Ledger Nano X Unboxing, Review and Initial Setup | Step by Step Tutorial | Beginners Guide

One thing we know about crypto exchanges is that we can't blindly trust them. There have been many instances in the past of exchanges getting shut down or being hacked. And as the saying goes, if you don't own the keys, you don’t own the tokens. So If you are someone like me who has finally decided to take over the ownership of your crypto into your own hands and is confused about a safe storage option, you have come to the right place. In this blog, I will review one of the most popular and advanced hardware wallets available. I will cover all the main features, the pros, cons, and the price so that you will have the necessary information to decide if this is the right option for you. This blog is not sponsored, and I bought the device with my own money. So you are guaranteed to get a fair review.

Before we start, remember that I am not a financial advisor. If you are new to the blog, my name is Srijith, and here we talk everything about wealth, happiness, and sometimes credit cards. I am just a random dude talking about random financial topics. Crypto is a risky asset, so be extra cautious and invest only the money you are ready to lose.

Regarding crypto investments, your number one concern should be keeping the coins safe. And when it comes to storing them safely, you have 3 options. To store on the exchange directly. Store it on a personal software wallet on your mobile or laptop, also called hot storage. But the most effective way to keep your crypto safe is, without a doubt, to store it in a hardware wallet. HW Wallets are simple isolated devices that hold your private keys. They never connect to the internet, and so nobody can access them remotely. Your tokens are safe even if your laptop or phone is compromised with a virus. And when it comes to HW wallets, Ledger is one of the biggest names in the industry.

The company was founded in 2014, and its product portfolio includes the base version of Nano S, the newly released Nano S Plus. And finally, their premium flagship product. Ledger Nano X

Ledger Nano X - B-Roll

What's in the box?

The device comes in this beautiful box, neatly wrapped in plastic, and has a premium look. The ledger logo is printed on the front. There is no security sticker as the device's authenticity is checked directly when connecting it to the Ledger live app.

Inside, you will find the Nano X, a USB Type-C cable, a getting started booklet, and all the usual regulatory papers, which I am pretty sure no one reads. A keychain strap, and three sheets of paper. These are for you to write down the recovery phase. The device is sleek and sturdy and feels quite robust in hand. You can carry it around without the fear of it getting physically damaged. On the device's backside is written the text "wires in numeris," which means strength in numbers in Latin. The device has two buttons on the front and a large screen in between. A USB-C port is on the side for charging or connecting to a laptop. The included USB-C cable is nylon braided; that's a nice touch. Unfortunately, it's USB A to C, so if I want to connect to my MacBook, I may have to use an adapter.

Setting Up Nano X

Before setting up the device, check for the holographic strip on the bottom, whether this is missing, or if there are any signs of tampering.
You can complete the initial setup either on the device directly or on the Ledger App. For this review, I'll do it directly on the device. Switch ON the ledger Nano by pressing the black button for one second. As we have seen before, there are two buttons on the side. By clicking on the left button once you navigate to the left, and by clicking the right one, you get the point rt. And to validate a selection, you have to press both buttons. Now select the option, set up as a new device, and it will ask to set a PIN code. The pin restricts access to the device, so choose a strong one that you can remember. Now comes the critical step. You will be shown your 24-word seed phrase.

These words are the backup to all of your crypto assets in the wallet. If your Ledger Nano X gets lost or becomes unusable for any reason, you can use the seed phrase to restore your tokens. So you must write it down immediately. Not later. Not tomorrow, not next week. Write this seed phrase down on the sheets provided and store it safely. Don't take a picture. Do not put it in the cloud. If someone manages to get a hold of your set of 24 words, they can steal all your crypto. So be careful with it. The final step is to confirm the phrase back one by one in the Nano X.
That's it; the device is ready to use! Although this process seemed long, it didn't take me more than 10 minutes to complete.
To transfer the coins to the wallet, you must install the ledger app and pair your mobile to the device. Then you must install individual wallet apps corresponding to each coin you want to store on the device. I will cover this as a part of a separate blog. So do subscribe to the channel.
Another thing to remember is that the coins do not reside in the wallet. The wallet merely stores your private key, which opens the lock to your address on the blockchain where your assets live. Next, we will see some of the pros and cons of the ledger nano x.

Pros

This device is very beginner-friendly and easy to use. I could set up the whole thing in less than 10 minutes. Navigation options are simple, and transactions can be authorized very quickly.

However, the area where the device shines is the wireless support through Bluetooth. You don't have to physically connect the device to the laptop whenever you want to make a transaction. Over Bluetooth and the ledger app, you can check your balance and send & receive assets to the hardware wallet immediately.

A significant drawback with the ledger nano s base model was reduced storage space. Since you have to install wallet apps on the device to transfer coins, the device should have enough hard drive capacity. Nano X has room for 100 wallet apps to support 100 coins, which should ideally cover an average crypto investor.

The device supports more than 1500 coins and tokens, including the most popular one. So if you own a crypto token, there is a 99% chance it is supported.

Having a built-in screen reduces some dependency on the mobile app. You'll be able to see, for example, an entire Bitcoin or Ethereum address on the screen during the verification stage of receiving or sending crypto.

The device also comes with an inbuilt battery. So you can use it on the move without plugging it in. According to the company, the battery life is about 8 hours and should have a 5-year lifespan.

The app is easy to use and makes it simple to connect to Nano X and transfer coins quickly and easily. You can also buy crypto through services such as Coinify and Moonpay. There is also a swap feature that lets you directly exchange one crypto asset for another without switching back to fiat currency.

Another cool feature that I found interesting is the concept hidden wallet. You can store your crypto in the safest hardware wallet available. Lock it with the most secure pin, engrave the pin in a steel plate, and store the steel plate in a bank locker. But someone can spend five dollars to buy a wrench and threaten you with that to give them the keys. You can avoid this by creating a dummy wallet account on the ledger nano x, and then providing the access pin to this account to the attacker.

Cons

When it comes to the negatives, the main one is you have to buy them, and this is one of the most expensive options out there.

Also, when you compare it with the Trezor counterpart, there is a lack of touchscreen support. But because, you can do everything on the app and how less we will have to use the device interface once it is set up, I don't think it is that much of a disadvantage anyhow.

Another minor setback is that the internal battery is not replaceable. If the battery is somehow destroyed, you need to buy another wallet.

Also, their firmware is not open-sourced. So you cannot independently verify its robustness. You just have to trust the company to do a good job,

How much does it cost?

The Nano X costs $149 (VAT excluded), twice the cost of the Nano S, the baseline model. You are paying for the Bluetooth connectivity and extended support of coins. While it may seem expensive for a wallet, the added features, make the price reasonable.

Once you decide to buy, never buy it from Amazon, eBay, or any place other than the official website. There are many scams with tampered devices, and I don't want you to fall into one and lose all your coins. You can find the official link to buy the Ledger Nano X below in the description. It's my link, so when you make a buy, I get a commission, and you will be supporting me and the channel. http://ledger.refr.cc/srijithkariyattil

Whether you should get one?

True, it is easier to just leave your coins on an exchange, but you would then have to trust the exchanges, and there is not a single exchange that hasn't been hacked until now. If you care about keeping your crypto protected and secure, I recommend investing in a hardware wallet. If you hold only one or two coins and don't care about other perks such as Bluetooth connectivity, and an inbuilt battery, you will be good to go with the Ledger Nano S. But for an advanced user, it is worth investing in Ledger Nano X.

Are you already using any hardware wallet? If you liked the blog, please share it with your network or whoever needs it.

Disclaimer: The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. It is important to do your own analysis before making any investment.