Ledger Wallet Review

What is Ledger wallet? Ledger wallet is a hardware cryptocurrency wallet that allows you to safely store, send, and receive hundreds of cryptocurrencies. Ledger wallet offers the best level of protection as your private keys remain protected in a certified secure chip. Ledger crypto wallet safeguards crypto assets for ordinary users, hedge funds, high net worth individuals, and crypto banks. The Ledger hardware wallet has two models; the Ledger Nano S and Ledger Nano X.

 

Ledger Nano S

The Ledger Nano S is the original hardware wallet in the Ledger series. It lets you manage 27 assets and ERC-20 tokens via the Ledger app from your smartphone (Android) or desktop. You can also install 3 to 20 apps on your Ledger device depending on the app size.

Ledger Nano X

The Ledger Nano X is the next level Ledger hardware wallet with which you can exchange, buy, sell, lend (using the DeFi functionality), stake and manage 27 coins from your smartphone or computer.

The Ledger Nano X allows you to manage your crypto assets from your smartphone by linking the device to the Ledger Live app via Bluetooth. You can also connect the device to a cable on your computer or smartphone. Depending on their sizes, you can install up to 100 apps on the Ledger Nano X.

 

Below is a video tutorial on Ledger wallet set up and how to use Ledger wallet (Ledger Nano X).

 

Ledger Nano X vs S

Ledger Nano S doesn’t support Bluetooth, you will have to connect the wallet directly to your computer by using the micro-USB cable. Ledger Nano X offers all the features of the Ledger Nano S but with the added ability to store more coins at once. Another feature distinguishing the Nano X from the Nano S is the ability to purchase crypto directly through Ledger Live app (made possible through partnership with Coinify).

Ledger’s Hardware and Design

Ledger wallets have a simple and easy-to-use interface. Both wallets have display screens (the Nano X screen is larger)used to confirm transactions and two navigation buttons used to access the menu, select apps, and enter your PIN code and input backup passphrases. Ledger wallets have a durable stainless-steel cover surrounding the device. Nano wallets also come with a micro-USB cable used to plug into a computer.

Ledger Supported Coins

The Ledger Hardware Wallets are multi-currency wallets that support different coins and more than 1500 tokens on the Ethereum network. These include Bitcoin and altcoins such as Litecoin, Ethereum, Bitcoin Gold, Ripple, Ethereum Classic, and Bitcoin Cash. Other ledger supported coins include Hcash, Stealthcoin, Ubiq, Ark, Dogecoin, Dash, Komodo, Qtum, Monero, Stellar, Stratis, Viacoin, Starts, PIVX, PoSW, Vertcoin, Expanse, Digibyte, and NEO. The Ledger Nano X supports more coins than the Ledger Nano S.

Ledger Wallet Price

The Ledger devices come in a package that includes the devices (Nano S or Nano X), one keychain, one micro-USB cable, recovery seed for writing down seed, and lanyard for wearing the device around the neck. It is advisable to buy Ledger wallets from the Ledger official website. Devices bought from other platforms may be compromised and vulnerable to hacking. Nano S costs $59, while the added features on the Ledger Nano X make it expensive, costing $119.

Ledger Live App and its Supported Operating Systems

Ledger Live is the perfect mobile companion for your Ledger Hardware wallet. The application will allow you to manage your crypto assets (Bitcoin, Ethereum, Ripple and many others) securely, but also to follow your portfolio, wherever you are, whether you have your Ledger Hardware wallet with you or not.

The Ledger hardware wallet together with the Ledger live app provides a vast solution to control and secure your crypto assets. You can use this app to manage your crypto assets directly from your desktop or smartphone.

On the Nano X wallet, the Ledger Live app is supported on Android 7+ and iOS 9+ using a Bluetooth connection. On the Nano S, the live app is supported on Android 7+ using a USB cable. The Ledger Live desktop app can be downloaded on Windows, macOS, and Linux operating systems. It is advisable to go to Ledger’s official page for Ledger Live download to avoid getting fake Ledger applications.

Ledger Customer Support

Ledger offers its customers a wide range of support resources, the main avenue of support being the Ledger’s website. You will find almost everything you need to know concerning the Ledger wallets on the FAQs section. Alternatively, there is the Ledger Academy which can help beginners learn the crypto basics. For quick questions, you can reach the support team through Ledger’s live chat feature or submit a ticket through the online contact form.

Ledger Customer Reviews

Ledger has received both positive and negative reviews on Trustpilot giving it a 3.2 out of 5 star rating. Some customers are praising Ledger for its responsive customer support while others are criticizing its live support and are asking Ledger to include phone support.

Is the Ledger Wallet Safe?

Yes. Being a hardware wallet, your private keys are stored offline (within the actual device) making them out of reach from hackers. In July 2020, Ledger’s eCommerce and marketing database was hacked exposing customer email addresses, phone numbers, full names, and postal addresses making them vulnerable to phishing scams. Since hackers cannot access customer funds directly, they have been sending fake emails to Ledger customers in an attempt to get their personal information. Ledger customers are warned to be wary of suspicious emails. It is also important to update the software for your Ledger device.

Ledger Nano S’s security features include:

  • Ledger’s Physical Buttons: You will need to physically press the buttons simultaneously on the Ledger device to confirm a payment. This means that a hacker cannot hack into your device and confirm a payment.

  • PIN Code: When setting up your device, you’ll be required to create a PIN code. If your Ledger wallet is physically stolen, the thief/hacker will need your personal PIN to gain access to your crypto assets. After three incorrect PIN inputs, the Ledger goes into a timed lockout after which your backup passphrase is needed to access your wallet.

  • The Root of Trust Software: Previously, Ledger had an anti-tampering seal but it no longer uses it since you could easily counterfeit it. In its place is the Root of Trust software which is used to verify if a piece of hardware is genuine or if it has been tampered with.

Ledger Wallet hacked: Ledger wallet was hacked in June, 2020 Ledger’s for 1 million emails and documents. According the manufacture, the attack targeted only marketing and e-commerce database, therefore the hackers were unable to access users’ private keys.

Ledger Wallet Alternative

Some of the best Ledger wallet alternatives are:

  • Trezor, key-sized device that connects to your computer using a USB cable
  • Coldcard, Bitcoin only, with a secure element, visible source (but non-free license), air-gap functionality
  • BitBox, open source, secure element
  • KeepKey

Final Thoughts on Ledger Hardware Wallet

Ledger wallets are one of the safest hardware wallets to store your cryptocurrency. However, you will have to be cautious when using your device to prevent leaking personal information to potential hackers.

More Information

 

Daisy Neema is a graduate of Chuka University. She is a prolific writer and researcher and has an interest in finance. She also loves writing about businesses and startups.