2024 Ledger Wallet Review • Pros, Cons & More Benzinga (2024)

Ledger Hardware Wallet Ratings at a Glance

“Not your keys, not your Crypto” is a defining narrative that reigns among the larger Bitcoin community as one of its fundamental creeds. Hardware storage wallets are a gold standard if you want to store your cryptos in a secure and non-custodial manner. The Ledger wallet provides assurance against all emerging online security threats and enables sovereign control of all your private keys.

The Ledger hardware wallet combines with the Ledger live application to provide a robust solution to control and secure all your crypto assets. With this application, you can manage thousands of cryptocurrency tokens directly from your desktop or smartphone.

The brilliant association of the Ledger wallet and Ledger live app gives you the satisfaction of real crypto ownership. Simply put, the Ledger ecosystem in your pocket ensures you’re the only one in charge of your digital assets. This is in contrast to a cryptocurrency exchange, as exchanges hold custody over your cryptocurrency. If an exchange is hacked or shuts down, you may lose access to the funds stored on the said exchange.

Ledger offers two ways to securely hold your crypto assets: Ledger Nano X and Nano S. Below are some of the key features of each wallet:

Ledger Nano X

The Ledger Nano X is a next-level hardware wallet that lets you buy and securely manage all your cryptos in a single application. You can secure and manage over 1,100 cryptocurrencies right from your computer or smartphone. These include staple tokens like Bitcoin and Ethereum to a variety of stablecoins and altcoins.

You can connect your Ledger Nano X hardware wallet to the Ledger Live app through Bluetooth and securely manage all your crypto assets from your phone. You may also connect the hardware wallet to a cable on your Android phone or computer. Install up to 100 applications on your Ledger Nano X from the company’s list of over 1,500 compatible assets.

The ease of use is a major talking point for Nano X users. Designed around an intuitive user experience, the Ledger Nano X lets you check and confirm transactions on its built-in display and confirm the same using 2 physical buttons (an anti-malware 2nd-factor verification measure). All your accounts are securely backed up on a recovery sheet and can easily be restored using a secure 24-word recovery phrase.

Ledger Nano X comes with a 100 mAh battery that can last several hours when in use and a few months when idle on a full charge. Although you can’t replace the battery, it’s designed to last 5 years.

However, once the battery dies on the Ledger Nano X it can still be used as a Ledger Nano X.

Ledger Nano S

Ledger Nano S lets you hold your private keys and cryptocurrencies on a physical hardware device. You’ll enjoy most of the features offered by its sister wallet, the Ledger Nano X. You can install 3 to 20 applications on your gadget depending on the application size. And if you need to optimize your capacity needs, you can safely install and uninstall any applications at your own will.

While using the Nano X on-the-go, you can keep the Ledger Nano S in a safe storage or for at-home use in case you need a backup device. And besides compatibility with over 50 wallets, Nano S lets you manage 27 assets and ERC-20 tokens via the Ledger Live app, from your Android phone or desktop.

You can set auto-lock to automatically secure your Ledger Nano S device after an extended period of inactivity. You’ll need a PIN code to unlock the device. Recover any accounts generated by a Ledger Nano S device on any 3rd-party hardware or software wallet that supports the same standards as ledger (BIP32/BIP39/BIP44).

Compared to most other cryptocurrency wallets, Ledger offers the best value for your money. The Ledger Nano S is the entry-level cryptocurrency wallet offered by Ledger, and it has all of the same security features as its flagship model, the Ledger Nano X. Ledger wallets, bundles and accessories are priced as follows:

• Ledger Nano S: $59
• Ledger Nano S Plus: $79
• Ledger Nano X: $149
• Ledger Backup Pack: $179
• Ledger Family Pack S: $139
• Ledger Family Pack X: $399
• Ledger OTG Kit: $17.99

Both of Ledger’s wallets, the Nano X and Nano S are known to support the widest range of cryptocurrencies among all crypto hardware wallets. Ledger prides itself on its multi-currency feature, and stays true to its word it can support thousands of cryptocurrencies. This list includes the most obvious suspects like:

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)
• Bitcoin Cash (BCH)
• Polkadot (DOT)
• Litecoin (LTC)
• Binance coin (BNB)
• Stellar (XLM)
• Monero (XMR)

The list could go on much longer as the Nano X and Nano S support well over 1000 coins.

Ledger’s multi-currency feature lets you manage multiple assets with the same hardware wallet.

Ledger has a dedicated customer support page where you can easily source all the information you need regarding Nano X and Nano S hardware wallets. You’ll also find all the information you need concerning the Ledger Live app, coins, external wallets as well as answers to all orders and shipping.

You may also subscribe to Ledger’s newsletter to receive the latest news and updates on the company’s products. Your email address isn’t shared with 3^rd parties and you can unsubscribe at any time. For any quick questions, you can start a chat with the Ledger support bot. You may also follow the company’s official Facebook and LinkedIn pages for more information.

Other ways to get in touch with Ledger include:

• Email: hello@ledger.fr
• Its Reddit page
• Its Twitter page @Ledger
• Its YouTube channel

Ledger employs the highest security standards to ensure the wallet is hackproof. For starters, both of Ledger’s hardware wallets integrate a certified chip that’s designed to withstand the most sophisticated attacks and securely host cryptographic data like private keys.

Ledger goes a step further to create a custom operating system (BOLOS) for its wallets to ensure your hardware device isn’t susceptible to malicious attacks. The custom OS also ensures that your applications are isolated from each other and creates added security on top of the secure chip. Ledger also steps up security measures using its genuine check, a Ledger-developed authentication that ensures your wallets have not been compromised or tampered by a 3rd party.

Ledger also employs its own internal white-hacking security lab where the company's products are constantly tested by ethical hackers looking to find any faults. This team at Donjon labs works every day to constantly test the security measures of ledger products to ensure that a user's assets are safeguarded from malicious access attempts.

Any hacking attempt on your wallet would be thwarted since a hacker would need your personal PIN, which only you can have. After 3 incorrect PIN attempts, Ledger goes into a timed lockout, from which you’ll need to enter your backup passphrase to access your wallet.

Each of Ledger’s wallets comes with a simple and easy-to-use interface. There’s a display screen you can use to confirm your transactions any time you want, and the two navigation buttons on the device make operation a breeze. The navigation buttons help you access the menu, select apps, enter your PIN code and input backup passphrases.

And, if you just bought the device, Ledger OS will walk you through the steps you need to set up your device. Durability is also most certain, thanks to the stainless-steel cover that surrounds the device. The Nano wallet comes with a micro-USB cable that you can use to plug into a computer.

Ledger’s small screen may get in the way when you need to confirm longer receiver addresses, but this should not be a problem once you’re used to the device.

Ledger Live

Ledger live is the proprietary application to go with the Ledger hardware wallet. It is the key place to manage your crypto assets. The application also has features such as staking which let you earn passive income on select crypto assets, buying cryptocurrency through its partner coinify and lending crypto to earn yield.

On the Ledger Nano X wallet, the app is supported on Android 7+ and iOS 9+ using a Bluetooth connection. On the Ledger Nano S, the app is supported on Android 7+ using a USB cable. You can also download the Ledger desktop app on your Windows, macOS and Linux operating systems.

With its simple and clear interface, Ledger Live lets you enjoy the simplicity of monitoring your real-time balance and managing all your transactions.

The Ledger Live app is available on both Google Play and App Store. Ledger warns you against fake Ledger Live applications, so be sure to download the app from its official page.

Ledger Wallet Configuration

Now that you understand what the wallet does, and how it differs from a software wallet, you want to understand how to set up your Ledger wallet. Follow this step-by-step guide to configure your brand-new Ledger wallet.

1. Plug your Ledger device into your computer. Establish a secure connection to your Ledger Nano wallet using the provided micro-USB.
2. Set your PIN code. After turning on your device, its screen will light up and you’ll receive a prompt to configure it as a new device. Using the top buttons, confirm the intention to proceed with configuration and set your 4-7 digit PIN code. You need to confirm each number you choose by pressing the 2 top buttons at the same time.
3. Note your recovery phrase. Your Ledger Nano device will then display a series of 24 words, which you must record in a secure, offline place. You’ll need this phrase when you need to recover your account — there’s no other way to get back your funds.
4. Confirm the phrase. Your device will ask 2 random words from the phrase just to confirm.
5. Install Ledger Live on your computer. Ledger Live is your wallet’s companion application, and you can download it from Ledger’s official page. You may also install the app on your Android and iOS smartphones.
6. Install apps for your coins. Follow the on-screen instructions provided, create a password and install the applications for cryptocurrencies you want to hold on your wallet. Create wallet addresses and you’re all set to send your coins there.

Send and Receive Funds

Your Ledger Live app must be ready to use before you can send or receive any funds. Here are the steps you should follow to send crypto assets:

1. Click the Send button at the top of an account page or on the left panel.
2. Select the account to debit and enter the recipient’s address.
3. Enter the amount you want to send.
4. Choose the network fees. Higher fees will lead to a faster processing of your transaction.
5. Verify the transaction summary.
6. Press both buttons to accept and send the crypto assets.

Follow these steps to receive crypto assets:

1. Click the Receive button.
2. Choose the account to receive the crypto assets.
3. Open the Ledger Live app.
4. Generate a receive address on your device.
5. Verify the address, and if it’s a match, press both buttons to approve.
6. Copy the address and share it with the sender.

Overall, Ledger is a reliable and highly-secure crypto wallet that combines a secure element and a proprietary OS designed to protect your crypto assets. If your preferred crypto isn’t among the over 1,500 already-supported crypto assets, you can use 1 of the more than 50 compatible external wallets to manage your crypto.

Use Ledger Live to grow your assets by securely staking crypto like Tezos, Cosmos or Algorand, in addition to lending digital assets to generate interests.

Frequently Asked Questions

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