Ledger Nano X : The next level hardware wallet

What hardware wallet should you use? This might be one of your conundrum. As cryptocurrencies are growing popular, there’s also a huge need for secure places to store them. One such way to store them is by using Hardware wallets.

When it comes to hardware wallets, Ledger has an impeccable reputation. The Ledger Nano X is the latest hardware wallet introduced by Ledger. So in this article, let's learn all about Ledger Nano X such as what it is, its pros and cons, security etc.

Ledger Logo
Image Credit – ledger.com

Table of Contents

  1. What is a Hardware Wallet
  2. What is Ledger Nano X?
  3. Security
  4. Supported coins
  5. Pros and cons of Ledger Nano X
    1. Pros
    2. Cons
  6. Transfer cryptos from Coinbase to Ledger
  7. Ledger Nano X vs Ledger Nano S
  8. How to receive crypto assets

What is a Hardware Wallet?

Before we explain about Ledger Nano X, let’s have a brief look at what hardware wallets are. A hardware wallet is a special type of wallet that stores the user’s private keys in a secure hardware device. This device is built for the sole purpose of securing your crypto coins. It is one of the most important components in keeping your cryptocurrency secure.

To reduce your risks of losing your money to laptop hard disk failure, malware, hackers, and civil asset forfeiture, a hardware wallet would be good.

If you want to store your cryptocurrencies securely, then you must definitely have hardware wallets. They won’t expose the private keys even during transactions. One of the most popular hardware wallet is the Ledger Nano X.

What is Ledger Nano X?

Ledger is a hardware wallet company founded in 2014 by 8 people. It has released 2 hardware wallets – Ledger Nano S and Ledger Nano X released in 2016 and 2019 respectively. The initial release was Ledger Nano S and Ledger Nano X is like the premium version of Ledger Nano S. Ledger claims to have clients in more than 160 countries with 1,500,000 hardware wallets already sold. As one of the top companies, Ledger competes with Trezor, another hardware wallet company.

The Ledger Nano X is the latest hardware wallet introduced by Ledger. As the later model, the only major difference is the bluetooth connectivity which allows it to be accessed by a mobile phone. This hardware wallet supports more than 1800 cryptos and 100 apps. It allows you to invest your crypto anytime, anywhere, with Ledger. As it is compact (72mm x 18.6mm x 11.75mm) and light in weight (34g), this device easily fits into your pocket making it convenient to carry it as well as use it. This device is an advanced option for anyone who wants to store cryptos.

When you buy Ledger Nano X, they come with the Ledger Live app. They don’t literally come with this app, what it means is that you can connect your hardware wallet to this app where you can receive over 1,500 coins and tokens straight from your smartphone or computer.

Security

The main thing that the hardware wallets are known for due to their security. In 2020, Ledger was ranked as one of the top 100 cyber-security startups by the prestigious Black Unicorn Awards. In short, Ledger offers state-of-the-art security. A hardware wallet is also known as a cold wallet. This means that all of your cryptos will be securely stored offline.

Ledger Nano X Security
Image Credit – ledger.com

Ledger states that all of their hardware wallets, that is, Ledger Nano X and Ledger Nano S, are fully certified by a cybersecurity agency ANSSI (French National Agency for the Security of Information Systems). Ledger devices rely on a secure element chip that stores sensitive data (such as private keys and other data) which protects it from malware attacks. This secure chip acts as a closed box which offers CC EAL5+ security.

A chip with CC EAL5+ is of very high security. What CC EAL5+ means is that:

CC stands for common criteria for Information Technology Security Evaluation.

EAL stands for Evaluation Assurance Level. It is a ranking assigned to a product or system. This comes after the CC. The levels of EAL are:

  • EAL1 – functionally tested
  • EAL2 – structurally tested
  • EAL3 – methodically tested and checked
  • EAL4 – methodically designed, tested and reviewed
  • EAL5 – semi-formally designed and tested
  • EAL6 – semi-formally verified design and tested
  • EAL7 – formally verified design and tested

As the chip is CC EAL5+, it means that it has achieved a level of more than EAL5.

Supported coins

The Ledger Nano X supports over 1500 coins. As you can see, that’s pretty much all the famous cryptos that you can think of as well as all the ERC-20 tokens. For most of these cryptos, the supported wallets are Ledger Live, Electrum, MyEtherWallet, Binance etc. All of the major cryptos can be sent/received by using Ledger Live. The less popular cryptos and ERC tokens can be used by connecting to other wallets such as the ones mentioned above. A few of the coins supported are:

Now that we know about Ledger Nano X, it’s security and it’s supported coins, let’s have a look at it’s pros and cons.

Pros and Cons of Ledger Nano X

Pros

  • State of the art security
  • 1500+ cryptos supported
  • Can be managed from a mobile app
  • Supports upto 100 apps
  • Easy to use

Cons

  • Quite expensive for some people
  • Pairing and bluetooth may be dangerous

Transfer cryptos from Coinbase to Ledger

You might have not known about this feature in which you can transfer your cryptos from Coinbase to Ledger. This feature allows you to pick specific amounts of crypto from your Coinbase account and transfer them to your Ledger. So now, lets have a look at the steps to do that:

Step 1: Open Ledger Live; Enter your password and then continue.

Step 2: Select the crypto asset that you want to use and then click on the receive button. This button is located at the top right.

Step 3: Open your desired app on your Ledger Device. Then click on continue in Ledger Live.

Step 4: Verify the address on your device. Click on the verify button.

Step 5: Here, click on copy address.

Step 6: Sign in to your Coinbase account and click on “Accounts” at the top. Under the crypto that you want to transfer, there’s a button called “Send”. Click on it.

Step 7: Under recipient, enter the address that you copied earlier. Enter your amount, write a note (optional) and then click on the “Continue” button.

Step 8: Here, your transaction details appear. Enter the 2-step verification code provided by your authentication app and click on “Continue”.

Step 9: That’s it, Voila, your transaction is on the!

You can use the same process here for nearly every single other crypto exchange.

Ledger Nano X vs Ledger Nano S

According to the Ledger website, the Ledger Nano S is the “The world’s most popular hardware wallet” whereas the Ledger Nano X is the “Our most advanced, on-the-go hardware wallet”. But that doesn’t tell it all, so now, let’s have a look at the differences between Ledger Nano X and Ledger Nano S:

Before diving into the technical specifications, let’s have an outer look at them. Both these wallets have the same design and both are simple to use. They both offer Certified secure chip (CC EAL5+) security. One difference is that the Ledger Nano X offers a bigger screen. Ledger Nano S only allows you to install up to 3 apps at the same time whereas the other allows you to install up to 100 apps at the same time. Now that we had a small look into it, let’s look into the technical specifications

Ledger Nano X
Ledger Nano S
Up to 6¹ apps installed on your device
Up to 100¹ apps installed on your device
Manage 1,800 + coins and tokens² (Android only)
Manage 1,800 + coins and tokens² (Android and iOS)
Compatible with 50+ wallets
Compatible with 50+ wallets
128 × 64 pixels screen
128 × 32 pixels screen
Bluetooth® compatible with Ledger Live Mobile
No bluetooth
Certified secure element (CC EAL5+)
Certified secure element (CC EAL5+)
USB-C Connector
USB-B Connector
72mm × 18.6mm × 11.75mm in size
56.95mm × 17.4mm × 9.1mm in size
34g in weight
16.2g in weight
$119
$59

¹Depending upon the app size

²Using your Ledger Live app

How to receive crypto assets

Now that we know a lot about this hardware wallet, let’s have a look at how to receive crypto assets;

  1. The first thing that you have to do, is to open Ledger Live and log in to it.
  2. Now, tap on “Transfer”. From the three options showing up, click on “Receive”.
  3. Here, select the account that you want to use. Now, open the app that you want to use on your Ledger Nano X.
  4. Once it says “Application is ready” in your Ledger Nano X, verify the address on your device. Then click on “Verify”.
  5. Now copy the address and share it with the sender.
  6. Once your transaction is done and approved, it will show up in your portfolio.

And voilà, you have mastered the amazing hardware wallet Ledger Nano X.

Disclaimer: Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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