Crypto Wallet

Ledger Nano S Review

Established in 2014, Ledger is the master in security and infrastructure solutions for cryptocurrencies and blockchain applications. Their main focus is on designing a variety of merchandises and services to protect digital assets. The Ledger hardware wallets series has already been auctioned in 165 countries.

What is Ledger Nano S?

Ledger Nano S is Bitcoin, Ethereum, and Altcoin hardware wallet to store cryptographic assets and protect all digital payments.

Unlike its predecessors- “Nano” and “Ledger HW.1”, Nano has integrated a built-in, organic LED screen, which makes it stand in the same league as “TREZOR” and “KeepKey”.

Compatibility

  • Operating Systems: Windows (7+), Mac (10.8+), Linux, Chrome OS (Google Chrome or Chromium)
  • Software wallets: Ledger Wallet Bitcoin, Ledger Wallet Ripple, Ledger Wallet Ethereum, Copay, Mycelium, Electrum, MyEtherWallet, BitGo and GreenBits

The Ledger Nano S is listed under the best hardware wallet, as it supports various different cryptocurrencies.

Ledger coins
Ledger coins

Background on the Ledger- Bitcoin Security Company!

Since 2014 Ledger has been producing hardware for Bitcoin security.

From that time phase, it has received over $85 million in funding from few worlds’ top investors. Its recent rise was up for $75 million in January 2018.

Investors Ledger
Investors Ledger

According to Ledger’s website, they have stocked and sold over 1,000,000 Ledger Nano S devices and own clients in over 165 countries:

Ledger info
Ledger info

What’s in the Box?

While unpacking the Ledger Nano S box, you’ll receive the following:

S-box
S-box

In the Box

  1. Ledger Nano S
  2. 1 micro-USB cable
  3. Lanyard for wearing the device around the neck
  4. One keychain and key ring
  5. Recovery sheet for writing down seed

Basic Features of Ledger Nano S Wallet

Features
Features

Comparison with its Competitors

Comparison
Comparison

1)      Price

The Ledger Nano S is valued in euros at €79, which comes about $97 USD. It includes free shipping to almost every country.

2)   Company Reputation

Ledger was established in 2015 in France. Since then the company has gained substantial traction in the cryptocurrency sphere and has widely grown to be a head to head competitor to SatoshiLabs (Creator of TREZOR which was in the market since 2014).

Quick Tour…

Connect your Nano S on a USB port

Welcome
Welcome

Transactions: Check and confirm with buttons

Transaction
Transaction

Pin Code: Protect your accounts and apps

Pin_code
Pin_code

FIDO Authentication: Stronger Authentication for online services

Authorization
Authorization

Configuration: Create a new multi-account wallet

Configuration
Configuration

Restoration: Import any compatible backup

Restoration
Restoration

Settings: Personalize your Ledger Nano S

Settings
Settings

Setting Up and Using the Ledger Nano S Wallet

To setup, plug the Ledger Nano S device into your system via micro USB cable.

Welcome Screen
Welcome Screen

Press both the buttons to begin.

Press Both Buttons to Begin
Press Both Buttons to Begin

After pressing the buttons, you will see:

With Ledger Nano S, side buttons are used to interact and control the user interface. Use left/right buttons to change values and navigate through multiple-choice lists. Press both buttons when you wish to confirm/continue or open an application. To begin configuration, press both buttons.”

Again press both the buttons > device asks you a yes/no question, “Configure as a new device?” > select the check mark saying “yes”.

The device tells you to “Choose a PIN code” > press both the buttons.

Choose PIN Code
Choose PIN Code

Select a code between 4-8 digits any of your choices. [Remember this code and save it somewhere safe]

Tip: You also have an option to scroll via numbers > press both the buttons to select a number. (Repeat this for all 4-8 digits)

Enter the code again to confirm and verify.

Choose Entering PIN Code
Choose Entering PIN Code

After choosing a PIN code, write down “24-word recovery phrase” on the recovery sheet.

Press Write Down Recovery Phrase Message
Press Write Down Recovery Phrase Message

If your Ledger Nano S is lost or damaged, your recovery phrase helps to regain access to your cryptocurrency wallets. Keep your recovery phrase somewhere safe!

Recovery Phrase Word
Recovery Phrase Word
Write Down Recovery Phrase on Recovery Sheet
Write Down Recovery Phrase on Recovery Sheet

Press both the buttons > verify and confirm certain words of your recover phrase > now your device is ready to use.

Your Device Is Now Ready
Your Device Is Now Ready

Now it’s time to install ledger apps.

As the website says, “The Ledger Apps are free official apps interfaces between the Ledger devices and Bitcoin, Ethereum decentralized networks”.

The physical device protects your private keys and runs with apps on your system to interact with the cryptocurrencies’ blockchain.

To be more specific install Google Chrome Applications created by Ledger.

While ledger provides its own wallet apps for most of the cryptos it supports, Nano S has already been integrated into a number of 3rd party wallets. 

Ledger offers its own “Google Chrome Wallet Apps” for Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Zcash, Dogecoin, Ripple, Dash, Komodo, Vertcoin, Stratis, Stealthcoin, Viacoin, Qtum, Hcash, Digibyte, and PivX

Ledger can be integrated with:

Chrome App
Chrome App

To use Ledger Nano S for storing Ethereum, Bitcoin, Ripple install their respective apps.

For example:

To use Ledger Nano S to store any other altcoins, install both “Ledger Wallet Bitcoins & Altcoins” and “Ledger Manager” apps.

Ledger app manager
Ledger app manager

“Ledger Wallet Bitcoin and Altcoins” app use all kinds of wallets except Ethereum, Ethereum Classic, Ripple, Neo, Ubiq, Ark, and Stellar.

For example, Let’s set up a Litecoin (LTC) wallet

1) Plug Ledger Nano S into the computer, enter your PIN code

2) Open the “Ledger Manager” app

3) Click the green download icon

Install Litecoin Wallet
Install Litecoin Wallet

4) Close the “Ledger Manager” app

5) Open the “Ledger Wallet Bitcoin & Altcoins” app     

Choose App
Choose App

6) Select the Litecoin app on the Ledger Nano S

Choose Litecoin App
Choose Litecoin App

7) Now you can access your Litecoin wallet and send/receive Litecoin.

Litecoin Wallet
Litecoin Wallet

Here’s a Detailed Video Tutorial:

Is Ledger Nano S Safe?

The wallet provides integrated security features to help you send and receive payments safely.

Security
Security

1)   Offline Storage: The hardware wallets safely store your digital currencies offline and out of the reach of hackers.

2)   Secure PIN Code: The PIN code is the important factor of security as this four-digit PIN helps you send payments.  Also, after 3 incorrect guesses, while entering the Pin code, the device wipes itself.

3)   Backup and Restoration: In case you lose the physical wallet, your account remains safe as you already have the backup recovery sheet.

4)   Advanced Passphrase Options: Ledger Nano S lets you add custom text onto 24-word recovery phase.

5)   Anti-Tampering Seal: The box comes with a tamper-proof tape around the packaging. This is an additional aspect worth considering!

Seal
Seal

Foot Note

Until the hacker doesn’t have your pin and seed key, your wallet and funds are safe with you. If you’re looking for the best hardware wallet, then you can give this wallet a try.

Have you used Ledger Nano S before? How was your experience using the device?

Share your review in the comment section below and don’t forget to connect on Twitter and Telegram

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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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