Ledger Nano S Review & Guide 2018

Ledger Nano S ~ Review & Guide

Hey guys! So you’re thinking about buying the Ledger? Well its a great cryptocurrency wallet, but lets go over a few things first.

I have to be honest, I was using a TREZOR for awhile and decided to buy this when it came out. I’ve been using it ever since. Not that its a lot better, but because I saw myself using it on the long run. 

When buying a Bitcoin wallet, you have to ask yourself a few things:

  • Am I trading a large amount of Bitcoin and other Cryptocurrencies?
  • Most wallets are free, is the Ledger Nano S worth buying?
  • Should I just leave my Bitcoins on an exchange so I can trade more efficiently?
  • What is the most secure way to store my Bitcoin and other digital assets? 
I know what most of you are thinking already: “I’ve left my Bitcoin online since forever and nothing has ever happened, why should I spend €78 (95 USD) on a Ledger Nano S?”. Listen guys, I’ve left my Bitcoin on an online exchange for years (Localbitcoins). Yeah, none of my Bitcoin ever went missing, but that doesn’t mean its not possible!
 
You have to always assume the worst can happen and be ready for it. Theres plenty of horror stories of people losing Bitcoin because of a hack or breach. It doesn’t matter where online you keep it, as long as your Bitcoin is online, there is a chance it can be stolen.
 
With a hardware wallet such as the Ledger Nano S, you will never have to worry about an exchange compromising your Bitcoin. For someone to steal your Bitcoin, they would literally need to steal your Ledger Nano S and somehow get you to give them your pin and password. And you’re not giving anything up right?
 
Good, lets go over why the Ledger Nano is such an awesome Bitcoin wallet! 

Ledger Nano S Review 2018

Ledger Nano S is a Bitcoin, Ethereum and Altcoins hardware wallet, based on robust safety features for storing cryptographic assets and securing digital payments. It connects to any computer (USB) and embeds a secure OLED display to double-check and confirm each transaction with a single tap on its side buttons.

Ledger Nano S
Ledger Nano S Review

So what’s so great about the Ledger Nano S? What makes it so special compared to other Bitcoin hardware wallets?

  • The Ledger Nano S currently supports 24 different Cryptocurrencies. It supports all ERC tokens as well using MyEtherWallet.
  • Since its an HD wallet, you control all your accounts with the same backup key. Simply put, you can manage several accounts with ease!
  • Cheapest out of all Bitcoin hardware wallets! Current price at 78 Euros ($96 USD).
  • You can receive Bitcoin and other cryptocurrency even when your Ledger is not plugged into a computer.
  • Metal Casing – This is a pretty neat feature. The Ledger Nano S has a metal casing on it which is pretty durable and definitely protects your Ledger (FYI: Trezor has nothing to protect it).
  • Ledger is compatible with Mac, Windows, Linux and Chrome OS (Browser Extension). You can also connect it to your Android device using an OTG cable.
  • BulletProof Security* – Like I said earlier, in order for someone to steal your Bitcoin and other digital assets, they have to physically steal your Ledger and pry the pin and password from you. 
  • Beginner Friendly and maximum usability – With the Ledger Nano S, there are very simple instructions to get started and you’ll be an expert within minutes! No advanced knowledge is required. 
  • Modern Design – The Ledger Nano S comes in the form similar to a flash drive. It is very compact and easy to carry around. It fits right into any pocket with ease. The Ledger also features a sleek built-in display. 
  • Backup & Restoration* – Your accounts are backed up on a recovery sheet. As long as you have this, even if you lose your Ledger, you can restore on any Ledger device. Simply put, if you lose your Ledger but still have your recovery sheet, you can just buy a new Ledger and restore your assets on it. This is a huge plus!
Ledger Nano S
Ledger - Features
Ledger Nano S Review
Ledger - Security

Conclusion: Its a no-brainer that the Ledger Nano S is the ideal choice when it comes to choosing a Bitcoin wallet. Even compared to its competitors, the Ledger easily comes out on top. With the smallest price tag, robust security, ease-of-use and multiple advanced features, I would not hesitate to recommend the Ledger Nano S to anyone!

If you own more than $500 worth of Bitcoin and other cryptocurrency, the Ledger Nano S is definitely for you!

I think about it as insurance. Heres Why – You may never experience a problem storing your Bitcoin online and you can tell your self: “Oh well, I only spent less than $100 on this Ledger”. But if somehow you’re online wallet was hacked, no matter how much it was, you’d wish you bought yourself the Ledger. Sounds like a smart idea to me.

Ledger Nano S

€78
Ledger Nano S
9.5

DESIGN

8.8 /10

EASE OF USE

9.2 /10

SUPPORT

10.0 /10

PRICE TAG

9.8 /10

FEATURES

9.5 /10

Pros

  • Affordable - Cheapest Hardware Wallet
  • Multi-Currency Support (Supports 24 different cryptocurrencies)
  • Beginner Friendly
  • Easy to Use
  • Compact Design

Cons

  • None - I own 3 different hardware wallets, and this is the best 🙂

Ledger Nano S Guide

So you decided to buy the Ledger huh? Good for you. You’ve taken the final step of securing your digital assets. 

I will go over step-by-step how to set up and use your Ledger.

First: Whats in the Box?

Ledger Nano S Review
Ledger - What's in Box

Summary: 

The way the Ledger Nano S works is pretty similar to any hardware wallet. 

When you first plug it into your computer, you will be required to choose a 4-digit pin to protect your device. 

Then you will receive a 24-word seed that will be used to create your private keys. A “seed” is just a bunch of a words. Think of it as a backup password. You will have to write down the seed and store it in a very safe place.

The Ledger Nano S has two buttons that allow you to control it (as shown below).

Ledger Nano S Guide
Ledger Nano S

The initial setup of your Ledger Nano S takes only a few minutes and the instructions are very clear and to the point. You actually spend more time writing your 24-word seed down than actually setting up your device!

Heres a quick video on setting your Ledger Nano S (Step-By-Step Guide is below as well):

Step 1. Connect Your Ledger Nano S

Ledger Nano S Review
Ledger Nano S

Plug your Nano S with the USB cable in the box, to a computer (shown below).

Follow the instructions on the display. The instructions are so simple, you just need to read carefully. 

You can choose to create a new wallet, or import a Bitcoin or an Ethereum account. 

Step 2. Choose a Pin Code

Ledger Nano S Review
Ledger - PIN Code

You will be asked to create a four-digit PIN code that will be requested each time you connect your Nano S. Confirm the PIN code and remember it! 3 wrong successive PIN codes will reset your Nano S!

Step 3. Backup and Recovery Phrase

Ledger Nano S Review
Ledger - Recovery Phrase
Ledger Nano S Review
Ledger - Recovery Phrase

After you confirm your PIN, you will then be prompted to the 24-word seed. The 24-word seed is the most important thing! Its a bunch of words in a specific order that you can use to recover your digital assets.

Supplied in your box, you will see a “Recovery Sheet”. Copy down the 24-word seed on your “Recovery sheet” in the order the words come out.

*Remember, the order matters!

You will be asked to confirm some of the words in the order given, just to make sure you copied it down correctly, so don’t worry.

Keep your “Recovery sheet” in a very safe place!

Step 4. Install Ledger Apps

After confirming your 24-word seed, you should now see, “Your device is now ready” on the display. Your fully set up now and your Nano S is configured.

Now you just have to install the Ledger Apps on your computer to use your wallet.

The most important App is the Ledger Manager: you need this to configure new wallets (I wrote a step-by-step Guide on configuring the Ledger Manager below).

The apps are free and get installed in only a few seconds!

Find all the apps here!

Step 5. Your Ledger Nano S is Ready to be Used!

After you installed the Apps, your Nano S is ready to be used! 

The great thing is, even if you were using a compromised computer, your Ledger is completely safe! Each transaction has to be verified physically on your Ledger using the buttons. 

Ledger Nano S - Configuring Ledger Manager in 3 Easy Steps

The Ledger Manager is simply a companion app to the Ledger Nano S. It allows you to configure new wallets, including adding other cryptocurrency & altcoins.

It is a chrome extension available for download for free in the Chrome Web Store.

Ledger Manager
Ledger Manager - Chrome Web Store

Step 1.

When you launch the Ledger Manager, you’ll notice a screen like this. Enter your PIN when prompted.

Ledger Wallet
Ledger Manager - Waiting to Connect

Step 2.

In order to use the Ledger Manager App, you must make sure you are not using any apps on your device. Your Ledger Manager will not connect if you are running any apps on your device so make sure to quit any you might be using.

Ledger Manager
Ledger Manager - Connected to Device

What you will see is, a list of applications that are already installed, or can be installed. This can be confusing because you will see a download button for everything even if they are installed. Don’t worry, you can’t install it twice and trying to will result in an error.

Step 3.

When you first connect your device to Ledger Manager, you will be prompted to authorize access. 

Ledger Nano S
Allow Ledger Manager

That’s pretty much it! The Ledger Manager is primarily used for managing your Altcoin wallets. 

MUST READ!

So, the Ledger Nano S supports 24 different cryptocurrencies at the moment. 

*That doesn’t mean you can have 24 different wallets on your Ledger!

At any given time, depending on the space each wallet takes up, you can only have 4-5 wallets on your Ledger Nano S! It will not let you download anymore!

Theres a way around this though so don’t worry. 

Trick: If you uninstall an app, you can still access your cryptocurrency if you download the app again! Cool right? 

Say you wanted to download a Ripple (XRP) wallet, but had no room left:

All you’d have to do is uninstall, let’s say your Bitcoin wallet. Download the Ripple wallet and transfer your Ripple. Uninstall the Ripple wallet and download the Bitcoin wallet again. Your Bitcoin will still be there and your Ripple is still being stored! Once you have your Ripple address, you can still send Ripple to it!

Yes, even if the wallet is not installed, if you have your wallet address, you can still send your cryptocurrency to it! 100% Safe! 

*As always, I will update this guide if anything new comes up. If you have any questions, feel free to comment below or go to our Digital Help Desk.

Invest & Safe Trading!

Ledger Nano S

€78
Ledger Nano S
9.5

DESIGN

8.8 /10

EASE OF USE

9.2 /10

SUPPORT

10.0 /10

PRICE TAG

9.8 /10

FEATURES

9.5 /10

Pros

  • Affordable - Cheapest Hardware Wallet
  • Multi-Currency Support (Supports 24 different cryptocurrencies)
  • Beginner Friendly
  • Easy to Use
  • Compact Design

Cons

  • None - I own 3 different hardware wallets, and this is the best 🙂
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