Just as Trezor’s best thing was security of funds, Ledger Nano’s best thing is its offering of the leading cryptocurrencies. It is also more affordable than Trezor, so those who don’t play a lot of cryptogames and want a “one-time thing” can confidently go for Ledger Nano S.
The wallet supports a wide variety of cryptocurrencies listed below:
BTC, BCH, BTG, ETH, ETC, LTC, DOGE, ZEC, XRP, DASH, STRAT, KMD, ARK, EXP, UBQ, VTC, VIA, NEO, XST, XLM, HSR, DGB, QTUM, PIVX, POSW, EOS, ERC20
The Ledger Nano S is both cheap and secure. In fact, it is the cheapest hardware wallet with a screen. And I explained earlier how having a screen is important to know transaction details before your funds are transferred. The brilliant OLED screen not just allows you to see transaction details but also confirm them with a single tap. The device can be plugged into any computer with a USB port.
The security mechanism also involves the recovery seed just like Trezor. A seed is a 24-word recovery string that can help you recover your wallet and your funds in case you lose the physical device.
Inside the box, you get the Ledger Nano S device, a USB cable, a Lanyard which you can use to wear the device around your neck, a keychain, a key ring and a recovery sheet to write down the seed.
In its earlier model, the Ledger Nano came in a plastic casing. But now it comes in a metal body which not only makes it more durable but also stylish. You can easily keep it in your pocket or hold it in your hand.
The Ledger Nano S is easy to use but also very secure. Its security mechanism includes two-factor authentication, a security PIN code that locks the device and a recovery seed, consisting of 24 words, to create a backup of your account.
The Nano S also allows you to add passphrase to your 24-word recovery seed. This is an advanced option and the company recommends not using it until you fully understand it. To add to its security, there are two buttons on this Ledger hardware wallet, which you need to press simultaneously to confirm payment in a transaction. But how does it help? Hackers usually try to attack using a code or software bug, but no bug can press two physical buttons to process the payment.
Note that the Ledger Nano S is very popular in the market, so it may take a while to be available in stock and get delivered to you.
It is important to know the compatibility of this hardware wallets with operating systems and other software wallets.
Ledger Nano S works with the following operating systems:
Windows (7+), Mac (10.8+), Linux or Chrome OS. Requires Google Chrome or Chromium.
And the following software wallets:
Ledger Wallet Bitcoin, Ledger Wallet Ethereum, Ledger Wallet Ripple, Copay, Electrum, Mycelium, MyEtherWallet, GreenBits and BitGo.
Setup of Ledger Nano S
To use or transfer cryptocurrency, you will have to install some apps in Google chrome. The ‘Ledger Manager’ app can help you install the required apps for the cryptocurrencies of your choice.
The Ledger can work with maximum of five apps at once, which you can manage from the Ledger Manager. The real life testing of Bitcoin and Ethereum apps reveal that they are very easy to use, require you to enter the PIN and create a Bitcoin or Ether address.
Having limited number of apps is a drawback if you are going to use multiple cryptocurrencies. Because with multiple cryptocurrencies, you may need more than five apps to use it in a convenient way.
Warning: Never buy the Ledger Nano S from eBay. There are reports of people who have done so and lost their money. One person reportedly lost $34,000 worth of life savings after they purchased a used Ledger wallet from eBay. Thankfully, Ledger CEO supported the victim and offered legal help to bring the fraud seller to justice.
As far as the build quality is concerned, although the Ledger Nano S is built of metal, it feels a bit flimsy in comparison to the Trezor’s compact wallet. But the good thing is that the Nano S comes with a metal slider that protects its screen from scratches and other damage.
The Ledger Nano S is a great value for money product with which you can store multiple types of cryptocurrency without using any website or exposing your private keys to mobile devices or internet networks.
Should You Choose the Ledger Nano S?
If you are looking for a highly secure hardware wallet that is not as expensive as the Trezor, the Ledger Nano S can be your perfect wallet.
This wallet is very easy to use and the initial setup is very easy. The apps you use on the Ledger wallet interface are very easy to use and have a minimalistic feel to them.
The interface is very intuitive and you can easily find the options you are looking for. The Ledger wallet supports a lot of cryptocurrencies and it works with MyEtherWallet perfectly which will attract many customers.