Ledger Flex Exclusive Review: Pros, Cons, and How It Compares

As cryptocurrencies gain popularity and increase in value, so do scams and fraud. The main weapon every crypto investor should have is a hardware wallet. Its main purpose is to keep your private keys safe and offline, making it virtually impossible for someone to steal your funds.

Our Ledger Flex review covers the features and functionalities of this must-have cold wallet and explains how to set it up in simple steps.

Despite its smaller size, the Ledger Flex offers the same robust security in a more compact and portable form factor. Flex features a next-gen E Ink 2.84” touchscreen display and comes with USB-C, Bluetooth, and NFC connectivity.

Ledger’s winning recipe of combining secure chip technology, a dedicated OS, and a secured screen for unparalleled security has also been applied to Ledger Flex.

This exclusive review covers the new Ledger Flex in-depth, as well as shows how it performed in our tests.

We’ll cover four major points, namely:

1. Features and specifications
2. Supported coins
3. Pricing and fees
4. Security features

Let’s get into each of these features individually a bit more in-depth.

1. Ledger Flex Features and Specifications

2. Ledger Flex Supported Coins

Your Ledger Flex wallet can store over 5,500 coins and tokens from various blockchains. This includes the best cryptos like Bitcoin, Ethereum, and Polkadot, as well as smaller ones like the most popular meme coins or PolitiFi coins. Flex natively supports over 500+ coins, as well as Ethereum and Polygon NFTs. It also supports over 50 wallets that enable you to store many more tokens and multi-chain NFTs.

For example, connecting your Ledger Flex wallet to your Solana wallets like Phantom, Backpack, or Solflare,  will allow you to safely and seamlessly store any of the thousands of tokens from the Solana blockchain, such as BONK, MYRO, RNDR, HNT, PYTH, JTO, and WIF.

3. Ledger Flex Pricing and Fees

Ledger Flex is currently priced at $249 and is the cheapest touchscreen option from Ledger. However, through our extensive review, we found that the price of this popular crypto wallet may not be justified for everyone.

When comparing its price to Ledger Stax, you get a touchscreen device with all the security features and support, but without the curved screen and wireless charging, for $150 less. In our opinion, this is an amazing deal.

On the other hand, for users who don’t want to hold NFTs or aren’t interested in touchscreen devices, Ledger’s Nano X and Nano S Plus devices offer similar features at a lower cost. Ledger’s Nano devices are akin to thumb drives, allowing you to store the same number of coins and tokens and use the same Ledger Live app for all it offers, with the same transaction approval system as the higher-end devices.

Of course, personal preference also matters. If you are looking for a compact, safe, and sturdy device that enables you to store thousands of dollars worth of tokens and NFTs, Ledger Flex is a great choice. However, if you are also interested in the unique curved screen and wireless charging, you’ll have to pay the premium price that comes with Ledger Stax.

All in all, we believe that Ledger Flex is a reasonably priced option for crypto investors looking for a secure hardware wallet with a little more oomph than Ledger’s Nano product line.

4. Ledger Flex Security Features

The Ledger Flex crypto hardware wallet is one of the safest wallets for safeguarding your digital assets – though this doesn’t come as a surprise, as the device is created by one of the largest and most highly rated hardware wallet companies in the world.

Note: In a 2023 software hack that was not directly affecting Ledger devices, the company stated it would reimburse the victims.

As mentioned earlier, Ledger’s winning formula includes combining secure chip technology, a dedicated OS, and a secured screen for unparalleled security. The company uses 95% open-source code, with the remaining 5% being its proprietary security technology.

The Ledger Flex wallets contain a CC EAL6+ secure element chip and a proprietary operating system. The first is designed to isolate cryptographic transaction signing from the rest of the wallet, thus minimizing points of failure.

As per Ledger’s statement, these are the main security features of this device:

• The only hardware wallet brand with a secure element-driven display, ensuring that what you see is what you sign.
• A robust development environment built on top of secure element chips, allowing for advanced security features.
• Secure element chips provide a fortified layer against physical and digital tampering.

Some users worry that Bluetooth connectivity is a point of failure that hackers can exploit. However, the Bluetooth connection on your Ledger Flex wallet is encrypted end-to-end. Moreover, your seed phrase always remains on the device no matter what connection you use.

Top tip: Ledger constantly updates its firmware to patch potential vulnerabilities. Check your Ledger Live app from time to time and update your Ledger Nano X if an update is waiting for you.

Ledger Models Compared

Let’s compare the two new touchscreen hardware wallets coming from Ledger – Stax and Flex.

As we can see, Stax offers a slightly more premium experience with its curved touchscreen display and wireless Qi charging, but at a steeper cost of $399.

Ledger Flex: Supported Services

Now that we have covered everything about the Ledger Flex itself, let’s look at the services that underpin the Ledger hardware wallets as a whole. Namely, this includes the:

• Ledger Live App
• Ledger Recover
• Ledger Security Key

Ledger Live App

Ledger Live is the official app from Ledger. It offers an all-encompassing Web3 experience that caters to both beginners and experienced crypto users. Ledger Live is designed to simplify the management, growth, and security of your digital assets. Its seamless integration with Ledger’s hardware wallets provides a secure and user-friendly platform that brings all your cryptocurrency needs into one place.

Whether you are tracking market trends, managing your DeFi portfolio, or showcasing your NFT collection, Ledger Live has got you covered. Here’s a rundown of everything you can do with Ledger Live:

• Buy crypto: Purchase a wide range of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Polkadot (DOT), and Aave (AAVE) using your credit card or bank transfer. Your purchases are instantly secured in your hardware wallet. You can also sell Bitcoin directly through the app.
• Swap crypto: Effortlessly exchange one cryptocurrency for another in a secure and fast environment. With Ledger Live, you can swap over 5,500 different coins and tokens, such as Bitcoin, Ethereum, BNB, Tether, Dogecoin, and Litecoin.
• Stake and earn: Maximize your holdings by staking cryptocurrencies like ETH, ATOM, DOT, ALGO, XTZ, and TRON, and earn rewards – all within the secure ecosystem of Ledger Live.
• Manage NFTs: Securely collect and display your NFTs. Ledger Live makes it easy to manage your digital collectibles, ensuring they are protected by your hardware wallet.
• Check crypto market prices: Stay informed with real-time market data, including price, volume, market cap, dominance, and supply, all accessible through your personalized watchlist in Ledger Live.
• Pay using your crypto: With the CL Card, you can use your crypto for everyday purchases. Order the card directly through the app and enjoy seamless integration with your Ledger wallet.

Ledger Live supports a broad spectrum of cryptocurrencies, ensuring you can manage all your digital assets in one place.

Ledger Recover

Ledger Recover is service from Ledger designed to enhance user security. Essentially, it works by allowing users to recover their crypto even if they lost their seed phrase backup.

The service works by encrypting and splitting the seed phrase into three parts and storing the parts with three separate companies. This ensures safety even if one part is compromised.

If you intend on holding several thousand (or more) dollars in crypto, but don’t intend on hiring an institutional-grade custodian, Ledger Recover would be an ideal choice.

Note: Ledger Recover comes with a monthly fee of $9.99 and offers up to $50,000 in compensation from Coincover if funds are stolen through the service.

Ledger Security Key

The company has also introduced the Ledger Security Key, a system that provides 2-factor authentication (2FA) and Passkey capabilities for enhanced online security.

Passkeys replace traditional passwords, reducing the risk of phishing and unauthorized access. Ledger Security Key is compatible with major online services, offering a seamless and secure login experience.

How to Use Ledger Flex

In order to get started with Ledger Flex, have the device and a computer or mobile device near you. Next, follow the process below.

• Step 1 – Turn on your Ledger Flex: Press the button on the top right side of the device to turn it on. The device will lead you through a series of messages about hardware wallets.
  
• Step 2 – Download and install Ledger Live: Next, download and install the Ledger Live app on your computer or mobile device. While Ledger Live is not necessary to install for a Ledger Flex setup, it is absolutely recommended.
  
• Step 3 – Connect Ledger Flex to a computer or mobile device: Once you have installed and entered the Ledger Live, the app will prompt you to connect your Ledger Flex to the computer or mobile device.
• Step 4 – Genuine check and software check: Ledger will first check whether your Flex device is genuine, as well as whether its software is up to date. You might have to allow secure connection with Ledger Flex on your computer in order to continue the process (you will be prompted to click the “Allow” button).
• Step 5 – Choose your Ledger Flex name and PIN: Once your hardware wallet device is confirmed to be genuine and up to date, Ledger will ask you to name your device (pick anything you like) and create a PIN code for your device (4-8 numbers).
• Step 6 – New Ledger vs. restore: With your Flex name and PIN set up, the app will ask you whether you want to create a new wallet or import an already existing one. If you are importing a wallet, you will be required to input your seed phrase. If, on the other hand, you are creating a new wallet, you will be directed to the recovery phrase creation process.
• Step 7 – Write down and confirm the recovery phase: Your Ledger Flex device will now start displaying recovery phrase words. Use your Ledger Flex recovery sheet to write down all the words of the seed phrase. Then, confirm the phrase by repeating the seed phrase to your Ledger Flex device.
  
• Step 8 – Backup creation: Next, you will be prompted to activate a digital backup (Ledger Recover) or continue with just your recovery sheet. Choose whichever is best for your situation.
• Step 9 – Install crypto apps (optional): Your wallet is now officially created, and the Ledger Live app will allow you to use all of its features. You can now install crypto apps to make your Ledger experience even better and more efficient. We recommend installing the Bitcoin app, as it is required to sign BTC transactions.
  
• Step 10 – Start your Ledger Flex journey: Now that your hardware wallet is set up, you can transfer your crypto or buy it directly in the Ledger Live app, and then hold, stake, or interact with DeFi apps from the safety of your hardware wallet.

Conclusion

After sifting through all the details and specifications, our Ledger Flex review concludes that this is one of the best hardware wallets you can get in 2024, especially if you are looking for a touchscreen device. Store over 5,500 coins, tokens, and NFTs, and manage your portfolio on mobile or desktop. You can even swap or stake your coins or purchase more with the hardware wallet’s companion app, Ledger Live.

If you own thousands of dollars worth of assets, whether it be coins or NFTs, $249 for the Ledger Flex is a justified price to pay for peace of mind.

FAQs