Ledger Nano S Review

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

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.

3. Select Ledger Nano S and click Continue.
4. 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

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.

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:

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.

Integrated Services

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.