This is a complete review of the new Ledger Nano X.
The Ledger Nano X is a crypto hardware wallet that supports over 1,000 cryptocurrencies including ERC20 tokens.
The device was announced by Ledger at the world’s biggest technology event CES (Consumer Event Show) in January 2019.
In this post, I will share all you need to know about the Ledger Nano X.
Ledger was launched in 2014 by 8 experts with the aim of securing crypto assets.
Its products are:
Nano X is the latest product from Ledger. It is an upgrade of the Nano S as It has more features. However, any of the two can comfortably store your coins.
To smoothly walk you this detailed review of the Ledger Nano X, here is what I will be covering.
- Ledger Nano X in a nutshell
- Getting Your Ledger Nano X
- How To Setup your Device
- Supported Crypto and Apps
- Pros and Cons
- Ledger Nano X vs. Major Competitors
I have made this review simple and clear, however, if you have any question, you can ask me in the comment section.
The Ledger Nano X in a Nutshell
This device was introduced by Ledger as a major improvement to the existing Nano S.
Unlike its predecessor, it has a Bluetooth connection that allows pairing with its smartphones App (Ledger Live Mobile). It supports over 1000 cryptocurrencies and has an inbuilt rechargeable battery.
It is suitable for both newbies and veterans in the crypto world because it’s user-friendly.
If you want to know everything about this device, keep reading.
Here are the feature of Nano X in comparison with Nano S
Getting Your Ledger Nano X
As at the time of this review, the price for this device is $119 (VAT excluded) and it comes with free shipping from Ledger.
It is advisable to buy from Ledger’s official shop online or other official resellers because you will risk buying a compromised device when you buy from an unauthorized seller. Thus, buying from a random shop = endangering your coin.
What’s In The Box?
The following items are contained in a newly purchased Ledger Nano X box.
- 1 Nano X device
- 3 Recovery sheets
- 1 USB cable
- 1 key chain strap
- 1 getting started manual
Make sure that on purchase the device is well sealed with a holographic seal, and the seed phrase must be generated by the device itself on startup.
How To Setup Your Ledger Nano X
This device is one of the easiest hardware wallets to set up but can be very tricky if you don’t follow or understand the instructions on the screen.
Here are the 5 steps to follow to set up your device.
Step 1: Set Your Pin Code
On starting your new hardware wallet, you are required to set a pin of 4-8 digit character.
To have a stronger pin, it is advised for you to create up to an 8 digit code.
To do this, press both buttons to choose “set up as new device“, and then you press the left or right button to choose a particular digit from 0-9.
Step 2: Save Your Recovery Phrase
After your pin has been created the device will display a 24-word recovery phrase that is used to back your private keys.
So if the device gets stolen or lost, you can easily enter the phrase in your new device and regain control over your wallet.
This recovery phrase should be written down in a safe place and should not be shared with anyone.
Step 3: Connect To “Ledger Live”
The “Ledger Live” is a software application that helps you to access your wallet from your computer or smartphone.
You can download and install the app from your web browser on your computer.
“Ledger Live Mobile” can be gotten from Google play store for Android users and iTunes for IOS. You are to connect to your computer using the USB Cable found in the box and Bluetooth pairing is required to connect you to your smartphone.
Step 4: Download Your Crypto App
When you are done installing the “Ledger Live”, the next important step is to download the app for the particular coin you wish to use.
For example, if you want to send or receive bitcoins from the wallet, you are to download the bitcoin app from the list of other crypto apps that will be displayed on your screen.
You can repeat this procedure for other cryptos.
Step 5: Add Your Accounts
After installing the crypto app, you are required to create an account that will enable you to start sending and receiving funds to and fro your device.
These steps are quite easy to undergo and won’t take you more than 5 minutes to finish setting up your new device.
Continue reading to know more.
The Ledger Nano X was designed to support a large number of crypto; over 1000 coins are supported and a total of 100 crypto apps, meaning that the device was designed to cater for all your cryptocurrency needs conveniently with top-notch security.
Some of the major coins supported are;
- Bitcoin( BTC)
- Bitcoin cash
- Bitcoin gold
- Ethereum classic
- Ripple(XRP) etc…..
It supports ERC-20 tokens but to do this, you will need to connect an alternative app to your “Ledger Live” app e.g (mycrypto wallet, myether wallet).
Pros and Cons
This device like every other bitcoin hardware wallets has its area of strength and weakness, here are some of them;
- Supports a large number of coins.
- Has a rechargeable inbuilt battery.
- Bluetooth connectivity allows you to use the device anywhere with your smartphone.
- It is user-friendly.
- The Bluetooth connectivity is not usually smooth and needs to be improved on.
- It is difficult to see the text on the screen under the sunlight. This should not be an issue as you might not need to use it under the sunlight.
- Even though $119 is a fair price considering what the device has to offer, not everyone can afford it. On the other side, you can’t afford $199, it means your crypto portfolio is small and you should be fine using hot wallets.
Nano-X Vs Major Competitors
The device has its major competitors in the market.
We’ll be checking out a few of them now.
Nano-X vs. Nano-S
Ledger Nano X has its outstanding features when compared with its predecessor the Nano S. However the later can still perfectly secure your coins and it’s also far much affordable.
Nano X vs. Trezor T
The Trezor T is the latest hardware wallet that was introduced by Trezor.
It comes with a touch screen which I think is not worth the high price tag considering the Nano X qualities and lower price tag.
They both support a large number of cryptos and are the major competitors in the hardware market today.
The Ledger backup plan is a new package by Ledger. Allowing you to synchronize the Nano X and S to your one account still maintaining the same private keys. You can buy both devices from Ledger at a 20% discount rate for $149 instead of $178 when you buy them separately.
That is it on Ledger Nano X review.
By now I believe you are almost a Nano-X expert :). You have to buy one though to have a feel of it yourself.
That said, it’s your turn to talk to me. So tell me…
Does the device fit all the criteria you’d like in a hardware wallet?
Would you like to go for it? or maybe you have a question about something I wrote in the post.
Let me know by leaving a message for me in the comment section at once.
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