Ledger Nano S wallet – February 2018 review

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 bevy 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, HSR, DGB, QTUM, PIVX

Pros

  • Multi-currency support
  • Wallet software integration
  • OLED display
  • Affordable

Cons

  • Brand reputation still growing
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. 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.

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 leaders 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 and BitGo.

How much does it cost?

The Ledger Nano S is available on the Ledger Wallet website for EUR58.00 (NZ$100). 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.

Which cryptocurrencies can I store?

    • Bitcoin
    • Ethereum
    • Litecoin
    • Fido U2F
    • Dogecoin
    • ZCash
    • Dash
    • Stratis
    • Ripple
    • Hello
    • Bitcoin Cash
    • Komodo
    • Ethereum Classic

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 (eg, 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.

  1. Connect your Ledger Nano S to a computer via the USB cable provided.
  2. Choose a PIN code.
  3. Backup your recovery phrase.
  4. Install the Ledger Apps or integrate with the software wallet of your choosing.
  5. 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. These are the two main sources for purchasing the product.

Ledger Nano S website

Pros & 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 offers a more attractive bargain 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

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.
Go to site