Ledger Wallet Review: Should You Buy One Immediately?
Jack Moreau
Sep 2023
7 min read
Fact checked
The search for the ultimate crypto wallet leads many to the doorstep of Ledger Wallet. Known for its security and sleek design, does this hardware wallet live up to the hype? Read our comprehensive review of Ledger to gain unique insights and easily decide if it's the right wallet for you!
Ledger was founded in 2014 by eight experts including Eric Larchevêque, Nicolas Bacca, Joel Pobeda, and Thomas Franc. Ledger is headquartered in Paris with offices in London, New York, Zurich, and Singapore.
Ledger Wallet
The company has raised a total of over $550 million from 14 investors including Draper Associates, 10T, Digital Finance Group (DFG) and has over 800 employees.
Ledger Wallet is a hardware wallet that stores the user's private keys in a secure hardware device. Ledger has designed three wallets which includes the light Ledger Nano S, Ledger X and the newly introduced Ledger STAX.
Ledger also offers fully customisable infrastructure solutions safeguarding crypto assets for banks, hedge funds, and high net worth individuals. Ledger has grown to over 6 million customers that have purchased their hardware wallets and over 1 million users have downloaded the highly regarded Ledger Live App.
Ledger Live App
Ledger Live is available on both Android and IOS and has received a fantastic 4.8 star rating based on over 30,000 reviews. Ledger live is also available on desktop for users that prefer using their computers for cryptocurrency transactions.
For users that wish to get started with a Ledger wallet, the cheapest option Ledger S costs only $79, while the more expensive Ledger X and Stax cost $149 and $249 respectivelly.
Ledger Wallet User Experience
Whether we are talking about Ledgers hardware wallets or their Ledger Live app, Ledger has received glowing reviews from their customers.
The Ledger Nano S Plus which is the chepest ledger wallet starting at $79 offers support for multiple colors, over 5000 cryptocurrencies, support for DeFi, NFTs and is compatible with Mac, Windows and Android. The Ledger Nano X which is more expensive at $149 offers the same features as S Plus but is also compatible with IOS devices.
Ledger Nano S & Nano
With both Ledger S Plus and Nano X, users can also swap within the app and stake their digital assets. Finally we also have the newly released Ledger STAX which is palm sized and offers a larger E Ink touchscreen display. Ledger STAX is designed to be more user-friendly with a bigger screen and features such as wireless charging.
Ledger STAX Wallet
Ledger Wallet Features
Ledger Live is a comprehensive cryptocurrency management wallet that facilitates various crypto-related activities. It enables users to purchase a wide range of cryptocurrencies, including Bitcoin, Ethereum, Tether, Polkadot, and over 40 others, using either credit cards or bank transfers.
Once acquired, these assets are immediately transferred to the security of a user's hardware wallet. Additionally, Bitcoin can also be sold through Ledger Live.
One of its key features is the ability to exchange one cryptocurrency for another. With the help of partnered services, users can swap among more than 5,000 coins and tokens, encompassing popular options like Bitcoin, Ethereum, and Dogecoin.
Moreover, Ledger Live acts as a portal to various DeFi apps and services, letting users enhance their Ethereum holdings, stake various tokens, manage their DeFi portfolios, and access DEX aggregators like ParaSwap and 1inch, all from within the platform's secure environment.
Ledger DeFi dApps
Ledger Live also addresses the growing NFT trend, offering tools to collect, visualise, and transfer Ethereum NFTs, which are safeguarded by the user's hardware wallet.
Apart from asset management, the application provides insights into crypto market metrics, including price, volume, and market capitalisation, assisting users in building their portfolios.
Ledger Live Supported platforms
One unique feature is the CL Card which users can order via the app. This card which is powered by Ledger allows for payments using cryptocurrency and is designed to be compatible with the Ledger wallet.
Note that many transaction services such as buying, swapping, and lending are facilitated by third-party partners. Ledger remains neutral and does not offer recommendations or advice on the usage of these external services.
Ledger also offers enterprise services via innovative technology solutions that empower companies to self-custody their digital assets or the digital assets of their customers. The Ledger enterprise platform is designed to build, scale, and secure Web3 strategies.
Ledger Enterprise Solutions
With Ledger enterprise, companies can secure 15 blockchains and any ERC-20 token which represents more than 90% of the global market cap of digital assets.
Ledger enterprise is not a custodian but instead provides secure and cost-effective cloud-based solutions for companies that want to self-custody their digital assets.
Ledger Wallet supports over 5000 cryptocurrencies and tokens, making it one of the most versatile hardware wallets on the market. Ledger Wallet also supports a wide range of stablecoins including USDT, USDC, BUSD, DAI and many others.
In terms of supported blockchains, Ledger Wallet supports 100s of different blockchains including the most popular ones such as Bitcoin, Ethereum, Solana, Cosmos, Polkadot and many many others.
Ledger both offers it's own hardware wallets, it's own native Ledger Live app and is often supported by other browser and desktop wallets in the market.
Is Ledger Wallet Safe?
Ledger Wallet is renowned for its robust security framework which is achieved by integrating hardware and software. Upon initial setup, users secure their devices with a custom 4-8 digit PIN code.
One of Ledger's paramount features is its Secure Element chip where the private keys are stored. This chip is isolated from internet connectivity, significantly enhancing protection against potential physical breaches.
To boost transaction security, Ledger incorporates a trusted display, enabling users to confirm transaction specifics before giving approval. The brand’s adaptability is also notable; its software undergoes continuous updates to counteract emerging threats.
Despite the vast and complex landscape of the crypto world, Ledger prides itself on an untarnished record, having never been successfully hacked. This achievement underscores its position as one of the most secure hardware wallet options for cryptocurrency storage.
However, it's worth noting that while Ledger's proposed Recovery feature faced initial skepticism regarding its security implications, the company has promptly addressed and mitigated these concerns.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
