Ledger Nano S is one of the world's most popular hardware wallets, with a solid reputation as a reliable offline device for storing cryptocurrencies. The safety of crypto assets ranks top on the list of concerns for any crypto enthusiast, and nothing is therefore as assuring as the knowledge that your private keys are always secure. If you are checking out hardware wallets for offline storage of your crypto, this comprehensive review will provide you with a step by step understanding of everything that you need to know about the Ledger Nano S.
Ledger Nano S Wallet: Review Overview
Ledger released the Ledger Nano S wallet in 2016, and it remains the company's top-selling product by a significant margin. As of September 2020, the company has sold over 1.5 million Ledger Nano S units due to its unique features.
The Ledger Nano S supports hundreds of crypto assets and is incredibly compact. As mentioned above, the wallet safely stores private keys offline (away from an internet connection). Besides, the 'cold wallet' is very portable as it is small (56.95mm x 17.4mm x 9.1mm) and lightweight (16.2 g).
What is Ledger Nano S Wallet?
The Ledger Nano S is a product designed and sold by the French blockchain security company, Ledger. The company was launched in 2014. It is one of the most respected providers of secure crypto storage devices.
The Ledger Nano S is the pioneer product, sold in over 165 countries across the globe and accounts for over 90% of the company's total sales. The hardware wallet works offline- a feature that makes it so popular as that allows the users to secure their digital currencies away from the internet. Online wallets are less secure as the internet is always teeming with hackers out to compromise the systems and steal funds.
Why do people like Ledger Nano S Wallet?
The simple pull factor for this wallet is its highest level of security. With the Ledger Nano S, crypto holders have the peace of mind they need, unlike when using a "hot wallet" that puts the funds at risk as they can be stolen by hackers.
Unlike many other hardware wallets, it contains several security features to offer you the perfect security. Some of these are:
· Cold storage: Offline storage prevents the theft or loss of crypto assets through system errors or by hackers.
· Additional PassPhrase feature: Allows you to add an extra (25th) word to the 24-word recovery phrase.
· Security Pin: Allows you to set up your four-digit security code that is helpful whenever sending payments.
· Automatic backup and restoration: This is a common feature offered by many crypto wallets today. But it is worth mentioning that the Ledger Nano S is designed to ensure that if you lose the wallet, you can still restore your data at any time.
As you can see, as a cryptocurrency enthusiast who is concerned about the security of their digital assets, the Ledger Nano S may be all that you need to have the peace of mind that you are looking for.
What Types of Wallets from Ledger are Available?
Ledger has come up with several hardware wallets to address the storage needs of digital currency users. These crypto wallets are:
This is a handheld device that Ledger released in 2016. Unlike its simpler and smaller cousin, the Ledger Nano S, it is an attractive and futuristic device. The wallet features the following:
· A large screen.
· Touch control.
· Supports up to 11 apps simultaneously.
· Secure chip.
· Anti-tampering sticker.
· Live comparison app.
Ledger Nano S
This is the most popular brainchild of Ledger. It is a USB storage device that comes nicely packed and includes:
· One keychain and keyring.
· One micro-USB cable.
· Recovery sheet (Used to write down the seed phrase).
· Lanyard (use to wear the device around your neck).
Ledger Nano X
The Ledger Nano X is the latest wallet from Ledger. It was released in 2019. After testing the crypto wallet, we can confirm that it is also easy to use. It comes nicely packaged and includes:
· Ledger stickers.
· 1 USB cable.
· Keychain for the device.
· Three recovery sheets.
Ledger Nano Wallet Pros and Cons
Buying a Ledger Nano Wallet
If you want to get a Ledger Nano wallet, create a budget for it. Unlike the web, desktop, and mobile wallets that one can easily download online, you will need to buy it. Read on for the steps that you need to follow to get a high-quality Ledger Nano wallet conveniently and at an affordable price.
How to Order Your Wallet
To buy a Ledger Nano wallet, you should start by visiting Ledger's official website to learn more about your choice from a credible source. You may also read comprehensive reviews backed with solid background research to have all information that you may require from an independent source.
If you want the most secure and popular option, the Ledger Nano S will suit your requirements. Consider finding a local provider who sells the wallets. However, we recommend that you put the order online through the company's site for security reasons. Ledger ships to all countries and also guarantees the original and the best quality wallets.
Confirm the shipping cost before proceeding to pay. The company may charge you a small shipping fee. But it also offers free shipping to customers from many regions. If you are pleased with the offer, add your wallets to the shopping cart and proceed with the payment. Please feel free to click the button below to visit Leger's official website and to order an original Ledger Nano S.
Ledger Nano S Wallet at a Glance
After putting your order, you will receive the device within a few days. You should expect to see a small device with a USB cable and a built-in display feature on one side. You will also see the company's official logo on one side and the name 'Ledger.'
How to Set Up your Ledger Nano S Wallet
After receiving your wallet, you need to set it up to be able to start using it. Since the Ledger Nano S is a hardware wallet, you don't need to worry about an ID verification process or sign up for an account online. Here are the simple set-up steps:
1. Confirm Authenticity- Ledger recommends that you start by confirming whether you have received the right device. Visit their site and see whether the hologram seal on the device is the same as the video. Before opening the tamper-proof box, ensure that the device is sealed correctly. Otherwise, get in touch with the support team for help.
2. Turn your Ledger Nano S On- Plug-in the wallet into the computer using the secure micro-USB cable that came with the device.
3. Set up a PIN code- Once the crypto wallet's screen lights up, use the top buttons to confirm that you would like to configure it. After that, set up a unique 4-7 PIN code. Whenever you choose a number, press the top buttons simultaneously to confirm it. Also, memorise the code. It will be of help every time you intend to use the wallet.
4. Record Your Seed Phrase- The wallet will display a series of 24 words. Find an offline, secure place, and record the words. If you consider it safe, use the provided recovery (seed) phrase sheets and ensure that you record every word correctly. Remember that if you lose the recovery seed, you will not be able to recover your funds.
5. Confirm your seed- The Ledger Nano S will ask you to provide two random words from the seed. Provide this information.
6. Install Ledger Live App- Install the app to your hardware wallet. You can alternatively install it on your phone too. Download the Live app from Ledger's official site.
7. Install Coins Apps- Set up a strong password and install the applications for different cryptos by following the on-screen instructions. Since the wallet has limited internal memory, you can install between 3 and 5 apps for different cryptocurrencies, depending on the sizes. If you want to store one crypto asset, a single app is enough.
8. Create Wallets- Create your crypto wallet addresses and send your coins, following the on-screen instructions.
How to send and receive crypto funds
After setting up your Ledger Nano S wallet, you can send and receive digital currencies. Here is how to go about it:
· Log into your wallet and launch the cryptocurrency application of your choice.
· When asked whether you want a Segwit or a Legacy wallet, choose Segwit. It is more user-friendly.
· Turn to the top left corner and choose either 'RECEIVE' or 'SEND.'
Remember, you can only send and receive coins depending on the apps that you installed. If it is a Bitcoin app, you can receive and send Bitcoins.
Our Review of Ledger Nano S Wallet
Ledger’s security researchers have made a big step forward in the safe storage of cryptocurrencies and the technology behind the Nano devices allows for key features as we will see below.
Ledger Nano S Main Features
The most secure: Users can load the wallet from a secure, specialised environment where there is no risk of malware and vulnerabilities. The Secure Element stores sensitive data and runs secure apps. Besides, the advanced encryption, the ST31H320 and STM32F042 dual chips, the pin code, offline configuration, cold storage, and the 24-word recovery seeds are other features that make the wallet exceptionally secure.
Viable privacy: The software wallet that you use with this device provides advanced privacy features.
Transparency: Any developer can black-box test the Ledger Nano S, but they cannot verify it to be generating secure random seeds. Besides, no one can audit the source code. You can make it harder for anyone to steal your coins by generating your safe random seed, using multiple signatures, and updating the wallet's firmware.
Full control over your digital assets: No one can freeze your funds. You are entirely in charge. However, you should not ignore the duty of securing and backing up the device.
Easy software integration: Can be integrated with multiple software and smartphone-based wallet apps such as Electrum and Mycelium.
Supports major OS: The wallet works with Linux, Mac, and Windows operating systems. To make your Ledger Nano S work efficiently, you need a Windows 7 or a higher version or Mac 10.8 or higher. Since it is Linux compatible, the Nano S works with other Linux-based OS like Google Chrome.
What cryptocurrencies can be stored in your Ledger Nano S wallet?
According to Ledger websites, the Ledger Nano S supports over 1,000 cryptocurrencies. Here are a few of the crypto assets supported by the Ledger Nano S:
- Bitcoin (BTC)
- Litecoin (LTC)
- Stellar (XLM)
- Binance Coin (BNB)
- Cardano (ADA)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Monero (XMR)
- Tron (TRX)
- Ripple (XRP)
- Zcash (ZEC)
- Tether (USDT)
Ledger Nano S Wallet Price
As many hardware wallets have become popular, they have also become more affordable. As of September 2020, according to the information on the company's site, one Ledger Nano S costs about 70 USD. This approximate cost is exclusive of VAT and duty.
Is Ledger Nano S Wallet Suitable for Beginners?
Ledger Nano S features a simple user interface that can guide any beginner to set up the crypto wallet and use it without an expert's support. Once a user gets familiar with the terms like "seed" and understands how to keep the wallet secure, he or she is ready to enter into the cold storage world of cryptocurrencies.
Beginners can take advantage of the wallets’ interface that allows them to view and verify their actions with ease. Besides, given that the Ledger Nano S devices are affordable, beginners with limited capital can also take advantage of the relatively low cost.
Ledger Nano S Wallet Security
As we mentioned at the beginning, Ledger has focused on the security of users' funds as its core business right from its inception. The company invests in the latest technology. The Ledger device's certification level is CC EAL5+. Moreover, it relies on secure ST31H320 and STM32F042 chips. The connector is a USB Type Micro-B.
The offline storage, additional Passphrase feature, unique security pin, automatic backup, and restoration make the Ledger Nano S wallet secure and ideal for storing multiple digital currencies.
Is Ledger Nano S Wallet a Legit and Safe Option to Store your Cryptocurrencies?
The Ledger Nano S wallet is Ledger's pioneer product, and it has turned out to be one of the most popular wallets across the world. Due to the quality of the products, Ledger was recently featured as one of the most reliable producers of cryptocurrency wallets. The cold storage facility that this hardware wallet offers ensures that all the assets stored in it are out of the hacks' reach.
Ledger also designed the wallet with the needs of all users in mind. It is compatible with hundreds of cryptocurrencies and tokens, ranging from the most popular ones, like Bitcoin, Ethereum, and ZCash, to the least known.
Another reason why you need to give the Ledger Nano S a try is the positive reviews it has received across the internet. From our research, many past users are pleased with the wallet's superior features, such as two-factor authentication, password protection, data backup, and recovery. Overall, our in-depth investigations and testing have revealed that the Ledger Nano S is the best for users who are looking for the security of their coins and also need affordability.
Frequently Asked Questions
From our research, privacy is not sold as the main selling point of Ledger Nano S. However, it is one of the features that are driving many people from different parts of the world to buy the wallet. The fact is that once you buy it, you will set up the device and start using it without completing any KYC (ID verification) process. Moreover, no one can verify the wallet to be generating secure random seeds or audit the source code. When buying the wallet, you only need to provide basic information. Otherwise, the advanced privacy features guarantee you a high degree of anonymity.
The Ledger Nano S uses security and privacy features that make it incredibly difficult for hackers to access your funds. But we are unable to rule out the possibility of such security breaches completely. You have the responsibility to store the Pin code securely, and the 'seed.' Ledgers' security researchers are also working hard to ensure that the devices remain safe and secure at all times.
Yes. We have noted that some users have reported having had a difficult time setting up the hardware wallet. Even though many of the same users also report that the wallet has robust security and safety features, we cannot ignore their concern. We advise that after turning your Nano Ledger S on, you can make things easy by following the instructions that appear on the screen. They are accurate and can help anyone.
No, there are even more expensive hardware wallets, but few match the security provided by this product. Either way, costs upwards of 70 USD isn’t exactly cheap.
The wallet's security and ease of use make this product one of the best in the market. When you use your hard-earned money to invest in crypto, you need to take steps to safeguard your assets. Investing in a hardware wallet is the best way to ensure that your funds are safe and secure.