Standalone vaults for digital assets were created to increase security in the marketplace. A hardware wallet is more secure than an app that only works with the Internet. Software-based vaults can be vulnerable to hacking at any time.
The Ledger Nano X standalone wallet provides increased security for assets, and more specifically for private keys. Attackers will not be able to access the user’s digital currencies, because the login data is stored inside the device and does not leave it.
- Features of Ledger Nano X cryptocurrency wallet
- Reliability rating
- Operating systems
- Supported cryptocurrencies
- Amount of fees
- How to use the Ledger Nano X cryptocurrency wallet
- Tracking Cryptocurrency Rates
- Ledger Nano X purse replenishment
- Comparison of Ledger Nano X with other crypto wallets
Features of Ledger Nano X cryptocurrency wallet
The purpose of cold storage is to keep private keys protected so that hackers cannot get hold of digital currencies. The Nano X version is the most expensive of the Ledger SAS product line. The September 2022 price tag is $149. Nevertheless, behind this cost is increased security and functionality.
The development team
The company was founded in 2014 by Coinhouse cryptocurrency creators Eric Larchevec and Thomas France. The developers wanted to provide secure storage and transfers of digital assets. As of March 2022, Ledger SAS in Paris and its subsidiaries in Vierzon, New York, Zurich and Singapore employ more than 300 people.
Throughout its existence, the company has launched several products under the common name Ledger Nano. In March 2017, the developers raised EUR 7 million in a funding round. It was conducted by the French Mutual Insurance Company (MAIF). The investment was invested in the construction of its own plant in Vierzon.
In 2018, the company announced a partnership with Blockchain (a developer of software cryptocurrencies). The collaboration resulted in the creation of a hardware Blockchain Lockbox. Also launched a new and more secure version of desktop and mobile applications for storing digital assets.
Even active traders can use the equipment safely. Two-level security architecture increases reliability. The first security element is the CC EAL5+ chip, which restricts access to private keys to third parties. The second is the Blockchain Open Ledger Operating System (BOLOS). The OS works with Secure Element chips.
All of the company’s products are vetted by the authorities (ANSSI) for reliability.
In terms of practical security, authorizing a cryptocurrency purchase requires users to press both buttons simultaneously. A hacker would not be able to perform such an action remotely.
To install software, add accounts, check account balances, and manage secure transactions, you can use:
- A computer (Ledger Nano X Wallet minimum technical requirements are Windows 64-bit 8.1, macOS 10.10, Linux also 64-bit).
- Smartphone (minimum technical requirements are iOS 9 or Android 7).
There is no hardware that supports all coins and tokens on the market. More than 5,500 digital assets are available in Nano X, including the most popular cryptocurrencies:
- Tron and others.
Unpopular altcoins and NFTs of the ERC-721 standard are also supported. The list of digital assets is growing regularly.
Amount of fees
During the creation of a transaction, the user chooses the amount of network fees independently. The amount will determine the speed of the cryptocurrency transfer. There are available 1 of 3 different levels of transaction fees (high, standard and low). You can also set the amount of payment yourself, if necessary.
Users can additionally earn on their own assets if they send their Ethereum, Polkadot, Tezos, Cosmos, Algorand, Tron and other coins to stacking. Some cryptocurrencies can be delegated directly through Ledger Live. For example, to use this option to stack ADA, you need to:
- Install the Ledger Nano X cryptocurrency wallet on your PC.
- Select Manager and download the latest firmware version. You should update your Cardano ADA account.
- Go to the Adalite website.
- Click Continue to ADALite.
- Select Hardware Wallet (“Cold storage”).
6. Unlock with your own equipment.
7. You will need to confirm the export of the public key to your account twice.
8. Click Convert to stackable.
9. Then confirm the transaction with Confirm Transaction.
10. Select a pool from the Delegate Section. We need the ID of the pool to which the funds will be delegated.
11. Validate again and select Delegate.
12. Confirm Transaction.
Pledged funds still remain in the vault. Cryptocurrencies are allowed to be withdrawn at any time. A deposit may be taken for delegation, which will be refunded when the funds are withdrawn. The fee is calculated on a compound interest basis.
How to use the Ledger Nano X cryptocurrency wallet
There are only 2 buttons on the housing, which are used to navigate through the menu. One of them is made in the form of a hinged lid. There is also a larger screen with high resolution, which allows you to view full addresses without scrolling. The connection to your computer is via the USB Type-C port.
How to download and install
The kit that lies in the box:
- Hardware Wallet.
- User’s Manual.
- Recovery Phrase Sheets.
- USB Type-C cable, which will be needed for charging as well as connecting to a PC.
The device should be charged before installation. Once the battery is active, you should press and hold the black button for about 3 seconds until it is turned on.
- The silver key is used to scroll to the right and the black key is used to scroll to the left.
- Confirmation of the selection is done by a short press on both keys at the same time.
- You can open the control center by holding down the 2 keys. Here you can view the battery charge, turn off and change settings. You can also switch on Bluetooth.
A welcome message appears on the screen. Then you have to scroll to the right, find the Set up as new device function and select it.
Then you need to set the 4-8 digit pin code. The following information comes in handy:
- The silver button will increment the numbers, and the black button will decrement them.
- You can delete incorrectly entered data with the “x” icon.
- To confirm the entered code, you have to press both buttons.
When all the digits of the pin code are entered, a switch will follow and the system will reach the icon with a tick. Next, you will need to confirm the choice.
After the operation with the pin-code, the recovery phrase will appear. It is necessary to write all 24 words in the correct order on one of the cards. It is recommended to make at least 2 physical copies. The recovery phrase must not be stored on the Internet, computer or smartphone. Keep the cards with the reconstitution phrase in a safe place (e.g., a safe deposit box).
A mnemonic phrase (Seed Phrase, Recovery Phrase) is a private key of the BIP39 standard. This set of 24 words must never be shown to anyone, otherwise you can lose all your assets.
After the words are transferred to the paper, you need to confirm the Seed Phrase. This process may seem tedious. However, it allows you to make sure that the mnemonic phrase is written correctly.
Next, it is necessary to go to the website, download and install the application. After that, the user connects the Ledger Nano X cryptocurrency wallet to a computer or smartphone and starts working.
On the computer.
The desktop software has a simple design. You will also need to install an app for each individual digital asset that the user will be storing (e.g., BTC app, XRP app, and others). To download the app, you need to go to the official Ledger Nano X wallet website.
After downloading, you need to:
- Open the software and click Get started.
2. Agree to the terms and conditions.
3. Select the “Set up a new Nano X” registration type. You will see a series of prompts.
4. Press the Let’s do this button. You will need to create a pin code and write the recovery phrases. Then the system will ask you to take a test. The questions in it are related to common misconceptions about cold storage.
5. There will be a test to verify the authenticity of the product being used. You will need to connect the device to your computer via cable and enter the unlock code. You will also need to allow control on the PC.
6. Next, make sure that the latest version of the software is installed on your computer – for maximum security. To do this, click on the Manager tab in the menu. A push notification about the firmware update will appear. Before installing the software, make sure that the ID code in the app matches the combination of digits on the device. The pin code is entered to confirm.
7. Then the applications for each of the cryptocurrencies are installed. These programs allow the use of private keys when interacting with the specific blockchain network to which the digital asset belongs. You can access the catalog page in the Manager tab. Not all cryptocurrencies are allowed to be managed directly through in-house software. Some require the use of additional third-party software.
8. Next, the accounts are added. You can create multiple accounts (for example, one for savings, another for trading). Each account will have its own private key and Recovery Seed.After clicking on the Add account button, the new account will appear. The application will be synchronized, and the system will prompt you to open the program. You can assign a name to the account. To do this, click Add account, and then click “Done”. In the section on the left side of the screen, you can see the account you just created.
To delete a profile, select Edit account. In the pop-up window that appears, click Delete, and then Confirm. The account will be deleted. If the user decides to re-add the account for the same token or coin, it will have the same address.
Tracking Cryptocurrency Rates
Users always want to know the true value of their assets. You can see constantly updated prices in real time. Details of all assets, as well as a chart showing changes in their value, are displayed in the Portfolio section.
Users can also view a chart for all individual cryptocurrencies by selecting the appropriate account. Each chart is presented by week, month or year. The value is displayed in the fiat currency of the user’s choice.
Ledger Nano X purse replenishment
You can deposit funds to a secure address. To deposit funds, you need to:
- Select the Receive tab from the menu.
- Find the name of the account you want to recharge.
- Unlock the Ledger Nano X Crypto Wallet and make sure the address on your device is the same as the one seen in the app.
- After checking, copy the address, share it with the sender or transfer your cryptocurrencies to it.
To send coins and tokens you need:
- Enter the Send menu.
- Select the account from which you want to make the transfer.
- Enter the recipient’s address, double check if the data is correct.
- Press Continue.
- Enter the amount of transfer. To send all funds from the account, press “Max”.
- Select the amount of commission. The higher the commission, the faster the transaction will be processed. Press Continue.
- You will need to unblock the Ledger Nano X Crypto Wallet and follow the prompts to track the transaction.
You can also use WalletConnect to contact other decentralized platforms (dApps).
Ledger Nano X wallet security
Ledger Nano X’s reputation for data security sets Ledger Nano X apart from its competitors. You can’t download Ledger Nano X cryptocurrency wallet to your computer from the Internet, but you don’t need to. Private keys are securely hidden inside a certified CC EAL5+ chip, which is used in credit cards and passports. The BOLOS operating system ensures correct address mapping and handles connections to external hardware.
The Bluetooth connection is also secure. It is used for the purpose of transmitting publicly available information, so it cannot be a point for a hacker attack. Private keys never leave the secure element. Even if the Bluetooth connection is compromised, a special chip will require the user to confirm access via a mnemonic phrase.
Bluetooth can be disabled at any time in the settings and work via cable.
Because the hardware wallets are BIP 39 compliant, access to private keys is protected with a 24-word secret phrase (Recovery Seed). The company has developed an additional option for secure record storage, the Cryptosteel Capsule. The solid steel capsule contains a backup copy of the mnemonic phrase. Cryptosteel Capsule is fireproof, waterproof and can withstand physical stress (pressure resistance threshold up to 15.3 thousand kgf/m²). The capsule consists of a body and a core with tiles of different characters. The price of Cryptosteel Capsule is $99.
The main function is to protect digital assets from attacks and centralized interference. This means that users can create a wallet and store their cryptocurrencies anonymously.
There is no need to go through KYC (Know Your Customer procedure) and provide documents to verify your identity. That is, to use the wallet, there is no need to disclose personal information.
A hardware wallet is a way to cold store private codes. Private keys can be accessed without an Internet connection. Even if the hacker has control over the computer, he will not steal the private code. The private keys are accessed through a mnemonic phrase that the user receives during installation and registration.
The device works using the BIP39 protocol and generates a 24-word initial number for restoring access to the assets (Recovery Seed). The phrase will appear after activation. The user must check all the words in the Recovery Seed, placing them in the correct order. To protect the device, you will also have to set a 4-8 digit PIN code and passphrase for the app.
To connect an additional device to the primary device, you’ll need the 24-word recovery phrase that was generated when you first set it up. The private keys that provide access to the crypto-assets can then be used.
All the information on the sent transfers can be found after logging into your personal cabinet. To do this, you need to go to the transaction and click “View details”.
How to restore access
Data can be restored using the mnemonic phrase (Recovery Seed). The correct combination of words is entered on any device, and the user gets access to backups and all transactions made.
How to increase security
Ledger SAS won the 2019 CES Innovation Honoree Award (the world’s largest annual technology show) in the cybersecurity and personal privacy category for the Nano X, which gives digital assets maximum protection through special elements (chips) and a customizable operating system. The CES Innovation Honoree Awards recognize products and technologies that exceed a certain standard in this category.
The Root of Trust software solution was developed for authentication. When a user launches a wallet, the company’s servers send a message. A response is possible only if there is a certain private key. A device that does not work is either pirated or has been compromised and should not be used.
Root of Trust will be useful prior to transferring funds. If the cryptocurrency was sent to an already compromised device, it is likely they will be gone.
Comparison of Ledger Nano X with other crypto wallets
One of Ledger’s main competitors is SatoshiLabs (Czech Republic), which produces Trezor. Their main product is the Model T cold storage, which can be compared to Ledger in several ways.
|Design & Size||It has an OLED screen. The size of the device is smaller, but the weight is twice as much, because the equipment has a built-in battery. The case is made of brushed stainless steel and plastic.||The front panel of the Model T housing has a touch screen and 2 buttons. The size of the equipment is 64 mm × 39 mm × 10 mm and weighs half as much as the Ledger at 16 g. The body is made entirely of plastic. There is no battery.|
|Mobility||It has a 100 mAh battery that provides approximately 5 hours of operation without recharging. The battery lasts about 5 years. In addition, the Bluetooth function easily connects the equipment to iOS and Android smartphones without a USB cable.||The Trezor T has no battery and no wireless connection. You can connect to Android via a USB Type-C cable. iOS mobile devices are not supported.|
|Safety||Uses a two-layer security architecture. The chip stores private keys, and a special operating system provides a secure connection to the computer, smartphone.||There is only a chip that generates and stores the private codes.|
|Number of supported cryptocurrencies||Available +5,500 types of digital assets.||You can store +1000 coins and tokens.|
|Compatibility with other software||Compatible with Windows, macOS, and Linux computers as well as smartphones. Both iOS and Android can be connected to the first option. The Trezor T is only compatible with Android. Integration with third-party software (for example, MetaMask non-castodial storage) is allowed.|
|Software availability||Both hardware wallets have their own programs for connecting to digital devices. The former has a more convenient mobile version. In addition, Ledger Live allows you to keep track of digital assets without connecting to a wallet. Trezor requires a connection to a device.|
The Ledger Nano X wallet review provides information that confirms: the device for cold storage of digital assets has more advantages compared to its predecessor – the S version. It is a more secure wallet, even though you need to install a special application on your computer to work. The S version is more suitable for long-term holders who do not need to connect to their vaults frequently. Nano X is a safe solution for active traders and users.
It is important not to forget about the potential risks associated with the Bluetooth feature. The wallet provides maximum protection for private keys due to the special chips and software, as well as the backup of the source words. The possibility of storing Recovery Seed on a physical medium impervious to fire, water and other destructive factors is the most reliable method of protecting access to digital assets.