Please note Ledger Nano S has been discontinued and Ledger Nano S Plus has been introduced. You can check out the Ledger Nano S Plus review here. Accordingly, all the links have been replaced for Nano S Plus in the article. You can buy Ledger Nano S Plus here
The rising fame of cryptocurrency has left a plethora of us astonished. The hype around the crypto assets has been there ever since the concept was introduced. Almost everyone who is technology savvy is actively trading on various crypto platforms.
Tokens like Bitcoin, Ethereum, Ripple, etc. need to be essentially stored in invulnerable crypto wallets. One such cryptocurrency cold wallet equipped with high-end security is the Ledger Nano S.
In the following article, we behold the opportunity to discuss the Ledger Nano S. We get to review it on the basis of its features, security, price & affordability, and many more.
This will help you clear out your indecisiveness regarding this cryptocurrency wallet. With this Ledger Nano S Review, you will also get to know if this is the right alternative for you to go for or not.
So now, let’s begin our journey!
- General Introduction
- The Ledger Nano S – What exactly is it?
- The Ledger Nano S Review – How does it prove to be a reliable asset?
- 1. Pocket-friendly
- 2. Stores a plethora of cryptocurrencies
- 3. High security
- 4. Device times out after a defined time frame of inactivity
- Shared wallet or Multi-signature support
- 5. Passphrase support
- 6. Investors have complete control over their private keys
- 7. Supports incorporated exchange
- The Ledger Nano S Review – How can it, in contrast, prove to be a liability?
- 1. Limited Internal Memory
- 2. Low screen resolution
- 3. Display is apparently small
- 4. Closed Source
- 5. Not the best alternative for mobile-friendly usage
- Ledger Nano S Review – Just how affordable the Nano S is?
- Does it really provide the high-end security as it claims?
- How does a Ledger Nano S work and how well should you expect it to perform?
- Ledger Nano S Reviews – Delivering the best
- Other alternatives you may consider
- Concluding Statement and our personal views
The Ledger Nano S – What exactly is it?
When it comes down to storing cryptocurrency for beginners, the Ledger Nano S stands first in the queue. The year 2016 came boasting about the introduction of the Ledger Nano S in the crypto market. Indeed, it is one of the greatest technological inventions facilitating security of the crypto assets and tokens.
A Ledger Nano S is basically a hardware wallet used to secure and manage crypto assets. It lets the users store coins in a ‘cold storage’. Folks often consider it as a ‘cold storage’ hardware wallet because it readily creates and stores your wallet’s private keys offline. You don’t have to connect the wallet to the Internet all the time.
One can however integrate the Nano S with outsider wallets like Exodus to oversee ERC-20, BEP-20, etc tokens. I will not go into the depth of integrating your Ledger Nano S with an outside wallet in this article. As it may get confusing. So getting back to the topic.
Ledger ‘the company’ claims to give advanced security by means of a protected chip and an exclusive working framework. Accordingly, it claims that the wallet is invulnerable to hacks.
The Ledger Nano S Review – How does it prove to be a reliable asset?
People are using Ledger Nano S as years have tested enough of its credibility. Without any doubt, it can prove to be a good asset for securing your crypto transactions. The following catalog enlists some of the main reasons why there is such hype around the Ledger Nano S.
One of the main reasons why people go for the Nano S in the ledger series is its cost-effectiveness. It costs somewhere around $59 (Nano S Plus costs around $79). If you are considering a purchase of the Nano S, then you can buy it from here
2. Stores a plethora of cryptocurrencies
Its extent of storing tokens is really commendable. It comes with a capacity of supporting at least 5000+ cryptocurrencies. Here is a list of cryptos it supports. Conventionally, one can install a third-party application for storing numerous other types of cryptocurrencies.
3. High security
Another reason that compliments having a Ledger Nano S is the high-end security it guarantees. Investors will appreciate having one as it gives them a full swing of command over their private keys.
To a great extent, a Ledger Nano S is certainly unhackable. The Nano hardware comes with a certified chip which makes it cryptographically protected.
4. Device times out after a defined time frame of inactivity
Various Ledger Nano S Reviews put forth their assertions that a Nano S times out after a certain time of inactivity.
A configured PIN code secures the Nano S for optimal security. Normally, your gadget is locked following 10 minutes of dormancy.
Shared wallet or Multi-signature support
Ledger Nano S additionally facilitates shared wallet. You can easily set up and operate multiple accounts on this hardware wallet.
5. Passphrase support
The passphrase is a high-level security highlight that hardware wallets like the Ledger Nano X or Ledger Nano S can utilize. It complements the device security by adding a password to your recovery phrase that authorizes someone to use a whole set of new accounts.
6. Investors have complete control over their private keys
When you set up your gadget, Ledger’s secure programming makes a unique arrangement of private keys. Investors using a Nano S have full sway over their private keys.
This aspect is of high importance. Private keys permit you to oversee many records and crypto resources from a solitary gadget.
7. Supports incorporated exchange
You can even install the Exchange application on your Ledger gadget to trade your crypto resources in the Ledger Live application.
The Ledger Nano S Review – How can it, in contrast, prove to be a liability?
Anything that comes with advantages also comes equipped with its drawbacks. Following are some of the reasons why you should be on the outlook of going for other alternatives.
1. Limited Internal Memory
Many cryptocurrencies tend to need a crypto application to function. On the other hand, a Nano S has a limited internal memory or low storage capacity. It can barely hold a maximum of a few applications, contingent on the size. This comes in as a surprise as there are over 20000 total cryptocurrencies in the market today.
2. Low screen resolution
It is an era where people can’t get enough of plumping themselves down and watching movies on high screen resolutions. You would find it very disappointing that a Nano S features a 128×32 screen resolution. It is indeed a noticeable drawback.
3. Display is apparently small
Apart from a low screen resolution, a Nano S features a seemingly small display. The Screen is under an inch tall, however, the entire gadget is just 17.4 mm tall (0.685 inches).
It highlights two actual buttons rather than a touchscreen. Indeed, you are likely to find the design a bit outdated and old-fashioned.
4. Closed Source
You might have heard about the Non-Disclosure Agreements (NDAs). It is a legitimately official agreement that lays out a private relationship. A Ledger Nano S incorporates a closed source element.
It follows an NDA with the manufacturer of the secure element chip. Basically, a third-party cannot navigate for any vulnerabilities within the device.
5. Not the best alternative for mobile-friendly usage
One of the key drawbacks of a Nano S is that it is not as mobile-friendly as its other alternatives. It isn’t outfitted with Bluetooth. So, it requires a USB link to interface with a PC or Android gadget
Ledger Nano S Review – Just how affordable the Nano S is?
Now let us talk about whether the Ledger Nano S is a boon or a bane for your pocket.
It costs somewhere around 59 USD. You get an ace up your sleeve if you reside in the U.S. or a few designated areas. The company frequently offers free shipping to these locations. However, if not so, delivering expenses might be more than 19 USD.
Amazon prices for this Crypto Hardware Wallet are the same. Delivering times differ contingent upon where you buy the gadget, however commonly, you’ll get it in under about fourteen days.
The packaging contains a Ledger Nano S in addition to micro USB-B cable. You may also find the order equipped with sheets to record your 24-word recovery phrase and a neck lash.
Does it really provide the high-end security as it claims?
Ledger wallets have become synonymous with good performance and high-end security. The security criteria include Common Criteria (CC) EAL5+ confirmed Secure Element (SE) chips on Nano gadgets. Moreover, you needn’t worry about your private keys getting handled misappropriately.
Not only this, Ledger leads the market in security domains by using a restrictive operating system (OS). This is often referred to as the Blockchain Open Ledger Operating System or simply BOLOS. Additional security measures also complement the security aspects of the Ledger hardware wallet.
Let’s say you buy altcoin, you are then required to press the two buttons on the gadget all the while. What’s interesting is that doing so makes the device almost unhackable for a digital lawbreaker.
Indeed, Ledger is one of the biggest names in the industry when talking about delivering security features. However, it still has a long journey to cover before it becomes completely flawless.
Back in July 2020, the unhackable Ledger was hacked. It left roughly 272,000 customers in dire straits. It included the leakage of over a million email addresses, personal information and data. Since then, Ledger has earned a not-so-good reputation in the crypto world.
But it is important to note that Ledger has eliminated an approximate of 170 phishing websites. Additionally, it tends to break new grounds by communicating with its customers quite frequently. It not only enhances the company-customer relationship but also solves many aspects of security problems.
Being a closed source, unlike Trezor, people of a third-party don’t authorise to audit the firmware’s security.
How does a Ledger Nano S work and how well should you expect it to perform?
Now let us look at a few procedures that one must follow before using a Ledger Nano S. The users are required to download a Ledger Live Application on their devices. Choosing the option to set up a new device follows. That’s it!
From here onwards, it’s just a carefree cakewalk! The application will guide you through. The Ledger Live application will be used quite occasionally. You will find yourselves performing almost every set of tasks through it. Once you set the device up, you’re ever as ready to use it to procure its best.
You might argue that a small screen and a low resolution doesn’t add up to a good experience of using a Nano S. But surprisingly, it functions admirably. Moreover, its commendable security features efficiently overpower this drawback.
Even a beginner can expect to extract the best of a Ledger Nano S. Given the low price tag, it delivers the best according to its value in the long run. But a major drawback still remains its low internal storage capacity. Indeed that’s not much of an issue when you delete a certain useless application before downloading a new one. Yet a Nano S still has better competitors in the market.
Ledger Nano S Reviews – Delivering the best
A Ledger Nano S Review will be totally incomplete without an analysis of what it’s best at. Despite everything, one cannot ignore the fact that Ledger has always spoken quality and delivered the best. It is best known for providing customer satisfaction. With a not-so hefty price tag, it guarantees advanced security.
Although, rumour has it that complaints spiral the market regarding its low internal storage. Customers demand the availability of more storage space. Lack of Bluetooth typically leaves many of the users unsatisfied.
Other alternatives you may consider
If Ledger Nano S Reviews don’t seem to be convincing you to buy it, you may go for other alternatives.
Ledger Nano X
A Ledger Nano X is indifferent from a Ledger Nano S. However, the only additional feature of a Nano X is that it has a Bluetooth outlet. It is compatible with both Android and iOS. Moreover, it provides slightly more internal storage than the Nano S. You can have about 100 to 120 applications downloaded on it at the same time.
The official Ledger site and Amazon have affixed it with a price tag of $149. Yes, it is slightly on a higher side when taking into account the prices of a Nano S and a Nano X. However, Nano X still stands as a strong competitor of the Nano S.
Ledger Nano S Plus
This is actually a replacement for Ledger Nano S as Ledger Nano S has been discontinues and replaced by an advanced model.
Another alternative to a Ledger Nano S is the Trezor One. Unlike the Nano S, Trezor is open-source. Meaning thereby, that any third party can navigate it for vulnerabilities or defects.
Moreover, the price tag of $72 apart from it supporting more cryptocurrencies, makes it a suitable choice. However, the only downside is that it is made from plastic completely. On the contrary, a Nano S is sophisticatedly designed with stainless steel components.
Concluding Statement and our personal views
A Ledger Nano S is one of the best bitcoin wallets available in the market. It is the go-to choice for beginners as well as easy to set up and use.
It upholds huge loads of cryptocurrency – enough for conventional daily usage. However, if you want the wallet to come with a Bluetooth outlet, try going for other options.