In our opinion, the combination of security, ease of use and sheer elegance makes the Ledger Nano X the standout option for storing your cryptos. This model connects with the Ledger Manager app to allow you to manage 25 coins and thousands of ERC20 tokens.
Setup instructions are easy to follow. Your private key is created from a random collection of 24 words. You must keep a secure copy of these words somewhere very safe.
Remember: if you lose your Ledger Nano and you do not have the 24 words to hand, you have lost your cryptos. There is no-one who can restore your private key for you.
Remember: anyone who has access to those 24 words has access to your cryptos and can move them to another wallet without your permission.
The Ledger Backup Pack (one Nano S and one Nano X) is a fine idea — set them both up using the same 24-word phrase, and leave the S locked away in case anything happens to your X.
As for the 24-word phrase, one suggestion is to split it into 2 sets of 12 words and store them in 2 bank deposit boxes at 2 different locations. It's also worth investing in a safe at home if your crypto investments are material.
Note: The Nano X has since been superseded by Ledger Stax.
Please feel free to contact us with any questions.