live v.1.14.0 which adds support for 22 coins and over 1,250 ERC-20 tokens. This allows for direct access to tokens and ethereum whilst on the go without the need for a 3rd-party interface like MyEtherWallet. This is a welcomed upgrade to Nano X users who previously had to use different interfaces depending on the cryptocurrency you wanted to interact with. It will also certainly be welcome to newcomers to cryptocurrency, who may be confused by the different interfaces.

One of our complaints is that Ledger Nano X has to enter each app separately account – something that is not necessary on the Trezor Model T.

5/5 Multi Currency Support

Hardware Design

Ledger nano X PIN entry interface
Input is made with the two circular buttons

The new Ledger Nano X has two hardware buttons – hidden in the circular design of the cover pivot. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons), and even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons – perhaps a touchscreen or additional buttons could of helped.

Nano X has a larger screen with higher resolution. This means that full cryptocurrency addresses could be displaced without scrolling – something that was sorely lacking in the Nano S.

The Nano X uses a modern USB-C interface for charging and connecting to the PC. This is a welcomed upgrade as the computing world migrates to USB-C.

4/5 for Hardware Design
3.5/5 of Ease of Use

Mobility

Ledger nano X

Ledger Nano X can be used with mobile devices, and transactions can be sent on the go using the Ledger Live app on mobile. We found this feature to be very situational. Whilst it is helpful to be sending crypto on the go with the security the Nano X provides, the convenience is lacking when compared to mobile wallets like the Enjin Wallet. A separation confirmation set is needed: unlock device via PIN, enter the cryptocurrency app, check and confirm the transaction. This feels tedious and not suitable for simple coffee purchases or small transactions. What does make sense is perhaps large purchases (a car or house?) or token sale investments. However, the question remains, how frequently do we need to send large amounts of crypto on the go?

How do you Update the Ledger Nano X

Ledger periodically releases updates for the Ledger Nano X to improve security, functionality and coin support. In fact, firmware updates are required in order to get support for the latest cryptocurrencies. In order to update the firmware, plug the Nano X into your computer and run the Ledger Live app. The app will automatically display your version number and show any available firmware updates. To initiate the update, click the update button and confirm the installation in the Nano X by pressing down both buttons when prompted to “allow ledger manager” to access the device.

Ledger Nano X worth the upgrade?

Coming at $119, the Ledger Nano X is not a budget device – it commands a certain price premium making the upgrade decision harder for many users. For many, the deal breaker convenience features – the large screen that displays full cryptocurrency addresses and larger storage for more apps. If these features are important for you, then the Nano X is worth the upgrade. However, if you only need a few apps, the budget friendly Ledger Nano S is a better option at $59.

Ledger Nano X compared Trezor T

Ledger compared to other Hardware Wallets

The biggest difference between the Ledger Nano X and the Trezor Model T is the screen and supported coins. The Trezor Model T has nice touch screen which helps with entering PIN and the security phrases. However, the Trezor has fewer supported coins and usually projects tend to release Ledger support first. The following table is a comparison between various hardware wallets, including the release date, external security certification (if any), release date and our review rating.

Name:
Ledger Nano X
Brand:
Ledger
Type:
Hardware
Price:
$119
Release Date:
2019
Security Certification:
CC EAL 5+
Review Rating:
4.6 Star Rating
Name:
Ledger Nano S
Brand:
Ledger
Type:
Hardware
Price:
$59
Release Date:
2016
Security Certification:
CC EAL 5+
Review Rating:
4 Star Rating
Name:
Trezor One
Brand:
Trezor
Type:
Hardware
Price:
$78
Release Date:
2014
Security Certification:
-
Review Rating:
3.7 Star Rating
Name:
Enjin Wallet
Brand:
Enjin
Type:
Software
Price:
Free
Release Date:
2020
Security Certification:
ORU
Review Rating:
4.5 Star Rating

Verdict:

To purchase a Ledger Nano X, click here

At the end of the day, choosing between the Ledger Nano X and other hardware wallets is mostly based on 1 question – are the cryptocurrencies you want supported on the device. Support for a large number of coins has always been Ledger’s strong suit, along for browser support in Decentralized exchanges (Binance DEX, IDEX and Switcheo)

Reviewed on 23rd May 2019 by Michael Gu

Updated on 30 March 2020: added to FAQ section on deliveries of devices being affected due to Coronavirus

Security Rating: 5/5
Multi-currency Support: 5/5
Hardware design: 4/5
Ease of Use: 4/5
Final Score: 4.5/5

Product Specifications (Technical Specifications)

Ledger Nano X Product Specifications:

Processors ST33J2M0 (secure) + STM32WB55
Compatibility 64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors. Also compatible with smartphones (iOS 9+ or Android 7+).

Connector

USB Type-C , Bluetooth 5.0
Battery
100mAh battery
Size
72mm x 18.6mm x 11.75mm
Supported Assets1100+ Supported assets

Frequently Asked Questions (FAQ)

Can you keep your coins when upgrading from the Ledger Nano S to Ledger Nano X?
Yes. When doing the upgrade, choose to “restore” option during setup and enter the 24 word recovery phrase from the Ledger Nano S backup

Can the Bluetooth Feature be turned Off in Ledger Nano X?
Yes, Bluetooth can be disabled in the Control panel. This will disable Bluetooth communications and only allow the Ledger the communicate via the USB cable. You can access the panel by holding down both buttons for 3 seconds.

Can many apps can you install on the Ledger Nano X?
We found that the Ledger Nano X can hold all 73 Apps currently available on the Ledger Manager. There is even more storage available for future applications.

Why does the Ledger Nano X Bitcoin Address change?
Ledger includes a feature to automatically generate a new Bitcoin address each time an old one is used. This increases the privacy of transactions, as different addresses are used for new transactions. Old addresses can still be used as the Ledger contains full access (include future access) to these funds.

How do you generate a new public address for receiving funds
New Public addresses are automatically generated when old ones are used (the address receives or sends a transaction).

What is the latest Ledger Firmware
Currently the latest firmware is 1.6.0

Will the Coronavirus (COVID-19) pandemic affect Ledger?
Ledger has issued a statement saying they have in place business continuity measures to ensure they continue to have inventory and products to ship to its customers. They are however experiencing some backlog in their customer service side but are working to ensure that customer’s concerns are answered. You can check the operational status of their systems here. Inevitably there may be issues with shipping products to customers, they are still able to ship to most countries though some customers may experience limited shipping options. Check here to see if shipping to your country may be affected.

Further reading

Ledger also posts up reviews from other YouTubers, which you can check out here.

Just got a new Ledger Nano X? or always been curious about getting started with Bitcoin and other cryptocurrencies? Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour

12 COMMENTS

  1. You didn’t write that the ledger nano only supports 23 crypto through the accounts. You can download a ton of apps, but you need the account to correlate with the app in the live app. They don’t tell you this. So, a lot of crypto will not be stored on this. This is a piece of metal I bought for $100 until they fix this and add more accounts.

  2. Can it be charged using an USB-C phone charger (like the one which comes with Pixel 2) or does it require to be charged from a computer?

  3. Is that true the bluetooth communication works only when talking to the mobile app? I mean, it does not work with the desktop app?

  4. the Nano S model. In this review, we’ll be looking at the technical specs, hardware design and cryptocurrency support of the Ledger Nano X to tell you if this device is worth purchasing or not. For Set-up and installation guides, check out our full Ledger Nano X guide .

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.