Ledger Nano S

Written By
Deniz Saat
Reviewed By

Searching for the right wallet to store your Bitcoin? Learn all about the Ledger Nano S including its features, security aspects, supported currencies, and more. This review aims to answer all your questions so that you may find the perfect wallet to hold your Bitcoin.

Overview

Affordable wallet for its category.

Easy to transport.

Holds multiple currencies.

Overall Rating
  • Features
  • Ease of Use
  • Security

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Who are they?FeaturesCurrencies SupportedHow does it work?Is it Safe?ProsConsFAQ

Who are they?

The Ledger Nano S is a hardware wallet that stores and manages cryptocurrencies. It uses both private and public keys for sending and receiving digital assets. As a hardware wallet, the Ledger Nano S is considered immune to online hacks and malware attacks. It was released in 2016 by the Paris based company, Ledger. Since then, it has sold over 1.5 million devices worldwide. The hardware wallet is compact and has an easy to use interface. The Ledger Nano S has multiple security features, is extremely secure, intuitive to use while also being highly affordable. It is packages with the following contents:

  • The Ledger Nano S device
  • A micro-USB cable
  • An instruction booklet
  • A keychain, keyring, and lanyard for wearing the device around the neck
  • A recovery sheet for writing down your seed phrase

Features

  • Easy to use interface
  • Built-in display unit
  • Supports a wide variety of coins. More than 1,100 cryptocurrencies, and digital tokens are available
  • Extremely affordable
  • Small, compact, and durable device
  • Easy to set up, takes only 3 minutes for the initial set up
  • Looks like a nondescript USB device

Supported Currencies

The Ledger Nano S supports an extensive range of cryptocurrencies. The most popular ones include:  

  • Bitcoin (BTC)
  • Ethereum (ETH) & all ERC-20 tokens
  • Litecoin (LTC)
  • Ripple (XRP)
  • TRON (TRX)
  • EOS (EOS)
  • Bitcoin Cash (BCH)
  • Monero (XMR)
  • NEO (NEO)
  • Vechain (VET)
  • Zcash (ZEC)

How does it work?

Here is a step-by-step guide to set up the Ledger Nano S:

  • Plugin the device to your computer using the micro-USB cable.
  • Create a four-digit PIN on the display screen. Use the two side buttons to select the PIN. Now press both buttons simultaneously to confirm the number.
  • Backup the recovery seed phrase by writing down the 24 words on the paper provided or in a diary. This step is crucial for recovery in case the wallet is lost or damaged.
  • The next step is to install the Ledger Manager app. This is the companion app to the device and will allow you to configure new wallets, add other coins, and update the firmware on the device. There is also a Chrome extension and is available to download from the Chrome Web Store.

For buying and transferring Bitcoin or other digital coins:

  • Connect the Ledger Nano S to your computer.
  • Open Ledger Live.
  • Choose Bitcoin (or another cryptocurrency) on the device (enter the PIN when prompted).
  • On Ledger Live, go to “receive,” and you will see your newly generated Bitcoin address.
  • Copy and paste the address into the interface or exchange to receive Bitcoin.

Is 

Ledger Nano S

 safe? 

The Ledger Nano S is shipped in an anti-tampering sealed box. If the seal is broken or has been tampered with in any way, the device may be shipped back for a refund or new device. The device uses a dual-chip with CC EAL5+ certification that ensures top of the line security. Additionally, the Ledger Nano S requires two-factor authentication (2FA) to confirm a transaction. This requires both physical buttons on the device to be used and will not initiate transactions unless the user is physically present with the Nano S. The PIN is also a very important security layer. When using the Nano S, a four-digit pin must be entered every time it is plugged into a computer. If the PIN is entered wrong three times, the device will erase all user data. If this were to happen, the user may recover the wallet by providing the 24 word seed phrase.

Pros of 

Ledger Nano S

  • Portable and secure.
  • Built-in display screen for validating transactions.
  • Supports more than 1100 cryptocurrencies.
  • Malware proof and easy to recover.
  • Affordable pricing.
  • Reputable wallet with over 1 million units in use.
  • Passphrase set up for an added layer of security.

Cons of 

Ledger Nano S

  • Small display screen.
  • Not open-source hardware

FAQ

1. Is the Ledger Nano S safe for storing Bitcoin?

The Ledger Nano S is considered one of the safest hardware wallets for storing Bitcoin. It uses multi-level security to ensure the safety and security of your holdings. From an integrated microchip to a 24-word seed phrase, the device ensures cryptocurrency safety. It also uses a four-digit PIN to verify transactions, a passphrase may be set up for an added layer of security, and a 2FA verification process may also be used.

2. What if the Ledger Nano S breaks?

If your Ledger Nano S breaks, you may order a replacement. Once it arrives, you may use your recovery seed phrase to recover all funds.

3. Can the Ledger Nano S be hacked?

Developers are actively testing the device for vulnerabilities. A hack will require physical access to the device, which minimizes the danger.

4. Can I connect Ledger Nano S to a mobile phone?

The Ledger Nano S can be connected to both Android and iOS smartphones using the USB cable and an adapter.

5. Can you use Ledger Nano S on multiple computers?

The Ledger Live application can be installed and used simultaneously on multiple devices (computers and smartphones), as long as your accounts and settings are set up on each of these devices.

6. Is Ledger Live Safe?

With Ledger devices, your private keys never leave the SE (Secure Element chip) and will remain safe from online hacks. Every action you take within Ledger Live is secure.

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WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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