Ledger Nano S Review 2018 – 5 Things You Need To Know Before Buying

Ledger Nano S Review

All natural humans take the security of their lives and possessions seriously, our possessions are essential to our existence as humans. Cryptocurrencies are valuable possessions, their value grows by the day, and like most other valuables, they must be kept away from criminals. We at Nigeriabitcoincommunity believe you didn’t get your cryptocurrencies for free, we also believe they shouldn’t be taken away from you. In our previous article, we talked about the 4 best Bitcoin hardware wallets available in 2018, these wallets provide maximum security for your Cryptocurrencies against both virtual and physical theft.

We have previously provided comprehensive reviews for both the Trezor and Keepkey hardware wallets. In this review, however, we will be paying special attention to the Ledger Nano S hardware wallet, here we will be talking about the level of security this wallet provides, the safest place to purchase a Nano S, how to set it up with ease, how to make the most of it and a lot more.

ledger nano s reviewLedger Nano S Review

PROS

  • Supports multiple currencies (more than any other hardware wallet)
  • Has a built-in display
  • State of the art security framework based on a dual chip architecture.
  • Supports the FIDO Universal Second Factor Authentication, GPG and SSH.
  • Can be backed up and restored at ease
  • Compatible with ledger wallet Bitcoin and Ethereum Chrome applications.

CONS

  • Doesn’t support passphrases.

 

Buy Ledger Nano S

 

WHAT IS A LEDGER NANO S? Ledger Nano S Review

A Ledger Nano S is a hardware wallet built with a combination of robust security features. It securely stores Bitcoin, Ethereum and several other altcoins. In addition to storing Cryptocurrencies, the Ledger Nano S also secures user transactions, making sure funds are sent to the right recipient.

You might be wondering how this is possible. The Ledger Nano S keeps your Cryptocurrencies safe by storing your private keys in an offline mode within a state of the art secured device. Furthermore, it protects your transactions by ensuring you physically press the side buttons on the device to confirm fund transfers. These will be further clarified in the subsequent sections of this review.

 

WHERE TO BUY A GENUINE LEDGER NANO S

Subsequent sections in this review will be better understood with a Ledger Nano S at hand. A recent report has it that, people sell hardware wallets on eBay. However, buying a hardware wallet on eBay is risky and we strongly advise against that, most new hardware wallets require the creation of word-seeds. These word-seeds can be used to backup your wallet in case it gets lost, stolen or damaged.

You run the risk of buying an already-backed-up hardware wallet on eBay, in an event where you buy such a wallet, the seller can access your Cryptocurrencies by simply restoring your wallet on another since he/she is already in possession of your backup seed.

The safest places to buy a Ledger Nano S hardware wallet are, on Ledger’s official website and on Amazon.

The Ledger Nano S is relatively affordable, currently selling at N34,000 Naira ($98). Buying 2 will get you a free OTG kit.

 

WHAT NEXT?

Upon successfully placing your order from one of the sources recommended above, you can rest assured that you will be receiving a genuine Ledger Nano S hardware wallet. Unlike the Trezor device which comes with a security seal on delivery, the Ledger Nano S comes without a security seal but delivered in a sealed cellophane. However, that shouldn’t be a cause for concern because the Ledger Nano S  has a built-in tamper-proof software which indicates if the device has ever been tampered with since its production.

On delivery, the following items are contained in the box.

  • Ledger Nano S device
  • A USB Cable
  • A Key Chain
  • A Lanyard
  • A Recovery card
  • An instruction manual

ledger nano s review

The ledger comes nicely packaged, just like most modern Smartphone’s. This is a testament to the company’s drive to keep up with global best practices.  Upon opening the box, the top layer contains the Ledger Nano S device, underneath the device’ layer is the documentation, Lanyard, Keychain and USB Cable. Inside the documentation, is enveloped the recovery phrase card, which you will use in backing up your recovery words on set up.

HOW TO SETUP A LEDGER NANO S HARDWARE WALLET. — Ledger Nano S Review

The following steps should get your wallet up and running in no time.

  • Connect your device to a computer using the USB cable that comes with it.
  • You will be directed to visit the configuration URL
  • When you visit the URL above with your device attached to a computer, you will be prompted to set up a pin code.
  • The two buttons to the left and right of your device help you toggle between options while pressing both of them at once confirms your choice.
  • Choose a pin, with a maximum length of 4 digits; it is important that you memorize this pin as losing the pin will render your device useless, and unrecoverable.
  • After setting up your Pin, the device will provide you with a 24-word seed, you must write the words down in the recovery phrase card, in the same sequence as they are displayed on the device. After which you have to confirm them one after another.
  • Upon successfully creating a pin code and putting down your 24-word seed, congrats! Your device is ready to use.

INSTALLING USEFUL APPS — Ledger Nano S Review

To enjoy the full benefits a Ledger Nano S provides, your device has to interact with a computer and different Cryptocurrencies, this is only possible through the use of a Google Chrome browser and several other useful apps. Firstly, you need to install a Ledger Manager; this is more like a gateway to installing apps for the currencies you wish to store in your Ledger Nano S hardware wallet.

It is, however, important to note that, your Ledger Nano S supports a maximum of 5 apps at once. To install them, click on the green download button which can be found next to your preferred currency

ledger nano s review

Furthermore, Ledger provides chrome apps for Bitcoin, Ripple and Ethereum. These apps can be downloaded from Ledger’s official website and are necessary for transactions.

 

CREATING A BITCOIN ADDRESS ON A LEDGER NANO S HARDWARE WALLET

To create a bitcoin address on your Ledger Nano S hardware wallet:

  • Visit Ledgers official website
  • Download and install the Bitcoin app
  • Run the app
  • Enter the 4 digit pin you created on setup
  • Choose the “create wallet” option
  • You will be asked to choose between Legacy and Segwit
  • Segwit is more convenient as it costs lesser fees for sending Bitcoin
  • The app has a user-friendly interface, you will be walked through the process of creating an account, sending and receiving transactions, tweaking the display to suit your taste amongst other things.

SUPPORTED CURRENCIES

The Ledger Nano S stands out when compared to other hardware wallets as regards the number of supported currencies. It supports the more currencies of all available hardware wallets combined.

The following currencies are currently supported. (At the time this article was written)

  • Bitcoin (BTC)
  • Bitcoin gold (BTG)
  • Bitcoin cash (BCH)
  • Ethereum (ETH)
  • Ethereum classic (ETC)
  • Ethereum Erc-20 Tokens
  • Dogecoin (DOGE)
  • Litecoin (LTC)
  • Dash (DASH)
  • Ripple (XRP)
  • Zcash (ZEC)
  • Stratis (STRAT)
  • Ark (ARK)
  • Komodo (KMD)
  • Vertcoin (VTC)
  • Ubiq (UBQ)
  • Expanse (EXP)
  • Stealthcoin (XST)
  • Neo (NEO)
  • Viacoin (VIA)
  • Digibyte (DGB)
  • Hcash (HSR)
  • Stellar (XLM)
  • Pivx (PIVX)
  • Qtum (QTUM)

CONCLUSION

The Ledger Nano S has had no dent in its reputation so far; this has been fostered by its user base who have had nothing but praise for this hardware wallet. Sincerely, it’s hard to find a fault in this device. It is easy to set up, well protected with a metal sliding case that protects it screen from scratches and damage, its apps are nice and pleasant to use, the system UI is nicely made to suit all users; beginners, intermediate or advanced, it supports multiple currencies, supports 2 factor authentication for extra security, integrates MyEtherWallet (can store hundreds of Ethereum based currencies).

This is a superb device and is highly recommended by all of us at Nigeriabitcoincommunity.

Buy Ledger Nano S

 

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