Cryptocurreny Wallet

Ledger Nano S Review – The Best Hardware Wallet

Overview

NameLedger Nano S
Released2016
Wallet typeHardware
Platforms supportedWindows, MacOS, Linux
Price$59 USD (VAT excluded)
Cryptocurrencies supported1,100+ supported coins including Bitcoin, Dash, Etherum, and more.s)
Mobile supportNo

Hardware wallets allow you to store coins in a platform known as ‘cold storage’. Ledger Nano S is the most affordable option on the market with reliable encryption and security mechanisms. 

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The Ledger Nano S is likely the most widely owned and well-known hardware wallet on the market.

In this article, we will give you a detailed guide to this hardware wallet and its overall aspects. Let us look into this Ledger Nano S review in detail now.

What is Ledger Nano S?

The Ledger Nano S is an affordable option to keep security accessible for anyone who has cryptocurrency. It provides cold storage by creating and storing your wallet’s private keys offline. The company has its offices situated in Paris, Vierzon, and SanFrancisco with over 130 employees.

The Ledger Nano wallet was released in 2016 and has since sold over 1.5 million of these devices. This device is extremely compact and it can easily fit in your pocket which makes it perfect for traveling. It has multiple security features and it is intuitive to use. It can also be integrated with third-party wallets to manage ERC-20 tokens.

Ledger Nano S Features

  1. Affordable price: It is suitable for beginners who want a cheap and reliable hardware wallet as a result of the ledger nano pricing which is affordable.
  2.  Security: It provides top of the line security to keep your cryptocurrencies safe and secure from hackers.
  3. Staking: Unique staking features so you can earn cryptocurrency whilst keeping them secure.
  4. Compatibility: Ledger Nano S is highly compatible with almost all the operating systems including Windows, Linux, and macOS.
  5. Dual Chips: Dual chip-technology is embraced by Ledger Nano S wallets and its device is fitted with ST31H320 and STM32F042 chips.
  6. Firmware: Ledger continuously keeps working on its firmware to render security services to its customers.

Fees and Limits

When sending crypto assets, the network fees you offer determine your priority in the queue of pending transactions. Miners will prioritize transactions that offer high fees.

Choose high fees if you require fast confirmation or lower fees if you can wait a while to save on fees. 

  1. High: the transaction will roughly be included in the next block (about 10 min for Bitcoin)
  2. Standard: the transaction will roughly be included within 3 blocks (about 30 min for Bitcoin)
  3. Supported Currencies

Supported Currencies

The Ledger Nano S supports over 1000 coins and tokens. The main coins can be sent and received via the Ledger Live software interface. Here is a list of the top supported coins:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Ethereum (ETH)
  • Monero (XMR)
  • Ethereum Classic (ETC)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Zcash (ZEX)
  • Dash (DASH) 

Is Ledger Nano S Safe?

The Ledger family of hardware wallets are the only fully-certified hardware wallets on the market certified by ANSSI, the French cybersecurity agency. Both the Nano S and Nano X feature what is known as a ‘secure element’.

The Secure Element is a secure chip that embeds intrinsic countermeasures against many known attacks. This kind of chip is tamper-resistant and protects your device from a range of different attacks. Specifically, the secure chip used is an ST31H320 with a CC EAL5+ certification. 

How to set up Ledger Nano S?

Things needed
  • Ledger Nano S with the supplied micro USB cable
  • Computer (at least Windows 8 (64-bit), macOS 10.10, or Linux) with the internet.
  • The Ledger Live application downloaded and installed

Step 1: Press the button next to the USB port until the Ledger logo appears to turn on the device.

Step 2: Read the on-screen instructions. Press the right button to proceed or the left button to go back.

Step 3: Press both simultaneously when Set up as a new device is displayed.

Step 4: Press both buttons when Choose PIN code is displayed on the device.

Step 5: Press the left or right button to select a digit. Press both buttons to validate a digit.

Step 6: Select the checkmark icon (✓) to confirm your PIN code of 4 to 8 digits. Select X to erase a digit. Enter the PIN code again to confirm it.

Step 7: Press both buttons to Confirm your recovery phrase. Your device will display Processing and then Your device is now ready once you’ve successfully completed the setup process.

Step 8: Now press both buttons to be directed to the “Dashboard”. Through Dashboard you can access the apps and settings on your device.

How to restore Ledger Nano S wallet through your Recovery phase?

Step 1: Take the blank Recovery sheet supplied in the box.

Step 2: Press both buttons when writing down your recovery phrase that is displayed.

Step 3: Write down word #1 on the Recovery sheet. Verify that you have copied it correctly in position 1. Press the right button to move to the next word.

Step 4: Repeat the process until Word #24 is written down in position 24. Press both buttons on the final screen to proceed.

Step 5: Press both buttons when Confirm your recovery phrase is shown.

Step 6: Select the first word that you’ve written down in position 1 on your Recovery sheet, with the left or right button. Validate the word by pressing both buttons. Repeat this to confirm your entire 24-word recovery phrase.

Step 7: Your device is ready is shown once you’ve successfully completed the setup process. Press both buttons to Access Dashboard. You will then arrive on the Dashboard.

How to send crypto assets using Ledger Nano S?

Step 1: Tap the Transact tab at the bottom of the app.

Step 2: Tap Send. Choose the Account to debit.

Step 3: Tap Scan QR Code or manually enter the Recipient address.

Step 4: Enter the amount of the crypto asset to send, or its counter value. Tap Continue.

Step 5: Choose the Ledger Nano S to send with while making sure it’s turned on and unlocked.

Step 6: Open the crypto asset app as instructed. Tap Continue.

Step 7: Press both buttons to validate the transaction if everything is correct. The transaction is then signed and sent to the network for confirmation.

Step 8: Click View operation details to track the transaction until it gets confirmed.

How to receive crypto assets using Ledger Nano S?

Step 1: Tap the Transact tab at the bottom of the app.

Step 2: Tap Receive. Choose the Account to credit.

Step 3: Choose the Ledger Nano S that manages the account to credit. Make sure the device is turned on and unlocked. Open the crypto asset app as instructed.

Step 4: Read the on-screen instructions and tap on Verify to display a receive address on your Ledger Nano S.

Step 5: View the address and verify that it is the same as the address shown in Ledger Live.

Step 6: If the addresses match: Press the right button to select Approve, then press both buttons to confirm the address shown in Ledger Live. If the addresses don’t match: Select Reject on your device and do not send it to it.

Step 7: Click Copy or Share and share the address with the sender of the transaction.

Step 8: Carefully check that the address does not change after you copy and paste it or tap the Re-verify button to display on your device again.

Ledger Nano S Pros and Cons

Pros

  • Multi-signature Support
  • Device times out after a period of inactivity
  • Passphrase support
  • It is user friendly
  • Device must be connected for all operations
  • One of the most trusted hardware wallets

Cons

  • Low-resolution screen
  • Limited app capacity
  • Difficulty in navigation with only two small buttons
  • Closed Source

Conclusion 

Apart from its low price, Ledger Nano S provides excellent features which make the most secure hardware wallet option. By keeping it simple, Ledger Nano S constitutes an affordable, simple, safe, and yet versatile hardware wallet for both new and seasoned cryptocurrency fans.

The safety of this device and the fact that it resembles a simple USB stick makes this device a popular favorite for members of the cryptocurrency community.

Recent Updates

  • On Aug 05, 2020, The Bitcoin app that fixes the issue in Bitcoin derivative apps is available for Nano X and Nano S.
  • On Aug 06, 2020, They published the update of the BTC app on Ledger Live. It was been fixed.
  • On Aug 09, 2020, You can now buy crypto via bank transfer in all supported countries, including the US.
  • On Aug 11, 2020, New firmware updates were available for both Ledger Nano X and Nano S.

ledger - 8.2

8.2

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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