Ledger Nano S Review and In Depth User Guide
The Ledger Nano S is our choice for the Best Cryptocurrency Wallet. In this Ledger Nano S Review, we’ll cover:
- Why We Chose the Ledger Nano S as the Best Cryptocurrency Wallet
- What You’ll Get
- Set Up and User Guide
- Review Summary
When reviewing cryptocurrency wallets, it should come as no surprise that security is our main focus. With that in mind, we immediately turned our attention to hardware wallets.
Hardware wallets, like the Ledger Nano S, are physical devices that store your private keys offline in a secure environment. When using a hardware wallet, your private keys are immune to computer viruses. Hardware wallets are widely considered to be the safest way to store cryptocurrencies, compared to traditional online and software wallets.
When it comes to hardware wallets, there’s 5 main options; Ledger Nano S, Ledger Blue, Trezor One, Trezor Model T, or KeepKey.
So why did we choose Ledger Nano S?
While the Ledger Nano S somewhat lacks in design and user-friendliness, it’s the best wallet in the categories most important to the average user – Supported Cryptocurrencies and Price.
As the cheapest option, the Nano S supports far more cryptocurrencies than its hardware competitors, including being the only one to support major coins like Ripple XRP, Stellar, Tron, and NEO. A full comparison of supported coins can be found here.
When unpacking the box of your Ledger Nano S, you’ll find the following:
- The Ledger Nano S Device
- Micro USB Cable
- Recovery Sheets for writing down your recovery seed phrase (see below for more details).
- Keychain and Key Ring
- Sheet containing link to setup guide.
The image above is a stock image from Ledger’s website, but we did receive everything we were supposed to… We’re just A LOT worse at photography than they are.
To begin setup, plug the Nano S into your PC using the micro USB cable.
The OLED display will welcome you…
… And then ask you to press both buttons to begin.
After pressing both buttons, the following message will be displayed.
“With Ledger Nano S, side buttons are used to interact and control the user interface. Use left/right buttons to change values and navigate through multiple-choice lists. Press both buttons when you wish to confirm/continue or open an application. To begin configuration, press both buttons.”
After pressing both buttons again, you’ll be asked a yes/no question, “Configure as new device?”. Select the check mark indicating “yes”.
The device will tell you to “Choose a PIN code”. Press both buttons.
Your PIN code will be used to access your Ledger Nano S every time you want to use it. You can choose a code between 4-8 digits long. Be sure to remember this code and keep it private from others.
You can use an individual button to scroll through numbers, then press both buttons to choose a number. Repeat this for 4-8 digits. You’ll need to confirm this code, by entering it a second time.
Once you’ve chosen a PIN code, the next step is to write down your 24 word recovery phrase on the recovery sheet. This step is VERY important.
Your recovery phrase can be used to regain access to your cryptocurrency wallets in the event your Ledger Nano S is lost or damaged (or you forget your PIN code). Keep your recovery phrase private and store it securely!
Once you’ve finished writing down your recovery phrase, press both buttons. You’ll then be asked to confirm each word of your recover phrase, to help ensure you didn’t miss any words. This process can be really annoying, but remember this helps to ensure you won’t ever lose access to your funds.
After successfully answering the confirmations, you’re device will have been set up.
After your hardware is configured, it’s time to download “Ledger Live” from the company’s website. Ledger Live is a computer program available for Window, Mac, and Linux. It’s used to download all of the ledger Apps to your device, while also allowing you to view your holdings without having the device plugged in.
Click the “Download Now” button to begin.
Since we’ve already initialized the device, select “Use a device that’s already initialized”.
Once you’ve completed a brief setup wizard, you’ll be able to access Ledger Live. The first time its launched, you’ll be told to install wallet Apps through the Manager.
Here you can view and search through all of Ledger Live’s available wallet apps.
After installing wallet apps, you’ll need to create accounts for the coins you want to store. Click the “+” Icon next to account, then follow the account set up wizard.
Note that each time you want to switch between wallets/accounts for different cryptocurrencies, you’ll need to open the corresponding wallet app on the hardware device.
Once your accounts have been set up, you’ll easily be able to send and receive cryptocurrencies from your accounts. You can choose which currency account to use in the bottom left, then click on the “Send” or “Receive” buttons in the upper right.
In case it wasn’t clear throughout this review, we’re huge fans of the Ledger Nano S.
As a well trusted hardware wallet, it leads the industry in securely storing cryptocurrencies. When compared to its main competitors, Trezor and KeepKey, the Nano S offers huge advantages. It supports far more cryptocurrencies than both competitors, while also being the cheapest among them.
If you’re looking to get serious about keeping your coins safe, we strongly recommend using the Ledger Nano S.
Ledger Nano S Review
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