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Ledger Nano S

LEDGER
Year 2014
Founders Eric Larcheveque
Origin France

Ledger Nano S is a cold wallet for simultaneous storing of different cryptocurrencies in one place. A supreme level of security makes the device one of the most popular within the crypto community.

Description

Ledger Wallet is one of the most popular crypto wallets for cold storing of digital assets. The device is similar in size to a flash drive, has a small display and two buttons on the top side of the front panel.

Ledger Nano S is one of the most famous hardware wallets for keeping crypto assets in the world. The manufacturer has already sold more than 1,35 million items by now. The device itself is offered in two colours – black and white. The price is the same for both.

It’s recommended to order an OTG cable additionally – it will cost extra ₽ 1 110, but will allow working with the wallet through a mobile application.

The device has a nice appearance and a reliable casing made of plastics and stainless steel. Stored digital assets are secured in a number of levels at the same time – hardware, user-defined and physical. Unlike Trezor, Ledger Nano S has 2 microcontrollers (chips) instead of 1. One is similar to the rival wallet’s chip in its mechanics, while the other has the EAL5+ international security certificate (commonly applied for bank transactions). Even if an intruder gets remote access to the Ledger Wallet, he won’t be able to reach the information which is kept in it.

While Ledger Nano S is far beyond Trezor concerning the level of security, the number of supported coins and tokens is about the same for both of them and equals to 500-700 cryptocurrencies. The reviewed device supports the most demanded coins such as Bitcoin, Ethereum, Ripple, Litecoin and tokens. Their full list is presented on the following page: https://www.ledger.com/pages/supported-crypto-assets.

Working with the device is possible from a PC running Linux, Mac or Windows. The connection is performed through a common USB port. The convenience also lies in the integration of the wallet with other environments and wallets including BitGo, Electrum, MyEtherWallet.

The device is bundled with a special sheet on which a user can write down 24 recovery words in order to be able to regain access to the wallet if necessary.

History of creation

The Ledger company was created in 2014 by a Frenchman named Eric Larcheveque. Before that, he had founded the French Bitcoin Center which was aimed at researching of cryptocurrencies’ potential. During his work, he has found out that all hardware wallets presented on the market had weak protection. A new Ledger Nano S wallet with the maximum level of security was introduced to the world subsequently.

Namely, outstanding security has been the main reason for the wallet’s popularity. It’s one of the most demanded devices of its kind.

By the way, the company presented another hardware wallet in 2016 called Ledger Blue. It looks more like a modern MP3 player rather than a flash drive. This device is more expensive than its predecessor and costs nearly ₽ 17 000. That’s why Nano S remains an optimal choice for most cryptoinvestors who cherish security.

Pros and cons

The wallet has become one of the most popular devices for cold storing of digital assets not only because of its developing team and a nice visual component. It also has numerous other advantages:

The device doesn’t have objective flaws. The only thing that can be considered a minus is a lack of a Russian version, so it may take some time to sort out the interface.

How to use the wallet?

Persons who are interested in buying of such a device usually wonder how to use a hardware wallet. Find out how to purchase, install and use it in the review.

Purchase and installation

There is no need for a usual registration in order to work with a cold wallet – a person doesn’t insert personal data, but just makes an order in the developer’s store. To do that, choose a desired device on the following page: https://www.ledger.com/collections/all-products and then press the “Add to cart” button.

After that press the cart-shaped button and verify the price in the opened window. If everything is OK, move to the processing of the purchase by pressing the “Checkout” button.

Here personal data (e-mail and delivery addresses) should be provided.

card, with a cryptocurrency, from a QIWI wallet or via PayPal. Usually, the device is being shipped within 5-11 business days. The warranty period is 2 years.

Once the device is received, it should be tuned properly before use. Therefore, connect the wallet to a PC through a USB cable and perform the following:

There shouldn’t be any problems during the installation as the device is equipped with a thorough manual.

The functionality of the device

Most users prefer to work with the wallet through Ledger Live. This application allows to update the software of the wallet in time and to work with cryptocurrency. The program can be downloaded here: https://www.ledger.com/pages/ledger-live.

Ledger Live

It’s necessary to bind your wallet to the application before starting using it. After that, it will be possible to monitor exchange rates, send and receive digital assets, change preferences and even trade cryptocurrency on the EtherDelta exchange without previous deposit/withdrawal of funds.

Feedback

Users can leave their feedback about the wallet right on the official website of the store. There are mostly positive comments of the following kind:

“Easy to use. Pleased to know that my crypto assets are secured. It’s a pity I haven’t used the device earlier.”

Customers note fast delivery, e-mail notifications about updates and absence of wallet’s fees.

Conclusion

Ledger Nano S is a convenient and safe device for storing of personal cryptocurrency. It’ probably the best among modern hardware wallets. This is especially true concerning the high level of security of digital assets. A professional customer service, synchronization with various well-established hot wallets, ability to work on the EtherDelta exchange within the wallet, fast transactions – all that explains the popularity of the device among users.

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