If you are looking for the safest way to store your crypto’s private keys, hardware wallets are the best choice. In fact, they are considered the security gold standard in the crypto world. Ledger has been able to stand out among the many hardware wallet options available today with its two wallets that have continuously dominated the market. Let’s take a close look at Ledger and both Ledger hardware wallets to help you determine whether it is the right cold storage wallet for you.
What is Ledger?
Ledger, founded in 2014, offers two different hardware wallets available for crypto investors and has 4 million customers worldwide. As hardware wallets, Ledger devices store your private keys in an offline environment that is safe from hackers, viruses and malware.
Ledger Nano S Features
The Ledger Nano S wallet is Ledger’s first generation wallet. It is small and portable, with a small screen, two navigation buttons and an aluminum case. It’s also their most popular device, with over 2 million wallets sold. I own 4 of the Ledger Nano S hardware wallets. I find them easy to use, durable, and a safe way to store many crypto assets. Visit the Ledger website to learn what crypto’s it supports.
Here are some of the standout features that have made this wallet a favorite among crypto investors:
- Support for over a thousand crypto assets.
- Store and manage multiple currencies in a single wallet by installing up to 3 apps at once.
- Ledger Live desktop application
- Can be connected to several software wallets including…
- PIN protected
- Each device has a backup seed phrase. Words are shown on the screen of the device during set-up for maximum safety.
Ledger Nano X Features
Ledger Nano X offers all of the security and basic features the Ledger Nano S provides and syncs with the Ledger Live platform. I own one Ledger Nano X hardware wallet, and for me, the main difference is it uses Bluetooth to connect to your computer rather than a wired connection. I personally like the wired connection of the Ledger Nano S over Bluetooth. It just feels more secure.
These are the additional features you will get with this second generation wallet:
- A larger screen that improves the navigation experience
- The capacity to install up to 100 different crypto apps on your device at once, allowing you to hold multiple assets on your wallet.
- Bluetooth connectivity to link your wallet with the Ledger Live App on mobile devices.
Ledger Nano S vs. Ledger Nano X
If you are on the fence over which of the two models to purchase, there are some considerations you should keep in mind. In terms of pricing, the Nano X is more expensive, priced at $149 dollars, which is double the cost of the Nano S (currently sold for $59 dollars). The price difference is very significant, especially considering the very small differences between the two devices. However, if the benefit of having mobile Bluetooth support, extended app capacity to hold multiple assets simultaneously and a larger screen are features you are specifically looking for, splurging on the Nano X is well worth it.
Ledger Wallet: Pros and Cons
- Ledger wallets comply with the highest security standards for crypto storage.
- Conveniently sized, with thumb-drive-like dimensions, Ledger devices are easy to carry and store.
- Ledger supports more than 1800 coins and tokens.
- When compared to other hardware wallets like Trezor or KeepKey, Ledger wallets have smaller screens and a design that is perceived by many as less navigation friendly.
- Unlike other companies, Ledger doesn’t offer live customer support to users.
Setting Up Your Ledger Wallet
Install Ledger Live
Get started by installing the Ledger Live desktop application and starting it on your computer. Then click on “get started” and select the “set up as new device option”. Then choose your device, connected to the app using a USB cable, and continue.
Set up your PIN Code and Recovery Phrase
Start your Ledger wallet and set a PIN code with 4-8 digits, which will work as the password to unlock your device. After the PIN code is set, you will get a 24 word seed phrase which you must record as you best see fit. It is recommended to write your recovery phrase physically on paper as opposed to writing it down on a computer or phone that could potentially be hacked.
It is imperative that you store your device’s recovery seed phrase safely since it is the only way for you to restore your wallet and recover your funds in case your wallet is stolen, damaged or lost.
Adding Apps To Your Ledger Wallet
Using Ledger Live, open the manager” and confirm “Allow Ledger Manager” on your device. Before installing any app, check if there is any firmware update available to complete.
Then, to install an app for the coin or token you will store, go to the Apps section on Ledger Live manager, where you’ll see the App catalog. Click on the install button that appears next to the app of your choice. You will be notified of the app being installed on your device’s screen. You can install multiple apps at once, but the number of apps that can be simultaneously installed on your wallet at the same time is determined by the wallet model you are using.
Ledger Hardware Wallets
Ledger wallets have been in the market since 2014, are open source and have strong security features, support a wide range of assets, deliver good support and provide valuable resources to their users. Ledger also offers a convenient and easy to navigate Ledger Live app. Additionally, Ledger wallets can also link to other digital wallets for user’s convenience. Those looking for a hardware wallet will find a great set of features, with options for every budget with the Ledger Nano S and Nano X models.