Ledger Nano S is a hardware wallet developed by Ledger, a company founded in 2014 in France. They are one of the biggest hardware wallet providers, operating in 165 countries, with more than a million wallets sold. Ledger Nano S supports 23 cryptocurrencies, and it’s the first and the only hardware wallet to support Ripple. In this Ledger Nano S review, we will go through all the important information you need to consider before purchasing this hardware wallet. Hopefully, by the end of reading this, you will be clear of any doubts you might have about this hardware wallet.
Setup and Initialization
The setup process is pretty straightforward and all you have to do is follow the instructions displayed on your device. Firstly, you have to connect the wallet with your computer using the USB cable and then navigate through the device with two buttons placed on the top. To confirm an action, you press both buttons at the same time. You will be asked to enter a PIN code and to write down the 24-word recovery phrase on a piece of paper.
You have to keep this passphrase in a safe place because it’s the only way to recover your wallet in case you lose it. The order of words is also very important. The device will ask you to confirm your recovery seed by entering 4 random phrases matching the requested word’s order number.
Once you’re done with the device setup, the next step is installing the applications. You should start by installing the Ledger Manager app in your Chrome browser. There you can find a number of apps for different currencies. Ledger can support a few different apps at once, so choose desired apps simply by clicking the download button.
The app is user-friendly and everything else is pretty much self-explanatory. You can easily work out how to create new accounts, send and receive transactions, etc.
Security and Privacy
Like most of the other hardware wallets available, Ledger Nano S is one of the safest ways to store your cryptocurrencies. When connected to a computer Ledger Nano S is almost impossible to hack.
To protect your private keys, Ledger applies a decentralized wallet system. You generate the private key during the initialization process, and then they are stored in the secure chip of your wallet. That means that Ledger could never copy or access your private keys and they can never leave the device. Ledger Nano S is an HD wallet, which means that your receiving address changes with every new transaction, taking your privacy to the next level.
To access the wallet a PIN code must be entered. If you fail to enter the right code more than three times, the wallet will reset, wiping the entire stored content on the device.
Ledger Nano S Review Summary
Ledger Nano S is one of the most widely used hardware wallets and for a good reason. With its user-friendly interface, high level of security and the number of supported currencies, Ledger Nano S distinguishes itself from other hardware wallets.
Nonetheless, the memory on the device is limited, and currently, you can only add up to 5 different apps, depending on their size.
It can be a little frustrating for those who store multiple currencies and use this wallet for everyday transactions. That means that if you wish to use a different currency, you have to delete one to make more space and install a new app for the currency you need. The good thing is that you can uninstall apps as you need without losing access to your accounts.
We are hoping that this Ledger Nano S review helped to improve your understanding of how this hardware wallet works. We have tried to reach every aspect that may interest you, and if you’re interested in purchasing a Ledger Nano S, you can do so here.
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