When you own any crypto or ERC-20 / TRC-20 Tokens you need to keep it safe from hackers or any one else who may want to steal them. It’s not a physically coin that you can keep in your pocket or bank, its just a long row of digits and letters called a key. If you store on your computer or somewhere online in the cloud there is a chance for it to be hacked and unfortunately unlike a traditional bank since it its decentralized there is insurance or chance of recovery once its gone its gone.You need to keep this private key completely safe.
Ledger Cold Storage Crypto Wallets are the best way to own and secure this key.
Cryptocurrency wallets are places where all your crypto ‘keys’ are stored. They’re a bit like a vending machine in a public place – anyone can insert money into the vending machine, but only those with the keys to the vending machine can remove the money.
The company behind Ledger are a French start-up who released their first wallet in 2014. Since then, they have become a market leader in the hardware wallet industry. In fact, the Ledger wallet is so successful that it has sold over 1 million devices!
What is the Ledger Wallet?
Firstly, it’s a good idea to understand how a software wallet works.
Most people store their cryptocurrencies in a software wallet, which can be downloaded on to a desktop/laptop or mobile device. These have lots of advantages, such as being really convenient to send coins to another person, as well as being free.
However, they are sometimes vulnerable to being hacked. This is because a hacker is able to install malware on the device and infect a user’s computer with a key logger, which allows them to steal your wallet’s private keys and the cryptocurrencies stored within them.
Nano S and Nano X are crypto hardware wallets offering cold, offline storage. Built by Ledger, a well-known French manufacturer, these wallets keep cryptocurrency secure and support over 1,800 coins and tokens. However, the Nano S is made for people who want to hold onto a small amount of crypto, whereas Nano X is better for active investors with diverse crypto holdings.
Although you’ll pay more for the Nano X, it has a sleeker design and supports up to 100 crypto software apps versus up to three on the Nano S. Moreover, the Nano X works on Android, iOS, and desktop devices, but iPhone users can’t use the Nano S.
We compared Nano S and X by reviewing their ease of use, security, supported currencies and apps, cost, features, and more.
Ledger Nano S vs. X: Features
Ledger Nano S and X are USB storage wallets that let users keep cryptocurrency stored safely offline. They’re among the best Bitcoin wallets and have millions of users. Both work with the Ledger Live mobile app, where investors can check crypto balances and make online transactions. But, Nano S users can only access Ledger Live via a Windows, Linux, Mac desktop, or Android 7+ device. In contrast, Nano X supports desktops, iOS, and Android devices.
The Nano X has Bluetooth to easily connect to your mobile phone, or you can use the included USB-C to USB-A cable. In contrast, you’ll need to purchase a set of three USB cables, called an on-the-go (OTG) kit, to use the Nano S with your smartphone or desktop.
Plus, the Nano X features a larger 100mAh battery, allowing for several hours of continuous use without recharging. Unfortunately, though, the battery is only designed to last five years and cannot be replaced. Finally, while neither hardware wallet comes with a touchscreen, the Nano X display has twice the number of pixels (128 x 64), making it easier to read.
Ledger Nano S vs. X: Currencies
Both Ledger hardware wallets are compatible with more than 1,800 altcoins, including popular cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), LINK Chainlink (LINK), Litecoin (LTC), Cardano (ADA), Stellar (XLM), and Polkadot (DOT).
Nano S and X also support the following tokens:
When using the Ledger Live mobile app, investors can manage more than 1,800 tokens and coins, and it’s compatible with over 50 wallets. However, there are dozens of assets that can be stored on your USB wallet but aren’t supported on the Ledger Live app, such as:
- Binance Coin (BNB)
- EOS (EOS)
- Cardano (ADA)
- Monero (XMR)
- Neo (NEO)
- Crypto.org chain (CRO)
- IOTA (MIOTA)
- Terra (LUNA)
- Nem (XEM)
- Ontology (ONT)
- Vechain (VET)
Ledger Nano S vs. X: Security
Both Ledger devices offer the same industry-standard security. For starters, the company uses certified Secure Element (SE) chips which are tamper-resistant and often referred to as hardened microcontrollers. Similar to air-gapped cold storage, the device stores private keys on the secure chip, so they’re never exposed. The chips are certified using the Common Criteria (CC) EAL5+ process. Moreover, the French National Agency for the Security of Information Systems (ANSSI) independently audited and verified the Nano S and X security.
Unlike other hardware wallets, Ledger devices use a proprietary operating system (OS) called the Blockchain Open Ledger Operating System (BOLOS). According to Ledger, “Ledger hardware wallets are the only devices in the market that uses a Secure Element in combination with a custom Operating System.” Additionally, the framework isolates crypto apps reducing cyber risks.
Personal security measures include:
- A minimum of four digits for the pin code
- Users must push both physical device buttons at once to purchase altcoin
- A 24-word recovery phrase that only shows up on your device, not the apps
For the Bluetooth-enabled Nano X, there are security concerns. However, your seed phrase and private keys don’t leave your device because the Bluetooth connection only transfers public data.
That said, it’s important to note that the company suffered a data breach to their marketing and e-commerce database in July of 2020, exposing email addresses, names, and phone numbers for roughly one million customers. This incident is unrelated to the Nano devices but still raises concerns.
Ledger Nano S vs. X: Price
The price is one of the biggest differences between the devices. A Nano S costs $59 and comes with a micro USB-B cable. But you’ll need to buy an OTG kit for $17.99 to connect your Nano S to an Android smartphone. In contrast, a Nano X costs $119 and comes with a USB-C cable. The higher-priced Nano X allows users to add up to 100 crypto apps and offers Bluetooth, whereas the cheaper Nano S supports up to three crypto apps and isn’t Bluetooth-enabled.
Investors wanting to store a few types of cryptocurrencies will find that the Nano S fits their needs. But active traders prefer the Nano X because they can hold onto a variety of currencies and tokens and access their assets easily from an iOS or Android phone.
Ledger Nano S vs. X: Ease of Use
Both hardware wallets are easy to set up and use, even for beginners. The USB device has two buttons and a display screen. The buttons let you navigate the device menu easily. But the lack of a touchscreen means you may need to click back and forth a bit more.
The Ledger Live app guides users through setup, including offering suggestions for extra security. Anyone can follow the directions and set up their device in about five minutes or less. The larger Nano X is slightly easier to use, thanks to the larger screen, higher resolution, and bigger buttons.
The Ledger website provides an extensive knowledge base for information on wallet setup, transferring crypto, and other device features. The Ledger Academy offers plenty of articles, videos, and tutorials about blockchain and cryptocurrency for users to learn about crypto trading. The website also features a live chat help option, or users can submit a support ticket.
Ledger Nano S vs. X: Mobile App
Although the Ledger S and X devices work via the two buttons and display, the company offers the Ledger Live app, available for download on desktops, iOS, or Android devices. The mobile app has a straightforward user interface (UI) without a lot of fancy features. It also syncs in real-time, so you can move between your desktop or mobile app when managing your crypto. Users can:
- See crypto balances in real-time
- Buy or sell crypto through Ledger’s partner, Coinify
- Swap crypto via Ledger’s partner, Changelly (not available for U.S.-based users)
- Grow assets by staking or lending cryptocurrency
- Manage 27 coins and over 1,800 coins and tokens
The Ledger Live app is popular due to its simplicity, meaning you won’t find advanced features popular in hot wallets. Thus, users wanting real-time market updates and charting features may prefer using tools from a crypto exchange.
The Ledger Nano S and X are hardware wallets from a trusted brand. Both support the same currency types, work with a mobile app, and provide a high level of security. The main differences are in price and storage capacity. A Nano X costs double what you’ll pay for a Nano S. But the larger device features Bluetooth and long battery life. Moreover, users can maneuver between up to 100 crypto apps on the Nano X compared to up to three on the Nano S.
The Nano S is an excellent investment for infrequent crypto investors who want a secure cold wallet to store coins. On the other hand, if you’re an active trader with a diverse set of assets, and want to access your crypto information from an iPhone, go with the Nano X.
This information was supplied by Investopedia.