A simple-to-use cold wallet that safeguards one’s cryptocurrency.
Due to the company’s security protocols, the Ledger Nano S is the most secure way to store cryptocurrency. Beginner or infrequent investors will have peace of mind knowing their assets are secure offline while still easily accessing their crypto or viewing their accounts when using a physical device.
Ledger was founded in 2014 in Paris, France, by eight experts in cryptocurrencies, security, and entrepreneurship. It has grown to over 360 employees since then, with offices in New York, London, Singapore, and a manufacturing facility in Vierzon, France.
In 2016, it released the first Ledger Nano S cryptocurrency wallet. According to the company, it has “sold over three million hardware wallets in 190 countries” and “secures an estimated 15% of all cryptocurrency assets worldwide.”
In 2020, Ledger will launch Ledger Live, a cryptocurrency trading platform that integrates with the Ledger Nano S and enables investors to trade, swap, and lend cryptocurrencies. The company recently announced a $380 million Series C round of fundraising, raising the company’s valuation to more than $1.5 billion.
The Ledger brand is the market leader in terms of cryptocurrency security and services, with the goal of becoming a “secure gateway to the world of digital assets.”
Wallet TypeCold Currencies
More than 1,100
Purchase Price: 59 dollars Incorporated Exchange
56.95 mm x 17.4 mm x 9.1 mm, 16.2 g
Ledger, a market leader in cryptocurrency security, manufactures the Ledger Nano S.
Cryptography is protected by a unique operating system and secure element chip.
The setup and installation processes are simple and straightforward.
It resembles a USB stick, which makes it unobtrusive.
A wallet that is affordable
Private keys are never removed from the device.
Supports over 1,100 different coins and tokens
Limited storage space for cryptocurrency applications
The display is small and does not include a touchscreen.
Not as convenient to use on the go as other wallets
Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) carries a high degree of risk and speculation, and markets can be extremely volatile. Before making any financial decisions, consult with a qualified professional. This article does not constitute an investment recommendation by Investopedia or the author, nor can the accuracy or timeliness of the information be guaranteed.
The Ledger Nano S cryptocurrency wallet features a operating system and a secure chip that ensures maximum security. It provides investors with control over their private keys and is backed by the industry’s largest company.
Investors can store more than 1,100 tokens and cryptocurrencies and tokens. Ledger Nano S supports only 23 of them but has collaborated with third-party applications for the rest.
Ledger Nano S Advantages
An affordable wallet: It costs $59. The Ledger Nano S costs less than other wallets, which makes it an attractive low-cost option with a high level of security.
Private keys are never removed from the device: In contrast to hot wallets offered by cryptocurrency exchanges, Nano S users retain control of their private keys. They are never removed from the device or made web-accessible.
It is compatible with over 1,100 coins and tokens: Investors can use the Ledger Nano S device to store popular and lesser-known coins and tokens.
Cryptocurrency applications have a limited amount of storage space: The majority of cryptocurrencies require a cryptocurrency application, and the Nano S supports up to six applications depending on the size.
The display is compact and does not include a touchscreen: The device’s screen is less than an inch tall, due to the device’s overall height of 17.4 mm (0.685 inches). It is equipped with two physical buttons rather than a touchscreen.
Not as convenient to use on the go as other wallets: Because the Ledger Nano S lacks Bluetooth, it must be connected to a computer or Android device via a USB cable.
The Ledger Nano S is compatible with approximately 107 cryptocurrencies and over 1,000 tokens. Although the Ledger Nano S does not endorse fiat currencies, it does support stablecoins. Investors use the hardware for storing popular cryptocurrencies such as
- USD Tether
- Polkadot and Flow
- International Telecommunications Union
- Algorand, Cosmos, Dogecoin
- Linked chain
- Compounding with Stellar, Cardano, Monero, Tron, Dash, Neo, and USD Coin
- Dai Aave
Ledger Nano S Price
On the Ledger website, the Ledger Nano S hardware wallet is available for $79 USD. Occasionally, the company offers free shipping to the United States and a number of international destinations. Otherwise, shipping charges may exceed $19. Additionally, Ledger partners with a number of resellers, and one may be able to find the device cheaper elsewhere.
For example, the Ledger Nano S is $59 with free shipping on Amazon, but $46.99 at Walmart. Shipping times vary depending on the retailer from whom the device is purchased, but one should receive it in less than two weeks in most cases.
The Ledger Nano S device is included in the box, as is a micro USB-B cable. Additionally, packages may include sheets for writing down the 24-word recovery phrase and a neck strap. Additionally, Ledger offers a three-device pack with a savings of up to 21%.
Purchase devices only from authorized resellers or directly from Ledger. Never buy a pre-owned hardware wallet.
The primary reason people purchase a Ledger wallet is for security. The company’s security measures exceed industry standards, to keep the private keys secure.
Additionally, the company is the only manufacturer of hardware wallets that utilizes a unique operating system known as Blockchain Open Ledger Operating System and Secure Element chips.
The ledger devices are subjected to an independent audit by the French National Agency for Information System Security (ANSSI). Additionally, there are additional security measures at the user level. For example, users must physically push both buttons on the device simultaneously to purchase altcoin, rendering it uncrackable by a cyber-criminal. A minimum four-digit pin code is required. Users receive a 24-word recovery phrase to store in a secure, offline location.
In 2020, the Shopify database was used to access the company’s customer data. While the breach did not compromise users’ crypto wallets, it did make their names, addresses, and phone numbers public. Ledger has taken down over 170 phishing websites and communicates with customers on a regular basis about personal security.
Ledger Nano S Configuration and Use
The Ledger Nano S is a relatively straightforward device to set up and use. Users must install Ledger Live on their computer or mobile device and select the option to create a new device. The application then guides users through the process, which includes a guided security checklist.
Once set up, investors can perform most actions and confirm transactions via the Ledger Live app by using the keys on the Ledger hardware wallet. It serves the purpose of requiring minimal interaction even though the screen is small. However, if one needs to enter their 24-word recovery phrase, scrolling through the alphabet to locate each letter can be tedious.
Keep the recovery phrase in a secure, offline location at all times.
Nano S is an easy-to-use and beginner-friendly wallet for casual investors with a few coins. However, many cryptocurrencies require software, and the Nano S can only store a limited number of programs at a time, requiring one to delete one to install another. While the crypto remains secure and on the device, the lack of storage creates some usability issues.
Satisfaction of the User
Ledger consistently receives high user satisfaction ratings. Typically, complaints are directed toward the absence of Bluetooth or security protocols. In short, a slight reduction in convenience is the cost of superior security. Others expressed concern about the device’s storage capacity. However, the Ledger website clearly states the size and limitations.
If a Ledger device malfunctions following purchase, users must submit an online application within two weeks of receipt of the hardware wallet. The company provides a claim form online, as well as a help center, a phone number, and an email address.
The Ledger Nano S offers the same level of security and compatibility with the same cryptocurrencies. The primary difference is that the Nano X includes Bluetooth, which enables it to be connected to the internet and accessed from anywhere with an internet connection. Additionally, the Nano X has significantly more storage, with room for up to 100 crypto applications, compared to the Nano S’s 20 or fewer.
Final Recommendation: Ledger Nano S
The Ledger Nano S is a secure hardware wallet. It has the look of a USB flash drive. It is among the best crypt wallets on the market. Although it supports several cryptocurrencies, users have to download a third-party application, and the wallet has a limited amount of storage for applications. The Ledger Nano S is perfect for beginners or infrequent cryptocurrency traders for storing their assets offline safely and securely. On the other hand, active traders may prefer a Bluetooth-enabled device for accessing their cryptocurrency on their mobile device.