Ledger Nano S Review

Device Appearance

Overall the design of the Ledger Nano S hardware wallet looks just like a USB thumbs drive.

The only thing which indicates that it is more than just a mere thumb drive is the built-in display on the wallet.

Supported Coins

As for the cryptocurrencies that are supported by the Ledger Nano s wallet, they consist of the following:

Price

In terms of pricing, the Ledger Nano S is currently selling for 79.00 € on the Ledger’s website. Shipping is inclusive in the price which covers worldwide shipping.

Offline Storage and Backups

The main purpose of having a hardware wallet such as the Nano S is to ensure that your cryptocurrency assets are kept safe by keeping your keys offline out of the reach of hackers. You can also backup your wallet, so even if you lost the physical wallet, you can still recover your cryptocurrency holdings. The Nano S by Ledger does this by letting you back up your wallet with a 24-word phase. The phase will enable you to recreate your wallet when you need to recover it due to your hardware wallet being damaged, lost or stolen.

Setup Guide & How to Use it

The Ledger Nano S can be set up in a time frame of 3 short minutes. The setup process can be accomplished even without the wallet being plugged into a computer. For the purpose of this review, we will walk you through the setup process with the wallet plugged into your computer.

Step 1: Plugging In

To plug your wallet into your computer, you will need to use the micro USB cable provided by Ledger.

Step 2: Creating the PIN

After plugging in the wallet, you will be asked to create a 4 digit PIN on the Nano S display screen. Use the two buttons on the Nano S to select the PIN numbers. Once you have decided on the number, press both buttons to confirm the number. Repeat this process until you have selected and confirmed all 4 digits.

Step 3: Recovery Phrases

After your PIN has been set up, you need to backup your recovery phrase. In the box, Ledger has provided the paper for you to list down the 24 words recovery phrase. List down the phrases on the paper in order of their appearance on the Nano S display screen. Just use the right button to navigate to the next phase once you are done copying the phrase onto the paper provided by Ledger.

It should be noted that this step is a crucial step as the 24 words phrases are needed to recover your wallet in the event you lose your wallet. For example, during the recovery process, Nano S will ask you to supply two phrases from the 24 phrases list. If it requests you to provide phrase 8^th of the 24 phrases list, you will need to scroll down the list and confirm with both buttons the 8^th phrase in the list. Always store the 24 phrases list in a safe location. Take note that you will also not be able to finish the configuration of the Nano S if you cannot confirm that you have copied the 24 phrases in the order that they appear on the Nano S display screen.

Step 4: Installing the Ledger Apps

In order for you to interact with the Nano S through your computer, you need to first install the Ledger Manager app. With the manager app, you will be able to install the software needed for handling different coins on the Nano S. For example if you want to handle Bitcoin on your Nano S, you will open the Bitcoin Ledger Application. Simply scroll through the Nano S display for the various available options.  Once you see the Bitcoin icon, just press both buttons to activate the app. Once you select the option, you will see the wallet interfacing with the Bitcoin Ledger Application on your computer.

Safety Tips

Remember to keep your 24 recovery list in a safe place. This is due to the fact that if anyone were to get access to the recovery list, they will be able to gain control of your wallet and your coins.

Support

In terms of support, you can refer to the comprehensive help files on the product website. In the event that you require assistance, you can request for help on the customer support page. Take note that the support staff is only available from Monday to Friday 9 am to 5 pm CET.

Where and How to Buy?

The Nano S is available for purchase on the Ledger’s website.

Payment for your purchase can be with credit cards, Paypal or Bitcoin. Although you can also easily purchase a used Nano S on the internet, we do not recommend that you do so as the security of the device could have been compromised already. Hence always purchase your Nano S from the Ledger’s website or from a trusted distributor of the wallet.

Pros and Cons

Pros

• Built-in screen for validation
• Multi-Currency support
• Portable and Malware proof
• Reputable Wallet with over 1 million units sold

Cons

• Long 24 words seed phrase
• Ledger Nano S lacks passphrase support

Summary

Since its introduction, the Ledger Nano S has not suffered from any adverse publicity. By comparison to software wallets, hardware wallets are comparatively safer and hacker proof. In fact, to date, there have been no reports of cryptocurrencies being stolen from a hardware wallet. With the Ledger Nano S, even if the computer which you are using is compromised, the secure environment provided by the Nano S will ensure that your cryptocurrency asset is kept safe. Nevertheless, it should be noted that hardware wallets are relatively new in the market and their vulnerabilities may not have been discovered yet.  So in the meantime, while your Nano S may provide you with an extra layer of security for your cryptocurrency assets, it should not be considered a silver bullet.