The Ledger Nano X remains the default recommendation on most hardware wallet shortlists, and for good reason. It has a solid track record, supports over 5,500 coins and tokens, and its Bluetooth connectivity makes it genuinely usable on a phone. But the market has matured, the Nano X has real competitors, and Australian buyers need to factor in AUD pricing, local availability, and ATO compliance angles before committing. This review covers everything you need to make the call.
What the Ledger Nano X actually is
The Ledger Nano X is a USB-C hardware wallet made by French company Ledger. It stores your private keys in a secure element chip (certified CC EAL5+), meaning your keys never leave the device even when you connect it to a compromised computer. It pairs with the Ledger Live desktop and mobile app, which lets you buy, sell, and track assets without exposing your keys to the internet. The "X" model sits above the entry-level Nano S Plus in Ledger's range, with Bluetooth, a larger battery, and more storage for installed apps.
Key specs at a glance
- Secure element: ST33K1M5 (CC EAL5+)
- Connectivity: USB-C and Bluetooth 5.0
- Battery: 100 mAh (roughly 8 hours of use)
- Screen: 128 x 64 px OLED, two physical buttons
- App storage: up to 100 simultaneous apps
- Supported assets: 5,500+ coins and tokens
- Price (AUD): approximately AU$229 from Ledger's official site, though authorised AU resellers sometimes price it marginally higher after shipping
Setup and first impressions
Out of the box the packaging is clean and tamper-evident. Ledger ships the device in a sealed bag with a scratch-off recovery sheet and a USB-C cable. Setup takes around 15 minutes: you generate a 24-word seed phrase on-device (it never appears on your computer), set a PIN, and install Ledger Live. The app walks you through firmware updates automatically. The OLED screen is small but readable, and navigating menus with two buttons becomes intuitive within a session or two.
Bluetooth pairing on iOS and Android is mostly reliable, though occasionally requiring a reconnect after sleep. For day-to-day portfolio monitoring and signing the occasional transaction on your phone, it works well. For serious transaction volumes, a wired connection is more dependable.
Coin and token support
Coverage is a genuine strength. Bitcoin, Ethereum, Solana, XRP, Cardano, Litecoin, Dogecoin, Polkadot, and hundreds of ERC-20 and BEP-20 tokens are all supported natively through Ledger Live. Less mainstream assets can often be accessed by connecting the device to third-party wallets like MetaMask or Phantom, with the Nano X acting as the signing layer. For Australian investors holding a diversified portfolio across major exchanges and DeFi, coverage is unlikely to be a limiting factor.
Security: what the secure element actually means
The CC EAL5+ certified secure element is the core selling point. It is the same class of chip used in passports and SIM cards, designed to resist physical tampering and side-channel attacks. Critically, your private keys are generated and stored entirely within this chip. Ledger's firmware is proprietary (not fully open-source), which has drawn criticism from some in the security community who prefer fully auditable code. Ledger counters that the secure element vendor requires this for certification. It is a genuine trade-off worth understanding, though for the vast majority of retail investors the Nano X's security posture is more than sufficient.
One past controversy worth noting: in 2023 Ledger introduced a controversial "Recover" subscription service that could optionally shard and back up a seed phrase via identity verification. Participation is opt-in and does not affect the core security model if you ignore it, but it rattled trust among privacy-focused users. The feature is still present in 2026, still optional, and still divisive.
Ledger Live app: buying, staking, and tracking
Ledger Live has evolved into a capable companion app. You can buy crypto directly through integrated providers (Transak, MoonPay, and others), stake supported PoS assets, and see a consolidated portfolio view in your local currency. AUD is available as a display currency, which is useful for Australian holders tracking gains against their cost basis.
The app does not replace a dedicated tax tool. For ATO-compliant CGT reporting, most Australian investors will still need to export transaction history and feed it into a platform like Koinly or CoinLedger. If you want a head start on that process, our roundup of the best crypto tax calculators for Australians covers the options that support hardware wallet imports.
How it compares to the Nano S Plus and Trezor Model T
The Nano S Plus (around AU$89) does everything the Nano X does except Bluetooth and battery, making it the better choice if you only transact at a desktop and want to save AU$140. The Nano X is worth the premium primarily if you want mobile signing or the ability to leave it plugged in for longer sessions.
Against the Trezor Model T, the comparison is closer. The Model T runs fully open-source firmware, which security purists prefer. It has a touchscreen rather than buttons, which some find easier. However, it lacks a secure element chip, relying instead on a general-purpose microcontroller with software-based protections. For most users, both are extremely secure. The Nano X edges ahead on coin support breadth and the Ledger Live ecosystem, while the Model T wins on firmware transparency.
Buying in Australia: price, availability, and resellers
Ledger ships directly to Australia from its French warehouse, with delivery typically taking 7 to 14 business days and AU$10 to AU$20 in shipping costs. The official price is around AU$229 for the Nano X. Australian electronics retailers including Harvey Norman and JB Hi-Fi have stocked Ledger products in the past, though availability varies by store. Always buy from an authorised reseller or directly from Ledger. Second-hand or grey-market Nano X units carry real risk, as a compromised device could expose your funds before you even set it up.
ATO and tax considerations for Australian holders
Using a hardware wallet does not change your ATO obligations. The ATO treats all crypto as a CGT asset, and moving coins from an exchange to your Nano X is generally not a taxable event in itself (it is a transfer, not a disposal). However, interactions with DeFi protocols via Ledger Live or connected wallets may trigger taxable events, depending on the transaction type. For a full breakdown of how the ATO treats on-chain activity, our guide to Australia's crypto tax rules is worth reading alongside this review.
Verdict
The Ledger Nano X is still one of the best hardware wallets available for Australian investors in 2026. Its coin support is comprehensive, Ledger Live has matured into a genuinely useful app, and the CC EAL5+ secure element provides a high level of physical security. The proprietary firmware and the Recover controversy are real concerns for privacy-maximalists, but most retail investors holding Bitcoin, Ethereum, and a few altcoins will find the Nano X more than adequate.
If mobile signing and Bluetooth matter to you, it is the clear leader at its price point. If you only transact at a desk and want to save money, the Nano S Plus does the same job for AU$140 less. Either way, moving meaningful holdings off an exchange and into self-custody is one of the most impactful things an Australian crypto investor can do.
General information only. This is not financial advice. Always do your own research before making investment decisions. Cryptonerd may earn a commission if you purchase via links on this page.