The Ledger Nano S and Nano X are definitely one of the most well-known hardware wallets we currently have in the bitcoin and cryptocurrency industry, and that’s without question due to Ledger hardware wallets supporting a wide range of cryptocurrencies and due to it being decently affordable. The question though is, are they safe for your investments?
First off, what’s a hardware wallet?
Hardware wallets are small devices made specifically for securely holding your coins and tokens, and is small enough to fit in your pocket. The difference of a hardware wallet compared to a typical software wallet that you have on your phone is that your wallet’s private keys on your hardware wallet are never exposed. Meaning, you could literally make transactions on a malware-infected computer and yet your funds will be safe.
Using a hardware wallet is heavily recommended if you’re holding a significant amount of cryptocurrencies. A hardware wallet is definitely your best choice for holding coins and tokens without fearing of getting hacked.
So is the Ledger Nano S and Ledger Nano X safe? The answer is, yes, it is pretty safe. Until today, there has not been an instance where someone managed to crack the device without knowing the device’s PIN code, deeming the Nano S and Nano X a great device for storing funds for the long term.
Having your wallet’s software being open-source is a necessary characteristic, as so people can call out a certain software company if they see some code that has been added with malicious intent.
Fortunately, Ledger’s software, Ledger Live, is fully open-source and is openly viewable on Ledger’s GitHub repository.
Your wallet being non-custodial means that only you have access to your wallet’s keys, and only you alone. Another really important characteristic as I’m pretty sure no matter how reputable Ledger is, you wouldn’t want them to have access to your funds.
Sure, this is a very basic feature that almost every wallet should have. But the great thing about Ledger’s pin code locking system is that if you entered the wrong pin code 3 consecutive times, the device resets itself automatically.
If you think about it, this might be a hassle because you’d have to import your 24-word backup phrase to regain access to your wallet. But actually, this is to protect your funds from theft. If someone manages to steal your Ledger hardware wallet, chances are, the thief is going to try out multiple number combinations to hopefully get access to your funds; and to negate the risks of them guessing your pin code, the reset feature was implemented.
Ledger’s Hardware enclosure
Since obviously, Ledger Nano S and Nano X are hardware wallets, your wallet’s private keys are safely and securely stored on the device’s secure chip; and no one can take out your funds unless they know your pin code.
Other great features
Though we mostly prefer bitcoin, since Ledger supports various different coins and tokens, you can store everything using your Ledger Nano S or Nano X.
One of the drawbacks of hardware wallets is that they’re a bit less convenient to use, due to the fact that you’d need to plug in a cable every time you want to make a transaction.
Fortunately, with the newer Ledger Nano X, we are now able to transact on our phones wirelessly, while leaving our funds securely on the hardware wallet.
With Ledger’s Ledger Live software, you will be able to see and track how your cryptocurrency portfolio is doing, in the convenience of your mobile phone.
Should I get the Ledger Nano S or Nano X?
|Ledger Nano S||Ledger Nano X|
|Number of Apps||5||100|
|Updates||Yes||Yes, with Priority|
While the Ledger Nano S is cheaper, the newer Ledger Nano X is definitely superior in everything. If you can’t decide and want to get both instead, you can get both devices at a great discount: The Ledger Backup Pack
If you decided to go through and grab a Ledger Nano hardware wallet, always remember to ONLY purchase them on Ledger’s Official Website. That way, you eliminate the chances of you getting a fake or tampered Ledger hardware wallet device, which is something you definitely don’t want to risk.