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Ledger Review in 2024: Pros, Cons, and Features

Last Updated January 16, 2024 4:22 PM
Justin Murphy
Last Updated January 16, 2024 4:22 PM

In this Ledger review, we’ll discuss the key aspects that stand out in this crypto wallet. These include security measures and reliable customer support.

This cold wallet gives you easy access to your assets, and you have absolute control of your private keys. Continue reading to find out more about how to set up your Ledger wallet account. You’ll also get to learn how a crypto Ledger works.

Let’s get started.

Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions. Don’t invest unless you’re prepared to lose all the money you invest.

Key Takeaways
  • Ledger is a known crypto wallet
  • It supports over 5,500 cryptocurrencies
  • Ledger supports NFTs
  • It has a Ledger Live app
  • Offers several safety features

Pros and Cons of Ledger Wallet

Pros

  • Highly secure and reliable
  • Works against all emerging online security threats
  • Enables sovereign control of all your private keys
  • Offers access to decentralized applications (dApps) and non-fungible token (NFT) management
  • Provides access to all the crypto management services you need
  • Allows you to buy, stake, and swap coins
  • Offers a mobile app with Bluetooth connection
  • Provides a robust crypto education library
  • One of the cheapest cold wallets on the market

Cons:

  • Software isn’t fully open-source
  • If an exchange is hacked or shuts down, you may lose access to the funds.

Overview of Ledger Wallets

ledger wallet

Ledger is a brand that offers a range of cryptocurrency management services. Here is an overview of some of its products and services:

Ledger wallets products

Hardware wallets

Ledger offers a range of hardware wallets that allow you to store your cryptocurrencies offline. This protects your assets against potential online threats. These wallets are highly secure and reliable. They come with a variety of features, including Bluetooth connectivity, native staking, and NFT management.

Some of the popular hardware wallets offered by Ledger include

ledger types of wallets

  • Ledger Nano X
  • Ledger Nano S Plus
  • Ledger Stax

Software wallets

Ledger also offers software wallets that allow you to manage your digital coins on your computer or mobile device. These wallets are highly secure and user-friendly. They come with a range of features, including access to decentralized applications  (dApps.) You can also benefit from NFT management. Ledger Live is the software wallet offered by Ledger.

Mobile app

Ledger’s mobile app allows you to manage your cryptos on the go. It offers a range of features, including Bluetooth connectivity. You can also access all the crypto management services you need.

Ledger wallets services

Ledger Live

Ledger Live is a software wallet that allows you to manage your coins on your computer or mobile device. It offers a range of features, including access to dApps and NFTs. You can use Ledger Live to buy, sell, and exchange digital currencies.

Ledger Enterprise

Ledger Enterprise is a branch of Ledger that is dedicated to businesses. It boasts proper governance and security frameworks. Hence, it enables hundreds of exchanges and corporations to leverage their digital value.

Background Overview of Crypto Ledger Wallet

Ledger is a company that provides hardware wallets and other security solutions for cryptocurrencies and blockchain applications. It was founded in 2014 by eight experts in embedded security, cryptocurrencies, and entrepreneurship. The company has over 800 employees in Paris, Vierzon, New York, Zurich, and Singapore.

Is Ledger an exchange?

In terms of trading volume and user base, Ledger is not an exchange. It is a provider of hardware wallets and other security solutions for cryptos. Therefore, it cannot be compared to other exchanges in terms of trading volume or user base. However, Ledger has partnerships with various exchanges and platforms, including Binance, Bitfinex, and Crypto.com.

Partnerships and achievements

Ledger has achieved several notable partnerships and achievements. In 2021, Ledger partnered with OpenSea , a leading NFT marketplace, to provide secure storage for NFTs.

Additionally, Ledger has received several awards for its products, including;

  • The CES Innovation Award in 2018
  • The EY Startup of the Year Award in 2019

Ledger also has a business-to-business unit called Ledger Enterprise. This unit provides solutions for companies that want to self-custody and secure their digital assets.

What Does Ledger Offer

Ledger offers a range of hardware wallets that provide secure storage for cryptocurrencies and digital assets. The three most popular Ledger wallets are the Ledger Stax, Nano X, and Nano S Plus. Each of these wallets has unique features that make them different from one another.

Differences between the Ledger Stax, Nano X, and Nano S Plus

  • Design: The Ledger Stax has a unique design that allows you to stack multiple devices together. Nano X and Nano S Plus have a more traditional design.
  • Screen: The Ledger Stax has a larger screen than the Nano X and Nano S Plus. This makes it easier to read and navigate.
  • Storage capacity: The Ledger Stax has the largest storage capacity of the three wallets. It can store up to 5,000 different cryptocurrencies. The Nano X can store up to 100 applications, while the Nano S Plus can store up to 50.
  • Connectivity: The Ledger Stax and Nano X both have Bluetooth connectivity. This feature allows you to connect to your mobile device and manage your assets on the go. The Nano S Plus does not have Bluetooth connectivity.
  • Battery life: The Ledger Stax has the longest battery life of the three wallets. You can use it for up to 8 hours. The Nano X has a battery life of up to 4 hours. On the other hand, the Nano S Plus has a battery life of up to 5 hours.
Ledger Nano S Plus Ledger Nano X Ledger Stax
  • USB-C
  • macOS
  • Windows
  • Android
  • 5000+ coins
  • USB-C
  • Large capacity
  • 5000+ coins
  • Advanced security
  • Easy setup
  • Bluetooth
  • USB-C
  • Touchscreen
  • Wireless charging
  • Customizable
  • 5000+ coins
  • Certified CC EAL6+

Essential Ledger features

Ledger layout, navigation, and security

Ledger is beginner-friendly thanks to the simple layout and seamless navigation. Once you open it, you’re taken to the dashboard. Here, you’ll see a clear overview of your assets, recent transactions, and market trends.

Easy asset management

Managing your assets on a Ledger crypto wallet is also easy. You can easily check your cryptocurrency holdings and their current values. Additionally, your asset transfer is completed in just a few clicks. It feels like managing your bank account online. But with the power of cryptocurrencies at your fingertips.

While Ledger is designed to be user-friendly, there are a few areas that might seem complicated for newbies. The learning curve might be steep, but with practice, the knowledge will be a key pillar to your crypto investment.

Security measures

Ledger takes your safety with utmost regard. This is a fantastic step for safeguarding your investments. However, you’ll need to learn security measures like two-factor authentication (2FA). It is also important to remember that hardware wallets might require your input in safeguarding your assets.

Supported cryptocurrencies

Ledger supports over 5,500 cryptocurrencies and tokens. All the assets in their supported crypto assets list are supported by both Ledger Nano X and Ledger Nano S Plus. The list includes popular cryptos such as Bitcoin, Ethereum, XRP, Monero, Litecoin, and more.

Unique cryptocurrencies and tokens

Ledger also supports some new and unique cryptocurrencies and tokens. Here, you will find some relatively new cryptos like Algorand, Cosmos, and Polkadot.

Although Ledger offers an impressive range of digital currencies, some coins might not be available for users in specific regions due to legal regulations. Therefore, always check if your desired coins are accessible in your location.

Ledger Live

ledger live

This is a software application developed by Ledger. It allows you to manage your cryptocurrency assets and NFTs in a secure and user-friendly way. The Ledger Live app is available for download on desktop and mobile devices, including iOS and Android. Here are some of the key features of Ledger Live:

  • Buy and sell cryptocurrencies: You can buy and sell over 100 different cryptocurrencies directly within the Ledger Live app.
  • Manage NFTs: You can manage your NFT collections and send them to other wallets with full transparency.
  • DeFi services: You can access essential DeFi services, including staking, lending, and more.
  • Access to Web3 apps: You’ll have access to over 15 different Web3 apps, including 1inch, Paraswap, Lido, and Zerion, all within the Ledger Live app.
  • Secure storage: Ledger Live can be paired with a Ledger hardware wallet to provide the most secure storage for digital assets.

Ledger Recover

Ledger Recover provides a way to create an encrypted backup for your Secret Recovery Phrase. Only you can access, anytime, anywhere, to keep your keys offline and still recover them later.

So, you might be wondering, How exactly does Ledger Recover work? Here’s the breakdown:

  • Recovery phrase: When you set up your Ledger hardware wallet, you’re given a recovery phrase. This phrase consists of a series of words, typically 24 in total. It’s your digital key to access your cryptocurrencies.
  • Secure storage: Ledger recommends you write down this recovery phrase on a physical sheet of paper and store it in a safe and secure place.
  • In case of emergency: If your Ledger hardware wallet is lost, stolen, or damaged, do not worry. You can use your recovery phrase to restore your cryptocurrency holdings on a new Ledger device.

The CL Card

cl card

The CL Card (Crypto Ledger Card) is a revolutionary tool designed to simplify and enhance your crypto experience. It offers you a range of benefits and features that help you manage your crypto assets easily. For example, there’s cashback on all purchases, Ledger Live integration, and access to 90 million merchants.

Versatility

The best aspect of the CL Card lies in its versatility. It can serve multiple purposes. These include:

  • Storage: The CL Card can store your crypto assets securely. It’s like having a digital wallet that fits in your pocket.
  • Transactions: You can use the CL Card to make crypto transactions. It allows you to buy, sell, and transfer digital currencies. It’s as straightforward as using your debit or credit card.
  • Security: The CL Card integrates advanced security features to protect your assets.
  • Accessibility: With the CL Card, you can access your crypto assets anytime, anywhere.

One of the primary goals of the CL Card is to simplify the often complex world of digital currencies. It makes it easier for both beginners and seasoned users to navigate the digital landscape.

The CL Card brings crypto accessibility to a whole new level. You no longer need to be a tech wizard to manage your digital assets.

Does Ledger Support NFT?

Below are some of the ways Ledger supports NFTs:

NFT Wallet

Ledger offers a secure NFT wallet that allows you to store, manage, and enjoy full ownership of your NFTs. Additionally, you can buy, swap, lend, and perform other crypto and NFT transactions through third-party partners.

Ledger Live

You can receive Ethereum NFTs (ERC721 and ERC1155) on Ethereum and Polygon networks in Ledger Live. Ledger Live also allows you to send, receive, and manage your NFTs securely.

MetaMask

Ledger hardware wallets can be connected to trusted third-party hot wallets like MetaMask to manage NFTs. As such, when you link your Ledger Nano to MetaMask, the private key controlling your NFTs remains in your hardware wallet.

OpenSea

OpenSea is a popular NFT marketplace for managing Ethereum NFTs directly from a Ledger device. You can transfer your NFTs to OpenSea and manage them securely.

It’s important to note that while Ledger supports NFTs, you should still take precautions to secure your assets. Fortunately, Ledger guides you on how to handle malicious or unknown NFTs. Additionally, you also keep in mind the risks associated with NFTs. These include scams and fraud.

Ledger Academy

Ledger Academy  is a platform that provides educational resources on crypto and blockchain technology. It offers a range of courses and tutorials on trading and investing in digital coins. However, it does not offer trading bots directly.

On the Ledger Academy, you will find published articles on AI and crypto trading. This is a recommendable platform where you can also learn about crypto trading bots such as Cryptohopper, 3Commas, or HaasOnline.

Notably, there are several third-party trading bots available in the market. You can actually use them with the Ledger hardware wallets.

Crypto Legder Wallet: User Experience

Ledger is renowned for its commitment to providing a seamless and functional user experience. But what makes this wallet stand out? There are several aspects that this platform has implemented to ensure you have a seamless experience. These include:

  • Intuitive interface: The interfaces, especially Ledger Live, are designed with simplicity and user-friendliness in mind.
  • Reliability: Ledger has built a strong reputation for the reliability of its hardware wallets. Many crypto users trust that their crypto assets are secure and accessible when needed.
  • Efficiency: Ledger’s platforms and wallets are known for their speed and efficiency. You won’t have to wait for transactions to process or assets to load.
  • Cross-platform compatibility: This wallet is compatible with various devices and operating systems. You can access your assets on multiple desktop and mobile devices.

Ongoing improvements

Ledger is dedicated to continually improving its functionality and user experience. Therefore, you can expect updates and enhancements that enhance how you manage your crypto assets.

Addressing issues and lags

No system is entirely immune to occasional issues or lags. Ledger is no exception. However, what sets this platform apart is its transparency and responsiveness in addressing such issues. Ledger provides regular updates to fix bugs and address any potential vulnerabilities promptly.

If users encounter problems, the site has a responsive customer support team ready to assist. Ledger actively engages with its user community. They listen to feedback and implement solutions based on user experiences.

Finally, Ledger’s priority is security. Any issues related to vulnerabilities or breaches are treated with the utmost seriousness and addressed swiftly.

Is Ledger Safe?

image with text ledger review

Yes. This hardware wallet provider has implemented a range of security features to protect your funds and data. Below are some of the key security measures.

Secure Element chip

Ledger devices use a Secure Element chip to store private keys and other sensitive information. This chip is designed to resist physical and digital attacks. It also makes it difficult for hackers to access user funds.

Trusted display

Ledger devices have a Trusted Display. This allows you to verify transactions and other information on the device itself. You do not need to rely on a potentially compromised computer or smartphone.

PIN code

You’ll need a PIN code to access the device and sign transactions. This helps ensure that only the device owner can access the funds.

Constantly upgrading software

Ledger’s software is updated to ensure the device’s safety.

Ledger has not experienced any security breaches to date. However, note that no security system is foolproof.

In terms of regulatory framework, most cryptocurrencies are unregulated assets. This is because they do not fall under the jurisdiction of any centralized authority, banks, or AML restrictions. But, some countries have implemented KYC procedures to confirm customers’ identities and prevent fraud.

Ledger supports KYC procedures to help businesses and financial organizations comply with state legislation and international regulations. This reduces legal disputes and risks.

Ledger Fees You Should Be Aware Of

Ledger charges fees for some of its services. For instance, you will be charged for buying and selling cryptocurrencies through Ledger Live. The fees vary depending on the specific digital coin and the exchange you use.

The fees are typically a percentage of the transaction amount and may also include network fees. You can view the fees for each transaction before confirming the transaction in Ledger Live.

Lending and interest rates

Ledger does not offer interest rates or lending rates directly. It is a hardware wallet provider and not a lending platform. But, you can earn interest on its cryptocurrency holdings by using third-party lending platforms that support Ledger hardware wallets.

Deposit and Withdrawal Methods

Ledger offers a range of deposit and withdrawal methods for buying and selling cryptocurrencies. Below are some of the key details on fees, accepted currencies, and deposit/withdrawal methods:

Fees

Fees vary depending on the specific cryptocurrency and the exchange used for the transaction. Fees are typically a percentage of the transaction amount and may also include network fees. You can view the fees for each transaction before confirming the transaction in Ledger Live.

Accepted currencies

Ledger supports over 5,500 cryptocurrencies and tokens, including Bitcoin, Ethereum, XRP, Monero, and more. Users can buy and sell over 100 different cryptocurrencies directly within the Ledger Live app.

Deposit/withdrawal methods

Ledger offers several deposit and withdrawal methods, including payment cards and bank transfers. Ledger accepts Visa, Mastercard, and American Express cards. Users can also buy and sell cryptocurrencies through third-party partners, such as Coinify. Network fees for Ethereum and Ethereum-based cryptocurrencies are set by the gas price and the gas limit.

Remember that some deposit and withdrawal methods may not be available in all countries, depending on the regulations. Additionally, fees and network fees may vary depending on the specific cryptocurrency and the exchange used for the transaction.

Efficiency of the Customer Service

Ledger offers several customer support channels, including email and live chat assistance. Users can also find help on the Ledger Support website. It offers categories for technical issues, orders and shipping, and Ledger Stax. Additionally, Ledger Enterprise provides a contact form for users interested in learning more about their services or partnerships.

User experiences with Ledger’s customer support have been mixed. Some users have reported positive experiences with the support team. They cite helpful and responsive assistance. However, other users have reported negative experiences, citing slow response times and unhelpful support.

Here are some of the most common complaints from user feedback:

Positive feedback

  • Helpful and responsive customer support
  • Easy-to-use platform and wallet
  • Secure storage for cryptocurrencies and NFTs

Negative feedback

  • Slow response times from customer support
  • Technical issues with the platform and wallet
  • Difficulty navigating the Ledger Live app

An Overview of the Ledger Mobile App

ledger mobile app

The Ledger mobile app, Ledger Live, offers several unique features that can benefit a crypto investor. Here are some important and interesting facts about the mobile app:

Ledger Live is a management interface that pairs with your Ledger hardware wallet. It allows you to visualize and manage your entire crypto and NFT portfolio all in one place.

Ledger Live allows you to buy and sell different crypto assets and swap crypto. You can also cash out your preferred coins and stake your assets.

Ledger Live has a Discover feature that allows you to access third-party blockchain apps directly through the app. These apps let you extend the features of your Ledger device and your web3 experience, giving you more ways to use it.

Ledger Live is a secure gateway to the entire blockchain ecosystem and all of the services it offers. It provides a clear, intuitive interface to manage your digital assets securely.

Ledger Live is available on both mobile and desktop devices, giving you access to your portfolio from anywhere.

Using Ledger Live can benefit you as a crypto investor. It offers a secure and user-friendly way to manage your cryptocurrency assets and NFTs. It offers a range of features. They include, but are not limited to:

  • Buying and selling cryptocurrencies
  • Managing NFTs
  • Accessing DeFi services
  • Accessing Web3 apps.

Additionally, Ledger Live provides a clear and intuitive interface that allows you to manage your digital assets securely from anywhere.

Why You Should Consider Using Ledger Wallet

To conclude this Ledger review, this hardware wallet offers a range of features and benefits for crypto trading and investing. With over 5,500 supported cryptocurrencies and tokens, you have a wide variety of options to choose from.

Additionally, Ledger’s security measures, such as the Secure Element chip and Trusted Display, provide a high level of protection for your funds and data. The Ledger Live mobile app offers a user-friendly interface for managing your crypto assets and NFTs. It enables you to buy and sell digital coins, swap crypto, and stake assets.

But the reasonable and transparent fees are some of the main reasons why we recommend this crypto wallet. Overall, Ledger is a reliable and secure option for crypto investors looking to manage their digital assets safely and efficiently.

Frequently Asked Questions

What is a Ledger crypto wallet?

A ledger crypto wallet is a type of digital wallet that is used to store, send, and receive cryptocurrencies. It is a secure and convenient way to store your digital assets. Ledger wallets are hardware wallets, meaning that they are physical devices that store your private keys offline. This makes them more secure than software wallets, which are vulnerable to hacking. Ledger wallets are designed to be easy to use and provide a high level of security.

How easy is it to use a Ledger crypto wallet?

Using a Ledger crypto wallet is relatively easy, depending on your level of technical knowledge. For those who are new to cryptocurrency, the setup process can be a bit intimidating. However, once you understand the basics of cryptocurrency and the Ledger wallet, the process becomes much simpler. The first step is to purchase a Ledger wallet. You can purchase one online or from a physical store.

How do I set up a Ledger crypto wallet?

Setting up a ledger wallet is a straightforward process that can be completed in just a few steps. First, you’ll need to purchase a Ledger device. You can purchase a Ledger device from the official Ledger website or from an authorized reseller. Once you have your Ledger device, you’ll need to download the Ledger Live application. Ledger Live is a desktop application that allows you to manage your Ledger device and crypto assets.

What is the user interface like on the Ledger crypto wallet?

The user interface of the Ledger Wallet is designed to be intuitive and user-friendly. It is a web-based wallet that allows users to securely store, manage, and transact with their digital assets. The wallet is equipped with several features that make it easy to use and navigate. The wallet’s home page displays a dashboard with a summary of the user’s account balance, recent transactions, and other important information.

Ledger review snippet