Ledger Hardware Wallet
The cryptocurrency ecosystem is fast evolving with the advent of physical storage devices. These devices provide better security and multicurrency support. It is used for protecting a large number of crypto tokens. Examples of these hardware wallets include Ledger, Trezor, KeepKey, BitBox, Coolwallet, etc. In this article, we discuss one of the most popular hardware wallets there is, i.e. Ledger. How does it work? What makes it distinct? This Ledger wallet review contains all you need to know.
About Ledger Inc.
Ledger Inc. is a crypto company founded in 2014 by a group of eight experts. It is headquartered in Paris, France. Ledger Inc. was established to provide security solutions for cryptocurrencies and develop blockchain application for individuals and companies. It has its unique operating system which is integrated on to every wallet for optimum security. Ledger Inc., as of date, has clients in 165 countries and has sold over 1,500,000 wallets. It has three hardware wallets namely and , and these three wallets have been tipped by reviewers to be among the top five hardware wallets in the market.
Ledger Wallet Review
Ledger Wallets have overtime proven to be excellent storage systems for cryptocurrencies. Its flagship product, Ledger Nano Wallet, was released on December 2014 as a small, secure and low-cost hardware wallet. As of the time of release, it cost €29.90. The Ledger Wallet Nano is a USB device which uses a CC EAL5+ compliant smartcard to store Bitcoin only. In June 2016, the Ledger Nano S wallet was released. It supports multiple cryptocurrencies and ERC-20 tokens.
Another product, the Ledger Blue wallet, was released on December 2016. Designed like a smartphone, Ledger Blue has a 3.5-inch touchscreen. The device operates on the company’s indigenous operating system, i.e. BOLOS with a secure chip. The secure chip is a platform which securely hosts apps and information following a set of rules and security requirements. The secure chip is challenging to hack, thus making the Ledger wallet very safe. The latest addition to Ledger’s list of hardware is the Ledger Nano X which was released on March 2019. Unlike other wallets, the Ledger Nano X hardware wallet provides support for iPhones, iPads, and has Bluetooth connectivity. The device is made of brushed stainless steel and plastic with a 100mAh inbuilt battery.
Over the years, Ledger has improved the features of its wallets in providing safe, secure storage for its user’s assets. These features are;
|Ability to Backup and Restore User Profile:||The Ledger Nano X excellently protects user private keys and isolates them in the CC EAL5+ secure element. Each account is secured with a PIN code. Using a Bluetooth Low Energy security (BLE) model, the device only allows public data to be sent out from it. Also, before any action is carried out, the Secure Element requests user consent. Lastly, the Bluetooth protocol ensures that every connection to the device is also well encrypted.|
|Body Design:||Ledger wallets are made of brushed stainless steel and plastic and look like USB drives except for Ledger Blue, which was designed like a smartphone. The Ledger Nano S has a USB Type Micro-B connector while Nano X has a Type-C connector. Ledger wallet is portable and easy to use. A Ledger wallet vs Trezor comparison shows that the former has OLED screen while the latter has a colour touchscreen.|
|Support for Multiple Currencies:||All Ledger Wallets provide support for various cryptocurrencies and ERC-20 tokens. Only Ledger wallet Nano serves as a Bitcoin wallet solely. Ledger Nano X and Nano X supports over 70 cryptos and 1100+ ERC-20 tokens. Ledger Blue supports up to 30 cryptocurrencies, including Bitcoin, Ethereum, Dash, Litecoin, etc. It provides support for external wallets like MyCrypto, Electrum, MyEtherWallet, etc. to manage cryptocurrency transactions.|
|State-of-the-art Security:||Ledger Wallets are highly secure for storing cryptocurrencies. The wallet has a CC EAL5+ certified secure element which protects and isolates user private keys. Ledger wallets are certified safe by ANSSI. It has additional protective measures such as passphrase supports, 2FA and use of Pin Code.|
|Multi-Platform Compatibility:||Ledger crypto wallets work with smartphones and PCs correctly. It supports Android and iOS (Nano X) devices. With USB connectivity, it works on computers, i.e. Microsoft Windows, Mac, Linux operating systems.|
|Ledger Live App:||This application helps users to manage their cryptocurrency assets from their mobile phones or computers. You can manage up to 100 applications using the app. Ledger Live supports about 22 currencies, i.e. Bitcoin, Ethereum, Litecoin, Dash, etc. Available on Android, iOS, Mac, Linux, and Microsoft Windows OS.|
|Account Management:||Ledger Wallet allows users to manage their cryptocurrency portfolio from their smartphones and computers. You can easily send and receive tokens from exchanges via the Ledger Live application.|
|USB & Bluetooth Connectivity:||Ledger Nano X and Blue provide Bluetooth connectivity, which enables it to connect to iOS devices. All the wallet have USB connectors and can be easily attached to computer systems. Purchase the OTG Kit from Ledger store to set up your connection.|
|Affiliate Program:||Ledger offers an affiliate marketing program where users get to earn 10% commission on each wallet sale in Bitcoins.|
How to set up Ledger Wallet
All Ledger wallets provide secure storage for assets. However, there are guidelines to follow to ensure safety is assured.
To set up a new profile, follow the instructions below.
Unbox your Wallet
Open the wallet box. Its content includes the Ledger hardware wallet, USB cable, recovery sheets, and keychain.NoteKindly ensure the box is sealed before use. If not, contact Ledger Support.
Install Ledger Live Application
Ledger Live establishes a connection between the Ledger wallet and your smartphone and computers. It is used to manage your crypto tokens easily. Supported currencies include Zcash (ZEC), Bitcoin Gold (GTB), Ripple (XRP), Ethereum Classic (ETC), etc. For Android users, it is available on Google Play Store and iTunes for iOS devices. You can also download for use on your computers, i.e. Linux, Mac, Microsoft Windows operating systems.
Establish a USB connection
Connect your Ledger wallet to the computer using the supplied USB cable. When on, read the on-screen instructions and press both buttons simultaneously to proceed. Click the right button to proceed to configure the new device.
Choose PIN Code
To configure a new device, you’ll need to input a strong 4 −8 digit PIN code to secure your assets. When Choose a PIN is displayed on the screen, press both buttons to proceed. Next, use the left or right button to choose each digit and press both buttons to select. Confirm the PIN code by entering it once more.NoteDo not use a wallet that already has a recovery phrase on its recovery sheet.
Write out Recovery Phrase
After setting your PIN code, your 24-word recovery phrase would be displayed on the Ledger Wallet. Ensure you write the phrase on the recovery sheet in the ledger wallet box. Confirm your recovery phrase by clicking both buttons. With that, your device is now ready to use.
To restore a profile
- Select the Restore a configuration option when the device is on.
- Choose your PIN code.
- Enter the Recovery Phrase associated with your profile. If correct, you have successfully restored your profile on the new device.
How does Ledger wallet work?
Ledger wallet is used to manage cryptocurrency transactions easy. Via the Ledger Live app, you can easily send and receive tokens on to/from your crypto wallets. To use the wallet after set up, follow the instructions below:
Install Compatible Crypto Applications
The Ledger Live app is a software which connects your wallet to your smartphone and computer. However, you need to install an application for each crypto. You can also download Ledger Manager via Chrome and install the app, i.e. Bitcoin, Ethereum, etc. Ledger Live supports Bitcoin and 21 other cryptos, i.e. Bitcoin Cash, Bitcoin Gold, Dash, etc. For additional tokens, you can install external wallets such as NEO wallet, Stellar Account Viewer, etc.
After installing the Ledger nano Wallet application for each cryptocurrency, launch the app. Also, open the app on your device. Now, you can manage your coins.
To receive cryptocurrencies
- Click Receive on the app interface. Then, a popup window opens.
- Copy the Receiving address displayed on the screen.
- Ensure to verify that the copied address is correct as Bitcoin transactions are irreversible.
- Paste the Receiving address into the sender’s Bitcoin wallet.
NoteLedger Wallets generates new address anytime you want to receive a payment. Thus, copy the address correctly before sending tokens.
To send cryptocurrencies
- Click Send on the app interface.
- Fill required fields, i.e. amount, recipient address, TX fees, etc. when the popup window opens.
- Click on the Send option.
- Press the right button on your wallet to authenticate the transaction after confirming the details.
You can also download the Ledger Wallet Manual.
Where to buy Ledger Wallet
You can purchase Ledger Wallet via its online shop, Amazon, or other reseller platforms.
To purchase its accessories, including its OTG Kit, visit the online shop.
Ledger Wallet Promo Code
You can get Ledger Wallet, i.e. Nano S & Nano X for a reduced price by visiting this link.
Common Ledger Wallet Problems
There are some issues associated with the ledger wallet. However, some of them have been resolved in new firmware updates. These common problems include;
|Insufficient Device Storage:||Usually, this message appears when you’re trying to install a new application on the wallet or update the firmware version. Each wallet has a maximum number of apps that it can store simultaneously, i.e. Nano X can store up to 100 applications. To solve this, uninstall unnecessary apps on the device. First, click Manager in the Ledger Live app. Select applications in the App catalogue, click the Trash button to uninstall.|
|U2F timeout in Chrome Browser:||Chrome users would observe that the browser has broken U2F support for Ledger hardware wallets. Therefore, external wallets like MyEtherWallet, MyCrypto, etc. displays U2F timeout error. Although there is no solution to the problem presently, you can, however, use other supported browsers, i.e. Brave, Opera, etc.|
|Bootloader problems:||When the Ledger wallet doesn’t boot, it displays MCU firmware is not genuine error. To solve this, ensure the Ledger Live app is updated before connecting to the device. If it isn’t, restart and click the Update button. Next, connect your device and select Repair. At 100%, if the loader stays stuck, press CTRL + R to restart the device.|
What cryptocurrencies do Ledger wallets work with?
Ledger wallet works with and provides security for a lot of cryptocurrencies and ERC-20 tokens. These include;
Ledger Wallet Bitcoin
You can securely store your cryptocurrencies on the Ledger wallet and manage your transactions via the Ledger Live application. It is a peer-to-peer electronic cash system existing on a proof-of-work network, and it is the number one cryptocurrency in the ecosystem. To learn more, click here.
Ledger Wallet Ethereum
Ledger provides safe storage for Ethereum tokens. Developed by Vitalik Buterin in 2013, it is one of the top cryptocurrencies in the ecosystem. Ethereum allows different cryptocurrencies to perform smart contracts on its blockchain. You can manage your Ethereum transactions via Ledger Live on the Ledger Wallet.
Ledger Wallet Ripple
Identified as XRP, Ripple is a cryptocurrency used for interbank settlements and currency exchange. It is open-source and operates a consensus ledger. You can make fast and cheap transactions on RippleNet using Ledger Live application.
Ledger Wallet Litecoin
Litecoin is a cryptocurrency created by Charlie Lee in 2011 as a fork of the Bitcoin Core client. It operates a proof-of-work payment system. With a maximum supply of 84,000,000 LTC tokens, you can save your coins on the Ledger Wallet and manage its transactions on Ledger Live app.
Ledger Wallet Dash
You can effectively secure your Dash assets on offline storage using the Ledger hardware wallet. With state-of-the-art security, you can manage your tokens on your desktop and mobile application. Dash is a P2P based cryptocurrency founded in 2014 poised to become the digital cash of the internet. It is a form of decentralized autonomous organization (DAO) and uses a master node system.
Ledger Wallet NEO
Neo is an open-source smart contracts cryptocurrency network created in 2014. It operates a consensus mechanism network. You cannot manage NEO transactions via the Ledger Live application. However, you can download the NEON desktop wallet and connect it to your device to store your tokens.
Bitcoin Diamond Ledger Wallet
Ledger Wallet does not support this cryptocurrency. The only supported forks of Bitcoin include Bitcoin Cash, Bitcoin Gold, Bitcoin Private, and ERC-20 tokens such as 0xBitcoin, Bitcoin Token, BitCoin One, EthereumBitcoin, BitCoin Red, and Bitcoin Boutique.
Ledger Wallet TRON (TRX)
TRON is a smart contracts platform that entered the scene in September 2017. To create a Tron wallet on your Ledger device, first create account so you are able to have access to your wallet’s Tron address. Secure your Tron assets with the most trusted Ledger hardware wallet!
Various Models of Ledger Wallet
Ledger Blue Wallet
This is a hardware wallet released in December 2016 after the release of Ledger Nano S in June 2016. Ledger Blue is a smartphone-like wallet with an OLED touchscreen display built around a secure element. It protects about 30 cryptocurrency assets, i.e. Bitcoin, Ethereum, etc. The wallet has USB and Bluetooth connectivity and works efficiently with multiple platforms, including smartphones and computers.
Ledger Nano S Wallet
This is a certified hardware wallet by ANSSI, a French cybersecurity agency. It offers quality storage and protection for cryptocurrency assets. It is built around a secure chip which works with the company’s custom OS. Ledger nano S hardware wallet also has extra security layers such as passphrase support, pin code, and two-factor authentication. Since launch, over 1 million units of the Ledger nano S cryptocurrency hardware wallet has been sold. You can manage up to 22 supported cryptocurrencies via Ledger Live application and others via external software wallets.
Ledger Nano X Wallet
This is Ledger’s new wallet released in March 2019. It is an update to Ledger Nano S which is unarguably Ledger’s most sought after product. Ledger Nano X has an inbuilt 100mAh battery. It also has Bluetooth and USB connectivity, which makes it easy to connect to iOS devices. It supports over 1100 crypto assets. Nano ledger wallet coins include Bitcoin, Ethereum, Litecoin, Ripple, Dash, etc. To manage your cryptocurrency portfolio, download the Ledger Live for your smartphone (Android, iOS), or computers. Ledger Wallet is an excellent device for storing your assets.
Ledger wallets are generally very secure, and in this review, we have discussed the various wallet available and its features. Amongst the top wallets, i.e., Trezor, KeepKey, etc. Ledger presents the most sophisticated and safe wallets to store cryptocurrencies. Ledger wallets have excellent market prices and are relatively cheap. Therefore, Ledger wallets are recommended to store your crypto assets.