A hardware wallet is a physical device that stores cryptocurrency private keys in a secure offline environment. Several companies manufacture such devices, and one of the most well-known is Ledger.
The manufacturer’s previous model, Ledger Nano S, was popular in the community, but had drawbacks. In this review, we’ll look at how Ledger Nano X differs from its predecessor and tell you how to do the initial setup of the wallet and start working with it.
Design
Dimensions Ledger Nano X – 72 x 18.6 x 11.75 mm, weight – 34 grams. The hardware wallet is almost twice as big and more than twice as heavy as the Ledger Nano S. One of the reasons for the Nano X’s larger size is its built-in 100 mAh battery. Unlike the previous model, the device does not need to be connected to a PC with a USB cable to receive power. The Nano X’s internal memory has also increased from 320KB to 2048KB and the OLED display is larger.
Overall, the Ledger Nano X looks similar to the Ledger Nano S, although the new model is more streamlined due to the fact that the buttons are now built into the case and are flush with it.
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Package Contents
The Ledger Nano X comes in a small cellophane-wrapped box measuring approximately 80 mm x 131 mm x 31 mm. It is noteworthy that Ledger does not use tamper-evident seals. As the manufacturer states
the manufacturer – “seals are easy to tamper with and therefore can be misleading.
Inside the box are the Ledger Nano X hardware wallet, a USB Type-C braided cable for connecting to a computer, and a lanyard for carrying as a keychain. In addition, the box contains a brief instruction on how to get started with the wallet and care for it, three cards for recording seed phrases, as well as several stickers with the Ledger logo.
Features of usage
Even though the Nano X is larger and heavier than the Nano S, it is not much larger than a standard flash drive. Navigating the menu on the device is a bit difficult at first, since the wallet has only two buttons. However, the larger display makes it easier for the user to interact with the wallet when compared to the Ledger Nano S.
Another difference from the previous model is the Bluetooth. This feature eliminates the need for a USB cable to connect the hardware wallet to a laptop or other Bluetooth-enabled device, including a smartphone.
Navigate to control your device by using the left and right buttons to select items and press both buttons simultaneously. In this case, most of the actions are performed by the user in the Ledger Live application installed on a computer or smartphone. The hardware wallet itself is needed to verify addresses and sign sent transactions.
The larger Ledger Nano X display solves one of the common problems with the Nano S: addresses are now displayed entirely on one screen. It’s worth noting that the Nano X comes with a relatively short USB cable – only 50 cm long – which can make it difficult to use the wallet if the computer is not conveniently located.
Ledger Nano X comes to the user with a dead battery. The device must be fully charged before the initial setup.
First Time Setup: A Beginner’s Guide
The first time you connect to your computer, the wallet screen displays a welcome message and prompts you to download the Ledger Live app for use with the wallet.
You need to download the app from the wallet manufacturer’s official site. The download page displays a warning about phishing attacks and reminds you to stay vigilant.
Ledger Live desktop version is available for PCs with Windows 8 or later, macOS 10.10 or later, Linux and 64-bit desktops with the exception of ARM processors, and a mobile app for Android and iOS.
As part of the review, let’s download the Windows application. After the standard installation process, start the application and see the welcome screen, where you can choose the language of operation – English, French, Russian or Spanish.
After you click “Get Started,” the program prompts you to accept the terms of the User Agreement. The editorial staff of Bits.media strongly recommends that beginners and experienced users alike read the terms of the agreement carefully before accepting them. This will help avoid problems and misunderstandings when using the device and software.
Next, you need to select the device type (Ledger Nano X in our case) and then one of the two options on the following screen: first connect the wallet or connect the configured device. We choose the first option.
After selecting the initial setup, a window appears with basic information about cryptocurrencies and the capabilities of the device. We recommend it to users who have recently started investing in cryptoassets.
Next, you need to make the initial security settings as instructed by Ledger Live. The whole process takes about half an hour. It is better to choose a moment when no one will distract you, because some activities require attention.
First, you need to set a PIN to access the device.
To do this, select Set up as new device from the Wallet screen and then enter 4 to 8 numbers to set the PIN.. Press the left or right button on the device to select a number. After setting the PIN, confirm it on the next screen.
Then you need to write the seed/restore phrase on a special card that comes with the device. This phrase will allow to restore the private keys in case of loss of access to the Ledger hardware wallet. Anyone who gets the recovery phrase can take possession of crypto-assets. Ledger does not store the user’s private keys and never asks for them.
Sequentially write all the words from the wallet display to the card and press two buttons on the device at the same time to continue setting.
Next, you need to confirm the recovery phrase. To confirm the first word, switch between the words and when you have chosen the right one, press two buttons on the device at the same time to confirm. Repeat the process for all 24 words.<br
After that, the wallet screen will say “Your device is ready”.
Before continuing to set up in Ledger Live, all users are asked to take a short quiz and answer a few simple questions about cryptocurrencies and storing them.
Ledger Live then prompts you to verify the authenticity of the device.
On the wallet screen, you need to give the Ledger Live app permission to access the device. After that, the wallet check and setup will be complete.
Working with your wallet
After the initial setup Ledger Live app prompts you to create addresses for the cryptocurrencies you plan to use. Ledger Nano X supports over 1 000 crypto-assets, including ERC-20 and TRC-20 tokens. Many of them can be controlled through Ledger Live, while some require Ledger Nano X to be used with a compatible wallet.
To add an account, select one of the crypto-assets from the list (e.g., BTC) and click Continue. It is worth noting that at this point, support for the Russian language is lost and further setup is conducted in English, although after the setting you can again select the Russian language to work with the application.
After that, we see a window asking us to install a BTC app, so open the Open Manager.
From the Wallet screen, select Install App by pressing the two buttons at the same time, then select the app you want in Ledger Live and click Install.
After successful installation, go to Manage my accounts window.
Once again, select BTC and run the app on the device.
Select the app on your device and confirm by pressing the two buttons at the same time.
The data is then synchronized with Ledger Live. Once synchronization is complete, click Add account.
Similarly, you can add accounts for other crypto-assets supported by the wallet. To do this, go to the Accounts tab and select Add account.
To add each subsequent crypto-asset, you must install its corresponding app and follow Ledger Live’s instructions, confirming the necessary settings on the wallet screen.
Ledger Nano X was able to overcome one of the major limitations of Ledger Nano S by increasing internal memory from 320 KB to 2048 KB. This gives users the ability to store up to 100 apps on the device simultaneously, whereas the Ledger Nano S could only store 3-7 apps at a time. Ledger Nano X can store an entire library of apps at once and eliminates the need to manually delete and disable apps due to memory limitations.
Ledger Nano X security
The Ledger Nano X hardware wallet will suit cryptocurrency users who value security above all else. The manufacturer of the wallet has well thought through the possible ways to attack the device and has included a large number of potential security measures in its design.
Like all Ledger devices, the Nano X includes a physically isolated, CC EAL5+ certified security element. These security features are similar to those used to protect credit and debit cards, and are consistent with the standard used by banks to protect financial information.
The device also includes a dual-core microcontroller that runs on a proprietary BOLOS operating system and controls the communication between the connected device and the Ledger secure element.
Although the addition of Bluetooth theoretically increases the number of potential entry points that hackers can use to break into the wallet, the Ledger Nano X encrypts Bluetooth traffic with the mobile device and requires manual verification for all important actions. In addition, Ledger Nano X and Nano S are the only hardware wallets to receive the CSPN
(Level 1 security certification) – their security has been independently certified by the French National Agency for Cybersecurity (ANSSI).
These hardware security measures are also complemented by several software measures, including a 4-8 digit PIN code, automatic lockout during inactivity and an optional Ledger Live password lockout.
Conclusion
Ledger Nano X can be ordered from the official Ledger website. As of August 2021, its price is 10 699 rubles excluding VAT and duties. It can also be purchased from official resellers in Russia, such as Ozon. It is necessary to be careful when purchasing any hardware wallet and buy it only from authorized sellers, and do not buy a hardware wallet, which at least once used by other people. The Ledger Nano X is about twice as expensive as the Nano S and at the time of writing this review is one of the most expensive hardware wallets on the market.
The addition of more memory, a larger OLED display, Bluetooth, fixing many of the shortcomings of earlier products and supporting a large number of cryptocurrencies and tokens, makes Ledger Nano X one of the most convenient secure crypto-asset storage tools available not only to tech-savvy users.