Ledger Nano X Review (May 2022): A Subpar Crypto Wallet

March 2, 2022
Reviews

The Ledger Nano X is one of the most popular cryptocurrency wallets in Canada. It’s a solid option for crypto investors seeking a safe crypto wallet solution that supports a wide range of tokens, but it’s pricey ($199) and there are cheaper, more user-friendly alternatives available.

Instead, I recommend using ZenGo, my pick for the top crypto wallet in Canada. It’s a free, non-custodial software wallet that features next-generation security and 24/7 customer service, and I can’t recommend it highly enough.

Get $10 cashback, only available using my referral link.

What Is The Ledger Nano X?

The Ledger Nano X is an intuitive crypto wallet manufactured by Ledger. This type of cryptocurrency wallet is designed to store your cryptocurrencies on the device itself, instead of connecting to the Internet and therefore being vulnerable to hacking and theft like software (hot) wallets are.

The Ledger Nano X is an upgraded version of the Ledger Nano S that allows you to store a wider array of crypto at a time. It also allows you to manage your crypto portfolio on the fly by connecting the wallet to the Ledger Live app, and it protects your crypto assets using Ledger’s BOLOS operating system and a certified secure-element chip that has been tested for robustness, security, and privacy.

Ledger Nano X Features

1. Ledger Nano X’s Supported Coins

The Ledger Nano X supports over 1,800 different crypto tokens and can store up to 100 types of crypto assets at any given time, making it one of the most versatile hardware wallets on the market right now.

Here are just a few of the popular coins supported by the Ledger Nano X wallet:

Bitcoin (BTC)USD Coin (USDC)
Ethereum (ETH)Chainlink (LINK)
Ripple (XRP)Cardano (ADA)
Tether (USDT)Terra (LUNA)
Bitcoin Cash (BCH)Dogecoin (DOGE)

2. Ledger Live

The Ledger Nano X also includes its smartphone app, Ledger Live, which allows you to access other cryptocurrency apps (and even cryptocurrency exchanges like Coinsmart, Bitbuy, and Crypto.com).

This is very convenient if you want to use your Ledger Nano X as your primary crypto wallet, since you won’t need to download any other software or applications.

3. Top-Notch Security

Any Ledger wallet are extremely secure for two reasons. First, they use a component known as a Secure Element (specifically, a CC EAL5+ certified Secure Element (SE) chip). All crypto hardware wallets contain a security chip, but this type of chip is known for making the device even safer by implementing countermeasures to known hacking methods and attacks (such as software attacks, side-channel assaults, and fault attacks) on top of protecting all your digital assets.

Every Ledger device also has its own operating system (BOLOS), which has been designed to be as user-friendly and secure as possible, and Ledger devices have been certified for security by the Agence Nationale de la Sécurité des Systèmes d’Information (ANSSI) in France.

Ledger Nano X Cost

The Ledger Nano X costs $199 CAD (including taxes and shipping), which is pricey for a hardware wallet. Ledger does offer a lower-priced wallet with similar security and capabilities—the Ledger Nano S—though it still costs $89 CAD.

Downfalls Of The Ledger Nano X

However, there are still several fundamental downfalls to a crypto hardware wallet that Ledger has not been able to make up for. Those are:

  1. Poor user experience: Despite its user-friendly design, moving crypto on and off of your Ledger device will cause you some anxiety if you haven’t had a hardware wallet before. It’s very possible that you’ll make a mistake and lose your funds, so hardware wallets are still better for the highly technologically inclined or those people with a strong grasp of crypto security.
  2. High risk of losing assets: There are countless stories out there of people who lost their hardware wallets with thousands—or sometimes even millions—of dollars worth of crypto stored on them. And you don’t even need to lose the device; if you lose your secret passphrase to get into it, you’re out of luck and can kiss your digital assets goodbye.
  3. Expensive: With the previous two points in mind, it’s not very exciting to pay $100-$200 or even more for a device that’s difficult to use and comes with a substantial amount of inherent risk. That’s why I recommend using a highly secure software wallet that eliminates both of those issues and gives you full control over your crypto.

Introducing ZenGo: The Best Crypto Wallet In Canada

I recently did an in-depth comparison of five of Canada’s most popular crypto wallets, and ZenGo emerged as the clear winner. ZenGo performed so well because it nailed it on the three most important criteria to consider when choosing a wallet: price, security, and customer support.

Here’s how ZenGo performs in each of these areas, and why I believe it’s the best crypto wallet in Canada.

1. Zero Costs, Zero Extra Fees

ZenGo is a free software wallet, so you won’t need to buy an expensive piece of hardware to keep your crypto assets safe. ZenGo users can also send and receive crypto for free (aside from network fees), which is a huge plus.

There are no hidden fees involved in using ZenGo, which means you get to keep more of your hard-earned crypto.

2. Impressive Security

ZenGo’s proprietary keyless system safeguards your cryptocurrency by using two independently developed mathematical secret shares: one that resides on your phone and another that resides in the cloud. This means that your coins are always 100% secure even if your phone is lost, stolen, or destroyed, or if ZenGo (the company) were to shut down or go bankrupt.

Instead of logging into your ZenGo account using a secret passphrase that’s vulnerable to being lost or stolen, you sign in with a combination of a password and facial recognition on your phone. If you change phones for any reason, you can simply download the ZenGo app and access your coins on your new device.

3. 24/7 Customer Support

ZenGo offers 24/7 customer support, with most support issues being answered within 5 minutes or less. You can contact their customer support through a variety of different channels, such as email, live chat, Twitter, and Telegram.

Very few other crypto wallets offer any customer support at all, and if they do, they typically take 1-2 business days to respond.

#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

★★★★★

Rated 4.9/5

In Summary

The Ledger Nano X is one of the most popular crypto wallets in Canada. It’s a solid option for crypto investors seeking a wallet that supports a wide range of tokens, but it’s pricey ($199) and there are cheaper, more user-friendly alternatives available.

I recommend using ZenGo, my pick for the top crypto wallet in Canada. It’s a free, non-custodial software wallet that features next-generation security and 24/7 customer service, and I can’t recommend it highly enough.

Get $10 cashback, only available using my referral link.

Ledger Nano X Canada FAQs

Is The Ledger Nano X Safe?

Yes, the Ledger Nano X is quite safe to use. It uses a Secure Element chip (similar to the chip used in credit cards and passports), and because it’s a cold storage wallet, your private keys are never exposed to the outside world.

However, the main security risk to a cryptocurrency hardware wallet like the Ledger Nano X is user error, and this is not an insignificant risk. If you lose your device or the secret passphrases to get into it, your digital assets cannot be recovered, and they’re as good as gone.

Where Can I Buy A Ledger Nano X In Canada?

If you want to be absolutely certain that you’re getting a genuine, unopened, brand new Ledger Nano S or Ledger Nano X, the best place to get your hardware wallet is on the official Ledger website. Due to the possibility of tampering, I do not recommend buying a hardware wallet on other marketplaces like Amazon, eBay or Kijiji.

How Long Does The Ledger Nano X Battery Last?

The Ledger Nano X has a 100 mAh battery that lasts several hours while in use and several months when not in use. Connecting the device to a laptop or desktop PC with the supplied USB-C cable allows you to quickly recharge the battery.

However, do keep in mind that the battery cannot be replaced, and it has been designed to last around 5 years.

The Best Crypto Exchanges In Canada

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