Ledger Nano S Review (February 2024) - Pros, Cons, Features, & Pricing - Comparewise

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Ledger Nano S Review (February 2024) – Pros, Cons, Features, & Pricing

The Ledger Nano S Plus is a piece of hardware meant to store your cryptocurrency, including non-fungible tokens, in a safe manner while it is not connected to a network (NFT). Check out our Ledger Nano S review to learn all about this great piece of tech.

It is a long-awaited enhancement to the company’s crypto wallet for novices, and it is intended at those who want to take responsibility for the safety of their own digital assets. Let’s dive into our Ledger Nano S review.

To begin from the beginning, wallets may be separated into two types: hot wallets and cold wallets. The majority of the time, you may access a hot wallet online or on your mobile device since it is linked to the internet. Cold wallets are offline cryptocurrency storage solutions that cannot be accessed over the internet.

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Last Updated: Feb 21, 2024

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Cold wallets are often physical devices that users may keep their cryptocurrency on. Because they allow for self-custody, cold wallets provide users the ability to exercise full control over their cryptocurrency holdings.

In contrast to a wallet hosted on an exchange, in which the corporation that hosts the wallet is the one in possession of your private keys, you are the one who controls access to the wallet.

The Nano S, the model that came before the Ledger Nano S Plus, has a significant legacy. When it was first released in 2016, it quickly became a best-seller among hardware wallets, and the manufacturer is said to have sold more than 4.5 million units.

However, the vast majority of cryptocurrencies that are popular now did not exist when the Nano S was originally introduced to the market, and a small percentage of individuals were interested in NFTs back then. It would seem that the new Nano S Plus has evolved along with the times.

The market for cryptocurrency wallets has expanded to meet the needs of users of all experience levels, from those who are completely new to the concept to those who are experienced enough to invest in large-scale institutions.

On the market that exists now, the Nano S Plus will compete not just with a multitude of different hardware wallets but also with all of the self-custodial and hot wallet solutions that are provided by exchanges and software providers.

The debate on the benefits of self-custody has been reignited in light of recent events. These recent events serve as a sobering illustration of how little value money has when it is unavailable for use.

Ledger Nano S Security Features

A bitcoin hardware wallet may be compared to the safety deposit box at your bank, in which you store your most valuable assets. You cannot afford to keep it vulnerable, and the most effective method for doing so is to use encryption of the highest possible grade.

The gadgets manufactured by Ledger have garnered the confidence of customers and a reputation for being secure. Even if there is a security breach on your PC, the Ledger Nano S will keep your digital assets safe. It employs two levels of security, the ST31H320 (protection) chip and the STM32F042 (OS) chip, which are independent pieces of hardware that are responsible for storing your private keys and signing transactions.

In addition, users of the Nano Ledger S have the ability to secure their currencies by configuring a personal identification number (PIN) to unlock the device and a password to use when granting access to the user wallets. Even up to this very day, there has not been a single instance of a Nano Ledger S device being remotely hacked.

On the other hand, because of this, it is very necessary to keep your seed phrase offline and concealed so that no one can get their hands on it. Do not record it or save it online since doing so might put the security of your device at risk.

Utilizing a specialized sturdy mechanism such as CryptoTag is the safest and most convenient method to store your seed phrase. You can easily restore your data using the hardware device even if it is damaged or lost as long as you have the seed phrase.

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Ledger Nano S Design Analysis

The actual gadget is equipped with a user interface that is convenient and simple to use. On the very top of the gadget are a screen and two buttons that may be used for navigation.

You will be able to access the menu of the smartphone, enter a pin code, choose applications, and type recovery phrases with the assistance of all of these things working together.

The Ledger Operating System walks you through the process of setting up your device, even if the presence of two buttons makes entering PINs and seed phrases a little more laborious. You just need to pay attention to the messages that appear on the screen and in Ledger Live (a desktop program for Ledger devices).

Using the micro-USB connection that is included in the package, it is not difficult at all to connect your Ledger Nano S to the computer. Despite this, the small screen may be a nuisance at times, particularly when processing transactions that require verifying lengthy recipient addresses.

However, this is a rather small annoyance, and if you get accustomed to it, it will become much simpler. It has a little internal storage capacity and a small screen, but because of these constraints, there is no room for mistake for hackers to steal your assets.

This is one of the reasons why the Ledger Nano S is appreciated for its design and security. The simplicity of the Ledger Nano S is what makes it reliable and secure, and it is also what makes it relatively easy to use.

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A Guide to Buying and Selling Crypto

Because hardware wallets are a solution that only works with the blockchain, you cannot deposit or store fiat coins on them. Because of this, using them is unquestionably more inconvenient than using hot wallets or exchanges.

However, it is important to keep in mind that the convenience they lack is compensated for by their increased level of safety. The Ledger is compatible with a number of third-party programs, like as Coinify and Moonpay, which make it possible to purchase and trade cryptocurrencies directly on the device.

They let you to invest in cryptocurrencies using fiat currency such as dollars (or euros, pounds, pesos, and so on) by acting as mediators between the crypto world and the fiat world. These on-ramps from fiat currency to cryptocurrency are essential to the process of making cryptocurrency available to regular people.

Regrettably, however, the vast majority of service providers demand exhaustive identity checks impose excessively high prices, or do not cover particular geographic areas or states. I spent the whole of the morning looking for an on-ramp that would allow me to complete a transaction.

It is not Ledger’s fault that there are not enough on-ramps, but this does highlight a significant challenge that the cryptocurrency industry has to overcome. It is a missing element of the jigsaw that has the potential to quickly frighten away individuals with less expertise.

I strongly suggest retaining the ledger for record-keeping purposes while utilizing exchanges for purchasing and selling items.

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The Dangers of Self-Custody

The additional safety comes at the cost of having full responsibility for your possessions and finances. If you forget the written-down copy of your seed phrase or, if you lose the physical device that contains your seed phrase then there is no way to regain access to your coins.

Transactions are subject to the same pattern. In the event that you want to transmit cryptocurrency but make a typo when entering the recipient’s wallet address, there is no centralized authority that can undo the transaction for you.

Although it is substantially more difficult than hacking a software-based wallet solution that is linked to the internet, stealing cryptocurrency from a hardware wallet is not impossible. Simply put, it indicates that in order to get access to the assets, one must go through the additional step of gaining access to both your physical device and your passwords.

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Installation and Configuration for Ledger Nano S Hardware Wallet

This in-depth tutorial will guide you through the process of installing and setting your brand-new Ledger Nano S device. It will begin with an overview of the device and go on to specific steps.

1. Plug in your Ledger Nano S into the computer to turn it on

For a safe and reliable connection, be sure you make use of the micro-USB cable that was included in the packaging.

2. Set up a PIN code

The screen of the device will light up and ask you whether you wish to setup it as a new device when it does so. Confirm this by pressing one of the top buttons, and then choose a PIN of between four and seven numbers to use going forward.

Each time you choose a number, you must validate it by hitting both of the top buttons at the same time. Take the time to commit the code to memory, since you will be required to input it each and every time you use the device.

3. Make a recording of your recovery phrase (seed)

After then, the Ledger Nano S will display a string of 24 different words. Make sure to record them in a very much safe and unconnected location. You are free to make use of the recovery phrase sheets that were included with the gadget in the packaging that it arrived in.

Check to ensure that each and every word is written down accurately. Caution is advised since if you misplace your recovery seed there will be no other method for you to retrieve your lost cash. Utilize a tool like Cryptotag in order to get the best possible recovery seed.

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4. Confirm your seed

After you have done writing your seed, the device will ask you to verify it by having you supply two arbitrary words from your seed phrase. If you produce these words, it will tell you that your seed was successfully written. It may, for instance, inquire as to whether or not the word “no. 12” from the sequence is correct. You may verify the 12th word of your recovery phrase by using the top buttons to go towards it.

5. Install Ledger Live App on your computer

Ledger Live is the name of the software that may be used in conjunction with your hardware wallet. It is available for download from the website of the Ledger, which you may use to get it.

6. Set up Ledger Live and install apps for your coins

First, you will need to generate a safe password, and then you will need to download the right programs for the digital assets that you want to keep on your Ledger Nano S. Keep in mind that the Nano S only has a limited amount of space for these applications; thus, you can only install 3-5 of them before the device’s internal memory is full.

7. Create wallet and send coins

Make wallet addresses for your cryptocurrencies, and then transmit your coins to those addresses. And that’s it, the end, as they say.

Coins Supported by Ledger Nano S

As you are undoubtedly aware, there are already more than 1,500 distinct cryptocurrencies that can be bought and sold, and each day, further cryptocurrencies are being introduced to the market. The Ledger wallet is a multi-currency wallet, which means that it can hold a wide variety of cryptocurrencies.

This is a fortunate feature. The Ledger wallet can store more than 1,500 different tokens and 26 different currencies. This encompasses not just the most well-known cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, but also less well-known cryptocurrencies.

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Ledger Nano S Pros

You have probably already figured out that the primary benefit of purchasing a Ledger wallet is that it provides the highest level of protection when it comes to storing your cryptocurrency. In point of fact, storing your cryptocurrency in a hardware wallet is very identical to storing them in a traditional safe.

But, why? Software wallets, as was discussed previously, are susceptible to being hacked if the device on which they are stored is compromised with malware, a virus, or a key logger. The intention of the cybercriminals is to make off with your private keys, which would provide them complete access to your wallet once they are in their possession.

When you use a Ledger Nano S, your private keys are kept safe and secure inside the device itself. In addition, since the wallet is always offline (unless when it is being used to transmit money), it is impossible for anybody to try to access its contents via an internet connection.

You will be asked to choose a PIN number for your device when it is delivered to you. The PIN number must be a minimum of 4 digits. This personal identification number (PIN) should only be known by you, and you will be required to manually input it into the device each time you wish to use it.

You are safeguarded by an additional degree of protection in the event that you forget it at any point. After you have confirmed your PIN number, you will then be issued a recovery phrase that consists of 24 words.

Once again, this is something that is shown on the screen of the Ledger, which means that nobody but you will have access to it. If you ever find that you have forgotten the PIN, all you need to do is input the recovery phrase on the device, and then you may generate a new PIN.

Additionally, the creators provide firmware upgrades on a regular basis. Therefore, you need to make sure that your hardware gadget receives frequent upgrades in order to maintain its level of safety. Another layer of safety offered by the Ledger is its resistance to harm caused by physical contact.

The Ledger Nano S has been constructed out of very long-lasting materials, including a cover that is made out of stainless steel. Because of this, even if you were to accidentally drop the gadget, it would be very impossible for the device to become destroyed.

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Ledger Nano S Cons

To begin, in contrast to software wallets, the Nano Ledger S does not come free. Approximately 59 Euros will be required from you in order to pay for the wallet when you buy it straight from the website of the Ledger wallet.

It’s possible that you could acquire it for a lower price from another shop, but I wouldn’t advocate doing it. This is due to the fact that you have no way of knowing whether or not the vendor has planted a virus on the hardware device, which would then allow them access to your wallet if it was compromised.

Always be sure you purchase straight from the company that made the product. Another drawback is the fact that it is inconvenient. When it comes to transmitting coins to another person, you will need to connect your Nano Ledger S into your desktop device so that the transaction can be completed.

After you have done so, you will be required to enter your personal identification number (PIN). Because of the additional time and effort required, using this method to transfer cash is far less convenient than utilizing a digital wallet.

You also need to keep in mind that the Ledger wallet is more complicated to use compared to other of software wallets that are already on the market. Before beginning the assembly process, it is essential that you go through the important steps outlined in the handbook.

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Is it Difficult to Hack the Ledger Wallet?

To begin, the hacker would want your personal pin, which is something only you know, in order to obtain access to your money. They would have three opportunities to input the proper PIN number before the Ledger went into a timed lockout mode; but, if they entered the PIN incorrectly three times, they would lose all access to the Ledger.

This is a very helpful safety feature since it allows you some time to re-enter the backup password for your Ledger wallet in order to recover access to your wallet. However, there is an intriguing case that was published by a writer on Wired.com in late 2017, who revealed how he lost both his pin number and his recovery phrase.

The story was published on the website in late 2017. The journalist’s Ledger Nano S had more than $30,000 worth of cryptocurrencies, but he was unable to access the cash since he had lost access to his wallet. The journalist was successful in locating a programming whiz who discovered a flaw in the most current version of the Ledger wallet.

This flaw gave the programmer the opportunity to circumvent a recent security upgrade. The Journalist was eventually successful in regaining access to his wallet by following the instructions supplied by the programmer, which he had to do in order to do so.

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Although the company behind the Ledger Nano S states that this security weakness has already been rectified, the fact that it existed in the first place demonstrates that nothing is ever completely safe.

Remember that even the safest vaults in the world have been broken into in the past, so keep in mind that even if a hardware wallet makes it very unlikely for someone to steal your cash, there is still the possibility that they may be taken.

If you were in the same situation as the journalist, there is absolutely no chance that you will ever be able to get your money back. In fact, there is no way that this could ever happen. Because Ledger Nano S is never going to have access to your private keys, it is up to you to ensure that they are kept secure.

Potential Dealbreakers for the Ledger Nano S

The capacity of the hard disk in the Ledger Nano S is considerably restricted. This indicates that you will be restricted to having a certain amount of applications installed on the device. On the other hand, you may install and uninstall applications at will without risking the loss of any cryptographic assets.

Some reviews of the Ledger Nano S express disappointment because it does not have Bluetooth connection. You will need to upgrade to the more costly Ledger Nano X model in order to obtain Bluetooth functionality.

Ledger’s most recent hardware cryptocurrency wallets have built-in batteries and Bluetooth connectivity, allowing users to enjoy a truly cordless experience. It should also be brought to your attention that in the summer of 2020, the personal information of a certain number of Ledger users was exposed.

This has nothing to do with the wallet itself and everything to do with joining up for the Ledger service instead. Some users got access to personally identifiable information such as their name, email address, and physical address.

Hackers then made use of that information in phishing emails they sent to victims in an effort to obtain access to the victims’ crypto. You must never put your faith in any email that asks you for your passwords, pin codes, or private keys to your cryptocurrency accounts.


Ledger Nano S Review Conclusion

We hope this Ledger Nano S review has been super helpful and informative. Thanks for checking it out!

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FAQs about Ledger Nano S

Is it possible to hack the Ledger Nano S?

There have been no instances of a Ledger Nano S being hacked remotely that have been documented up until now. However, hackers have a wide variety of tactics at their disposal that they may employ to steal money from a user's wallet (e.g. sending the user a compromised seed phrase) The coins that are stored on your Ledger Nano S are secure so long as your seed is kept offline and in a secret location, and no one else can physically access your device.

Is there a risk when using the Ledger Nano S?

French government cybersecurity body ANSSI has given the Ledger Nano S its highest possible certification. It is equipped with an inbuilt secure element chip that can sign transactions and store your private keys. In order to use the device, you will need to input the four- or eight-digit pin code that you selected. Every transaction has to be physically validated by touching the buttons on the Ledger Nano S. This ensures that no one else may transfer funds out of your accounts unless they have both physical access to your device and knowledge of your personal identification number (PIN). Accounts on the Ledger Nano S will be deleted after three unsuccessful attempts to enter the right PIN. Even if the device containing your cryptocurrency is erased, if you still have your 24-word recovery phrase, you will always be able to regain access to your cryptocurrency holdings. Each Ledger device is pre-sealed with an anti-tampering sticker to ensure that it has not been tampered with in any way. It is one of the most safe methods to keep your cryptocurrencies so long as you get it from a reliable provider. If you do so, you won't have any problems.

Is it possible for Ledger Nano S to hold multiple cryptocurrencies at once?

Yes, it is absolutely capable of holding a number of different crypto assets at the same time! Due to the fact that the Nano S has limited space on its hard drive, there is a cap on the total number of programs that may be loaded on the device. However, because it is possible to install and uninstall applications without losing any assets in the process, you can easily get rid of an app when you aren't using it and then reinstall it when you do need it.

Is there anything special about the Ledger Nano S Plus?

The Ledger Nano S Plus was introduced to the public in March of 2022. The key difference between the Nano S and the Nano S Plus is the latter's superior display as well as its significantly increased storage capacity. The Nano S Plus, much like the Nano S, does not have the functionality to connect to a Bluetooth device. The price of the Nano S Plus will be an additional $20 above that of the Nano S.

Which is better, the Nano S or the Nano X?

Since the Ledger Nano X is more sophisticated than the Ledger Nano S, one may say that it is somewhat comparable to the S. Both the Nano X and the Nano S have the same screen resolution and can store up to one hundred different cryptocurrency wallets. The Nano X has a glossy finish, but the Nano S has a matte finish, and both of them have appealing and sophisticated appearances. Additionally, their USB-C connector is identical to one another. However, when it comes to the differences, the Nano S has considerably smaller buttons than the Nano X, which makes the navigation on the Nano X much simpler. Additionally, the Nano X is equipped with Bluetooth, which enables wireless administration of wallets. In addition, the battery life of the Nano X lasts for 8 hours, whilst the Nano S has none. Unless it is linked to your phone, the second option is impossible to utilize while you are moving about. However, the Nano X retails at a higher price.

What will happen if I am unable to retrieve my seed phrase?

If you are still able to access your device, you may still move the cash to another wallet before you are required to reset your seed phrase. If you are unable to access your device and you also lose your seed phrase, it is quite possible that all of your bitcoin will be lost permanently.

What happens if I can't remember my Personal Identification Number (PIN) or if my ledger is stolen or damaged?

In the event that you are unable to access your device due to forgetting your PIN code or for any other reason, you will be able to retrieve your money by using your seed phrase.

October 6, 2022
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