finder CA
Advertiser Disclosure
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Ledger Nano S wallet – May 2021 review

Avatar
Andrew Munro
Last updated:  

Keep your cryptocurrency safe with one of the world's most popular hardware wallets.

  • Great for its security
  • Not so great for mobile transactions

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What's in this guide?

Supported cryptocurrencies

Wallets supported cryptocurrencies include:
  • BTC
  • XRP
  • ETH
  • BCH
  • EOS
  • XLM
  • LTC
  • TRX
  • ADA
  • MIOTA & 1,330+ more

      How to set up the Ledger Nano S

      Your Ledger Nano will come with the following:
      • The Ledger Nano S device itself
      • A USB cable
      • A lanyard, key ring and key chain
      • A recovery sheet for writing down your seed phrase

      Steps to set up your Ledger Nano S

      1. Download the Ledger Live program
      2. Plug your Ledger Nano S into your computer with the provided USB cable
      3. Follow the prompts provided to configure your device
      4. Download the relevant apps through Ledger Live to match the cryptocurrencies you will hold (e.g. the bitcoin app if you want to use bitcoin).

      Compatibility

      • Windows (7+)
      • Mac (10.8+)
      • Linux
      • Chrome OS (requires Google Chrome or Chromium)
      Go to Ledger's website
      Back to top

      How to use the Ledger Nano S

      You can send and receive funds with your Ledger Nano S and get the additional security offered by a hardware wallet.

      How to receive funds on the Ledger Nano S

      To load your wallet:

      1. Open Ledger Live and make sure you have the correct app installed.
      2. In Ledger Live, click “receive” on the left panel or from the top of the account detail page.
      3. Use the drop-down menu to choose the account to receive the crypto assets then select “Next.”
      4. Connect and unlock your Ledger Nano S then open the crypto asset app as prompted.
      5. Read the instructions and click “verify” to generate a receive address on your device.
      6. Confirm that the receive address shown on your Ledger device is the same as the one shown in Ledger Live.
      7. Click “copy” to copy that address. This is your Ledger Nano S address.

      How to send funds with the Ledger Nano S

      To send funds from your wallet:

      1. Open Ledger Live and make sure you have the correct app installed.
      2. Click “send” on the left panel.
      3. Use the drop-down menu to select the account you want to send from.
      4. Enter the recipient address.
      5. Enter the amount you want to send.
      6. Choose the network fees from the drop-down list. Higher fees mean faster transactions.
      7. Click continue.
      8. Unlock and connect your Ledger Nano S and open the correct crypto app.
      9. Click continue.
      10. Verify all the transaction details are correct, and press the right button on the Ledger Nano S to sign off on your transaction and send it.

      Where to buy the Ledger Nano S in Canada

      You can buy the Ledger Nano S directly from the Ledger website. It’s a good idea to purchase only from Ledger itself or from authorized resellers to ensure your device isn’t tampered with prior to delivery.

      How much does the Ledger Nano S cost?

      Around CAD$78.

      Go to Ledger's website

      How secure is the Ledger Nano S?

      • Hardware wallet. As a hardware wallet, the Ledger Nano S offers additional security compared to software wallets.
      • Offline storage. Private keys are stored offline and on a secure element within the Ledger. They never leave the device.
      • Tried and tested. The Ledger Nano S has sold over one million units and stored countless millions of dollars worth of crypto without any practical security vulnerabilities ever being discovered.
      • Backup restoration. The seed phrase system used by Ledger is the industry standard for hardware wallets of all kinds.
      • PIN code. A password is required to unlock the Ledger device itself.

      What else do I need to know about the Ledger Nano S?

      Ledger is based in France and has been a prominent company in cryptocurrency since its founding.

      The Ledger Nano S is its former flagship, but it’s since been superseded by the Ledger Nano X, which introduced mobile compatibility.

      But not everyone needs or wants mobile compatibility, so the Ledger Nano S is still sold and is still one of the world’s most popular hardware wallets.

      In a nutshell

      Pros

      • Highly regarded. In crypto, popularity generally equals security, and few wallets are as popular as the Ledger Nano S.
      • Wide range of coins supported. You can hold over 1,000 cryptocurrencies on the Ledger Nano S.
      • Ledger Live and apps. The Ledger Live web wallet combined with the crypto-specific apps makes the Ledger more user friendly.

      Cons

      • No mobile support. The Ledger Nano S has no mobile support. To make a transaction, you must plug it into a computer.
      • Minimal customization. Although it comes in different colours, the Ledger Nano S isn’t available in customized forms.
      Go to Ledger's website

      Compare Ledger Nano S against other cryptocurrency wallets

      Name Product Wallet Type Supported Cryptocurrencies Price (USD) Disclaimer
      Ledger Nano X Wallet
      Ledger Nano X Wallet
      Hardware
      BTC, ETH, XRP, BCH, ADA, LTC, BNB, EOS, XTZ, XLM & 1,350+ more
      $119
      The Ledger Nano X comes with added Bluetooth functionality, more memory and a higher quality screen than its big brother, the Nano S.
      Go to site
      More Info
      Ledger Nano S Wallet
      Ledger Nano S Wallet
      Hardware
      BTC, XRP, ETH, BCH, EOS, XLM, LTC, TRX, ADA, MIOTA & 1,330+ more
      $59
      Securely store some of the world's leading cryptocurrencies on the Ledger Nano S hardware wallet.
      Go to site
      More Info
      KeepKey Wallet
      KeepKey Wallet
      Hardware
      BTC, BCH , DASH, DOGE, ETH, LTC, NMC
      $49
      Protect your digital assets from hackers with the virus- and malware-proof KeepKey hardware wallet.
      Go to site
      More Info
      loading

      Compare up to 4 providers

      Frequently asked questions

      Back to top
      Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

      Ask an expert

      You must be logged in to post a comment.

      Go to site