Ledger Nano S Review 2022
As cryptocurrencies are not part of the physical realm, a new type of storage device had to be invented. Digital wallets are a must when it comes down to storing crypto, and getting your hands on the finer models might be a life-saving investment. Cryptocurrency wallets come in two categories – hardware wallets and software wallets.
Today’s crypto product that we’ll review is the Ledger Nano S, Ledger’s first hardware wallet model. Thanks to its acceptable price, ample security features, an extensive list of supported cryptocurrencies and software wallet integration, this device is a great crypto storage solution.
About the Ledger Nano S Hardware Wallet
The Ledger company was founded in 2014. They are a global firm that specialises in safe blockchain applications and hardware storage devices. Since the release of its device, Ledger has dominated the market with total sales exceeding 1.5 million devices in more than 160 states worldwide.
The Ledger Nano S was launched in 2016. It offers multi-currency features, support for over 1,200 crypto assets, private key cold storage and top-notch security features. The wallet belongs to the category of Hierarchical Deterministic (HD) wallets, which generate public and private keys from a single seed key. Ledger Nano S provides cold storage by storing users’ private keys offline and can be integrated with third-party software wallets like MetaMask and MyEtherWallet.
Ledger devices are one of the best wallets that money can buy as they offer extra features like the ability to purchase and sell crypto through the wallet.
In terms of appearance, the wallet looks like a bulky USB drive encased in a stainless steel case. This is a fresh look compared to the Trezor One’s appearance that looks like a pager from the ’90s. Ledger boasts a discreet look as it’s not flashy or bulky. If it wasn’t for the branding on the outer metal case, you could easily mistake the device for an older USB drive model. The wallet also comes in a variety of colours, including green, pink, and standard black.
It’s recommended that users purchase a brand new wallet from the official site as second-hand wallets can be tampered with, and there is no way that this can be detected until it’s too late.
Ease of Use
The wallet is fairly simple to use and set up as it’s designed to be used by beginners. Users will have to utilise the Ledger Live App that we’ll address below to interact with their wallet through their desktop computer.
The wallet has two small buttons and a small display that’s protected by the metal case, and in order to use it, you would have to open it similarly to a straight razor. The display of the device has two separate parts – a small screen and a Ledger Live App interface. For the most part, you would use the two buttons on the Ledger app to initiate transactions, but you’ll need to use both the app and the buttons on the device to issue commands.
The wallet supports more than 1,500 different cryptocurrencies, but it’s limited in terms of memory. In order to store your private keys on the device, you need to install crypto blockchain apps via the Ledger Live App. Each crypto app installed on the wallet will allow the user to store a single cryptocurrency. The app can store 5 to 7 different blockchains at the same time. To install blockchain apps on the device, users only have to visit the app catalogue and search for their desired crypto.
Ledger Nano S comes in very minimalistic packaging that’s a bit similar to that of Apple devices. Inside the box, users can find the Nano S hardware wallet along with a micro USB cable, neck strap for wearing the device around the neck, keychain and keyring, and three recovery sheets for writing down the recovery seed phrase or passphrase.
In order to set up the Ledger Nano S device, users would have to download the Ledger Live app on their desktop device. You can install the Live application on different operating systems like Windows, Linux, and macOS.
Ledger Live is the Ledger hardware wallet interface app and can be used on all Ledger devices, including Ledger Nano S and Ledger Nano X. By using the app, users can manage their hardware wallet and digital assets. Moreover, the app hosts real-time crypto price updates and offers multi-account management tools, as well as an easy setup process.
The app can be used to create a new account by simply clicking on the “+” prompt from the main dashboard. The accounts can be named for each crypto asset that the user owns. For example, Bitcoin Acc 1, Ethereum Acc 2, etc. To interfere with the different accounts for different crypto, users would have to shift between the installed blockchain apps.
Aside from being available on desktop platforms, the Ledger Live App can be downloaded on mobile devices such as Android and iOS devices. The Ledger Nano S doesn’t have mobile support, but its big brother, Ledger Nano X does.
Getting Started With Ledger Nano S
After the Ledger Live App has been installed, the next item on the agenda is to configure a password. The password is created upon the initial launch. Once this has been configured, take the USB cable and connect your device to your PC. Most of the commands now are done via the device’s buttons. You will have to generate a PIN with a minimum of 4 digit characters but can be customised to include additional characters.
The next step is a bit more complicated. In this step, the device will generate a 24-word recovery phrase that the users will have to write down on one of the cards provided in the box. This could be a tedious process, but an important one as the 24-word phrase is basically the lifeline of the wallet’s security. This recovery phrase and the PIN allow users to recover their assets in a new device in case the old wallet is lost or damaged.
Once all of these steps are completed, the device will have to get verified by the Ledger Live App. This can be done by providing the PIN number into the app interface, and the wallet will be verified. To install apps or update the wallet firmware, users should head into settings and click on “Allow Ledger Manager” on the device.
The wallet should now be verified, and users can install blockchain apps. To send or receive crypto on the wallet, users would have to check the Ledger Live address against the characters prompted on the small screen of the device. The whole number won’t fit on the device’s screen, and users should use buttons to navigate left or right to read the whole address number. Ledger Live also offers users to purchase crypto directly through the built-in crypto exchange.
Bitcoin and Other Supported Cryptocurrencies
The Ledger Nano S supports over 1,200 different crypto tokens, assets, ERC-20 tokens – 29 of which can be directly managed through the Ledger Live App. Some of the supported cryptocurrencies, tokens, and stablecoins include Bitcoin (BTC), and altcoins like Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Tether (USDT), Ripple (XRP), EOSIO (EOS), Iota (IOTA), Cardano (ADA), Dash (DASH), Monero (XMR), Neo (NEO), Stellar (XLM), Binance Token (BNB), and more.
The Ledger Nano S is not an open-source wallet, and users have to rely on the security features and the support team for any issues, as the code cannot be altered to enhance any security features or flesh out bugs. As the wallet is a hardware device, it should be clear that it’s impervious to hackers and malware, and it makes up for its closed-source nature by implementing the above-grade industry safety features.
Ledger devices are considered to be one of the safest hardware wallets in the crypto wallet market. All Ledger devices come with a CC EAL5+ certified chip that has the highest ratings with penetration tests. This security chip is used for credit cards, passports, and SIM cards.
Ledger devices use their own operating system called BOLOS (Blockchain Open Ledger Operating System). The system ensures that the applications installed on Ledger devices and the 24-word recovery seed phrase are isolated, and the wallet requires physical confirmation before any transaction could be conducted. To confirm the transactions physically, users need to press both buttons on the device simultaneously when conducting transactions via the Ledger Live App.
Additionally, Ledger devices are the only devices in existence that have acquired the CSPN (First Level Security Certificate) crypto safety certification from France’s ANSSI. The national cyber-security agency of France.
Overall, the safety and security features on the Ledger Nano S are some of the best in the world, which is quite surprising if you consider its affordable price. Combined with excellent customer support and constant security and firmware updates, the Ledger Nano S is hard to beat when it comes to safety.
The Ledger support team can be contacted through their Ledger website for any issues. The support platform is very well designed and works as a questionnaire. The interface asks users about the nature of their issues and redirects them to a section with resolved issues. If you still can’t find an answer to your problem, you can submit your own ticket in the information panel and wait to hear from the support team.
A Few Words Before You Go...
The Ledger Nano S hardware wallet is one of the best choices for beginners on the market. The UI is smooth, and the Ledger Live App provides ample simplicity to conduct any transactions via the built-in exchange.
The Nano S falls short with its memory handicap, being able to store only 5 to 7 blockchain apps simultaneously. For experienced users who trade in multiple stablecoins and altcoins, the safest bet would be the Ledger Nano X.
To wrap things up, we’ll say that the Ledger devices are without a doubt one of the most secure devices that crypto traders can add to their arsenal of cryptocurrency products and store their private keys without worrying about security loopholes and chinks in the Ledger armour. You can order yours with free shipping today. A disclaimer, free shipping depends on the user’s region. A small green icon under the order page will determine whether the item is eligible for free shipping to the selected region.
frequently asked questions
You can view the Ledger Nano X as the bigger brother of the Nano S. The Ledger Nano X comes at a price of $120 USD, supports more than 1,500 cryptocurrencies, and holds up to 100 blockchain applications at the same time. It also can be integrated via Ledge Live for mobile devices and offers Bluetooth support.