Ledger Nano S Review

Ledger Nano S Review

Ledger Nano S Review

As Bitcoin and other digital cryptocurrencies are taking over the world, the need for their secure storage is growing rather rapidly.

Because of that, we have many products that offer exactly this, and which are divided into so-called “hot wallets” (storage of digital currencies is online) and hardware wallets. In this Ledger Nano S review, we will take a look at a product that belongs to the latter category and which has already proven itself to be very valuable and reliable.

The Ledger company was founded in 2014 by eight experts who decided to take secure solutions for blockchain applications to the next level. Some of the world’s top investors soon discovered their huge potential and have thus fat invested over 85 million dollars, which has led to the company’s huge expansion. Today, they have employees all over the world.

Ledger Nano S wallet, therefore, came as a result of the company’s excellent foundations which is visible in its performance and effective design. Sales’ results are also more than a satisfactory proof because over a million users have bought the product since its release in June 2016. Why? Keep reading and find out!

Main advantages of Ledger Nano S

So, what are all these people attracted to? Firstly, this wallet is very practical because we are essentially talking about a USB stick with a small screen that can be connected to any computer. Secondly, it is used to secure larger amounts of cryptocurrencies as it is very difficult to hack it due to its robust safety features, offline storage and a powerful Secure Element (locked by a PIN code). The company has also developed a very distinctive operating system called BOLOS that is integrated in the system to secure the wallet chip which is yet another plus to the already valuable product. It is also worth mentioning that transactions can’t be tampered with as they need to be verified physically, by simply taping the side buttons.

Ledger Nano S supported coins are actually quite numerous, and users can manage multiple addresses for each currency from the same device. If we add the simplification of the authentication process on compatible online services (like Gmail, GitHub, Dashlane or Dropbox) we get a wallet attractive to those who want a simple yet powerful tool for currency management.

Ledger Nano S Security

Ledger Nano S Security

General characteristics

But Ledger Nano S wallet is not just practical since it is small and compact, it is also more durable as it has metal casing instead of a plastic one. It is very simple to use, and it takes about three minutes to do the initial set up. One of its many advantages highlights the importance of security, so users must choose a PIN to protect the wallet from any unwanted access. Afterward, a 24-word seed that is used to create private keys is received and it is user’s responsibility to guard it as it is crucial for controlling the cryptocurrencies.

This last feature is where the second screen comes to play. In case a hacker wants to compromise the computer or any other device, the seed words will be shown on this screen because it is tamperproof, and the user is the only one who can actually see the phrase.

The last step, after setting up the device, is app installment that allows users to communicate with the wallet. Some are not satisfied with the fact that Chrome browser is necessary in order to manage the app, however, the developers are working on this issue. Honestly, we don’t regard this as a problem at all.

In short, the app offers many features (like some general settings for language and exchange rate, account details, generating an address to receive currencies, sending Bitcoins, etc.) and has a nice clean design. It is well adjusted to simplify the process of currency management as it doesn’t require any manual with specific instructions for using it.

When all is set and done, Ledger Nano S supported coins include things like Litecoin, Dash, Stratis, Bitcoin, Ethereum/Ethereum Classic and Zcash (although z-addresses are not supported) and all the payments, as well as multiple addresses, can be managed from the same device. That’s simply excellent, no other way of describing it. It is also worth mentioning it accepts Ripple and it is the only hardware wallet that supports XRP.

Ledger Nano S Features

Ledger Nano S Features

Ledger Nano S price

Being affordable is yet another plus for this hardware wallet. It costs $95 (79 Euros) and Ledger Nano S price starts from about $90 on Amazon where it can also be purchased in packages (two products) for the price of $215. If we take into an account that Trezor or KeepKey (products of the same category) cost $99, this is a big advantage. Many, however, get sceptical regarding the low cost, but third parties buy the products in bulk which in turn make them more accessible to everyday users.

You can also get Ledger Nano S on Amazon instead of ordering it from Ledger’s website. This, however, increases the risk, so many experts recommend purchasing directly from the manufacturer since these types of products store digital currencies. Still, we take this to be more of a precaution and as far as we can see the complaints about Amazon Ledger Nano S deliveries are not that common. After all, Amazon is a pretty serious company. But no matter how you get it, we think you will be blown away with what this product has to offer.

Ledger Nano S Home Page

Ledger Nano S Home Page

Final thought

Legendary author and developer Andreas Antonopoulos thinks that hardware wallets are the best solution for digital storage and our Ledger Nano S review has shown this product to be the best possible proof for this statement. Those investors who want the simplest and cheapest, yet secure product, have found what they were looking for.

The product is not perfect, as there is the lack of support for passphrases, and the fact that if a user wants to install the fifth wallet they have to remove one of the other four. However, given the way this thing works, these are really minor complaints. All things considered, you will not find a better hardware wallet on the market right now.

When all is considered, compared to other similar products like Trezor, many agree that the Ledger Nano S actually wins in the end, mostly due to its lower price. It is a great product, with a great design and usability. The message to the investors who need something like this would be: go for it! If you want more info on other wallets, just check our other articles – there are many other reviews like this here.

Author's overall rating:
Author: Ben Prescott

BinaryOptionsTrading-Review.com has taken reasonable measures to ensure the accuracy of the information in the website, however, does not guarantee it. The data exhibited in this website is not necessarily always real-time or completely accurate; this includes market analysis, forecasts, signals, assets’ price quotes and charts. Readers should not treat any opinion expressed by the authors of BinaryOptionsTrading-Review.com as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of their current opinion. The risks involved in trading binary options are high and may not be suitable for all traders. BinaryOptionsTrading-Review.com doesn't retain responsibility for any losses readers might face as a result of using the information presented in this website. This website is owned by Next Media Corp.
In accordance with FTC guidelines, BinaryOptionsTrading-Review.com has financial relationships with some of the products and services mentioned on this website. BinaryOptionsTrading-Review.com may be compensated if consumers choose to click links in our content and ultimately sign up for mentioned products.
Binary options are not promoted or sold to retail EEA traders. If you are not a professional client, please leave this page.