Ledger Nano S is the best hardware wallet option for investors who plan to store different coins. It is priced at €79, which is about $95 USD including free shipping to almost every country.
- It is the only hardware wallet supporting XRP.
- It is cheapest among the three popular hardware wallets (KeepKey Hardware Wallet, Ledger Nano S and Trezor One). Ledger Nano S is priced at $95 and KeepKey and Trezor One at $99.
- It has a user-friendly interface.
- It lacks support for passphrases.
Ledger has been creating hardware wallets since 2014. It has managed to raise over $85 million from some of the world’s top investors. According to Ledger’s website, a total of 1,000,000 Ledger Nano S devices have been sold to clients in over 165 countries.
The Ledger Nano S box contains the following items-
- Ledger Nano S
- 1 micro-USB cable
- Lanyard for wearing device around neck
- One keychain and key ring
- Recovery sheet for writing down seed
The box comes with a tamper-proof tape around it. If in case the tape appears to be altered or tampered with, one can request a new device via email.
In order to confirm a payment, both buttons need to be pressed at the same time. Thus, a hacker cannot hack into the device and confirm a payment.
The Ledger Nano S requires the user to create a PIN code on setup. The PIN code will help in preventing loss of coins if the device is stolen or lost. After three incorrect attempts on guessing the pin code, the device is rendered inaccessible.
Offline Storage and Backups
Ledger Nano S allows creating backups of the wallet by writing down a 24-word phrase. A paper is provided in the package to write down the phrase.
The phrase can be used to recreate the wallet if is lost damaged or stolen.
Presently, Ledger Nano S doesn’t offer passphrase support. Passphrase support allows the user to add custom text into the 24-word recovery phrase. If a hacker gets access to the recovery phrase, they can also access the coins stored in the hardware wallet. A passphrase prevents it as in addition to 24-word recovery phrase the hacker would also require the passphrase.
Coins supported by Ledger Nano S
The Ledger Nano S supports the most coins out of any cryptocurrency hardware wallet-
- Bitcoin Gold
- Ethereum Classic
Set up Guide
First, plug the wallet into the with a micro-USB cable. Second, create a four-digit pin code using the device’s screen. The buttons can be used to slide the numbers higher and lower. Once the desired number is selected, press both the buttons to select the next number. The process needs to be repeated to confirm the pin-code. Third, write down the Ledger’s 24-word recovery phrase. The words will appear one at a time, click the right button to see the next word.
Lastly, the Nano S will then ask to confirm the seed by asking for two random words of the seed.
Note- Ensure that the seed is written down and stored in at least 2 separate locations.
Installing Ledger Apps
The Ledger Manager app needs to be installed with Ledger Nano S from the computer. The app allows the user to install software to Ledger Nano S for different coins.
One of three apps may be required, depending on the coins being used-
Steps taken to receive Bitcoins
- Open the Bitcoin Ledger Application.
- Scroll through the options and press both buttons on the icon says “ Bitcoin”.
- A wallet interface in Ledger Bitcoin app appears.
Payments can now be received in Ledger Nano S.
Recovery Phrase Notice
Once the wallet has been setup and Bitcoins have been transferred to the wallet, ensure that the recovery phrase is kept in a safe place. Anyone having access to the recovery phrase can gain control of the coins stored in the wallet.
Importance of Nano S Screen
The Nano S screen is valuable due to the following reasons-
- It generates a recovery phrase.
- The recovery phrase is generated offline which ensures that recovery phrase is never on an internet-connected device.
- The screen additionally provides an extra layer of verification for sending payments.
The Ledger Nano S can be setup without plugging into a computer. The best wallet option for privacy is Mycelium on Android and Electrum on desktop.
Using Ledger Nano S with Mycelium (Android)
- Ensure that the latest version of Mycelium is installed on the Android device. Open Mycelium and select “New Account”. In case, a Mycelium account exists skip this step.
- Swipe right to move over to the “ Accounts” tab. Select the key on the top right to add a new account.
4. Under “Import a Ledger-HD account” click “Ledger”.
5. Plug in an OTG cable to the Android device and plug in Nano S to the OTG cable.
6. Enter the Ledger Nano S pin code.
7. Mycelium will scan for existing accounts in the device.
- Create a new account by selecting “Import next unused account”.
9. Click “OK”.
10. Name the Ledger Nano account on Mycelium.
11. Now the user can send payments from Ledger Nano S with Mycelium
After the Nano S is removed, the wallet and its addresses can be seen in watch-only mode. In this manner, the user can still view his balance, receive payments and generate new addresses.
The Ledger Nano S has been tested by our versatile trading team. It is fairly competent with the technology and no issues were found in setting up and using the device. The sliding metal case built on Ledger is an added advantage which protects the screen from scratching and other damage. The wallet provides excellent support for several cryptocurrencies and its integration with MyEtherWallet allows for storing different Ethereum-based currencies and tokens. The Ledger is slightly cheaper than its alternatives which includes tax and free shipping. The device is excellent value for money for its utility and the safety it provides.