A Ledger Nano S Review for 2022
Just like putting physical cash in a wallet (for the people who still use it), digital currency needs secure storage as well. Crypto also needs a place to store your funds and private keys to access them.
When you own cryptocurrency, you basically own a key that gives you access to your coins. Ledger Nano S hardware cryptocurrency wallet provides high-level security and control over your crypto assets. Learn more in this Ledger Nano S review.
Table of Contents
Ledger Nano S: Overview
The Ledger Nano S keeps your crypto coins offline and super secure, so you can relax knowing that your assets are protected in cold storage.
As the most popular hardware wallet on the market, Ledger Nano S allows users to buy, exchange, and manage cryptocurrency all in one place.
Let's take a look at features that come with the Ledger Nano S.
Ledger Nano S: Features
It’s true what they say: good things come in small packages. The Ledger Nano S devices are small enough to fit in your hand but come loaded with features that have earned the trust of millions of customers.
Here are some of the Ledger Nano S' staple features:
- Supported Currencies: The Ledger Nano S has the capacity to store more than 1000 cryptocurrencies. These assets cannot all be stored simultaneously; however, the variety of currency support is a perk.
- Offline Storage: Coins stored on the Ledger Nano S are secured offline in cold storage using multiple layers of protection to keep your wallet safe from unauthorized access, cyber-attacks, and other vulnerabilities that online storage options are susceptible to.
- Security Pin: Users will create a 4-digit security pin upon setup, which is required each time they access the wallet. Three wrong pin attempts and the wallet is wiped, requiring a 24-word security phrase or seed phrase to regain access.
- Mobile App: Ledger Live is the perfect companion to your Ledger Nano S. The mobile app allows you to manage your assets and monitor your portfolio whether you have your hard wallet handy on you or not.
What is the Ledger Nano S?
The Ledger Nano S is one of the best-selling hardware wallets in the crypto marketplace and the only hardware wallet to receive CSPN (First Level Security Certificate) certification from ANSSI, the National Cybersecurity Agency of France. The Ledger Nano S supports over 1,000 crypto coins, with a price tag that’s equally as impressive, coming in at $59 USD* ($89 CAD*).
With over 1.4 million units sold worldwide, Ledger Nano S is worth looking into if you are interested in an intuitive, secure, and affordable hard wallet.
The device itself also has a metal casing called Cryptosteel that adds an extra level of physical security, making it more durable than its competitors.
How Does the Ledger Nano S Work?
The Ledger Nano S works by holding the private keys that give you access to your cryptocurrency assets. Setting up your wallet is fairly straightforward and takes less than 5 minutes.
Users must download the Ledger Live app to their computer or mobile device and choose the option to set up a new device.
You will create a 4-digit security pin, and then receive a 24-word security phrase that is your private key. Once your wallet is set up, investors use the Ledger Live app to send and receive cryptocurrency transactions by physically pressing both buttons on the Ledger hardware wallet.
Ledger Nano S: Pros and Cons
Pros: The Good Stuff
Price: Compared to competitors, the Ledger Nano S offers one of the lowest prices around for hard wallets.
Security: The company exceeds industry standards for security and has never been hacked.
Beginner-Friendly: The streamlined interface is intuitive and easy to use, making digital currency exchange easy for every experience level.
Cons: The Not So Good Stuff
Limited Storage: Although the wallet supports over 1000 cryptocurrencies, users can only store and manage 3-6 different currencies at a time.
No Bluetooth: The device doesn’t have Bluetooth capabilities to connect to mobile phones, making it less mobile-friendly than other wallets.
Our Final Thoughts
If you are searching for a user-friendly, safe, and affordable crypto wallet, look no further than the Ledger Nano S.
The Ledger Live app complements the physical wallet to ensure that you unlock a world of crypto possibilities from anywhere. It’s no wonder why this is one of the most popular cryptocurrency wallets; it’s easy to use, secure, and affordable.
Frequently Asked Questions
A cryptocurrency wallet holds your private keys, which are the passwords you need to access your cryptocurrencies.
A software wallet (soft wallet) is an entirely digital application to store and access your coins. You would typically find soft wallets on desktops, mobile devices, and online applications.
Internet connection is required to access your soft wallet, as everything is stored in a cloud or server. Some soft wallets also allow you to send and receive cryptocurrency.
Soft wallets and hardware wallets (hard wallets) do the same thing and provide the same outcome; however, they do so in different ways.
Since a soft wallet is a digital storage solution, it makes sense that a hard wallet is a physical storage solution for cryptocurrency, private keys, and tokens.
Hard wallets come in the form of hard drives or flash drives and are more secure than soft wallets because your accounts are stored offline. If your desktop computer has a wallet, it is also considered a hard wallet.
When choosing a cryptocurrency wallet, security should always be your number one concern.
We think that using a hard wallet is always the better option to ensure the safety of your assets. When your wallet is not connected to a PC or device, they are essentially impossible to hack.
For maximum crypto protection, we recommend a hard wallet or a combination of both, like a soft wallet on a desktop that is used only for crypto.