How to switch from Ledger Nano S to the Ledger Nano X?
Those who already own a Ledger Nano S and want to upgrade to the successor Ledger Nano X can do so without any problems. There are two ways to go about this.
Transfer cryptocurrencies to the Ledger Nano X
One option is to set up the Ledger Nano X like a new hardware wallet. This gives you a completely new wallet with new private and public keys. Now you can start transferring coins from the old Nano S to the new Ledger Nano X hardware wallet. To do this, create a new account on the Nano X for the corresponding cryptocurrency and generate a receiving address. Save them temporarily and switch to the Nano S. There, open the account of the same cryptocurrency and send it to the cached address. Once the old Ledger Nano S is “emptied”, you can reset it to factory settings and sell/give it away or dispose of it.
The advantage is that with the Nano X a new setup is carried out and you are in possession of a new recovery seed. This increases safety. The disadvantage is that transferring the coins from the Nano S to the new addresses of the Nano X incurs fees.
Transfer existing wallet of the Nano S to the Nano X
To avoid the fees you can transfer the already existing Recovery Seed of the Nano S to the Nano X instead. When setting up the Nano X, simply indicate at the appropriate point that you already have a Recovery Seed. You can then import this and have access via the Nano X to all existing accounts set up via the Nano S.
You can even continue to use the Nano S in parallel. In this case, both hardware wallets can be used interchangeably with Ledger Live. For example, you then take the Ledger Nano S for use at home or as a backup device safely stowed and the Nano X for on the go. Both then operate the same wallet.