Ledger has an impeccable reputation when it comes to bitcoin hardware wallets. They have two products, namely the Ledger Nano S and Ledger Nano X. In this article, we will introduce why keep your cryptocurrency on exchanges isn't recommend, which hardware wallet is suitable for you and where you can buy it.
Can we safely store cryptocurrency on cryptocurrency exchange?
Crypto has been great for investors worldwide who need a way to easily and securely transfer money. However, the method of exchange and the fact that it’s unregulated makes cryptocurrency a target for hackers. These hackers are occasionally successful when they attempt to steal cryptocurrency from businesses and consumers.
Unlike with banks and other regulated industries that can find your money and return it to you if it’s stolen, when your cryptocurrency is stolen, it’s gone forever.
The main targets are crypto exchanges, not cryptocurrency wallets. Cryptocurrency exchanges come and go, and it’s almost inevitable that an exchange will get hacked at one point or another. While cryptocurrencies themselves are very secure, exchanges can be affected by a variety of vulnerabilities, making them a prime target for malicious actors. Let’s take a look at some of the biggest crypto exchange hacks that have happened in history.
Here is a list of complied of cryptocurrency exchange hacks: Link
Therefore, we recommend storing your cryptocurrency in a offline cold hardware wallet for cryptocurrency. A hardware wallet is a special type of bitcoin wallet which stores the user's private keys in a secure hardware device.
They have major advantages over standard software wallets:
What is the Ledger Nano S and Ledger Nano X?
Both Ledger Nano X and Nano S are the the most popular cryptocurrency hardware wallet in the world as it is secure, affordable and supports the most coins. The company behind Ledger are a French start-up who released their first wallet in 2014. Since then, they have become a market leader in the hardware wallet industry. In fact, the Ledger wallet is so successful that it has sold over 2 million devices!
The Ledger Nano S is the more affordable of the two which is perfect for the novice cryptocurrency investor who is looking at not spending too much on an expensive hardware wallet. The Ledger Nano X has more features and slightly better security chip than the Nano S.
The Ledger Nano S was released in 2016 and has since sold over 1.5 million of these devices. This device is extremely compact and it can easily fit in your pocket which makes it perfect for traveling. The Ledger Nano X is a premium version of the Ledger Nano S. This device is extremely compact and it can easily fit in your pocket too.
It has multiple security features and it is intuitive to use. This device is an affordable option to keep security accessible for anyone who has cryptocurrency.
Both the Ledger Nano S and Ledger Nano X supports over 1100 cryptocurrencies, this includes major tokens like Bitcoin, Bitcoin Cash, Binance, Dash, Ethereum, EOS, Litecoin, Monero, Ripple, and many more.
Ledger Nano X and S: Security Features
Ledger takes security seriously. They offer the CC EAL5+ Security. What this means:
CC: Stands for common criteria for Information Technology Security Evaluation. This is based on an international standard (ISO/IEC 15408) for computer security certification. When it comes to a particular product, it must meet the base standards of the common criteria.
EAL: The Evaluation Assurance Level is a category ranking assigned to an IT product or system, after a Common Criteria security evaluation. The five levels of EAL are:
Another security element is the device does not arrive with pre-installed software– that’s installed during the set-up process. It is PIN-protected and allows you to label your device and customize the home screen to make it unique to you. You will install Ledger Live software during the sign-up process.
Lastly, the Ledger Nano S and X are always disconnected from your devices like laptops, phones and computers, therefore there is zero chance of an hacker accessing your cryptocurrency as compared to storing them on an online cryptocurrency exchange.
Storage differences for Nano X and Nano S?
Quick summary between Ledger Nano X or Nano S
Which should you get? Ledger Nano X or Nano S?
The Ledger Nano S is a great way to jump into the world of cryptocurrency without having to splurge for the higher priced Ledger Nano X or even it’s competitor the Trezor Model T. The safety of this device and the fact that it resembles a simple USB stick makes this this device a popular favorite for members of the cryptocurrency community. Nonetheless, we do recommend that sophisticated cryptocurrency investors consider the Ledger Nano X due to the additional features that are offered in this premium product.
Where to buy your Ledger Cryptocurrency Hardware Wallet?
1) Ledger store (delivery takes 2-3 weeks)
- Ledger Link
- Shopee Link
- Lazada Link
- Qoo10 Link
5) GeekBite, largest official Ledger authorized distributor in Singapore, delivers in 1-3 working days
Here are 4 reasons why you should buy from GeekBite instead from Ledger