Looking for the cheapest price for the Ledger Nano S? Click the button below to buy on Amazon which is $20 cheaper than the official website. Make sure you buy from the official Amazon supplier, and not a third party store.

Ledger on Amazon

Recap – What is a Hardware Wallet and Why Do You Need One?

Choosing how you store your cryptocurrency is a very important decision. You must consider all factors, such as convenience, security and control. Unlike traditional fiat money, which is most likely stored in a bank account, you can have 100% control over your cryptocurrency and will be responsible if any funds are lost. Keeping your cryptocurrency stored on your computer or phone with a software wallet is very risky, especially if you have a substantial amount. You risk hardware failure or hacking. If someone gains access to your computer, they can steal your private keys very easily, and therefore steal your funds. Keeping your cryptocurrency stored on an exchange or web wallet can reduce the risk of hacking and hardware failure, but then you are not in control of your money and must trust that the exchange will always be willing to send you your money when you request it.

Hardware wallets all follow the same core principles. You can retain 100% control over your funds, while having the best security possible, without sacrificing too much convenience. This is achieved firstly by having a strong backup solution, and secondly by storing the private keys on the device without ever exposing them to any other device. The keys stay encrypted on the device (usually behind a PIN), and if you plug your hardware wallet into a computer, all of the functions are still performed on the device, without sending any sensitive information to the computer. If the hardware wallet is lost, you can restore your funds with the written paper backup that is made when you first setup your device.

If you have over 5x the cost of a hardware wallet invested into cryptocurrency, it is recommended to secure the majority of your funds with a hardware wallet. So for example, if a hardware wallet costs ​500 invested into cryptocurrencies, get a hardware wallet!

The Ledger Nano S

About Ledger (The Company)

Ledger was launched in 2014, by 8 cryptocurrency experts with backgrounds in embedded security. They have grown immensely in the past few years with over 1 million devices sold, and now have over 130 employees in multiple locations worldwide, including Paris, Vierzon and San Francisco. They are among the most trusted companies in the cryptocurrency space, and have raised $85 million in funding from venture capitalists.

Price

The Ledger Nano S price is on par with other popular hardware wallets with a screen. It is $99 USD, but you can usually get it cheaper on Amazon.com at $79 USD (make sure you buy from the official Amazon seller). Never buy from eBay or directly from other people as it is possible that they have tampered with the device.

Ledger on Amazon

Design & Appearance

The Nano S has a sleek design. The plastic casing which houses the electronics is protected by a stainless steel cover which is permanently attached to the device. When you slide out the cover, it exposes the screen, buttons and micro usb port. Overall, this design is simple, functional and durable, and you probably won't have an issue with it.

What’s Included?

  • Ledger Nano S
  • 1 Micro-USB Cable
  • Ledger Lanyard
  • Keychain Connector & Keyring
  • Recovery Sheet

Functionality

The Ledger Nano S has one small screen with that can display two short lines of text at a time, and two buttons on the top for navigating through menus and performing actions. Generally, you press one button at a time to move through menus and press both buttons at the same time to choose a menu option. When confirming an action, a checkmark will appear below one button and an ex below the other. You just have to click the appropriate button for the action. Sometimes when there is a long string of text to be shown, you will have to wait for the device to automatically scroll through it in order to read it all.

Walkthrough

When you first open your Ledger Nano S, plug it into your computer with the provided USB cable in order to power it on. You will have to "Configure as new device", which means you have to set it up with a secure recovery phrase of words (or mnemonic seed), which acts as a super secret password that will give you back access to all your funds for all your coins, if you ever lose your device. So it's important that nobody ever finds this phrase except you!

Before the device generates a recovery phrase for you, you will have to enter in a custom pin code. This code only protects the device itself and not the phrase of words, so you will have to enter it every time you use your Nano S.

You will also have an option to add a password in the settings later on. Unlike the pin code, this password actually does affect the phrase because it acts as an extra word in that list (MEMORIZE IT). You can access both the password protected account, and the non-password protected account on the same device, with different accounts/balances behind each.

Now that you have a pin code, the device will show you each word of the recovery phrase. Write down every word one by one on the provided sheet of paper that came in the box.

If you want to use your own custom phrase, Ledger has an option to do that from the settings menu. This is also useful incase you want to verify that your phrase works after sending a small test amount to your address.

In the next step, the device will ask you to confirm some of the words you just wrote down to make sure that you actually have a recovery phrase, because it's important! After that, your device is set up and you're ready to install wallet applications.

To install apps, you will need to download software on to your computer called "Ledger Live": https://www.ledger.com/pages/ledger-live

After installing it, open it and click "Manager" on the left hand side. You can now scroll through the long list of apps/wallet and install whichever ones you need. Due to the limited storage space on the device, you can only install roughly 5 apps. Luckily installing and removing apps is as easy as one click and then confirming it on your device, and if you remove an app and re-add it later on, all your funds will still be there.

Ledger Live also has functionality to send and recieve cryptocurrency for the majority of the coins that they support. However, the Ledger Nano S will work with a wide array of software, such as MyEtherWallet, Electrum etc. The device is actually the wallet itself, and the software on your computer or phone is just a way of interacting with the wallet.​​

If you want to now use the Ledger Live software to send and recieve coins, click the specific cryptocurrency under "Accounts" on the left hand side, and also open up that app directly on the Ledger Nano S, by scrolling through your apps and clicking both buttons on the device when yours appears on the screen. The next step is pretty self explanatory and will work just like any other wallet, except you will have to confirm each action on your device after performing it on your computer.

Coins supported

The Ledger Nano S supports the most coins, compared to other popular hardware wallets such as the Trezor or KeepKey. Here is an updated list of all the coins that the Nano S currently supports:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Zcash (ZEC)
  • XRP (XRP)
  • Dash (DASH)
  • Stratis (STRAT)
  • Komodo (KMD)
  • Ark (ARK)
  • Expanse (EXP)
  • Ubiq (UBQ)
  • Vertcoin (VTC)
  • Viacoin (VIA)
  • Neo (NEO)
  • Stealth (XST)
  • Stellar (XLM)
  • Hcash (HSR)
  • Digibyte (DGB)
  • Qtum (QTUM)
  • Peercoin (PPC)
  • PivX (PIVX)
  • PosW (POSW)
  • Bitcoin Private (BTCP)
  • ZenCash (ZEN)
  • Woolet
  • Nano (NANO)
  • Nimiq
  • Zcoin (XZC)
  • Tron (TRX)
  • Proof of Authority (POA)
  • Rootstock (RSK)
  • Kowala (kUSD)
  • VeChain (VET/VETHO)
  • ICON (ICX)
  • Particl (PART)
  • Ontology (ONT)
  • Wanchain (WAN)
  • Monero (XMR)

Rating

4.6/5

Pros

  • A+ Security
  • Simple design & functionality
  • Large list of supported coins

Cons

  • Limited number of apps at one time

Ledger on Amazon