With the opening of the crypto-currency sector to the general public, the question of how to store digital assets is becoming more and more relevant. Between so-called “hot” wallets that stay connected to the Internet and so-called “cold” offline wallets, the public is spoilt for choice. In this guide, we will introduce you to one of these solutions with a Ledger Nano S avis, which is a cold wallet.
The objective of this guide will be to give an objective opinion on the Ledger Nano S. We will indeed try to detail all the features that this one offers. It will be a question of adopting a critical posture by focusing on both the strong points but without omitting the weak points of this physical wallet. Finally, we will also approach the Nano S under a practical aspect by detailing how to send, receive, transfer or buy crypto currencies.
Ledger Nano S Reviews
Our review of the Ledger Nano S is quite positive. Because the device offers the possibility to quickly and easily store several cryptocurrency projects, for a very competitive rate of 60 euros. This crypto wallet is actually often cited as being an unbeatable value for money in the crypto storage world.
Nevertheless, for those who would like to invest in many crypto projects, the Nano S is not necessarily the best solution. Indeed, the more you are an active user of cryptos, in exchange or as a means of payment, the more relevant it will be to turn to the Ledger Nano X, a more suitable tool. Some features like swap are also not available via the Nano S while they are available via the Nano X.
For those who are new to the world of cryptocurrencies, the Nano S is a very suitable product. Clicking on the image below will allow you to purchase a package including the Ledger Nano S, a PDF guide and a $25 crypto coupon.
How to buy a Ledger Nano S wallet?
To buy a Ledger Nano S, it is possible and probably preferable to go directly through the website of the manufacturer Ledger. In this part, we will see how to buy a Ledger Nano S wallet through the Ledger website.
The first step is obviously to go to the Ledger platform website. On the homepage of the site, several tabs are accessible at the top of the page. You will have to click on the “Products” tab and then click on “Ledger Nano S”.
By clicking on the “Add to cart” button, you will start the purchase process of the Nano S. A summary of your cart will appear on the right side of the window, with the shipping costs and the VAT.
To finalize the purchase, the user will have to fill in a number of data such as his email and postal address, the delivery method as well as the payment method used. It will also be necessary to specify whether you are buying the Nano S as an individual or as a company.
For those who have a Ledger Nano S promo code, you will also have to enter it before payment. On the site of the manufacturer Ledger, it is also possible to buy a Ledger Nano X.
How to Configure Ledger Nano S? Tutorial
This Ledger Nano S tutorial will allow users to configure their device upon receipt of the product.
Connect the Ledger to a Computer
First, you will need to connect the provided USB cable to an available port on your computer as well as to the Nano S. The device should turn on instantly. Then follow several explanations on the functions of the Nano S. Please note that all these explanations are provided in English. The device will inform you about the use of the right and left buttons to navigate in the menu or to change values (such as the PIN code, which we will see below).
To start configuring your Ledger Nano S, you are then asked to press the two buttons on the device simultaneously. The Nano S interface will ask you if you want to configure a new device (Configure as new device ?). You must then click on the right button to validate.
Choosing a PIN
Upon first use, you will also be asked to choose a PIN code for your Ledger device. This step starts again by clicking both buttons simultaneously.
For the choice of each digit, the left button is used to increase while the right button is used to decrease. Thus, for the first digit of your PIN code to be “3”, you will have to click twice on the right button and then click on both buttons simultaneously to validate the first digit. And so on. After choosing your PIN, you will have to validate the code a second time on the Nano S.
For the choice of the PIN code, the user can choose a code between 4 and 8 digits. For more security, it is strongly recommended to use the 8 digits and to avoid simplistic PIN codes (date of birth or repetition of the same number).
Write down your Recovery Phrase
After choosing a password, you will be asked to write down your recovery phrase. On the device, you will see the following instruction: “Write down your recovery phrase”.
This 24-word recovery phrase is an essential security feature. It is the one that will allow you to recover all the stored cryptocurrencies if the device should fail (breakage or loss). For this step, it is possible to use the forms provided by Ledger or to write down the phrase on a piece of paper. In order to keep an optimal security, you should never write it down on a device connected to the Internet (smartphone, computer…).
If it is important to note all 24 words, it is also essential to note these words in the order communicated. It is also advisable to fill in this recovery sentence on several written supports. This step ends with the return of the 24 words on the Ledger Nano S device. The following message “Your device is now ready” confirms the end of the configuration. To validate, you will have to click again on the two buttons of the Ledger.
Download the Ledger Live software
For this step, you will have to go to the site of the manufacturer Ledger and then click on the “Download” tab. An operation that will lead you to the following page:
To download the Ledger Live software, you have to click on the green “Download” button as seen in the image above. You will then be asked to choose between several versions of the application:
- Ledger Live Desktop
- Ledger Live Mobile
Here, we will choose the “Desktop” version. Note that for this version, you will have to choose between an installation for Windows, Mac or Linux, depending on your operating system. As an example, the Mac version will only take 170 MB of memory on your computer.
Installing the Ledger Live Software
After the download, you need to install the software on your terminal. To do so, you just have to follow the installation steps, especially by choosing the location dedicated to it.
The first time you use it, you will have to click on “Initialize as a new device” if you have downloaded Ledger Live in its English version. You are then asked to select your device (Nano S, Nano X or Nano Blue). Here, we will naturally select the Nano S.
Connecting the Nano S to Ledger Live
This is the last step in the Ledger configuration process. After installing Ledger Live, you will be asked to connect your device to the app.
To do this, you will need to connect the Nano S with the computer and then press the two buttons on the digital wallet. The application will then ask you some questions that will act as a security check:
- Did you choose the PIN code yourself?
- Did you record the recovery phrase yourself?
- Is your Ledger device authentic?
This last question will allow you to check by clicking on a link if the device is genuine. In order to avoid unpleasant surprises, it is advisable to buy from recognized merchants or directly from the manufacturer’s website.
Once you have linked your Ledger to Ledger Live, you will be able to perform many operations. Operations that we will detail in the following parts.
How to receive crypto currencies on Ledger Nano S and Rece?
To receive crypto currencies on your Ledger Nano S, it is essential to do two things: install the application for each crypto project and create at least one account for each crypto to receive.
Download the Crypto Applications
This is the first thing to do in order to receive cryptos on your Nano S. Before transferring Bitcoin to your wallet, it is necessary to have the Bitcoin application on your Ledger. The same goes for Ethereum or Ripple and all the crypto projects.
To download the applications related to each crypto, go to the “Manager” tab of Ledger Live.
In this “Manager” tab, you will then be able to download the appropriate applications for each cryptocurrency you wish to import and keep safe on the Ledger.
Via the “Manager” tab, you will also be able to easily see the remaining space available on your Nano S. Note that by installing the “Ethereum” application, you will be able to store all the ERC-20 tokens backed by the ETH blockchain.
Create an Account for each Crypto Project
This is the second requirement before you can transfer tokens to your wallet. After downloading a crypto application, you will be prompted to create an account to store that cryptocurrency. By clicking on “Add an Ethereum account”
Note that it is also possible to set up an account later. To do this, you will need to go to the “Account” tab of Ledger Live. It is possible to open several accounts per crypto application in order to separate the payments.
In order to receive cryptos, you will have to open the corresponding application on the wallet. Keeping our example, it will then be a matter of opening the Ethereum application from the Nano S, by selecting it and then pressing the two buttons simultaneously. The Ledger Live will then synchronize with your Ledger device. At this point, you will be able to choose the account name.
Communicating the Account Address
After creating an account, you will be given an account address. This is the address you will need to provide to receive tokens. To obtain this address, it is still very simple.
Under the “Account” tab, you have to click on the account you want to feed and then on “Receive” for the Ledger Live.
At this stage, it is also necessary to confirm the receipt of funds on the Ledger. You will receive the associated address on the screen of the device but also via Ledger Live. It is this address that you need to communicate to receive payments on the associated account. This address will be associated with a QR code that transmits the same information.
The funds credited to the account are visible within a few minutes. Via this method, it is possible to transfer and secure assets purchased on exchange platforms like Coinbase, Binance or Kraken. Especially if you have a large amount of money on these platforms that are less secure than a cold wallet.
How to Buy Crypto Currencies on Ledger Nano S?
It is possible to buy cryptocurrencies via Ledger Live and then store them on one’s Nano S. To do this, you’ll have to go to the “Buy Cryptos” tab on Ledger Live. If Ledger is not entitled to sell digital currencies directly, the French start-up deals with partners in order to be able to offer this option indirectly. In this case, it is the partner Coinify.
Buying via Ledger Live will therefore require creating an account with the provider Coinify. A step that requires the entry of elements such as an email address, a password or your country of residence. The validation of the account requires, as it is usual for each broker, the full acceptance of the terms and conditions of use as well as sending an ID.
By going through the Coinify provider, you will then be able to buy cryptocurrencies via two different payment methods: credit card or bank transfer. When using a credit card, you will not be able to buy less than 50 euros worth of cryptos. Via bank transfer, this minimum threshold is raised to 250 euros.
In any case, the fees charged for the purchase are still too uncompetitive for the solution to be a real advantage. It is indeed more economical to buy tokens on an exchange platform and then transfer them to your Nano S.
How to send crypto currencies with Ledger Nano S?
As with receiving cryptos, sending obviously requires having the proper application installed for each cryptocurrency, as well as an account with a positive balance. Only under these two conditions will you be able to send cryptos from your Ledger Nano S.
The procedure starts on the Ledger Live, in the “Account” tab. You then need to click on the account you want to use to send cryptos. Then click on “Send” at the top of the page.
It is then necessary to fill in several information such as :
- The address of the recipient
- The amount to send
At this stage, the network fees will also be communicated to you. This kind of operation also requires validation on the Ledger wallet. With a confirmation by pressing the two buttons simultaneously.
What Crypto Currencies Does the Ledger Nano S Support?
As for its little brother the Ledger Nano X, the Nano S supports nearly 1,800 different crypto projects.
On the manufacturer’s website Ledger, in the “Crypto Assets” section, it is possible to view all the projects supported by the Nano S. This way, you can see the cryptocurrencies available for purchase, sending or receiving. Thus, all the main projects are indeed available for storage on a Ledger Nano S. We are thinking in particular of :
- Bitcoin (BTC)
- Ethereum (ETH) and many ERC-20 tokens
- Ripple (XRP)
- USD Tether (USDT)
- Bitcoin Cash (BCH)
- Polkadot (DOT)
- Litecoin (LTC)
Notable absentees include the Binance Coin (BNB) token, which is the Binance platform’s own token. All the more damaging when you consider that it is the third largest crypto project in terms of market capitalization.
Which platforms are supported by Ledger Nano S?
The Ledger Nano S is compatible with the biggest exchange platforms such as Kraken, Coinbase or Binance. It is often to store assets purchased on one of these platforms, that users choose to invest in a cold wallet like the Nano S.
If some assets, such as Cardano or Binance Coin, are not accessible via Ledger Live, you should know that you can also use an external wallet. On the platform, it is also possible to find a list of external wallets compatible with Ledger. This list includes wallets like :
- Binance DEX
- Stellar Account Viewer
- Monero GUI
- Wallet Balance
More than fifty different wallets are considered “Ledger friendly”.
What is the Ledger Nano S?
The Ledger Nano S is a physical wallet. It is the flagship product of the French start-up Ledger, which has sold several hundred thousand units of the Nano S worldwide.
The commercial success of this product is one of the reasons why the French company is now known worldwide and is a reference in the world of digital asset storage. The value proposition of the Ledger Nano S could be held in one sentence: offer simple functionality without cutting corners on security. This product, launched in 2016, responded to the needs of the time. Needs that were then focused mainly on Bitcoin and major cryptocurrency projects.
With the arrival of the DeFi but also with the opening of the sector to the general public, some users consider the Nano S as less suitable. These regular users will then prefer it to the Nano X, released in 2019 and which allows for more possibilities at the same time as it offers even greater browsing comfort. But the Nano S holds its own with investors who are still reluctant to use a large number of cryptocurrencies or to use them as a means of payment.
Ledger Nano S Review: Advantages And Disadvantages
The Nano S has a number of advantages but also some disadvantages that are important to note. Especially in comparison to the more complete Nano X.
The main advantages of the Nano S
- A product offered at a very attractive price and offering one of the best quality/price ratios on the market
- A solution approved by nearly 2 million users worldwide
- A reference product in the cold storage of cryptocurrencies and which acts as a secure solution
- Ledger Live is particularly intuitive and simply requires to be guided
- An undeniable security of the product
The main disadvantages of Nano S
- A limited storage capacity that allows you to use only 5 to 6 crypto applications together
- Some features such as cryptocurrency swap are not accessible via the Nano S, due to the lack of storage capacity
- The configuration of the Ledger Nano S cannot be done in French and will require some knowledge of English
- A configuration that is often long (choice of a PIN code, note the recovery phrase…)
- The BNB (Binance Coin) token is not yet available on Ledger Live
- Some tokens can be stored on the Nano S but cannot be purchased via Ledger Live. This is for example the case of the Ripple token.
In 2020, the Ledger group was the victim of a huge hack of some users’ data. Nearly 300,000 users were involved and saw their details (phone number, email address, postal address) published on the Internet. If this hacking has somewhat tainted the image of the French start-up, it did not allow to hack directly the physical wallets of the customers.
The security of the device by a PIN code also increases security. In fact, it is recommended by the manufacturer to opt for an 8-digit PIN. The dual authentication system, both on the Ledger and via the Ledger Live, also optimizes security. A system also available via the Nano X. Finally, Ledger includes in its security protocol, a certified smart card system. A technological system also used in credit cards or to ensure the security of passports.
Ledger Nano S or X?
While the objectives are similar between Nano S and Nano X, namely cold storage of cryptographic assets, the two devices differ in terms of functionality. For the investor, the question Ledger Nano S or X is bound to arise at some point. And as we discussed above, the answer to this question depends greatly on your relationship to cryptocurrencies.
With more on-board features such as the ability to swap cryptos, better usability and more storage capacity, the Nano X is primarily aimed at active users of crypto-currencies. For investors who are looking to hold cryptos on a long-term approach and who use these assets as a means of payment very little, a Nano S is in principle just as suitable for their profile. For a price announced half as important.
In terms of system security, the Nano S and the Nano X have the same security protocols. Neither of these two products can claim a stronger security than the other.
Ledger Nano S Opinion: Conclusion
Our test of the Ledger Nano S tends to highlight several positive aspects of the product: ease of use, speed but also and above all, the security of the product. The simplicity of the solution is first and foremost the reason for the Ledger Nano S. It is a perfectly suited product for casual cryptocurrency users. With a reasonable price of 60 euros, the product is often cited as an unbeatable value for money on the market.
For more experienced users who use multiple cryptos at the same time, who wish to use them as a means of payment, and who make many movements overall, the Nano X might be a more suitable solution.
Because it’s important to look at the Nano S for what it really is: a very useful tool for getting started in the world of cryptocurrencies. With that in mind, the Ledger Nano S offers an ample solution. With a secure solution. Via the following link, you will be able to benefit from a promotional offer. A package that will include the Ledger Nano S but also a PDF guide as well as a coupon for $25 worth of cryptocurrencies.