Ledger is a France-based hardware wallet maker, founded in 2014, whose devices — the Nano S Plus, Nano X, Stax and Flex — keep private keys inside a certified secure-element chip that never touches an internet-connected computer. It is a self-custody, cold-storage device: Ledger itself cannot move your funds. We have not completed a hands-on test, so we publish no current price or exact supported-asset count, only what is checkable on Ledger's own site.
Security model and custody
Ledger's core security claim rests on a CC EAL5+ certified secure-element chip — the same class of chip used in passports and bank cards — which is designed to resist both remote and physical key-extraction attacks. Private keys are generated and held inside that chip and are never exposed to the connected computer or phone, even when the device is plugged in over USB or paired over Bluetooth (Nano X, Stax, Flex).
Ledger Live, the companion app, is open-source, but the secure-element firmware itself is closed — a trade-off the company defends on security-through-certification grounds and critics argue limits independent audit. Whichever side of that debate you land on, self-custody means the responsibility for the recovery phrase sits entirely with you: lose it, and Ledger cannot restore access.
Recovery, backup and Ledger Recover
The default backup is a 24-word recovery phrase, written down offline at setup and never digitised. Ledger also offers an optional paid service, Ledger Recover, which splits an encrypted copy of the seed across three custodians for account recovery if the phrase is lost. It is opt-in and controversial precisely because it introduces a third-party element into an otherwise pure self-custody design — read the current terms carefully before opting in, and understand that declining it changes nothing about how the base device works.
As with any hardware wallet, the device should be bought only from Ledger's own store or an authorised reseller, never second-hand or pre-opened, and the recovery phrase should never be typed into a website, app or message.
Ecosystem and everyday use
Ledger Live handles portfolio tracking, staking (via Ledger Live's built-in providers) and firmware updates, and the device connects to third-party dApps and wallets such as MetaMask for on-chain signing while keeping the actual key material on the Ledger. Newer models (Stax, Flex) add a larger touchscreen aimed at clearer transaction verification — worth checking against your own budget and asset list, since we do not publish a current price.
Strengths & limitations
Strengths
- CC EAL5+ certified secure-element chip on every model — private keys never leave the device.
- Broad multi-chain support via Ledger Live and third-party dApp connections.
- Long track record (founded 2014) and one of the most widely reviewed hardware wallets on the market.
Limitations
- Secure-element firmware is closed-source, unlike fully open designs such as Trezor.
- Optional Ledger Recover service splits key material across third-party custodians — read the terms before opting in.
- We have not completed a hands-on test, so we publish no current price or exact asset count.
Frequently asked questions
Is Ledger a custodial or self-custody wallet?
Self-custody. Ledger's secure-element chip generates and stores your private keys on the device itself; Ledger the company never holds your funds and cannot move them for you.
Do I have to use Ledger Recover?
No, it is an optional paid add-on. The base device works as a standard self-custody hardware wallet with a 24-word recovery phrase whether or not you enable Recover.
Can Ledger connect to MetaMask and other software wallets?
Yes — Ledger devices are commonly paired with software wallets like MetaMask so the software provides the interface while the Ledger signs transactions and holds the keys.