Ledger Nano S is a hardware wallet that provides access to the world’s leading digital currencies. If currency selection and affordability are what you’re after, Ledger is a great tool.
The Ledger company has quickly emerged as one of the leading providers of hardware wallets for the digital currency market. In 2016, the company launched the Ledger Nano S, a hardware wallet that allows you to store bitcoin, Ethereum and a bevvy of altcoins.
The Ledger Nano S boasts robust safety features, but its biggest claim to fame is the price tag attached to it – the Nano S is the cheapest hardware wallet with a screen. You’ll see why that’s important in a moment.
| Product Name | Ledger Nano S Wallet |
|---|---|
| Wallet Type |
Hardware |
| Supported Cryptocurrencies | BTC, BCH, BTG, ETH, ETC, LTC, DOGE, ZEC, XRP, DASH, STRAT, KMD, ARK, EXP, UBQ, VTC, VIA, NEO, XST, XLM & 1,000+ more |
Pros
- Multi-currency support
- Wallet software integration
- OLED display
- Affordable
Cons
- Brand reputation still growing
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What is Ledger Nano S?
If you’re looking for a hardware wallet that stores the world’s leading digital currencies, Ledger Nano S offers an attractive value proposition.
Unlike its predecessors, Nano and Ledger HW.1, the Nano S has a built-in, organic LED (OLED) screen, which puts it roughly in the same league as TREZOR and KeepKey. The sleek OLED display means you can double-check and confirm each transaction with a single tap of a button.
It’s important to point out that the Nano S can connect to any computer via USB. If you ever decide to order this device, here’s what you’ll receive in the mail:
- Ledger Nano S device
- One USB cable
- Lanyard that allows you to wear the device around your neck
- One keychain
- One key ring
- Recovery sheet for writing down the seed
A “seed” is simply the string of random words that can help you access and/or recover your account in the event you lose your device.
Compatibility
- Operating Systems. Windows (7+), Mac (10.8+), Linux or Chrome OS. Requires Google Chrome or Chromium.
- Runs with the following software wallets. Ledger Wallet Bitcoin, Ledger Wallet Ethereum, Ledger Wallet Ripple, Copay, Electrum, Mycelium, MyEtherWallet, GreenBits, BitGo.
How do I add currency to my wallet?
Like other hardware wallets, the Ledger Nano S doesn’t store any of your digital currencies on the device itself. Rather, it tracks them on the blockchain, which serves as a digital ledger to record transactions. The Nano S holds and protects the private data (e.g. private keys) needed to access and manage your digital currencies.
In other words, once you connect the Nano S to your computer, it will do all the work, signing transactions inside its secure environment.
How do I make or receive payments with my Ledger Nano S?
The Ledger Nano S setup process is straightforward. By following these steps, you’ll be ready to start sending and receiving payments.
- Connect your Ledger Nano S to a computer via the USB cable provided.
- Choose a PIN code.
- Backup your recovery phrase.
- Install the Ledger Apps or integrate with the software wallet of your choosing.
- Start sending and receiving payments.
How secure is the Ledger Nano S?
The Nano S wallet offers integrated security features to help you send and receive payments as safely as possible.
- Offline Storage. The whole purpose of hardware wallets is to store your digital currencies offline and out of the reach of hackers. The Ledger Nano S is no exception.
- Secure PIN Code. Choosing a secure PIN code is one of the first things the Nano S will prompt you to do. This four-digit PIN is needed to send payments. After three incorrect guesses, the device wipes itself.
- Backup and Restoration. Even if you lose your physical wallet, your accounts are backed up on a recovery sheet that consists of 24 unique words that you create.
- Advanced Passphrase Options. The Ledger Nano S now provides advanced passphrase options, which lets you add custom text onto your 24-word recovery phase. However, this is a really delicate feature, and Ledger doesn’t recommend you use it unless you are absolutely sure you understand it.
Where can I get Ledger Nano S
As we mentioned earlier, the Nano S is available on the official Ledger website as well as Amazon.com.
Pros and cons
Pros
- Allows storage of the world’s leading digital currencies.
- Integrates with a multitude of software wallets.
- An OLED display that allows you to double-check each transaction.
- One of the most affordable OLED-based hardware wallets.
Cons
- Not as reputable as some of the leading hardware wallets, such as TREZOR (at least not yet).
Next steps
If you’re in the market for a hardware wallet, you’ve probably come across TREZOR, KeepKey and now Ledger. All are high-quality products, but Ledger costs less with features that are nearly identical.
To get started, simply visit Ledger Nano S’s website to purchase the product. Make sure you select the Nano S, as Ledger has several wallets available for sale.
Frequently asked questions
Image source: Ledger
In order to make my first cryptocurrency purchase, must I first get a wallet? Do I need both a soft and hard wallet? May I start with a hard wallet?
Hi Win,
Thanks for reaching out to finder.
Yes, you will need to have a wallet if you want to buy any digital currency because this is where you can securely store, send and receive your coins or tokens. You do not need to have both soft and hard wallets. You can choose to have either of the two wallet types, depending on your personal preference.
To help you understand better on what a cryptocurrency wallet is; how it works and how to choose the right wallet for you, head on to this page. Make use of our comparison table to help you decide which wallet suits you best.
I hope this helps.
Cheers,
Charisse
Are there fees involved when transfer coins to wallet
Hi Wiz,
Thank you for your inquiry.
Generally, yes, there are fees for all bitcoin transfers and determined by how busy the bitcoin network is at a given time.
I hope this information has helped.
Cheers,
Harold
I own a windows xp computer not compatible with google chrome what secure hardwallet options do I have
Hi Donal,
Thank you for your inquiry.
Generally, it is compatible with the following:
– Operating Systems: Windows (7+), Mac (10.8+), Linux or Chrome OS. Requires Google Chrome or Chromium.
– Runs with the following software wallets: Ledger Wallet Bitcoin, Ledger Wallet Ethereum, Ledger Wallet Ripple, Copay, Electrum, Mycelium, MyEtherWallet, GreenBits, BitGo.
I hope this information has helped.
Cheers,
Harold
Hi!
Does the Ledger Nano S or its company impose any fee for send or receive coins to the Ledger wallet?
Hi Sia,
Thanks for your inquiry.
The Ledger Nano S is available on the Ledger Wallet website for EUR58.00 (US$70). This easily makes it the most affordable hardware wallet on the market, especially when you consider its value proposition.
Keep in mind that the Nano S price is more than double on Amazon.com. To avoid the huge mark-up, it’s best to buy the wallet on the official Ledger website.
Generally, yes, there are fees for all bitcoin transfers and determined by how busy the bitcoin network is at a given time.
I hope this information has helped.
Cheers,
Rench