Have you been wondering about getting into a hard wallet for your cryptocurrency?
Our Ledger Nano S review will go into detail about making the decision to buy a hard wallet and how it works.
When it comes to hard wallets, they come in all shapes and sizes. But Ledger has worked hard in building a great hard wallet for the crypto enthusiast.
It gives you the best in class security, performance, and reliability. We love the Ledger Nano S and think it’ll be worth a shot. Especially if you are looking for a hard wallet to store your cryptocurrency.
Read further to find out why!
Background and Company Information
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An 8 group team founded Ledger in Paris, France in 2014. The team is set up entirely of technologists. They have backgrounds in embedded systems, security, and cryptocurrency.
In our time today, the company has expanded to over 200 employees worldwide. Its office presence is in the markets of America, Europe, and Hong Kong.
The organization’s goal upon start was to provide a digital security ecosystem. An ecosystem that will protect individuals and give users verifiable trust. Ledger’s ecosystem is comprised of hardware wallets and their software management tools.
What is Ledger Nano?
The Ledger Nano is the hardware wallet that is built for holding and managing cryptocurrency. Major ones like Bitcoin, Ethereum, and even smaller ones like Stellar or NEO.
They have two different products in their line:
- Ledger Nano S
- Ledger Nano X
Ledger Nano S was their very first hardware cryptocurrency wallet. It was built with security and ease of use in mind like all their products.
- A Great Choice For Beginners
- Extremely Easy to see and manage to your portfolio
- Adding many coins can be cumbersome, especially for trading
- Has only 2 buttons and can be a challenge to navigate at first
Ledger Nano S Features
This is a software feature of Ledger’s coin management platform. Ledger Live allows you to see in real-time your cryptocurrencies that are being managed by your Ledger Wallet.
With this ability, you can see the distribution of coins in your portfolio. As well as make it incredibly easy to send or receive coins through the platform too.
Ledger Live provides separate accounts for all the different coins that you hold. Each of these accounts has its own address to send and receive coins from.
Third-Party App Support
When you want to add a coin that isn’t supported by Ledger Live, you can always still get that coin onto your Ledger wallet. However, you just can’t view the amount of currency that is sitting on the Ledger.
You must download an extra application provided by the creators of that coin. This application will allow a direct connection between the Ledger wallet and coin.
How Does it Work?
The Ledger Nano S works like you would imagine a traditional wallet would — if that wallet was only for digital money and had a USB port.
Their wallet does not have any on-board battery so it is a requirement to connect to your computer. Whenever in use for trading or transacting with your coins.
Once you connect it to your hardware, you would need to download their dedicated Ledger Live application. This is the software component needed to set up and manage your cryptocurrencies.
As a word of warning, Ledger has experienced a hack that has given hackers an in to send phishing attempts. If you plan on purchasing your own Ledger, only buy it from legit sources that the company provides.
The setup process is fairly simple. You would create your own 8 digit password and your own seed phrase to access your hardware wallet.
There are under no circumstances where it should be set up for you automatically. If it is set up for you by a third-party — RUN.
Ledger Nano S Cost & Fees
Ledger provides many options for purchasing the Ledger Nano S. These options can help lower the price tag for purchasing your first hardware wallet.
The best place to purchase Ledger Nano S would be directly from the manufacturer to ensure that you have a 100% genuine wallet without any extra tweaking done by a third-party.
You can expect to purchase one of these at around $59.00 USD plus tax and tariff.
If you want to buy for yourself and a few friends, then you can get a multipack that would go for 3 to $149.00 USD.
A great option if you are looking for a direct competitor of the Ledger Nano series. Trezor puts a lot of work into their hardware wallet and provides great support to its users.
Pretty much one-to-one comparison between them and Ledger…
Much more catered to a technical kind of person. If you think you want to get into a highly technical product, then the ColdCard wallet would be a great option to consider.
Built for cypherpunks and tech geniuses alike, ColdCard allows it’s users to never have to connect its hard wallet into any computer. You completely manage this through their calculator looking wallet.
A completely different approach to managing your keys for your cryptocurrency. YubiKey wasn’t built exclusively for cryptocurrency like Ledger wallet. But it provides another option for keeping your keys safe.
Especially if you want to consider a U2FA approach to managing your keys.
Pros and Cons
- The best choice for beginners in the hard wallets arena
- Easy to manage and see what is going on in your hard wallet
- Adding many coins can be cumbersome if you are interested in trading heavily
- Can be cumbersome to use due to a lack of buttons
The Real Review: Ledger Nano S Review
This is one of the best hardware wallets that you can get. Especially as a beginner!
Ledger puts a lot of effort into making this a great product and provides support to their user base.
We love using Ledger Nano because it’s simple to use and there isn’t any fear about where your cryptocurrency is stored