The main objective of this review is to introduce and educate beginners as well as experienced cryptocurrency enthusiasts to this highly regarded digital currency storage device in the crypto-verse.
We will also explore the device’s primary features as well as security aspects and its configuration process, and many more. We hope that at the end of this review, the information gained will be sufficient for users to try this cryptocurrency hardware wallet as a preferred assets storage device.
Ledger: A brief review about the wallet’s manufacture company
Ledger is one of the leading manufacturer companies facilitating hardware solutions in the cryptocurrency arena, others being Trezor and KeepKey. The company provides infrastructure and security solutions for blockchain applications and crypto-assets.
The company has its headquarter in Paris, and ever since establishing its offices in Vierzon and San Francisco with an employee base of more than 130. With a clear perspective of providing security solutions for the disruptive class of digital assets, Ledger has sold over 1.5 million Ledger wallets in 165 countries to date.
Ledger built and employs its own operating system dubbed BOLOS which is integrated with all the Ledger’s wallet products. Up until now, Ledger is the only one who facilitates such technology.
Ledger Nano S: Important Features
As we have mentioned above, Ledger’s initial product, Nano S, is still a go-to hardware wallet for many investors despite the growing competition in the market. Down below, we will discuss all the features it entails that make it the favorite storage wallet for many crypto holders.
- Cryptocurrency Support: Ledger Nano S supports more than 1500 crypto coins and tokens.
- Staking: Investors can still grow their digital assets while staking them in the device. Its interface, Live, allows users to lock their assets against Tron(TRX), Tezos(XTZ), Cosmos(ATOM), and Algorand(ALGO) and earn interest.
- Ease to Manage: With its popular interface, Live, managing your cryptocurrency portfolio is smoother than most of its competitors.
- Design: The company designed the Nano S device that resembles a USB port, meaning that you can hold your entire digital assets portfolio in your pocket.
- Top-Tier Security: One of many aspects behind its popularity is the security protocols embedded in the device. With a high-grade encryption protocol, Nano S keeps your cryptos safe and secure.
- Market Access: Through the Live interface, you can easily purchase and sell your cryptos directly to your device.
- Swapping: The Nano S also facilitates its users to swap their cryptocurrencies via their partner Changelly. You just need to send your cryptos to Changelly using Live, and the exchange will send you back your desired cryptocurrencies.
Ledger Nano S: Unboxing
As Ledger Nano S is among the popular cryptocurrency hardware wallets in the crypto arena, many high street retailers sell it. But we recommend that you buy it directly through its official webpage or major directly on the Ledger Amazon listing.
Once purchased, you will receive your device without shipping charges. The brand new Ledger Nano S package you receive will contain the following accessories.
- Ledger Nano S device.
- A keychain, a keyring, and a key lace
- A USB connection cable
- 3 blank seed recovery sheets.
Ledger Nano S: Configuration Process
Once the device is delivered to you, the device’s configuration is pretty simple. To set your Ledger Nano S wallet device, you need to carry out the following steps.
- Connect your Ledger Nano S device to your computer. With a micro-USB cable, the package contains, connect your Nano S device to your computer.
- Set up your PIN code. When properly connected with your computer, the Nano S device will turn on, and the device’s screen shows a prompt to configure it “As a New Device.” Using the top 2 buttons present on the device, simultaneously, confirm to proceed with configuration and set up your PIN code of 4-8 digits long. Later on, you will need to confirm each number of your PIN code by pressing both buttons at the same time.
- Write down your recovery phrase. Once your PIN code is set up, the screen will show you a series of 24 words, which you need to write down on the recovery sheet that came in the package. It is essential to keep this recovery sheet securely because if, in the future, you happen to recover your account due to any unfortunate incident, you will need this 24-word phrase.
- Confirm the phrase. In the next step, the device will ask two random words out of that 24-word seed for confirmation. At this stage, the configuration process of your Ledger Nano S hardware wallet is completed, and you can now start storing your digital assets in it.
- Download and Install Ledger Live on your computer. To access and manage your cryptos stored in the Nano S hardware wallet, you need to download and install the Ledger Live application from the Ledger’s official page. Additionally, you can also install the Live application on your Android and iOS mobile devices.
- Install apps for your coins. At this point, you need to set up a password for your Live application and then install your desired digital currencies’ application to store on your wallet. Now, you can generate the wallet address and start sending and receiving your coins right into your Nano S.
Ledger Nano S: How to Send and Receive Funds
At this point, I presume that you already have installed the Ledger’s Live application on your computer or laptop. Now, in order to send or receive cryptocurrencies on your wallet device, you are first required to install the relevant cryptocurrency application using the Live interface. Down below, I will show you step-by-step the whole process of downloading the cryptocurrency application.
- Go to the Ledger Live application and click on “Manager” showing on your account’s left side.
- Connect your Nano S hardware device to the computer. When the device’s screen prompts you, click on the “Allow” button.
- Using the Ledger’s Manager, search for the BTC application and download it.
- Once downloaded, press on the install button. The device’s screen will show you a text “Processing,” which should be completed in no time.
After installing your desired cryptocurrency application, you can now start sending and receiving funds in your hardware device, Ledger Nano S.
Following are the steps that you need to perform to send your digital assets.
- Press on the “Send button” present at the top on your portfolio’s left panel.
- Nominate the account where you want to send your cryptos and enter the recipient’s address.
- After double-checking the recipient’s wallet address, insert the sending amount.
- Next step is selecting the network’s fees as it is directly proportional to your transactional processing. Network which charges you higher will transfer your funds faster.
- Confirm all the transaction details the device will show you. Press on the device’s both buttons to send the assets.
To receive crypto assets in your Ledger Nano S storage device, you need to follow the steps mentioned below:
- Press on the “Receive button” showing on your Ledger Live application.
- Select the relevant crypto account you want to receive assets and click on the “Next” button.
- Now connect your Nano S device with your computer and put your PIN code to access your NANO S device through the Ledger Live application.
- Go to the relevant cryptocurrency application you are receiving and generate a receiving address by carrying out the device’s on-screen instructions.
- After authenticating the address, press on the device’s both buttons to approve.
- Share your recipient’s address with the sender.
Ledger Nano S: Security Aspects
Understandably, the primary objective for a cryptocurrency owner behind purchasing a hardware wallet is to keep his/her assets safe and secure. As many cryptocurrencies come against significant prices, Ledger Nano S hardware wallet ensures that your crypto assets are safe by all means. Its security level is actually certified by the French national Cyber Security Agency, ANSSI. The device entails a security chip that stocks your private keys and marks the transactions.
Furthermore, as hardware wallets or cold wallets remain offline all the time and are only accessible when connected with your computer. So, no one can know the details of your digital assets. In other words, once you have stored your digital assets in your Ledger Nano S device, perpetrators having no access to your device cannot hack it to steal your assets.
When purchased from the manufacturer, you can easily verify through the Ledger’s Live application if it got tampered with or compromised during the shipping period as all the Ledger devices embed an anti-tampered software program.
Additionally, upon trying the incorrect PIN code three times, all the accounts on the Ledger Nano S get deleted. In this way, you can know if your device fell into the wrong hands. Of course, you can recover your device assets with the help of a 24-word recovery phrase that you have written and kept safe while configuring the device.
Ledger Nano S: Pros and Cons
- Widely considered as a trusted wallet
- Easy to use and manage your cryptocurrency assets
- Supports 1500+ cryptocurrencies and ERC tokens
- Certified by ANSSI
- Affordable in price
- Turns off when inactive for sometime
- Tamper Proof
- Long-lasting Durability
- No Bluetooth support for mobile devices
- Requires USB cable to connect with computers or laptops
- Can only hold a limited amount of cryptocurrencies simultaneously
- Lower resolution screen
Nano S compared to Nano X
Let’s look at the key differences between the two models and the three colors of each.
The Nano S was the first crypto wallet released by Ledger that positioned them as a leader in the hardware wallet space. The Nano X is a newer model that provides Bluetooth support for connecting to other devices, has a larger screen with an updated user interface, and has more storage space to add more coin projects.
The Nano S is lighter and slimmer than the Nano X but if you want more features with a bolder display, you may to upgrade to Nano X.
Both of these wallets are great options for storing crypto tokens safely without risking losing them to hackers or forgetting your private key!
If you have read this review until this point, you would agree that Ledger Nano S is definitely worth a try. The device is affordable and facilitates many intuitive features to its user base that any crypto enthusiast, beginner, or experience should benefit from using it.
Overall, Ledger Nano S is regarded as one of the most reliable and secure hardware wallets in the cryptocurrency arena. On top of the PIN code, Nano S wallet entails an extra layer of safety in the form of the 24-word recovery seed.
Newcomers would love using this hardware device as it is easy to configure and facilitates top-notch security aspects certified by the French government agency.
Considering the device’s user-friendly interface, easy accessibility to crypto-assets, and high-grade security protocols, It should be no surprise for you the Ledger Nano S is one of the market leaders in the sphere of crypto wallets.