Ledger Nano S Review
In this Ledger Nano S review we give a non biased review of this wallet. The Ledger Nano S wallet is a hard storage crypto wallet and we share details about the wallet’s security features, functionalities, costs and usability.
Disclaimer: Trading and storage of your private keys is always at your own risk
This post was last updated on:4 May 2020
Ledger Crypto Wallet Review – QUICK NAVIGATION
QUICK FACTS – Ledger Wallet
Available on: Hardware
Wallet Type: Cold storage
Key Type: Custodial
Holds: Bitcoin & 1250+ ERC20 tokens
Ledger Nano S Review:
Overview of Ledger Nano S
The Ledger Nano S is a Bluetooth enabled secure device that stores your private keys. This enables you to make sure all your crypto assets are safe, wherever you go.
You can install up to 100 cryptocurrencies on your Ledger Nano S so quite an extensive list but most importantly core cryptocurrencies like Bitcoin, Ethereum, XRP and Litecoin.
An innovative feature allows you to set up and manage your ledger Nano S via a mobile app, which means you can handle your crypto on the go.
Headquartered in Paris, but with teams based it Vierzon and San Francisco, Ledger has a team of over 130. Their product is sold in 165 countries and the company has successful received funding over over $85M over the last 4 rounds of capital raise.
Introduction to Ledger Nano S Wallet
The Ledger Nano S is a hardware wallet with a corresponding app that also allows it to be used on your mobile. The Nano X is a more complex version of the S which came out in 2019.
To set up the Ledger Nano S is easy, since it is like a thumb drive, you plug it into your computer, choice a PIN and presto. The device will later prompt you for a a 24-word seed phrase which is a helpful way of remembering your private key.
The product comes a card where you can write these words down. Its imperative to store this paper somewhere safe. Do not take a photo and Do not store these words on your computer as it would be defeating the purpose of the device.
What the Ledger Nano S Wallet Offers
Ledger Nano S enables safe secure way to store all your crypto. It supports
Bitcoin, Litecoin, Ethereum, Ripple, Doegecoin, NEO, Bitcoin Cash, Bitcoin Gold, Zcash, Stratis, ARK, Ubiq, and more. The a
Getting Started with Ledger Nano S
How to use Ledger Nano S wallet
Follow this step by step guide to use the Nano S
- Plug it into your computer to turn it on.
- Enter a 4 digit pin
- Press buttons on side of the drive at the same time to see a series of numbers.
- Write down your 24-word recovery phrase based on the words that will be displayed and click the right button to display next word until you have all 24.
Using Ledger Nano S wallet with your computer
To receive bitcoin you will need to have the Ledger Manager app installed.
Adding Bitcoin with Ledger Nano S
- Open the App
- On your Ledger Nano S’s press both buttons on the “B” to select Bitcoin.
- This enables your bitcoin wallet to be displayed in your app
- Address is displayed and funds can be sent.
Pros and Cons of Ledger Nano S
The Ledger Nano S sells for $59 (VAT excluded).
This makes the Nano S one of the most affordable hardware wallet on the market at present.
You can purchase your Ledger Nano S from the Ledger Store directly or Amazon
Do not buy a second hand hardware wallet. Always by new and directly from reputable source. Ensure packaging is close with seals for your full security
Ledger devices are trusted by avid crypto users. Ledger applies two layers of protection to their technology – ST31H320 (protection) and STM32F042 (OS) chips. These chips are used to store private keys as well as sign transactions as separate pieces of hardware, having two is chips is quite important factor of security here!
To date there have been no public reports of any ledger devices being remotely hacked. Unlike mobile wallets which are certainly a victim to such attacks. The biggest threat to a ledger is the user themselves, forgetting or misplacing the device or their 24 seed phrases.
Ledger Nano S Review: Our Rating
Ledger Nano S is a reasonably priced piece of hardware coming out of a highly reputable and well backed company. The devices is highly secure, and dare we say as secure as they get. It is easy to activate, their App makes it easy to use and transact with, so nothing but a raving review here: the Ledger Nano S is a great hardware wallet in our opinion.