The Ledger Nano S is one of the most well-known hardware wallets in the cryptocurrency space. Hardware wallets are a type of wallet specifically designed for the storage of cryptocurrency.
They are constructed in a way that protects all sensitive components like the private key. The only way for information to be shared when using this device is through button presses, keeping your funds safe from internet hackers. Other safety measures include the 6 digit pin code, and 24 word back up phrase.
Priced at 79 Euros, the device comes with free shipping and has a beautiful and simple user interface. The Ledger Nano S comes with a clear screen, and 2 buttons on the top of the device, which are used to navigate the settings of the device.
There are a total of 3 inputs you can do, which are left button press, right button press, and a double button press. The double press is typically used to confirm or say “yes” to an option while the left and right are used to navigate.
How to Setup your Ledger Nano S
After unboxing your device, plug it into a computer using the cable provided.
- Use the left and right buttons to navigate your display to the ‘set up as new device’ option
- You will be asked to enter a pin code. Use the left and right buttons to choose numbers. Make sure not to use something predictable like 000000
- At this stage your Ledger Nano S will give you a 20 word recovery seed. Make sure to write that down and store it in a place where you won’t lose it! The box comes with a little sheet that you can use to write down your recovery phrase. If you’ve stored the recovery seed properly, you won’t run into any issues if your device is lost or stolen
- Your Ledger Nano S will ask you to confirm the order of the words in your phrase
- Plug your device into your computer and download the chrome extension from the official Ledger website
- If your device is plugged in, it will synchronize with your chrome extension at first launch and you’re ready to start sending and receiving Bitcoin (or altcoins)
How to Use the Ledger Nano S
As with all hardware wallets, you can receive transactions without connecting your wallet to your computer. However, if you want to send Bitcoin and other cryptocurrencies you have to have your wallet connected to your computer.
This is because your private key needs to be used to sign your transaction, and as your private key is securely tucked away on your device, that can’t be done unless your chrome extension has access to you Ledger wallet via USB.
Also, it’s worth noting that another case where you’ll want to connect your device to your computer is when you want to update the software of your device. Other than that, you can let your device stay disconnected.
The Ledger Nano S hardware wallet comes with standard rectangle sized cardboard packaging. Aesthetically, it gives off the appearance of a quality product.
There is tamper proofing like you’ll find with Ledger, which deters most third-party vendors with malicious intent.
However, you’ll only find one plastic strip at the top of the box, whereas the Trezor’s package has two plastic strips: one at the top and another at the bottom.
Inside of the box, you will notice the actual device, USB cable, and a manual which provides more information.
Arguably the greatest feature of the Ledger Nano S is that it’s compatible with all major computer operating systems, Android, and even iOS devices. Desktops can communicate with the device through a chrome extension, while android and apple phones have tailored wallet management apps.
For $79 Euro, the Ledger Nano S sells at a relatively lower price than Trezor. This makes a lot of sense considering that Ledger has a minimal hardware design that foregoes the use of a dedicated CPU and a graphical screen. Either way, it’s fair to say that a lot of the price is contingent on the brand name because of the reputation that is associated with Ledger products.
Hardware Design Philosophy
The Ledger Nano S ships with an approach to its hardware that tries to strip it down to its bare bones. You’ll find this approach in many of the device’s design choices.
For one, the chip that is used is made as self-contained as possible – meaning that it’s not meant to be a mini computer that’s marketed as a Bitcoin wallet.
The chip was designed with Bitcoin specifically in mind. As in all things related to computer security, the fewer hardware features that a device has, the easier it becomes to secure.
With this design philosophy in mind, the Ledger Nano S makes the secure storage of Bitcoin significantly easier for itself than most other hardware wallets.
- Case: USB shaped case with turnable metal cover
- Case dimensions: 98mm long, 18mm wide, 9mm deep
- Screen: 2 line LED screen
- Buttons: Two buttons on side of case to use with index fingers
- Weight: 16.2g
- Processing: Secure Element Chips
You can find a list of open source Ledger software on the home page. These include:
- Ledger Ethereum Wallet
- Ripple Ethereum Wallet
- Ledger Manager
- Ledger Authenticator
This year’s Defcon 25 brought light to potential hardware wallet vulnerabilities. But to ledger’s credit, the wallets that were shown to be the least secure were the ones that included at actual CPU as a hardware feature.
The Ledger Nano S, on the other hand, uses secure element chips that are not as vulnerable to the type of hack disclosed at the hacker conference.
Either way, hardware wallets are far more secure than any other type of electronic Bitcoin storage medium. But in terms of available hardware wallets, the Ledger Nano S is the upper end of the pack in terms of security.
One of the ways in which Ledger wallets stand out from competing devices is the open source software ecosystem that caters to developers of all kinds.
Ledger has an open source repository for a ‘high-level’ ledger wallet API, to allow for automated transactions. The ledger team also laid out an extensive Github page that lists all open-source resources for the project. These include the development environment, an SDK, and tools for Python development.
All in all, the open source development of Ledger software is likely another contributing factor to the high-end security of the device. Open source software development does not only improve the quality of code bases, it also increases the likelihood of a needed user interface feature to be implemented sooner than later.
After all, if users really seek to have a feature included in the software, a developing customer always has the option to make that addition.
The ledger Nano S has an extensive FAQ list under the support section of the website. Most of your questions should be answered by the guide found on your page. If your question is more specific you can refer to the ‘click here to get help’ button which prompts you with an email form that can be used to get in contact with their support team.
Conveniently, there are individual forms for orders and technical inquiries – a positive feature because it prevents your technical question from being lumped in with other people’s order inquiries.
All in all, the support infrastructure seems like a standard effort, albeit rigorous effort to solve customer problems.
What Coins does Ledger Support?
So, you want to test a Ledger Nano S Bitcoin hardware wallet with other coins (altcoins) besides Bitcoin? We researched for you and we came up with this list of other coins that Ledger Nano S supports (we will keep this updated as Ledger continues to add more new coins!):
Litecoin was the second coin added for the Ledger Nano S software/hardware.
Ethereum 2nd after BTC in the world coin rankings so it is support by Ledger due to HUGE!! customer demand.
Bcash, sometimes referred to as Bitcoin Cash, was offered in Ledger Wallet to split but now remains to use. So it was a good sign that Ledger will support Bitcoin splits because you can get free money when Bitcoin splits and convert to get more BTC!!!
Dogecoin couple years ago was very popular, but not anymore! But still supported by Ledger Nano S wallets!
Zcash is supported by Nano S.
Ethereum Classic was requested and added very soon after release.
Dash can be stored in your Nano S.
You can store Ripples (XRP) in your Ledger Nano S or also the Ledger Blue which is still not available to order but just a heads up!
How to get these altcoins?
Well getting altcoins can be confusing because you almost ALWAYS need to buy Bitcoins FIRST!
- Coinbase Review (tested option to buy BTC in many countries)
- Buy bitcoin with credit card anywhere in the world (almost)!
What to do after buying the bitcoins? Well just go to Changelly and swap your BTC for ANY other coins!
Ledger Nano S Vs Competition
After reading about different hardware wallets, you might find yourself stuck choosing between the Ledger Nano S and other options. This comparison will help you make the right choice, as keeping your coins is a priority for us too.
Ledger Nano S vs Keepkey
The Ledger Nano S currently sells for 79€ (~$90) and has free shipping. Keepkey sells for $129 + shipping and taxes.
While cost can be an important factor, you shouldn’t let a $50 difference decide which wallet you purchase.
The Ledger Nano S supports the following currencies + ERC20 coins.
Keepkey supports Bitcoin, Litecoin, Ethereum, Dash, Dogecoin, and ERC-20 tokens: Aragon, Augur, Basic Attention Token, FunFair, District0x, Golem, Gnosis, OmiseGo, SALT, Bancor, ICONOMI, Melon, SwarmCity, Wings, iExec, Status, Numeraire, DigixDAO, Metal, TenX, Qtum, 0x, FirstBlood, Ripio Credit Network, SingularDTV, Edgeless, WeTrust, Matchpool, and Storj.
Depending on what your favorite cryptocurrency is, one wallet might be better for you. Most people will use a hardware wallet to support Bitcoin, which can be supported on both.
Keepkey has Shapeshift.io built into the device, allowing currencies to be swapped from the comfort of your own wallet.
Interface and Looks
From a pure aesthetic viewpoint, it is a pretty close call. I personally prefer the Ledger Nano S appearance as it is small, and the screen only shows information thats needed.
If you are a user or investor in cryptocurrencies like BTC, ETH, Litecoin, etc.:
You must have encountered a sense of insecurity in view of the various news about the theft and stealing of the cryptocurrencies, numerous malwares, etc. Now, you have a number of products and offerings to deal with such threats with the use of cryptocurrency hardware wallets.
We review two of the most popular cryptocurrency hardware wallets i.e. Ledger Nano S and Trezor in a professional and unbiased style. The various features, characteristics, and pros/cons of Ledger Nano S and Trezor are as follows:
Trezor is a pioneering cryptocurrency hardware wallet launched by Satoshi Labs. Trezor provides ultimate security and ease of use. It is based on modern cryptography and community-driven open-source environment. It works on Windows, macOS, Linux, and Android.
Trezor currently supports Bitcoin, Bitcoin Cash/Bcash, Ethereum, Ethereum Classic, ERC-20 Tokens, Litecoin, DASH, Zcash, Namecoin, Dogecoin, and Bitcoin Testnet. They can be stored on Trezor at the same time. You can also send or receive your coins or tokens securely through Trezor.
Trezor offers you various facilities, many of them are similar to those of Ledger Nano S, such as:
- You can check and confirm transactions on Trezor display.
- You can confirm with the help of physical buttons.
- Your data is secured inside and locked by the PIN code.
- You can use various companion apps.
- Trezor also supports second factor authentication standards.
- Your accounts are also backed up on the recovery sheet with the facility for easy restoration.
Key Differences between Ledger Nano S and Trezor
- Ledger Nano S is much cheaper than Trezor, which cost one and half times more at $99 as compared to the price of Ledger Nano S of about $65.
- Ledger Nano S has secure chip setup, while Trezor has a mini computing device like set up.
- Ledger Nano S supports a larger number of cryptocurrencies, while Trezor supports a lesser number of currencies.
- Ledger Nano S is a trendy, compact and handy product; whereas Trezor is a sturdy and durable product, but a little bit bulkier.
- Ledger Nano S UI is easier to use in comparison to Trezor.
- Ledger Nano S is a newer product as compared to TREZOR, which has been around since a longer period of time and better time-tested.
- Some users find putting the pin in Ledger Nano S easier and quicker as compared to Trezor.
- Ledger Nano S has more accessories like a leather wallet, security card, chain strap, etc. in the box as compared to Trezor.