Ledger reviewed: wide choice, troubled record

Ledger is the biggest name in hardware wallets, and the range shows it: five models from USD 69 to USD 399 and an app that handles more than 15,000 coins and tokens. If you want to self-custody Solana, XRP, Dogecoin or a long list of ERC-20 tokens alongside your bitcoin, the competition from Prague and Adliswil offers less. A touchscreen and Bluetooth for use with your phone start with the Nano Gen5.

The downside: no other wallet brand has such a long list of incidents. Customer data from 2020 is still circulating, Ledger Recover shook confidence in the closed firmware in 2023, and in October 2026 tampered devices from a reseller were used to drain wallets. If you insist on open code or only hold bitcoin, BitBox or Trezor are the better fit. If you choose Ledger, follow the rules below.

Models and prices

Ledger lists prices in US dollars in its official shop. We could not confirm franc prices; the exact amount appears at checkout once you enter a Swiss delivery address.

The Nano X at USD 99 is most likely a promotional price. The Nano Gen5 was unveiled in October 2025, the Flex in July 2024. In October 2026 Ledger also announced the Ledger Atom, a phone-shaped, Android-based device with its own secure element. Reported prices are USD 849 (Founders Edition) and USD 899; at launch it could only be reserved.

Buying from Switzerland: shop, resellers, VAT

Since 2024 Switzerland no longer charges customs duties on industrial goods. What remains is import VAT of 8.1% on the value of the goods including shipping. The Federal Office for Customs and Border Security waives tax amounts up to CHF 5, which corresponds to roughly CHF 62 of goods. A Nano S Plus at USD 69 plus shipping usually lands above that line. On top, Swiss Post and couriers charge their own clearance fees, which vary by carrier. We could not confirm whether Ledger collects Swiss VAT at checkout – check before you pay. If you are used to ordering from Amazon in Germany or a shop in France, the same applies: Swiss VAT is due at the border.

With Ledger, where you buy matters more than what you pay. The CryptoBilis case below shows how expensive a reseller bargain can become. Buy in the official shop or from a reseller Ledger lists as authorised on its website.

Security model: secure element and closed firmware

All current Ledger devices store keys in a secure elementA tamper-resistant chip of the kind used in bank cards and passports. It protects keys against physical extraction.. According to the comparison page, the Nano S Plus, Nano Gen5, Flex and Stax are certified to CC EAL6+, the Nano X to EAL5+.

The argument is about something else: the operating system running on the secure element is not public. Ledger does publish its companion app and many on-device apps, but independent experts cannot fully verify what the firmware inside the chip does. With BitBox and Trezor, the firmware is open source. Ledger Recover showed in 2023 why that difference matters.

Ledger Recover: backup as a subscription

Ledger Recover is an optional service at around USD 9.99 a month. Your seed phraseA list of 12 or 24 words from which every key in a wallet can be rebuilt. Whoever has it controls the coins. is encrypted, split into three shards and held by Ledger, Coincover and EscrowTech; to restore, you prove your identity with an ID document. The announcement in May 2023 caused an uproar, because it made plain that firmware can, in principle, export the words from the device. Ledger postponed the launch, which eventually came in October 2023. Nothing happens without your approval on the device – but you have to trust Ledger that it stays that way.

The incidents at a glance

1. June 2020

   Unauthorised access to the e-commerce and marketing database. According to Ledger, about a million email addresses, plus name, address and phone for 9,500 customers.

2. December 2020

   A file with names, postal addresses and phone numbers of about 272,000 customers is posted on a hacker forum. Phishing waves and threats follow.

3. May 2023

   Ledger Recover is announced. Critics object to firmware being able to export the seed phrase.

4. December 2023

   The Connect Kit software library for web apps is compromised. Ledger puts losses at about USD 600,000; the devices themselves were not affected.

5. October 2026

   Ledger confirms a hardware implant in devices sold by reseller CryptoBilis. Press estimates put losses at USD 86 to 102 million.

The 2023 case hit users who approved transactions in web apps by blind signingApproving a transaction whose contents the device does not show in readable form – you sign without seeing exactly what., with the device not showing in readable form what it was signing. A good rule for any hardware wallet: if it is not clearly on the screen, do not confirm it.

The CryptoBilis case: tampered devices

This is the most serious incident for buyers. According to BleepingComputer, Ledger confirmed that at least one affected user’s device contained an unauthorised hardware implant. Every confirmed theft traces back to devices sold by CryptoBilis, a Malaysian reseller; the drains began in October 2026. Ledger’s own sales channels were not affected. It is a textbook supply-chain attackAn attack in which a product is tampered with between the maker and the customer, for example at a middleman..

One detail is unsettling: the built-in authenticity check, «Genuine Check», cannot detect an added implant as long as the secure element itself is intact. The press puts losses at USD 86 to 102 million; Ledger has not confirmed a figure. In Germany, MediaMarktSaturn temporarily pulled Ledger devices, although Ledger says no implant-related losses have been reported in Europe.

Buying and setup: the checklist

• Order only on ledger.com or from a reseller Ledger names – never second-hand or on a marketplace
• A card with pre-filled words or a preset PIN in the box: do not use the device
• Download Ledger Wallet only from the official website, not via a search ad
• Generate the seed phrase on the device and write it by hand on paper or steel
• Never type the words into an app, website or email – Ledger never asks for them
• Check the receiving address on the screen and send a small test amount first
• Do not confirm any transaction whose contents the screen does not show clearly

Letters or emails «from Ledger» asking you to enter your words come from fraudsters – a direct legacy of the 2020 leak. The usual tricks are covered in our guide to crypto scams in Switzerland.

Ledger Wallet: coins, buying and staking

The companion app was long called Ledger Live and is now named Ledger Wallet. Ledger says it manages more than 15,000 coins and tokens, with more available through third-party wallets. Besides bitcoin and ether, that includes Solana, XRP and Dogecoin – a clear edge over the BitBox. Buying, swapping and stakingCommitting coins to help run a blockchain in return for a reward, which Switzerland taxes as income. run through third-party providers with their own fees and identity checks; Ledger gives no advice. Compare the terms with a Swiss exchange before buying in the app.

Travel rule: proving the address is yours

Since FINMA Guidance 02/2019, Swiss exchanges and banks may in principle send crypto only to external wallets belonging to their own verified customers. This travel ruleThe duty to pass on sender and recipient details with a crypto transfer, or to prove who controls the receiving address. means that the first time you withdraw to your Ledger, you will need to prove the address is yours. Depending on the provider, a screenshot, a small test transfer or a signed message will do. We have not confirmed a bitcoin message-signing feature in Ledger Wallet itself; it is possible with compatible bitcoin software such as Electrum, which supports Ledger devices. Background in our guide to FINMA and crypto regulation.

How Ledger compares

The Trezor Safe 5 costs CHF 119 in the official shop, with open firmware and a Bitcoin-only edition. The BitBox02 Nova comes from Adliswil and ships from within Switzerland, but supports fewer coins. Ledger remains the pick when the coin list is what counts. For the full picture, see crypto wallets in Switzerland.

Tax

Ledger does not issue tax statements. Self-custodied coins go into the securities schedule of your Swiss tax return as at 31 December, valued at the Federal Tax Administration’s year-end rate, and count towards wealth tax; staking rewards are taxable income. The steps are in our guide on declaring crypto in your tax return.

Strengths and weaknesses

Who Ledger suits

Ledger suits investors who want to self-custody many different coins, Solana and XRP included, and can live with a secure element running closed firmware – provided you buy directly from Ledger and treat every phishing email with deep suspicion. If you only save in bitcoin, value open code or prefer a Swiss maker, the BitBox and the Trezor Safe range are the natural alternatives. For small everyday amounts an app like Exodus is enough – and on mobile it connects to the Nano X and Flex.