Ledger Nano S Review

Hardware wallets offer offline storage and cannot be hacked, unlike software wallets. It is regarded as the best wallet option for storing cryptocurrency tokens, and its usage has increased amongst many crypto users. Notable companies like Ledger Inc., SatoshiLabs, KeepKey own the most popular hardware wallets. Examples of these wallets include Ledger Blue, Trezor One, KeepKey, Ledger Nano S, Trezor Model T, Ledger Nano X, etc. How then do you know the best wallet to use? This review presents detailed information about Ledger Nano S. How easy is it to use? What are its advantages and limitations? This Ledger S Nano review contains all you need to know.

Coin support
Price tag

What is Ledger Nano S?

The Ledger Nano S is a hardware wallet released by Ledger Inc., on June 2016. It is its second-generation product after Ledger Blue. Ledger Nano S hardware wallet offers quality protection for your cryptocurrency assets. ANSSI, a French cybersecurity agency certified it. Weighing 16.2g, it works on the company’s custom operating system, BOLOS. The Ledger Nano S hardware wallet is built around a secure chip, thus ensuring security. It supports multiple currencies such as Bitcoin, Ripple, Ethereum, EOS, etc. and allows up to 18 applications to be installed on it for managing cryptocurrencies. You can also manage up to 22 coins via the Ledger Live app. A PIN code secures every account. The wallet doesn’t have a battery and works when connected to the computer. As reported on its website, the company has sold over 1 million units of the wallet. It has numerous features, which makes it an excellent wallet.

These include;

Multicurrency Support: Ledger Nano wallet provides supports for many cryptocurrency and ERC-20 tokens. You can manage Bitcoin, EOS, Stellar, Ripple, Ethereum transactions on the wallet using the Ledger Live application. Ledger Live allows users to manage up to 22 currencies. For other currencies, you can use external software wallets, e.g., Mycelium, Electrum, etc.
Security: The wallet is well built and secure, thus ensuring that user private keys are never exposed. A secure chip protects it, and a PIN code locks every account. Ledger Nano S has a CC EAL5+ certification level with ST31H320 & STM32F042 chips.
Backup and Restore: This feature helps users restore their accounts in case of device loss or theft. Upon setting up the wallet and creating an account, it provides a 24-word confidential recovery phrase, which allows you to access the account on another ledger wallet. This way, your cryptocurrency tokens are safe. N.B: Ensure to write the recovery phrase in the recovery sheet that came with the wallet box in the right order.
Design: Ledger S Nano looks like a flash drive, unlike Ledger Blue designed like a smartphone. It is portable and made of brushed stainless steel and plastic and has no battery. Thus, it goes offline once disconnected from the computer. It has a USB Type Micro-B connector. Nano S exists in six colour variations, namely Matte Black, Saffron Yellow, Flamingo Pink, Jade Green, Lagoon Blue, and Transparent.
Device Compatibility: The wallet is compatible with mobile phones and computers. It works on Android 7+ phones. The supported desktop computers include Windows 8+, macOS 10.8+, and Linux operating systems. To connect to your smartphones, use Ledger Live and the OTG kit.
Excellent Customer Service: It provides a multilingual support system which enables it to attend to complaints, requests, and suggestions from customers. In a case of misplaced order, it also provides a secure return service within 14 days of purchase.
Ledger Live: It helps users to manage their cryptocurrencies and perform transactions on their wallet efficiently. The application works with Ledger Nano S and can be downloaded from Google Play Store and Apple App Store for your smartphones. For computer, it is available on Mac OS, Windows, and Linux.
Account Management: Ledger Nano S allows you to manage your cryptocurrencies at your comfort. You can transfer funds from exchanges to your address and access it on the wallet.

How to use Ledger Nano S

As earlier said, Nano Ledger S is used to keep cryptocurrencies in offline storage. To start using the wallet, you need to follow the following steps.

  1. Download Ledger Live: The Ledger Live application is used to establish an online connection with other storage systems. The app works on smartphones and computers. It helps to manage cryptocurrency transactions among 22 crypto assets. Available on Google Play store for Android devices, it has over 10,000 downloads. The app is also available on iPhones and iPads. Download the client application for Linux, macOS, and Windows operating systems.

  2. Having downloaded the application to your device, connect the wallet to your computer using the USB cable. When the device comes up, press both buttons at the same time to continue wallet setup. You can choose to Configure as a New Device or Restore a User Profile. To configure a new device, press the right button above the validation icon.

  3. Choose a PIN code for your user profile: To set up your PIN code, press both buttons on the wallet. To choose the digits, press the right or left button to toggle between numbers. To select, press both buttons. Repeat the process to complete the 4 — 8 digit PIN code. N.B: Kindly ensure you don’t use a wallet with a pre-supplied PIN code or recovery phrase.

  4. Save Recovery Phrase: You’ll be given a 24-word recovery phrase which can be used to access your account anytime. Use the recovery sheet included in the box to write the words in the right order. Once completed, the wallet is ready to use.

  5. Attach accessories such as keychain and lanyard to the wallet to keep it in place.

Where to buy Ledger Nano S

Ledger Nano S is available on its website and other external stores, i.e., Amazon, Shopify, etc. Available in six colours at $69, purchase the wallet via its online store.

Is there a Ledger Nano S Promo Code?

Ledger provides a Bundle offer to buy Nano S & X for a combined price of $174 instead of $208. Visit the store to enjoy the offer.

Pros and Cons of Ledger Nano S

Ledger Nano is a fantastic wallet with impressive features as compared to Ledger Blue. Having used the wallet, we have noticed its pros and cons which include;

Affordability: The Ledger Nano S is an affordable device. Coupled with its existing features and intuitive design. The wallet is available on Ledger’s store at $69, which is reasonably cheaper when compared to Ledger Blue and Nano X.
Intuitive Design: It is designed with brushed stainless steel and looks like a flash drive. It embeds a built-in OLED display screen with two side buttons. It is portable and easy to use.
Security: It provides the utmost protection for crypto assets. Immune to hack, user’s private keys are kept safe by a secure chip. It also includes recovery phrases for users to access their assets when using a different device and a PIN code to lock the wallet when not in use. Lastly, its latest firmware version offers passphrase support.
Support for Multiple Currencies: Nano Ledger wallet coins include Bitcoin, Ethereum, etc. Ledger Nano S Litecoin wallet is also supported.
Multi-device Compatibility: Ledger Nano S is compatible with Android, iPhones, and iPads. It also works with Linux, macOS and Microsoft Windows operating systems.
USB Connectivity: It has a USB Type Micro-B connector which connects it to smartphones and computers. USB connections don’t work with iOS devices.
Supports External Wallets: Ledger Nano S works with the Live app & external wallets such as MyCrypto, Mycelium, etc. and supports 1100+ crypto assets.
It has no battery:

Therefore, it works only when connected to a device.

It lacks Bluetooth support and cannot connect with iOS devices.

Hardware Wallets Comparison

Trezor vs Ledger Nano S

FeaturesLedger Nano STrezor
Weight 16.2g 12g
Dimensions 56.95mm x 17.4mm x 9.1mm 60mm x 30mm x 6mm
Wallet Type Hardware Hardware
Supported Cryptocurrencies BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more

These are two of the most popular hardware wallets available. Ledger Nano S vs Trezor comparison shows that both devices have some similarities and differences. They both provide secure storage for crypto assets. However, unlike Nano S, Trezor is made of plastic. We noted that both wallets have two buttons. However, Trezor’s screen is a bit larger than Ledger’s. They provide support for several cryptocurrencies. Notably, the cost of Trezor is higher than Nano S. Trezor is priced at $165. To buy, visit the website.

KeepKey vs Ledger Nano S

FeaturesLedger Nano SKeepKey
Weight 16.2g 54g
Dimensions 56.95mm x 17.4mm x 9.1mm 38mm x 93.5mm x 12.2mm
Wallet Type Hardware Hardware
Supported Cryptocurrencies BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more

KeepKey is a wallet released in 2015. It presently provides support for over 40 cryptocurrency assets. When it was initially released, it was priced at $239. However, it is available now at $79. KeepKey still has a long way to go in that it doesn’t support many cryptocurrencies. To buy, visit the link.

Ledger Nano X vs Nano S

FeaturesLedger Nano SLedger Nano X
Weight 16.2g 34g
Dimensions 56.95mm x 17.4mm x 9.1mm 72mm x 18.6mm x 11.75mm
Wallet Type Hardware Hardware
Supported Cryptocurrencies BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more

This is the update to Nano S wallet. It has USB connectivity and Bluetooth support. Ledger Nano X supports over 70 cryptocurrencies and 1000+ ERC-20 tokens. To buy Nano X wallet, order here.

Ledger Blue vs Nano S

FeaturesLedger Nano SLedger Blue
Weight 16.2g 90g
Dimensions 56.95mm x 17.4mm x 9.1mm 97mm x 68mm x 10mm
Wallet Type Hardware Hardware
Supported Cryptocurrencies BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA, BNB, XMR, DASH & 1,000+ more

Ledger Blue is the flagship product of Ledger Inc. It was designed like a smartphone. Its features include a secure element, touchscreen, USB and Bluetooth connectivity. It supports limited currencies, e.g., Bitcoin, Dash, Ethereum, Bitcoin Gold, etc. unlike Ledger Nano S. It is presently out of stock.

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Ledger Nano S supported coins

Ledger Nano S altcoins include;

Cardano: This is a cryptocurrency backed by the Ledger Live application. Ledger Nano S Cardano inbuilt wallet is also available for storing cryptos. You can send and receive assets from/to external Ada wallet Ledger Nano device.
Ripple: Formerly, XRP wasn’t supported on the device. However, Ledger Nano S Ripple support is now available on the updated firmware version.
Bitcoin Gold: BTG is a product of hard fork on the Bitcoin Blockchain. Bitcoin Gold Ledger Nano app is pre-installed on the wallet.
Ethereum: Ledger Nano Live app supports this cryptocurrency. Vitalik Buterin created Wherein in 2013 and it allows users to create smart contracts on its blockchain. Supported external wallets include MyCrypto & MyEtherWallet.
NEO: This is one of the 22 Ledger Live supported crypto tokens. Ledger Nano S NEO transactions are fast, easy, and secure.

Other supported altcoins are Ledger Nano S Tron, Bitcoin Cash, Monero, Dash, etc.

How does Nano Ledger S work?

The wallet works with its Ledger Live app (read above to setup). After setting up wallet, follow the following steps to use it;

Installation: There are pre-installed applications on the device for Bitcoin and Ethereum. However, you can install the Ledger Nano app to manage your crypto tokens. Ledger Nano S supports 1100+ assets, including ERC-20 tokens. Ledger Live supports only 22 assets while for others, you can use external wallets.

To receive assets,

  1. Open the Ledger Live application. Next, click Receive on the account detail page.
  2. Choose the account you want to receive crypto assets in. Then, click Next.
  3. Connect your Ledger Nano S device and launch the application to use.
  4. After reading the on-screen instructions, click Verify to generate a receiver address for your device.
  5. Confirm that the address shown on the wallet screen is the same as on Ledger Live. Then, press the right button on the wallet to confirm.
  6. Select the Copy option to share the address with the sender.

To send assets,

  1. Click Send on the account detail page of Ledger Live.
  2. Check the drop-down list to choose the account to debit.
  3. Type/Paste the receiver address and the amount of crypto to send or its counter value.
  4. Next, choose Network fees.
  5. Connect your Ledger device and launch the compatible app. Click Continue.
  6. Verify transaction details and click Confirm.
  7. You can monitor transactions by clicking View operation details.

You can also use external wallets, i.e.

  1. Electrum: Download wallet from the official website website and follow instructions.
  2. MyCrypto: Download wallet and follow instructions for setup.
  3. MyEtherWallet: This wallet is used to manage tokens built on the Ethereum blockchain.
  4. Mycelium: This is a mobile wallet available on Android.

So far, Ledger Nano S hack hasn’t occurred from customer reports. It certifies that the wallet is safe to use.

How to update Ledger Nano S

The device firmware update (version 1.5.5) for Ledger Nano S was released in January 2019. This update is designed to fix potential security flaws with the device. You’ll need the Nano S wallet, USB cable and Ledger Live to carry out the update following the following steps;

Ensure you uninstall all preinstalled app and backup your recovery phrase to restore your profile after the update.
  1. Connect your Device to the computer. Open Ledger Live -> Manager. Allow permissions for the manager on the device.
  2. On the Manager panel, you’ll see available updates for your device. (N.B: Version 1.1 and 1.2 cannot be updated with Ledger Live).
  3. Click Update. The device would show the version number and identifier. Ensure the identifier matches the one on your Ledger Nano S wallet. Next, press the right button to start the update. Afterwards, the device will restart.
  4. Unplug the USB cable when Follow device update instructions show on the device. Hold the left button while reconnecting the USB cable and release when Bootloader displays on the screen.

When your device is updated, it displays Firmware updated.

Ledger Nano accessories

The Ledger Nano S box is nicely packaged with additional accessories which include a micro USB cable, a keychain, and lanyard. It also contains leaflets such as Getting Started Manual and three recovery sheets. Other accessories include the OTG Kit which consists of cables and adapters to connect your wallet to smartphones or computers.

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