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Ledger Nano S is a popular and secure hardware wallet, trusted by both novice and professional traders to secure their digital assets. It is a multicurrency wallet, supporting a wide range of cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin. The Ledger Nano S offers maximum protection for your digital assets as it is built using a secure chip which is similar to the chip used in credit cards.
The Nano S includes a screen which is used to display information on your transactions. Two buttons are the primary way to interact with the device and can be used to control all the operations of this hardware wallet. The Wallet doesn’t require any charging in order to function since it draws its power from a PC whenever it is connected.
In this Ledger Nano S review, we will outline the main pros and cons of this hardware wallet. We will also explain how to use it securely and what are the costs involved with owning and operating such a wallet.
How does the Nano S compare to other crypto wallets out on the market?
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Since it uses a highly secure chip and is not connected to the web, it is almost impossible for hackers to steal your coins from the Ledger Nano S. The price of the wallet is €59 and is available in several colours, namely Matte Black, Saffron Yellow, Lagoon Blue, Flamingo Pink, Jade Green, and Transparent. In addition to the Nano S, Ledger offers two further models. The Ledger Blue, which is ideal for more advanced users and priced at €279.99, and their latest release, the Ledger Nano X. Express shipping is available worldwide and free for all purchases.
Over 1.35 million Nano S wallets have been sold so far. For safety reasons, we highly recommend buying it solely from Ledger’s official website.
In 2020, more than 2 years since its release, the Ledger Nano S is still widely sold, and rightly so. This hardware wallet continues to rank as one of the best wallets in the industry. Although the Ledger Nano X is technically safer when transacting funds, the Nano S is unbeatable for safekeeping your cryptos.
Ledger Nano S wallet currently supports over 1,100 cryptocurrencies and tokens, including:
Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum Classic (ETC), Litecoin (LTC), Cardano (ADA), Dogecoin (DOGE), XRP (XRP), Zcash (ZEC), Dash (DASH), Stellar (XLM), Qtum (QTUM), Bitcoin Private (BTCP), Tron (TRX), Waves (WAVES), EOS (EOS), IOTA (IOTA), Stratis (STRAT), Komodo (KMD), Ubiq (UBQ), Viacoin (VIA), Ark (ARK), Expanse (EXP), Neo (NEO), Stealth (XST), Hcash (HSR), Digibyte (DGB), Horizen (ZEN).
These are other cryptocurrencies that were available as we were writing this Ledger Nano S review. It is likely that by the time you are reading this, even more coins and tokens are supported.
ERC-20 tokens, including Monero and Binance Coin, need an alternative software connected to the Nano S in order to send or receive them. MyEtherWallet or MyCryptoWallet would allow you to transfer these coins to and from your wallet.
You can deposit and play with the cryptocurrencies supported by Ledger Nano S on our recommended crypto casinos:
To see the full list of digital assets supported by Ledger Nano S wallet, simply click here and scroll to the bottom of their home page:
The wallet can be connected to the computer via a USB 2.0 port and is compatible with several operating systems, including Windows (7 and higher), Mac (10.8+) and Linux.
Once you receive the package from the official manufacturer, you should ensure that the box contains the following:
If any item is missing from the list above, don’t hesitate to contact the seller immediately. Ledger Nano S comes with a built-in anti-tamper software which will automatically detect if the device has been tampered or altered from the moment it leaves the factory. Nevertheless, if you notice any marks or suspicious scratches, be sure to check with the manufacturer before transferring any funds into your new wallet.
Before first use, you should ensure that the wallet is original and brand new. Doing this can be easily done by checking the following:
To avoid the risk of purchasing fake devices, the best option is to buy the Ledger Nano S from Ledger’s official website.
In order to configure your new Ledger Nano S, you need to carry out two important steps; setting a PIN and make a note of the recovery seed. To accomplish both, all you need to do is:
It is very important that you keep the recovery sheet in a safe place so that you can use it to recover your coins in case the wallet is lost, broken or stolen.
In order to send and/or receive crypto assets using your Ledger Nano S, you will need to install the Ledger Live Software on your computer. Ledger Live can be downloaded from here.
In this example, we will assume that you had already initialized the device, that is, steps 1 to 7 listed in the review section above have been completed. Hence, option 3 is selected.
You can set a password for the Ledger Live app in case the computer is shared. By using Ledger Live, users can download the latest firmware on to your Ledger Nano S.
To send or receive crypto assets, you must first download the relevant cryptocurrency app using the Ledger Live. Follow the procedure below to download the Bitcoin (BTC) app to send and receive BTC:
The above procedure can be used to install apps for any other supported cryptocurrency. The final step before being able to send and receive crypto assets is adding a new or existing account for that asset.
Follow the steps below to receive any supported cryptocurrency:
Once the sender completes his transaction, you will receive the coins on your wallet.
In order to send a crypto asset from your Ledger Nano S, follow these steps:
Congratulations! You have successfully sent digital currency using Ledger Nano S.
As soon as the crypto assets are stored on the Ledger Nano S, it is not possible to move the funds out without direct access to the device. That’s why it is impossible for hackers to steal coins from the wallet. There is no way to access the device remotely, which is why this type of storage is also known as Cold Storage. The Ledger Nano S is shipped with a built-in anti-tamper software which automatically detects if any tampering or other kinds of violation is done to the Wallet after it is shipped from the manufacturer.
It’s good to keep in mind that when it comes to trading CFDs on a CFD trading platform, there is no need to make use of crypto wallets – and this makes safeguarding your profits easier. CFD trading platforms also offer compensation schemes. Check out our recommended CFD trading platforms here:
Ledger Nano S allows users to recover a wallet in case it is misplaced, stolen or broken by entering the recovery phrase. Without a recovery phrase, it is not possible to replace or restore your device. If you do need to recover your funds from an inaccessible wallet, all you need to do is:
Select the words of the recovery phrase one by one using the buttons. Once your recovery phrase is entered and verified, you should see the message ‘Your device is now ready’ on the screen. In case you encounter any issues, speak to a Ledger support staff member immediately.
No Ledger Nano S review would be complete without a mention of the numerous third parties that integrate into this wallet. In fact, beyond the impressive capabilities of this handheld device, Ledger allows you to connect your wallet to exchanges and other providers. You can also stake your coins and receive interest.
For a reasonable price of €59, this wallet supports an impressive range of cryptocurrencies, which makes it a popular choice among crypto investors. Whilst Reddit and other users normally give this hardware wallet a positive overall rating, there are a few complaints on the speed of the customer support team.
Both the Ledger Nano S and Trezor are hardware wallets used to secure the crypto assets offline. Even though the majority of the features on these two devices are quite similar, there are few significant differences between the two. For example, Ledger Nano S supports a larger number of cryptocurrencies when compared to Trezor. In addition, Trezor is slightly more expensive than the Nano S.
Trezor’s advanced firmware is considered as better than that offered by the Ledger Nano S. This might help explain the difference in price.
KeepKey is another popular hardware wallet, but unlike the Ledger Nano S, it only features one button. This makes setting preferences harder. The Ledger Nano S supports a higher number of crypto assets works faster than KeepKey. KeepKey’s display screen is larger than the Ledger Nano S, although both devices are easy to configure, making use their own proprietary software. Additionally, both cold storage devices provide a high degree of security to users’ funds.
Portability – 4.8
Security – 4.8
Ease of use – 4.5
Cryptocurrency Support – 4.5
No, updates must be manually approved in order to maintain device safety.
The best place to buy the Ledger Nano S is from Ledger’s official website. This will ensure that you receive a genuine product.
Yes, you can reset your device by going into your settings menu and navigating to “Security”. Select “Reset All’ by pressing both buttons simultaneously.
You can recover your coins and place them in another wallet as long as have a backup of your seed.
Ledger Nano S currently supports over 1,100 different coins and tokens.
The Ledger Nano X is the latest hardware crypto wallet offered by Ledger and it is designed to be the Bluetooth enabled Ledger Nano S on the go.
If you are looking for one of the most secure hardware wallets, capable of storing a wide variety of cryptocurrencies and offering increased functionality, Trezor is definitely your go-to wallet.