Bottom line: Ledger is a popular hardware crypto wallet provider on the market. Two versions of the flash drive-shaped device are available by Ledger — one with Bluetooth connectivity, one without — for a very reasonable price.
Each version of the Ledger wallet supports more than 5,500 cryptocurrency. These wallets also allow for decentralized finance apps, or dapps. They also offer non-fungible token management. You can use Ledger’s mobile and connected desktop apps to buy, stake, and swap coins.
Pros & Cons
Native staking, NFT management.
Mobile app using Bluetooth connection.
Comprehensive crypto education library.
Software doesn’t have to be open-source.
Table Of Contents
Where Ledger shines
The mobile app works with both Android and iOS devices. Trezor, however, is only compatible with Android.
Ledger can be used with many coins that other models don’t have: Both Ledger models are able to store Ripple, Monero and Cardano (ADA), while Trezor only supports advanced models.
Ledger Live software includes NFT management and DeFi accessibility. Ledger allows you to connect to exchanges or dapps without having to sacrifice cold storage.
Bluetooth connection is possible with the Nano X model in order to connect to Ledger Live mobile application.
Where Ledger falls down
Ledger, like Trezor, is not fully open-source. Ledger uses closed-source firmware for its physical devices. However, the rest of its software (including the desktop and mobile apps) is open-source and can be tested and modified by third parties.
Some users may prefer touch screens on Ledger devices. The advanced model of Trezor, a competitor, has a touch screen. However, the standard version doesn’t.
Some hardware wallets have more security features like Trezor’s Shamir backup recovery. This allows you to generate and distribute up 16 recovery shares for your device, so that it can be stored in multiple places.
Ledger suffered a marketing database breach in July 2020. A phishing scam allowed unauthorized access to customer information, including email addresses and names. In response to the hack, Ledger modified its data storage policies.
The best Ledger
Easy transfers between hot or cold storage and DeFi access.
Mobile app with Bluetooth connection to device (available only with the Nano X model).
Ledger at a glance
Details about Ledger’s ratings
Security Rating: 4 out 5 stars
Like most cryptocurrency wallets and ledger devices, the seed phrase is stored on your device. This allows you to retrieve your crypto in case you lose it. Ledger works with a 24-word phrase and allows you to add a 25th word, called a “passphrase”, of your choice.
Because they are not accessible online by hackers, hardware wallets are generally considered more secure than software wallets. However, they must be protected from theft and damage. However, they cannot be accessed via multiple devices so it is important to keep your seed phrase safe in case your device gets lost.
Two-factor authentication is also supported by Ledger devices. They can integrate with Coinkite software to support multisignature security. Although Ledger Live software can be downloaded open-source, the firmware used by physical devices is not. Therefore, you will need to trust the code of the device without actually testing it.
Selection: 5 of 5 stars
Ledger’s wallet can store more than 5,500 assets.
Integration 5 out of 5 stars
Users can use a Ledger Live software and a Ledger device to buy, sell, and swap over 5,500 currencies. They can also stake coins on exchanges, and gain access to dapps, NFT marketplaces, and dapps.
To manage cryptocurrency that isn’t available with Ledger Live the hardware devices can be integrated with third-party software such as MyEtherWallet or MetaMask in order to connect to other blockchains.
Storage 5 out of 5 stars
Ledger, a cold storage wallet that stores your keys offline on a device. This gives you complete ownership of all information necessary to transfer your crypto.
A hot wallet is a way to keep your keys safe online, accessible from many devices. It stores crypto using software on any device that can connect to internet. Ledger can connect to multiple hot wallets including MetaMask or Guarda for quick transfer between cold and hot storage.
Functionality: 4.5 stars
Ledger live is now available for desktop and mobile. The browser extension is currently in beta testing.
Tools: 5 of 5 stars
Ledger Academy is a library that contains a wealth of educational content in crypto.
Additional information you need to know about Ledger
Pricing: The Ledger nano S Plus is $79 and connects with your devices via USB-C. The Ledger Nano S Plus costs $79 and connects to your devices with USB-C. (Competitor Trezor does not have a Bluetooth or Wi-Fi connection, but according to Trezor’s website, this is because of security concerns. )
The Nano S, an older model of Ledger, can still be purchased from third-party vendors such as Best Buy for $59. The storage capacity is lower (up to six applications span>).
Ledger is right for you?
Ledger is the best choice if you want to store a variety currencies offline and integrate with dapps or exchanges.
How do we review cryptocurrency wallets?
NerdWallet’s thorough review evaluates and ranks products that enable U.S. customers store, send, and receive cryptocurrency. We aim to give you information that will help you make informed decisions about which providers are best for your needs. We follow strict guidelines regarding editorial integrity.
Firsthand observation and testing are used to fuel our proprietary assessment process. This scores each provider on more than 15 different factors. The final output gives star ratings ranging from one star to five stars span>