Wallet Type
  • Hardware Wallet
  • Supported Cryptocurrencies
    Number of Currencies
  • 1100 (Show More)
  • Recovery Option
  • Yes (Show More)
  • Private Key Access
  • No
  • Storage Type
  • Cold Storage
  • Security Level
  • High (Show More)
  • User Friendliness
  • Requires Experience (Show More)
  • Price
  • €59 / $59 / £54.50 + Free Shipping Worldwide

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Ledger Nano S Wallet Review

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.

Ledger Nanon S Matte Black

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.

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.

Ledger Blue

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.

Supported Cryptocurrencies

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).

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.

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:

Ledger Nano S Assets

Connectivity

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.

Ledger OTG Kit

Setup & Configuration

Once you receive the package from the official manufacturer, you should ensure that the box contains the following:

  • Ledger Nano S
  • Micro USB Cable
  • Key Chain
  • 2 Paper Cards (With titles ‘Getting Started’ and ‘Did You Notice’)
  • Recovery sheet
  • Lanyard

Box of Contents for Ledger Nano S

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:

  1. The Recovery Sheets should be completely blank
  2. While switching on the wallet for the first time, the screen should display the text ‘Welcome’
  3. PIN code should be blank. If it is not blank, then the device might not be new and you should contact the Ledger’s support team immediately

To avoid the risk of purchasing fake devices, the best option is to buy the Ledger Nano S from Ledger’s official website.

Initial Configuration

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:

  1. Connect the Ledger Nano S to your computer using the USB cable.
  2. Follow the instructions on the screen and press both buttons on the Ledger device to proceed to the next step. Kindly ensure that you are selecting the option Configure as a new device.
  3. You will need to set a PIN code. The length of the PIN code varies based on the firmware version. (If the firmware version is less than or equal to 1.2, then the maximum length of PIN code is 4 digits. Otherwise, it should be 4 to 8 digits long).
  4. To set the PIN code you will need to use both buttons. Press either one of the buttons to increase or decrease the digit’s value accordingly. If you would like to change the digit being changed click on both buttons at the same time. When choosing your PIN code you shouldn’t use linked numbers, such as your birth year, house number etc. Try to choose a unique code.
  5. Once you entered all the digits of the PIN code, press both buttons to confirm the code.
  6. The next step involves entering the 24-word recovery phrase found on the recovery sheet, which is included in the Nano S’ packaging. Start by inputting the first word of the phrase on the sheet. Then, press the button to view the second word and write that down on the recovery sheet. Repeat the procedure to write all the 24-words on the sheet.
  7. Finally, you must confirm the recovery phrase (using both buttons) to complete the initialization process.

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.

Install Ledger Live

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.

  1. Connect the Ledger Nano S to your computer and open the Ledger Live app.
  2. Here, you have to select the applicable option as per below:
    • Initialize a new Ledger device
    • Restore a Ledger device
    • Use a device that’s already initialized

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.

  1. Select Ledger Nano S and click Continue.
  2. You will be asked a few security-related questions and the Ledger Live will try to communicate with your device to check if it is genuine or not. This completes the security checklist.

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.

Download The Apps

Ledger Live and Apps

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:

  1. Open the Ledger Live app and select ‘Manager’ on the left-hand side of the page.
  2. Connect your Ledger Nano S to the computer and unlock the device. On your device, click ‘Allow’ when you are prompted to.
  3. On the Ledger Manager, search for the Bitcoin app from the list of apps.
  4. Then click the Install button for the app. You will see the text ‘Processing’ appear on your Ledger Nano S screen. The app installation should be completed within a few seconds.

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.

  1. Open the Ledger Live app and click the ‘+’ icon on the left side of the page.
  2. Next, select the asset from the drop-down list for which the account needs to be created.
  3. Connect the Ledger Nano S device and unlock it by entering your PIN code. Follow the on-screen instructions to add the account to Ledger Live.

Receiving Digital Assets

Follow the steps below to receive any supported cryptocurrency:

  1. Open the Ledger Live app and click the ‘Receive’ button located on the left-hand side of the page.
  2. Select the asset account from the drop-down list to receive the funds and click the ‘Next’ button.
  3. Now, connect your Ledger Nano S device and unlock it by entering your PIN code.
  4. Open the relevant cryptocurrency app for the crypto asset you would like to receive on your device. (eg. Ethereum).
  5. Click ‘Verify’ to generate the receiving address for the asset by following the on-screen instructions.
  6. Now you must verify whether the address displayed on your computer and the Ledger Nano S is the same. If it is, you can press the right button on your device. In case it isn’t correct, you can either type the address yourself or copy the address displayed on the computer to share it with the sender.

Once the sender completes his transaction, you will receive the coins on your wallet.

Sending Digital Assets

In order to send a crypto asset from your Ledger Nano S, follow these steps:

  1. Open the Ledger Live app and click the ‘Send’ button located on the left side of the page.
  2. Select the asset account from the drop-down list to debit funds.
  3. Next, enter the Recipient Wallet address on the box provided. Double-check the address to ensure it is valid since once funds are sent, you cannot reverse the transaction.
  4. Enter the amount of cryptocurrency to send and select the Network fees from the drop-down list. The higher the fee, the faster the transaction should be.
  5. Click the ‘Continue’ button.
  6. Connect your Ledger Nano S device and unlock it with your PIN code.
  7. Open the relevant app for the currency you would like to send from your device, such as BTC.
  8. Go through the transaction details displayed on the device and follow the on-screen instructions to authenticate the transaction.

Congratulations! You have successfully sent digital currency using Ledger Nano S.

Security

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.

Ledger Interface

Recovery Options

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:

  1. Connect your new Ledger Nano S to your computer using the USB cable.
  2. Press both the buttons on your device and select the option ‘Restore a configuration’ when it is shown on the device.
  3. Follow steps 3 to 5 from the ‘Initial Configuration’ section above to set the PIN code.

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.

Comments From Crypto Investors

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.

Ledger Nano S Reviews

Ledger Nano S vs. Trezor

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.

Ledger Nano S vs. KeepKey

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.

Rating

4.5

Portability – 4.8

Security – 4.8

Ease of use – 4.5

Cryptocurrency Support – 4.5

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