Ledger Stax is a user-friendly wallet that helps users store their private keys offline on a Secure Element chip. It provides complete control over your assets by maintaining the distance between the keys and your computer/smartphone.
What is Ledger Stax Wallet?
The Ledger Stax is an advanced hardware wallet designed to securely store cryptocurrencies and NFTs. Through the Ledger Live application, it supports over 5,500 different cryptocurrencies and tokens. The Ledger Stax is equipped with a Secure Element Chip, which promotes security by storing users’ private keys offline. It provides industry-leading CC EAL6+ security.
Leger Stax offers multi-device connectivity, which helps users connect effortlessly with their desktop computers and smartphones via Bluetooth and USB-C.
Ledger Stax Fees
Ledger doesn’t charge a fee for buying, selling, or transferring on the Ledger live application. Users only pay network fees, which are charged according to the type of blockchain they are utilizing during the transaction.
When staking or swapping crypto through the application, users are also charged fees associated with third-party providers. The fees depend on the chosen provider.
Users can buy or sell crypto with fiat through Ledger Live, which is also done via third-party providers.
Key Features of Ledger Stax Wallet
Ledger Stax offers several unique features, functionalities, and design improvements that make it an ideal choice for cryptocurrency users.
1. Integration with Ledger Live App
The integration with Ledger Live is one of the advanced features of the Ledger Stax wallet which offers a user-friendly interface. It helps users manage their crypto assets, track portfolio performance and access stake opportunities. Users can also view real-time updates on their holdings, manage multiple accounts and perform transactions all in one place.
2. Enhanced Security Features
- The Ledger Stax wallet uses a Secure Element Chip (ST33K1M5) which helps users securely store their private keys offline. It directly drives its touchscreen from this chip which enhances security by making sure that the sensitive data of the user and their assets are never exposed.
- This wallet provides protection mode, which is an innovative feature that locks the device automatically when it detects potential threats or interruptions. This provides an additional layer of security not commonly found in other wallets.
- The Ledger Stax also offers two-factor authentication that requires the user to verify their identity through a secondary method, which makes unauthorized transactions significantly more difficult.
3. Unique Display Technology
The Ledger Stax wallet is a premium wallet with a 3.7-inch curved E-ink touchscreen which is larger than the 2.84-inch screen of Ledger Flex. It offers excellent readability for users in various lighting conditions and consumes less power than traditional screens.
4. NFT Management
This wallet allows users to showcase their NFTs directly on the device’s screen, which makes it appealing for the collectors. This feature is not typically available in many other hardware wallets, which often focus solely on cryptocurrency storage.
5. Modern Connectivity Options
The Ledger Stax supports USB-C and wireless charging along with Bluetooth connectivity for mobile devices. This flexibility increases the usability of users who prefer to manage their assets on their smartphones.
6. Compact and Stackable Design
The Ledger Stax is designed to be compact and credit card-sized, which makes it easy for users to carry. Its stackable feature allows multiple units to be stacked together due to embedded magnets which is a unique design compared to traditional wallets.
7. Non-Custodial Control
The Ledger Stax wallet is a non-custodial wallet, just like other wallets provided by the Ledger. It allows users to have full control over their private keys without third-party involvement. This is a standard feature across reputable hardware wallets but remains a critical selling point for security-conscious users.
8. Customization Options
Users have the option to customize the lock screen and spine of the Ledger Stax with images or NFTs to make it visually distinct from other wallets. This feature enhances user engagement and helps avoid confusion between multiple devices.
9. Backup and Recovery Options
The Ledger Stax provides a secret recovery phrase, a unique 24-word phrase generated when you first set up your Ledger device.
Who Should Consider the Ledger Stax Wallet?
- Multi-cryptocurrency users: Users with diverse portfolios should consider using the Ledger Stax wallet to manage their multi-currencies or assets in one place. It enhances convenience while trading various cryptocurrencies.
- Long-term Investors: Ledger Stax is a non-custodial wallet that ensures that users have full control over their private keys without third-party involvement which is an enhanced security for long-term holding.
- Active Crypto Users: The wallet’s user-friendly interface integrates with the Ledger Live application, which allows active users to monitor and manage their portfolios in real-time and makes it suitable for frequent transactions.
Who Should Not Consider the Ledger Stax Wallet?
- Infrequent Crypto Users: Users who don’t use cryptocurrencies on a daily may not find this wallet useful as its features are useful for frequent transactions. Users may also find the wallet’s setup and navigation a little complex.
- Budget-Conscious Users: Users who are conscious about their budget may find the Ledger Stax wallet a bit more expensive than the other wallets as it provides advanced features.
- Individuals with Small Crypto Holdings: Users with minimal amount holding of cryptocurrency don’t require the ledger stax wallet with advanced features and high prices.
Cryptocurrencies Supported by Ledger Stax Wallet
Ledger Stax manages around 5,500+ coins and tokens, including Bitcoin, Ethereum, and XRP, and installs upto 100 applications.
Some of the cryptocurrencies are given below, along with their fees:
Cryptocurrencies on Ledger Stax
| S.No | Cryptocurrency Name | Send/ Receive | Buy | Swap | Stake | Compatible with third-party wallets |
|---|---|---|---|---|---|---|
| 1. | Bitcoin (BTC) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 2. | Ethereum (ETH) | ✔ | ✔ | ✔ | ✔ | ✔ |
| 3. | Ripple (XRP) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 4. | Tether USD (USDT) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 5. | Solana (SOL) | ✔ | ✔ | ✔ | ✔ | ✔ |
| 6. | Binance Smart Coin (BNB) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 7. | Dogecoin (DOGE) | ✔ | ✔ | ✔ | ❌ | ❌ |
| 8. | USD Coin (USDC) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 9. | Cardano (ADA) | ✔ | ✔ | ✔ | ✔ | ✔ |
| 10. | LIDO Staked ETH (STETH) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 11. | Tron (TRX) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 12. | Chainlink (LINK) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 13. | Avalanche C-Chain (AVAX) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 14. | Stellar (XLM) | ✔ | ✔ | ✔ | ❌ | ✔ |
| 15. | Wrapped Bitcoin (WBTC) | ✔ | ✔ | ✔ | ❌ | ✔ |
Steps for Setting the Ledger Stax Wallet
Step up your Ledger Stax wallet with the steps given below:
Step 1. Power On and Connect your Ledger Device
- To start and connect the Ledger Stax, you need to press and hold the right-side button for 1 second.
- Once the device is open, you will see “Ledger. The most trusted security for your digital assets” on the screen.
- Tap on the screen to follow the on-screen instructions.
Note: If you don’t want to set your device with the Ledger Live, you can skip this step and directly start with Step 3.
Step 2. Download and Install Ledger Live
- Click on “Set up with Ledger Live mobile.”
- Now, scan the given QR code to open and download the Ledger Live Moblie Application.
- While doing this, you must ensure that the Bluetooth of your smartphone and your device is enabled.
Note: Android users need to make sure that the location services of their smartphone are enabled in their settings for the Ledger Live app. The app never stores your location information; this is just a requirement for Bluetooth on Android.
- Tap on the Ledger device once the app is downloaded and start pairing the Ledger Live mobile.
- If the codes that appeared on your smartphone and the Ledger device are the same then tap Yes, they match to confirm the paring.
Note: The pairing remains in your smartphone’s global Bluetooth settings. The pairing code does not require to be confirmed again until you forget the device in your smartphone’s Bluetooth settings.
Step 3. Initialize Your Ledger Stax
Before getting started, you need to give your Ledger device a unique name.
- Tap on Set name to give your Ledger device a name.
- Enter the name you want through the keyboard.
- Tap to Confirm the name.
- Click to process with the device setup.
Step 4. Set Up Your PIN Code
- Tap to follow the on-screen instructions.
- Tap on Choose my PIN.
- Enter your PIN of 4 to 8 digits with the keyboard.
- Tap on ✓ to confirm the PIN of 4 to 8 digits that you entered. Tap ⌫ if you want to erase a digit.
- Enter the PIN again to confirm it.
Important Security Tips
- User must choose their own PIN code as it unlocks the device.
- Choosing an 8-digit PIN code offers an extra level of security.
- Do not use any device that comes with a PIN or a recovery phrase.
Step 5. Choose a Preferred Method for Setting up the Ledger device
There are two ways through which you can set up your Ledger device. You can either choose to Set it up as a new Ledger or Recover access to your existing assets.
- Set it up as a new Ledger
Setting up your Ledger device as a new ledger will generate new private keys for you which will allow you to handle your crypto assets. You will be provided with a 24-word Secret Recovery Phrase as well, which is the only backup of your private keys.
Steps to set it up as a new Ledger:
Step 1. Take a blank Recovery Sheet and supply it with the necessary information.
Step 2. Tap on Set it up as a new Ledger.
Step 3. Carefully read the instructions given on the screen and tap I understand after reading.Step 4. Now, write down the first group of words on the Recovery Sheet.
Step 4. Now, write down the first group of words on the Recovery Sheet.
Step 5. Tap Next to move forward to the second group of words given on the screen.
Step 6. Write down the second group of words from the Recovery Sheet. Ensure that you’ve copied them correctly.
Note: This process should be repeated until all 24 words are recorded.
Step 7. Tap done once you are done.
Step 8. Tap on Start Confirmation to verify that the 24 words are written correctly.
Step 9. To select the word n°1, tap the requested word. Repeat this process for each requested word.
Your device has been successfully set up. You can now install apps and add accounts in Ledger Live.
Note: Tips to help you secure your Secret Recovery Phrase:
- Keep your Secret Recovery Phrase offline.
- Avoid making a digital copy of it, taking pictures, or saving it in a password manager.
- The ledger will never ask you to enter your Secret Recovery Phrase on any mobile or computer app or website.
- Recover access to your existing assets
Your cryptocurrency assets are associated with your Secret Recovery Phrase. Using the same Secret Recovery Phrase across different Ledger devices allows you to manage the same assets.
Step 1. Obtain the 24-word Recovery Phrase that you want to restore. BIP39/BIP44 Recovery Phrases are supported.
Step 2. Tap on ‘Recover using Secret Recovery Phrase.’
Step 3. Choose the length of your recovery phrase:
- 24 words
- 18 words
- 12 words
Step 4. Enter the first letters of word no.1.
Step 5. Select the word no.1 from the suggested words.
Step 6. Repeat the same process until the last word of your Secret Recovery Phrase is entered. Your device will display the Secret Recovery Phrase confirmed on the screen.
Step 7. Tap the screen to follow the on-screen instructions.
You have successfully set up your device using the existing Secret Recovery Phrase. You can now view the accounts that have been transferred.
Advantages of Ledger Stax Wallet
- Earn Rewards by Staking: The Ledger Stax wallet allows users to stake various cryptocurrencies directly with the help of the Ledger Live app. It helps users earn passive income by participating in the network’s consensus mechanisms, such as proof-of-stake. It also helps users to maximise their asset growth without requiring trade actively.
- Swap Crypto: The wallet allows users to swap their cryptocurrencies effortlessly. This allows users to swap one cryptocurrency for another without leaving the app which provides convenience and efficiency to the users while managing their portfolios.
- Sync Accounts Across the Device: The Ledger stax is beneficial for users who may operate multiple Ledger wallets or switch between devices as it allows them to sync their accounts across multiple services which ensures that all transactions and balances are consistently updated.
- User-friendly Interface: The Ledger Stax wallet provides a high intuitive user interface with its E Ink touchscreen as it simplifies the navigation and transaction verification. It allows users to see detailed information on every transaction.
- Comprehensive Cryptocurrency Support: The wallet supports a wide range of cryptocurrencies and tokens with compatibility for over 5.500+ different digital assets.
Shortcomings of Ledger Stax Wallet
- High Price Point: The Ledger Stax is priced higher than the other hardware wallets. This high price can restrict the usage of the Ledger Stax wallet among budget-conscious users.
- Bugs and Reliability Concerns: Users have reported various bugs and reliability issues with the Ledger Stax. Users have complained about the delayed response times due to its E Ink touchscreen technology, which can affect the user experience.
- Design Concerns: The design of the Ledger Stax may get praised for its looks, but some users have raised security concerns. Some users feel that the design choices highlight aesthetics over functionality which may minimize the main purpose of a hardware wallet, which is security and discreetness.
- Market Positioning Concerns: The wallet seems to target a niche market interested in luxury and aesthetics rather than functionality. Many users feel that Ledger should concentrate on enhancing security features and user experience rather than pursuing a luxury branding strategy.
Alternatives of Ledger Stax Wallet
Ledger Flex Wallet
The Ledger Flex is a simpler and more affordable option than the Ledger Stax wallet for crypto users, and it supports multiple cryptocurrencies. The Ledger Flex wallet is more appealing to users who are looking for a balance between security and cost without advanced features.
Trezor Model T Wallet
The Trezor Model T differs from the Ledger Stax wallet as it operates on an open-source framework offers transparency and community trust. TheTrezor Model T relies solely on USB connections for connectivity which lacks Bluetooth or NFC capabilities. This makes it less mobile-friendly than the Ledger Stax but potentially more secure against wireless hacking attempts. The Trezor Model T wallet also differs on the price basis as it is more expensive than the Ledger Stax wallet.
Tangem Wallet
The Tangem Wallet has a unique approach to cryptocurrency storage as it uses card-based hardware wallets. Tangem creates a unique private key on each card during activation, unlike the Ledger Stax, which requires setting up a seed phrase for recovery. This feature of the Tangem wallet eliminates seed phrase vulnerabilities and offers an innovative security model to crypto users. Tangem wallets are generally more affordable than the Ledger Stax wallet to users who prioritize cost-efficiency over high-end functionality.
SafePal Wallet
The SafePal Wallet offers a versatile solution for cryptocurrency storage for users by supporting multiple platforms (mobile and desktop). SafePal focuses on providing secure storage at an affordable price point unlike the Ledger Stax, which emphasizes mobile integration with Bluetooth and NFC capabilities. SafePal wallets are compact and budget-friendly while still supporting numerous cryptocurrencies. SafePal is an excellent option for users who want effective storage solutions without investing in a high-cost wallet.
Trust Wallet
The Trust Wallet is fundamentally different from the Ledger Stax as it is a software wallet rather than hardware-based. The wallet is more convenient for users who want to make everyday transactions accessible directly from mobile devices without requiring additional hardware. Trust Wallet is free to download, which makes it more accessible than the premium-priced Ledger Stax.
FAQs
What is the Purpose of a Ledger Wallet?
The Ledger Stax wallet is designed to securely store cryptocurrency private keys offline and provide enhanced protection against hacking and unauthorized access.
Is the Ledger Stax Wallet Compatible with Multiple Platforms?
Yes, the Ledger Stax wallet is compatible with various platforms, including smartphones and desktops, and integrates with the Ledger Live app for seamless management of cryptocurrencies.
Is there any Backup or Recovery Option if I Lose my Ledger Stax Wallet?
The Ledger Stax offers a 24-word phrase that helps users recover their data in case they lose their wallet.
How Many Assets are Supported by the Ledger Stax Wallet?
The ledger Stax wallet supports over 5,500+ assets, including Bitcoin, Ethereum, Dogecoin, Chainlink, and XRP.
Is Ledger Stax Safe?
The Ledger Stax is considered safe due to its cold storage capabilities, secure chip technology, and multifactor authentication requirements for transactions.