Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.
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
A seed phrase is a string of semi-random words that lets you regain access to your cryptocurrency if you lose or damage your device.
You will get the phrase when setting up your device for the first time. It’s vital that you write it down somewhere and keep it safe.
Steps to set up your Ledger Nano S
Download the Ledger Live program.
Plug your Ledger Nano S into your computer with the provided USB cable.
Follow the prompts provided to configure your device.
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).
Open Ledger Live and make sure you have the correct app installed.
In Ledger Live, click “receive” on the left panel or from the top of the account detail page.
Use the drop-down menu to choose the account to receive the crypto assets then select “Next.”
Connect and unlock your Ledger Nano S then open the crypto asset app as prompted.
Read the instructions and click “verify” to generate a receive address on your device.
Confirm that the receive address shown on your Ledger device is the same as the one shown in Ledger Live.
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:
Open Ledger Live and make sure you have the correct app installed.
Click “send” on the left panel.
Use the drop-down menu to select the account you want to send from.
Enter the recipient address.
Enter the amount you want to send.
Choose the network fees from the drop-down list. Higher fees mean faster transactions.
Click continue.
Unlock and connect your Ledger Nano S and open the correct crypto app.
Click continue.
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 the US
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.
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 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 colors, the Ledger Nano S isn’t available in customized forms.
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.
Cryptocurrency wallet ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate cryptocurrency hardware wallets by scoring each wallet out of 10 for 3 components: security, functionality and cost. Each component is weighted based on importance, as follows:
Security: 50%
Functionality: 40%
Cost: 10%
These scores are aggregated and visualised as a total score out of 5 stars.
Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes.
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 decide which wallet suits you best, you can use our table to compare cryptocurrency wallets in terms of price, storage options and other features they offer.
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.
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.
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