The Ledger Nano S hardware cryptocurrency wallet features a secure chip and a proprietary operating system that ensures maximum security. It provides investors with ownership over their private keys and is backed by the industry’s leading company.
On the Ledger Nano S, investors can store over 1,100 coins and tokens, with Ledger supporting 23 of them natively and the rest via installed third-party applications.
Explanation of the Advantages
- A wallet that is affordable: At $59, the Ledger Nano S is less expensive than numerous other hardware wallets, giving it an attractive low-cost choice with a high level of security.
- Private keys are never removed from the device: In contrast to hot wallets offered by bitcoin exchanges, Nano S customers retain control of their private keys. They are never removed from the device or made web-accessible.
- It is compatible with over 1,100 coins and tokens: Investors can use the Ledger Nano S device to store popular and lesser-known currencies and tokens.
The Drawbacks Explained
- Cryptocurrency applications have a limited amount of storage space: The majority of cryptocurrencies require a cryptocurrency application, and the Nano S supports up to six applications depending on the size.
- The display is compact and does not include a touchscreen: The device’s screen is less than an inch tall, due to the device’s overall height of 17.4 mm (0.685 inches). It is equipped with two tactile buttons rather than a touchscreen.
- Not as convenient to use on the go as other wallets: Because the Ledger Nano S lacks Bluetooth, it must be connected to a computer or Android device via a USB wire.
The Ledger Nano S is compatible with about 107 coins and over 1,000 tokens. Although the Ledger Nano S does not support fiat currency, it does support stablecoins. The hardware is used by investors to store prominent coins such as:
Tether USD (TRC20) (USDT)
Binance Coin (BNB)
USD Coin (USDC)
Dai Stablecoin (DAI)
Aave (ERC20) (LEND)
On the Ledger website, the Ledger Nano S hardware wallet is available for $59 USD. Occasionally, the corporation offers free shipping to the United States and a number of international destinations. Otherwise, shipping charges may exceed $19. Additionally, Ledger partners with a number of resellers, and you may be able to get the device cheaper elsewhere.
For example, the Ledger Nano S is $59 with free shipping on Amazon, but $46.99 at Walmart (as of June 2021). Shipping times vary according to the retailer from which you purchase the item, but you should have it in less than two weeks.
The Ledger Nano S gadget is included in the packaging, as is a micro USB-B cable. Additionally, packages may include pages for writing down your 24-word recovery phrase and a neck strap. Additionally, Ledger offers a three-device deal with a discount of up to 21%. You can Buy from Amazon
Ledger Nano Security
The primary reason individuals purchase a Ledger wallet is for security. The company’s security measures exceed industry standards, and the hardware wallets have never been hacked. Ledger Nano devices are equipped with tamper-resistant Common Criteria (CC) EAL5+ certified Secure Element (SE) chips, and your private keys are stored on the secure chip.
Additionally, Ledger is the only manufacturer of hardware wallets that utilizes Secure Element chips and a proprietary operating system (OS) dubbed Blockchain Open Ledger Operating System (BOLOS).
The ledger devices are subjected to an impartial audit by the French National Agency for Information System Security (ANSSI). Additionally, there are extra security precautions at the user level. For example, customers must physically hit both buttons on the device simultaneously to purchase cryptocurrency, rendering it uncrackable by a cyber-criminal. A minimum four-digit pin code is required, and users receive a 24-word recovery phrase to keep in a secure, offline location.
In 2020, the Shopify database was used to access the company’s customer data. While the breach did not compromise customers’ crypto wallets, it did make their names, addresses, and phone numbers public. Ledger has taken down over 170 phishing websites and contacts with clients on a regular basis about personal protection.
The primary security distinction between Ledger and competitors such as Trezor is because Ledger’s firmware is not open-source, which means that users cannot assess the system’s security independently.
Configuration and Use
The Ledger Nano S is a relatively straightforward device to set up and use. Users must install Ledger Live on their computer or mobile device and select the option to create a new device. The application then guides users through the process, which includes a guided security checklist.
Once set up, investors can perform the majority of tasks and confirm transactions via the Ledger Live app by physically pressing both buttons on the Ledger hardware wallet. Although the screen is modest, it serves the purpose of requiring minimal involvement. However, if you need to enter your 24-word recovery phrase, scrolling through the alphabet to locate each letter can be difficult.
Nano S is an easy-to-use and beginner-friendly wallet for casual investors with a few coins. However, many cryptocurrencies require software, and the Nano S can only store a limited number of apps at a time, requiring you to uninstall one to install another. While your crypto stays secure and on your device, the lack of storage poses some usability concerns.
Satisfaction of the User
Ledger consistently obtains good user satisfaction scores. Typically, concerns are directed toward the absence of Bluetooth or security mechanisms. In short, a minor reduction inconvenience is the cost of superior security. Others voiced concerns about the device’s storage capacity. However, the Ledger website clearly states the size and limits, and consumers seeking additional storage may select the Bluetooth-enabled Nano X.
If a Ledger device malfunctions upon purchase, consumers must submit an online return form within 14 days of receiving the hardware wallet. The company provides a claim form online, as well as a strong help center, a phone number, and an email address.
The Ledger Nano S vs. X
The Ledger Nano S and X both offer the same level of security and are compatible with the same cryptocurrencies.
The primary distinction is that the Nano X includes Bluetooth, which enables it to be connected to the internet and accessed from anywhere with an internet connection.
Additionally, the Nano X has far larger capacity, with room for up to 100 crypto applications, compared to the Nano S’s 20 or less.
Trezor One vs. Ledger Nano S
Both the Ledger Nano S and Trezor One are well-known hardware wallets with high degrees of security. While the Nano S is shaped like a flash drive and is constructed of stainless steel and plastic components, the Trezor One is shaped differently and is entirely composed of plastic.
Trezor One appears to support a greater number of coins at first glance. It does not, however, support prominent altcoins like as Cardano (ADA), Ripple (XRP), or Monero (XMR) (XMR).
Additionally, Trezor is open-source, which is a benefit because anyone can study it and uncover weaknesses, but Kraken could also compromise the hardware wallet if left alone with it for 15 minutes.
The Ledger Nano S is a secure hardware wallet that looks like a USB flash drive. It is one of the best Bitcoin wallets on the market.
Although it supports a large number of cryptocurrencies, many of them require users to download a third-party application, and the wallet has a limited amount of capacity for applications.
The Ledger Nano S is ideal for beginners or infrequent cryptocurrency investors who want to safely store their holdings offline. Active traders, on the other hand, may prefer a Bluetooth-enabled device for mobile access to their cryptocurrencies.