Ledger Review: Is it legit, safe and trustworthy for UAE citizens and residents?
Both the Ledger Nano S and the Ledger Nano X are pieces of cryptographic
hardware wallet technology that provide cold, offline storage. These wallets
keep cryptocurrencies safe and support over 1,800 different coins and tokens.
Ledger, a well-known French firm, is responsible for their construction. The
Nano S, on the other hand, is designed for those who just wish to store a little
quantity of cryptocurrency, but the Nano X is a better option for active
investors who hold a variety of cryptocurrencies.
Visit Ledger Website.
The Nano X features a more streamlined design and can host up to 100 crypto software programs, whilst the Nano S can only support up to three. However, purchasing the Nano X will cost you twice as much. In addition to this, the Nano X is compatible with iOS, Android, and desktop computers, but the Nano S is not compatible with iPhones.
We compared the Nano S with the Nano X by examining their ease of use, level of security, the currencies and apps that were supported, the pricing, and a variety of other aspects.
Speculative investments, such as those made in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs), come with a high degree of risk, and the markets itself may be very unpredictable. Before making any decisions about your finances, you should discuss your options with a knowledgeable expert. This article does not constitute a recommendation to invest in cryptocurrencies on the part of Investopedia or the author, nor can the accuracy or timeliness of the information included herein be guaranteed.
In addition, the battery capacity of the Nano X has been increased to 100 mAh, making it possible to go for a number of hours without needing to be recharged. The battery, however, is not replaceable and is only meant to endure for a period of five years due to its construction. Finally, although neither of these hardware wallets comes with a touchscreen, the display on the Nano X has twice as many pixels as the display on the other hardware wallet, making it easier to read.
Both of the Ledger hardware wallets are compatible with more than 1,800 different altcoins, including some of the most well-known cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), LINK Chainlink (LINK), Litecoin (LTC), Cardano (ADA), Stellar (XLM), and Polkadot (POLK).
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The following coins are supported by Nano S and X as well:
ERC20, ERC721, RC10, TRC20, BEP2, NEP5, SOL
Investors are able to manage more than 1,800 tokens and currencies while utilizing the Ledger Live mobile app, and it is compatible with over 50 wallets. Nevertheless, there are hundreds more assets that can be saved on your USB wallet but aren't supported on the Ledger Live app. Some examples of these assets include the following:
Coin of Binance (BNB)
Both Ledger devices provide the same level of security that is industry standard. To begin, the business employs chips that have been verified as Secure Element (SE), which are resistant to being tampered with and are sometimes referred to as hardened microcontrollers. The gadget saves private keys on the secure chip so that they are never exposed, functioning in a manner analogous to that of air-gapped cold storage. The chips have been given certification using a method known as Common Criteria (CC) EAL5+. In addition, the French National Agency for the Security of Information Systems (ANSSI) conducted an independent assessment and verification of the security of both the Nano S and the Nano X.
Ledger devices utilize a unique operating system (OS) known as the Blockchain Open Ledger Operating System, in contrast to other hardware wallets, which use Bitcoin Core (BOLOS). "Ledger hardware wallets are the only devices in the industry that employs a Secure Element in conjunction with a proprietary Operating System," claims Ledger. "Ledger hardware wallets are the only devices in the market." In addition to this, the architecture segregates cryptocurrency applications, which lowers the danger of cyberattacks.
Personal safety precautions include things like:
The personal identification number must consist of at least four digits.
In order to buy altcoins, users are need to simultaneously press both of the device's physical buttons.
A 24-word recovery phrase that is unique to your smartphone and does not appear on any of the applications.
There are certain safety issues regarding the Bluetooth capability of the Nano X. Your seed phrase and private keys, on the other hand, will never leave your smartphone since the Bluetooth connection will only communicate data that is considered public.
Having stated that, it is essential to bring to your attention the fact that the organization experienced a data breach in July of 2020 to their marketing and e-commerce database, which resulted in the disclosure of the email addresses, names, and phone numbers of around one million clients. Despite the fact that this incidence has no bearing on the Nano devices, it nonetheless causes anxiety.
One of the most notable distinctions between the products is their respective prices. The Nano S may be purchased for $59 and includes a micro USB-B connector. To connect your Nano S to an Android smartphone, however, you will need to purchase an OTG kit, which will cost you $17.99. A Nano X, on the other hand, would set you back $119 and will come with a USB-C cable. The more expensive Nano X model supports up to one hundred different crypto applications and has Bluetooth, whilst the more affordable Nano S model only allows for the installation of three different crypto applications and does not have Bluetooth capabilities.
The Nano S is a good option for those who wish to store more than one kind of cryptocurrency because it can hold up to ten different coins. However, active traders like the Nano X since it allows them to store a wide variety of currencies and tokens and provides simple access to their assets using a smartphone running either iOS or Android.
Even those with no prior experience will have no trouble installing and using one of these hardware wallets. The USB gadget that I have has a display screen and two buttons. You can navigate the menu of the gadget with ease thanks to the buttons. However, because there is no touchscreen, you will probably need to click back and forth a little bit more often.
The Ledger Live app walks users through the setup process and provides recommendations for increasing the level of protection. Anyone may set up their gadget by following the instructions and doing so in around five minutes or less. The larger Nano X, with its larger screen, sharper resolution, and larger buttons, is a little simpler to operate than its smaller counterpart.
The website for Ledger has a comprehensive knowledge base that contains information on how to set up a wallet, how to transfer cryptocurrency, and other device functions. For those interested in learning more about blockchain technology and cryptocurrency trading, the Ledger Academy provides a large number of articles, videos, and lessons on these topics. The users of the website also have the opportunity to send a support request or engage in live chat for assistance.
Even while the S and X Ledger devices just require two buttons and a display to function, the business does provide the Ledger Live software, which can be downloaded on computers running iOS or Android or on mobile devices running iOS or Android. The mobile application's user interface (UI) is uncomplicated and does not have a great deal of additional bells and whistles. You may switch between using the desktop client or the mobile app to manage your cryptocurrency since it synchronizes in real time. Users may also:
View your cryptocurrency holdings in real time.
Coinify, a partner of Ledger, allows users to buy and trade cryptocurrencies.
You may trade cryptocurrencies using Ledger's partner, Changelly (not available for U.S.-based users)
Develop your holdings by staking or lending digital money.
Take care of 27 coins in addition to more than 1,800 coins and tokens.
You won't find any of the more complex features that are common in hot wallets within the Ledger Live app because its popularity stems on its ease of use. Users who desire real-time market updates and charting features may thus find it more convenient to use tools provided by a cryptocurrency exchange.
Both the Ledger Nano S and the Ledger Nano X are examples of reputable brands of hardware wallets. Both offer a high degree of security, are compatible with mobile apps, and support the same kinds of currencies as one another. The primary distinctions are made in terms of cost and available space for storage. The price of a Nano X is twice as much as the price of a Nano S. However, the bigger gadget is equipped with Bluetooth and has an extended battery life. In addition, users may switch between up to 100 different crypto applications on the Nano X, but on the Nano S, they are limited to a maximum of three.
For crypto investors who just dabble occasionally but still want a safe place to keep their funds, the Nano S is a fantastic investment option. Choose the Nano X, on the other hand, if you are a busy trader who possesses a varied range of assets and you want to obtain the information you need regarding your cryptocurrency holdings using an iPhone.
Both the Ledger Nano S and the Ledger Nano X are examples of hardware wallets that may be used to store cryptocurrency offline in a secure manner. The Nano S and X provide greater security against theft and fraud committed online in comparison to hot wallets. In addition, consumers retain ownership over their private keys, in contrast to the situation with digital wallets on big exchanges like Coinbase, which manage your keys on your behalf.
The Ledger Live program, which functions similarly to an exchange and allows users to buy, trade, and stake cryptocurrency, is compatible with both USB devices. But users who want a hard wallet for storage purposes should simply move their assets and store their cryptocurrency in a secure location that is not connected to the internet.
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USB storage devices known as ledger wallets are capable of storing several different currencies offline. Because it maintains your private keys locally on the device, it makes it more difficult for cybercriminals to access your internet accounts. Users depend on a 24-word backup recovery phrase in order to access any cryptocurrencies that have been saved on the device in the event that the device itself is lost or stolen. Ledger Live is an application that may be used to configure and upgrade the firmware of the Ledger Nano S and X. In order to sync, the Ledger Nano S requires that you connect it to your computer via a USB connection, but the Ledger Nano X can connect to your applications wirelessly using Bluetooth.
Nano X is a worthwhile investment for aggressive traders who maintain a diverse portfolio. The increased storage capacity eliminates the need for users to repeatedly erase software when adding numerous currency kinds, which is made possible by the device's bigger screen and buttons, which make the device easier to operate. In addition, the Bluetooth-enabled Nano X gives consumers the ability to easily manage their accounts by using an iOS or Android smartphone. This feature is ideal for mobile investors.
Because of the devices' intuitive user interfaces, the Ledger Nano S and X are excellent choices for crypto investors of any experience level. The primary advantage of using a hardware wallet is that it allows you to store your cash in an offline and secure location. This is true of both wallets.
The Nano S is like to having a savings account in your own house. You may bring up Ledger Live on a PC or Android device to access your money, or you can view them on the device you are now using. However, it has a lower storage capacity, which means that after you have reached your limit, you will have to delete certain crypto software in order to install new software.
If you just trade sometimes, this won't be a problem for you, and deleting the app won't have any impact on your assets; but, if you often invest and have a diversified portfolio, this might be an annoyance. The Ledger Nano X is the superior choice if you want to monitor more than three different currencies and have access to your money from any device that is connected to the Internet.
The Ledger Nano X is a high-end cryptocurrency hardware wallet that provides an incredible number of features in addition to leading-edge security. Its name comes from the fact that it is shaped like a nano. The cryptocurrency community has given the Ledger Nano X and the rest of Ledger's products, including the Ledger Nano S, an overwhelmingly positive reaction. This is also true with the Ledger Nano S. The Ledger Nano X and the rest of the Ledger product line are incredibly popular because to the high level of security provided by the hardware wallet as well as its capacity to transfer and receive more than 1300 different crypto assets and tokens.
The only firm that offers this feature is Ledger, which has developed its own own operating system known as BOLOS and uses it to power its hardware wallet. Your private keys are encrypted and saved on the most secure chip available on the market, which is located inside the device. Accessing the hardware wallet requires entering a PIN number, and any changes to the wallet's settings or transactions must be validated by pushing the two physical buttons located on the wallet itself.
In addition to the personal identification number (PIN), a passphrase may also be set up on the Ledger Nano X and S. If you use this option, the wallet will establish a new account for you, in which you may keep any assets you wish. If your PIN is stolen, no one will be able to access the accounts or assets you have saved using the additional passphrase because it is completely independent from your PIN.
In conclusion, the normal 12-word recovery phrase used by software wallets is replaced with a 24-word phrase on the Ledger Nano X and S. This is an improvement over the conventional phrase. Because of this, it will be considerably more difficult for someone to compromise your device, and as a result, your valuables.
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.