With the rising interest in crypto tokens, the search for the best methods for their storage is also increasing. As a result, there are many different crypto wallets for users to choose from.
One of the many options available is the Ledger Nano S. This Ledger Nano S review goes over its main features, how secure it is, and the pros and cons.
What Is The Ledger Wallet?
The Ledger Nano S is a cryptocurrency wallet. It helps users store, send and receive crypto tokens. Many Ledger Nano S reviews show happy users.
The Ledger wallet is the brainchild of a French start-up. The first release of the wallet was in 2014. Since then, the wallet has reached more than one million people, becoming a reputed name in the crypto wallet space.
Types Of Crypto Wallets
Crypto tokens are stored either on software wallets or hardware wallets. Before we delve into the Ledger Nano S review, let us take a look at more details about both types of wallets.
1. Software Wallets
Many people store crypto tokens in software wallets. These can easily be downloaded onto a desktop, laptop, or even mobile devices. Software wallets are known for their ease of use, convenient transfers, and low prices.
2. Hardware Wallets
Hardware wallets are a physical hardware device that allows you to store crypto tokens offline. They are well known for their safety and security.
Why People Need Hardware Wallets
Even though software wallets are very convenient to use, and transfers are easy, they are vulnerable to threats. If a hacker or anyone with malicious intent installs malware on your device, they have access to your details. If they can infect the system with a keylogger, they can access your wallet’s private keys. This leaves your crypto tokens vulnerable to attacks.
Hardware wallets like the Ledger Nano S make it impossible for anyone to access your tokens or key remotely. This makes them immune to hacking and other such threats. If someone were to try to steal tokens from a hardware wallet, they would first need to steal the whole device. Then, they would need access to a security pin at the very least. This is why most token owners are shifting to hardware wallets over software wallets from a platform.
Which Tokens Do Ledger Nano S Support?
There are more than 1500 crypto tokens being traded, and more tokens are being added to the mix. While there is no single wallet that can store all of them, the Ledger Nano S does an impressive job as a multi-currency wallet.
Multi-token support is an essential feature of a wallet. The Ledger wallet supports 26 different coins and 1500+ tokens. The coins include
- Bitcoin Cash
The Ledger Nano S team is working to add more coins, and big names like IOTA are set to be added to the list.
In addition to the multi-token support, Ledger Nano S can also be linked easily to wallets like MEW and NEON. This lets you add all tokens in those wallets to your Ledger wallet.
What Is Included With The Ledger Wallet?
If you are wondering how to purchase your Ledger wallet, you should always buy it from their official website. With the purchase of Ledger Nano S, you will find
- Ledger Nano S Hardware Wallet
- Instruction Card
- Key Chain
- Recovery Card
- USB Cable
Using The Ledger Wallet
Getting Started: First Steps And Configuration
Setting up the Ledger Wallet is a simple process.
- Insert the Ledger Nano S into the USB port of the device you use
- Use the “Configure as New Device” option on the screen of your wallet. The button on the right should be pressed for “Yes”
- The wallet will install required drivers
- Choose a PIN number
- Press both left and right buttons on the top of the wallet to start
- Choose a PIN number combination between 4 and 8 digits
- Confirm the PIN number
- Write down the backup recovery phrase. This 24-word phrase will help you recover your tokens if you ever forget your PIN, or if your device is stolen. The words will be shown on screen. Write them down and store them somewhere safe.
- Once the words are all displayed, the device will prompt you to enter some of the words.
Configuration is complete.
- Sending funds via the Ledger is an easy process to follow, once you get the hang of it. These are the steps to follow.
- Download the Ledger Manager
- The Available in Chrome Option will prompt you to download. You can follow the installation instructions to have a smooth installation.
- Once the Ledger Manager is installed, you will also need to download the wallet app to your device.
- Whichever the option for the wallet, download the corresponding app on the device. Continue to install the application.
- Launch the wallet app of your choice. Insert the Ledger wallet to your system via the USB port, and enter your PIN number.
- You can choose between a Legacy wallet or a Segwit wallet. The best option to choose is a Segwit wallet.
- Click on Receive, which is at the top of the application.
- Choose the Display Address on the device.
- The unique Ledger wallet address will be displayed. Copy it and paste it to the wallet that stores coins to transfer them across. Make sure you only send tokens corresponding to the right wallet.
- Your Ledger wallet will receive the coins.
This will discuss how to send tokens from the ledger to other wallets.
- Go to your tokens wallet application.
- Click “Send” at the top of the screen
- Enter the wallet address to send the funds to
- Complete the transaction with the Send button
As we see, sending and receiving tokens via the Ledger Nano S is quite simple. While it is not as simple as a software wallet, it still offers an additional layer of security, which is an important part of wallets.
Advantages Of The Ledger Nano S
- There are several advantages to using the Ledger’s hardware wallet.
- It is the most secure way to store your crypto tokens.
- Your private keys are stored within the device, making it impossible to access via an internet connection.
- Ledger Nano S offers multi-token support, with over 26 coins and more than 1500 tokens.
- There are layers of security, like a PIN number and recovery phrases.
- The PIN, a 4 to 8 digit number only you know, gives you access to your tokens.
- In case you forgot the PIN, the recovery phrases will help you access your tokens and set a new PIN, allowing you access to the wallet again.
- There are regular firmware updates that ensure that your device remains secure.
- The material used to manufacture the hardware wallet is highly durable. The cover is made of stainless steel. This means that it is resistant to physical damage like drops.
Disadvantages Of Ledger Nano S
The only disadvantage to the Ledger Wallet is that you will have to plug it into your device when you want to transfer coins. However, this is a price that most users are willing to pay for the security and protection that Ledger Nano S offers them. While this is a mild inconvenience, it is true for most hardware wallets. Therefore, while they are less user-friendly than software wallets, they offer better features to users, making them a more popular choice.
Ledger Nano S Features
The Ledger Nano S features are quite interesting.
It allows you to store up to 3 to 5 wallets, which depends on the size of the crypto wallets. It is also an ideal solution to store your entire altcoin portfolio. In addition, it also allows you to set up a wallet app, store the coins and private keys, and then delete the wallet. This will ensure that the keys remain in the device while clearing space for more wallets. This allows crypto enthusiasts to store their portfolios at a single, secure location.
The internal space has advantages too. A hardware wallet is a secure option. It is also cheaper than cold storage alternatives. This also helps alleviate the risks associated with digital assets stored in software wallets.
The device has an easy to use interface. The design is handy and easy to understand. The intuitive nature also makes it easy to transfer funds. You can follow the on-screen and Ledger Live messages.
The Ledger Nano S can be connected to your system using the micro-USB cable provided. The screen might take a while to get used to, but it is easier once you get the hang of it. It is simple, has a good amount of internal space capacity, and an easy to use screen, with good security features.
How Secure Is The Ledger Nano S
The Ledger Nano S is resistant to hacking. If a hacker were to gain access to your Ledger Wallet, he would first have to steal the physical wallet.
In order to gain access to your tokens, the hacker would need to know your secure PIN. They will have to guess the PIN in the first three attempts. If they enter the wrong PIN thrice in the row, the device goes into a timed lockout. It then allows the user to gain access through the backup passphrase that only the user has access to.
The Ledger Nano S does not have any access to your private keys. Therefore, there is no chance that it can be hacked or accessed through the device. It is the users’ responsibility to keep the passphrases, as well as the private key safe.
The parent company, Ledger, offers secure blockchain applications and devices. It has sold wallets in 165 countries, with over 1.5 million wallet sales. Ledger Nano S users have reported an engaging community with abundant support. It also addresses issues and risks quite frequently. There is quality information related to their firmware updates. This makes sure that users know the vulnerabilities, and the firmware handles these risks as and when they are identified.
In conclusion, the Ledger Nano S is a great option for crypto enthusiasts. It stacks up pretty well against the competition and includes free shipping to most companies.
What Users Should Keep in Mind
There are a few things users should keep in mind while purchasing the wallet
- Make sure you keep your private keys safe. These are not stored in the wallet.
- The backup phrases should be written down and stored in a secure place. In case you ever forget the PIN, you will need it to gain access to your tokens.
- Set a PIN that you will find easy to remember
- Always buy the hardware wallet from the official site. Avoid deals you get with retailers, to avoid any scams, virus, or malware
- Read the installation document properly to make sure that you follow the steps and install the app’s wallet and manager correctly.
- Always be aware of firmware updates. This will help to protect your device against any vulnerabilities.
- Make sure you take regular backups of your hardware wallet. The Ledger Nano S offers a backup service via the BIP39.
Keeping these in mind will help you keep your hardware wallet secure, and protect your tokens. These steps will also ensure that you have access to your tokens even if you forget your PIN.
In conclusion, the Ledger Nano S is one of the best hardware wallets for crypto enthusiasts. In terms of security and protection, the wallet exceeds expectations. With an affordable price, strong build, and great security features, the Ledger Nano S is undoubtedly a great option.
Laura has been interested in finance for a very long time, especially since her graduation in Economics. With the increasing popularity of cryptocurrency, she decides to read up more on the subject and soon became an expert. Laura has been dabbling with crypto ever since and started investing in them in 2017.