Home › Hardware wallets › Ledger review

Ledger review (UK)

Ledger, a French company, is one of the best known hardware wallet makers. Its range includes the Nano S Plus, Nano X, Flex and Stax. This review covers the security model, the controversies and who it suits.

Some links here are affiliate links*. They never change what we write, and weak points stay in. How we earn.

Short verdict

Ledger devices are polished, easy to use and protected by a certified secure element. The trade-offs are that key parts of the firmware are closed source, the devices support many coins, and the company has had a customer data leak and a backlash over its Recover service. Good for people who want a smooth phone app. Less suited to people who want fully open source, Bitcoin-only hardware.

How it keeps keys safe

Keys are created and stored inside a secure element chip, the same type of chip used in bank cards and passports. You check and approve every payment on the device screen. The secure element firmware is closed source, so outside experts cannot read all of the code. Ledger says this is because of agreements with the chip makers. Some people are comfortable with that. Others prefer devices where everything can be checked.

Past issues to know about

• 2020 customer data leak. A Ledger marketing and order database was breached. Names, emails, phone numbers and home addresses of many customers were published. No recovery words or coins were taken from devices, but customers were targeted by phishing emails, texts and fake letters. Treat any message claiming to be Ledger support with suspicion.
• Ledger Recover, 2023. Ledger announced an optional paid service that can back up an encrypted, split copy of your secret with outside companies, after an identity check. It is opt in. The backlash came because it showed the firmware can, with your approval, export the secret. If you never sign up, it is not used.

Day to day use

You use Ledger with the Ledger Live app on a computer or phone, or with Bitcoin apps such as Sparrow. The Nano X, Flex and Stax have Bluetooth for phone use. Bluetooth only carries signed data, not your keys, but you can turn it off if you prefer. Backups use standard 24 recovery words.

Good and weak points

Who it suits

People who want a well known device with a polished phone app and who are comfortable with closed source parts. If open source matters most to you, read the Trezor and BitBox02 reviews.

Ledger official shop (affiliate link)*

How we review

Every wallet review on SHATOSHI answers the same questions in the same order: who makes it, how it keeps your keys safe, what is open source, how backups work, how easy it is for a beginner and where it falls short. We do not score on price and we do not list prices. Some makers pay us a commission through affiliate links, and some do not. That makes no difference to the review, and the weak points stay in.

Buying one safely in the UK

• Buy direct from the maker or an authorised reseller. Never buy second hand or from a marketplace seller you do not know.
• The device should never arrive with recovery words already written down. If it does, do not use it.
• Set it up yourself, write the words down by hand and keep them offline. Our setup checklist takes ten minutes.

Questions people ask

Is Ledger safe after the data leak?
The 2020 leak exposed customer contact details, not recovery words or coins. The devices were not hacked. The risk is phishing, so never enter your recovery words anywhere because of an email, text or letter.

Do I have to use Ledger Recover?
No. It is an optional paid service. If you never sign up, your secret is not sent anywhere.

Is Ledger open source?
Partly. The apps and some firmware are open, but the secure element firmware is closed source.

Other reviews in the same format: Trezor review, Blockstream Jade review, BitBox02 review. Or see them all side by side in the best Bitcoin hardware wallet UK guide.

Not financial advice. General education only. Do your own research.