On June 22, 2022, Ledger announced that it has decided to retire the Ledger Nano S model and replace it with the Ledger Nano S Plus.
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The Ledger Nano S hardware cryptocurrency wallet provides high-level security via a secure chip and a proprietary operating system. It gives investors control over their private keys and is backed by the largest name in the industry.
Investors can store more than 1,100 cryptocurrencies and tokens on the Ledger Nano S, with 23 cryptocurrencies supported directly by Ledger and the rest supported by installed third-party applications.
Pros Explained
An affordable cold wallet: At $59, the Ledger Nano S is less expensive than several other hardware wallets, making it a good low-cost, highly secure option.
The private keys never leave the device: Unlike hot wallets through cryptocurrency exchanges, Nano S users hold their private keys. They’re never removed from the device or accessible via the web.
It supports more than 1,100 coins and tokens: Investors can store popular and lesser-known coins and tokens on the Ledger Nano S device.
Cons Explained
Limited storage space for crypto apps: Most cryptocurrencies require a crypto application, and the Nano S only holds up to six apps, depending on the size.
The display is small and isn’t a touchscreen: The device screen is less than an inch tall, as the whole device is only 17.4 mm tall (0.685 inches). It features two physical buttons instead of a touchscreen.
Not as mobile-friendly as other wallets: The Ledger Nano S isn’t equipped with Bluetooth, so it requires a USB cable to connect to a computer or Android device.
Supported Cryptocurrencies
The Ledger Nano S supports about 107 cryptocurrencies and more than 1,000 tokens. Although users can’t store fiat currencies on the Ledger Nano S, stablecoins are supported. Investors use the hardware to store popular cryptocurrencies, such as:
The Ledger Nano S hardware wallet is $59 on the Ledger website. The company occasionally offers free shipping to the U.S. and many international locations. Otherwise, shipping costs may be more than $19. Ledger also partners with several resellers, and you may find the device cheaper elsewhere.
For instance, the Ledger Nano S on Amazon is $59 with free delivery, whereas it’s $55.99 at Walmart (as of October 2022). Shipping times vary depending on where you purchase the device, but typically, you’ll receive it in less than two weeks.
Inside the box is the Ledger Nano S device along with a micro USB-B cable. Packages may also come with sheets to write down your 24-word recovery phrase and a neck strap. Ledger also offers a pack of three devices for savings of up to 21%.
Only purchase devices through verified resellers or Ledger directly. Never purchase a used hardware wallet.
Security
Security is the top reason people buy a Ledger wallet. The company exceeds industry standards for security, including tamper-resistant Common Criteria (CC) EAL5+ certified Secure Element (SE) chips on Nano devices and your private keys stay on the secure chip.
Moreover, Ledger uses Secure Element chips and a proprietary operating system (OS) called Blockchain Open Ledger Operating System (BOLOS).
Ledger devices undergo an independent audit from the French National Agency for the Security of Information Systems (ANSSI). At the user level, there are additional security measures as well. For instance, to purchase altcoin, users must physically push both buttons on the device simultaneously, making it uncrackable by a cyber-criminal. The hardware wallet requires a minimum four-digit pin code and users get a 24-word recovery phrase to store in a safe, offline place.
In 2020, the company’s customer data was accessed via the Shopify database. The breach didn’t expose crypto wallets to danger but made users’ names, addresses, and phone numbers public. Ledger has removed more than 170 phishing websites and communicates regularly with customers regarding personal security.
The main difference in security between Ledger and competitors, such as Trezor, is that Ledger’s firmware isn’t open-source, meaning users can’t independently audit the firmware’s security.
Setup and Use
The Ledger Nano S is fairly simple to set up and use. Users must download Ledger Live to their computer or mobile device and choose the option to set up a new device. From there, the application walks users through the process, including a guided security checklist.
Once set up, investors use the Ledger Live app to perform most actions and confirm transactions by physically pressing both buttons on the Ledger hardware wallet. Although the screen is small, it works well for the limited interaction required. However, if you need to enter your 24-word recovery phrase, it can be tedious to scroll through the alphabet to find each letter.
Always store your recovery phrase in a secure, offline location.
For occasional investors with a few coins, Nano S is easy to use and beginner-friendly. But, many cryptocurrencies require software, and the Nano S only holds a few programs at once, meaning you’ll have to delete an app to install another one. Although your crypto is secure and remains on your device, the lack of storage creates some usability issues.
User Satisfaction
Ledger overwhelmingly receives high ratings for user satisfaction. Typically, complaints stem from the lack of Bluetooth or security protocols. In short, slightly less convenience is the price paid for top-notch security. Others also expressed concerns about the amount of storage on the device. But, the size and limitations are noted on the Ledger website, and users wanting more storage may prefer the Bluetooth-enabled Nano X.
If there’s a problem with a Ledger device after purchase, users must complete an online return form within 14 days of receiving the hardware wallet. The company offers a robust help center, chat support and multiple social media channels where you can reach out for help.
The Competition
Ledger Nano S vs. X
The Ledger Nano S and X provide the same security levels and support the same cryptocurrencies. The main difference is that the Nano X has Bluetooth, meaning you can connect it to the internet and access your cryptocurrency from anywhere with an internet connection. Additionally, the Nano X provides much more storage, with room for up to 100 crypto apps compared to 20 or fewer on the Nano S.
Ledger Nano S
Ledger Nano X
Type of Wallet
Cold
Cold
Currencies
Over 1,100
Over 5,500
Purchase Cost
$59
$149
Incorporated Exchange
Yes
Yes
Device Size
56.95 mm x 17.4 mm x 9.1 mm; 16.2 grams
72 mm x 18.6 mm x 11.75 mm; 34 grams
Mobile App
Android
Android and iOS
Ledger Nano S vs. Trezor One
The Ledger Nano S and Trezor One are both well-known hardware wallets with strong security levels. While the Nano S resembles a flash drive made with stainless steel and plastic components, the Trezor One has a unique shape and is made from plastic. At first glance, Trezor One appears to support more coins. However, it doesn’t work with popular altcoins such as Cardano (ADA), Ripple (XRP), or Monero (XMR). Moreover, Trezor is open-source, which is a plus because anyone can inspect it and discover vulnerabilities, but Kraken could also break the hardware wallet when alone with the physical device for 15 minutes.
Ledger Nano S
Trezor One
Type of Wallet
Cold
Cold
Currencies
Over 1,100
1,000+
Purchase Cost
$68
$60
Incorporated Exchange
Yes
Yes
Device Size
56.95 mm x 17.4 mm x 9.1 mm; 16.2 grams
60mm x 30mm x 6mm; 12 g
Mobile App
Android
N/A
Final Verdict
The Ledger Nano S is a secure hardware wallet resembling a USB flash drive, and it’s among the best Bitcoin wallets. Although it supports tons of cryptocurrencies, many assets require users to download a third-party app, and the wallet has limited storage for apps. The Ledger Nano S is perfect for beginners or occasional crypto investors who want to store their assets offline safely. However, active traders wanting mobile access to their cryptocurrency may prefer a Bluetooth-enabled device.
We evaluated the Ledger Nano S by looking at the number of supported currencies and crypto software applications, the overall cost, and ease of use. Furthermore, we examined the security of Ledger devices and the company, looking for potential safety concerns for users who misplace their device or connect it to the internet via a USB cable.
Correction, November 9, 2021: A previous version of this article misstated that Ledger wallets have never been hacked.
The device will last several hours in use and a few months when idle on a full charge. The battery can be easily recharged by connecting the USB-C port to the USB port of a laptop or desktop computer with the cable that's included. The battery cannot be replaced. It is designed to last 5 years.
The Ledger Nano S is the most secure way to store your cryptocurrency, thanks to the company's robust security protocols. Beginner or occasional investors will have peace of mind knowing their assets are secure offline, yet they can easily access their crypto or view their accounts when using the physical device.
No problem! Losing your Ledger device does not mean losing your crypto! Your PIN – which only you can ever know – prevents anyone else from using the device, while your securely stored recovery phrase keeps you linked with your precious blockchain addresses, so you can access your accounts no matter what.
If you reset your device without holding your Recovery sheet, the private keys providing access to your crypto assets will be erased. You will permanently lose access to your crypto assets. Connect and unlock your Ledger Nano S by entering your PIN code.
You own the key to unlock the use of the cryptocurrency and Ledger helps you keep that key secure and protected. Ledger wallets have a recovery phrase to safeguard your keys – and your crypto – against loss. If Ledger did go out of business, neither your cryptocurrency nor your private and public keys would disappear.
Once the battery dies, the Ledger Nano X can still be used as a classic Nano S – therefore connected to a power source – while continuing to guarantee all the features and improvements introduced by the new model: larger screen, Bluetooth connectivity (on the move it sufficient to use a small power bank), more memory, ...
Does Ledger Report to the IRS? Ledger does not file tax returns with the IRS, HMRC, or any other government agency. First, Ledger Labs would be unable to collect data if you use your Ledger with alternative wallets such as MetaMask, Electrum, and Phantom.
And if someone steals your Nano, no need to worry. They don't have your pin code and if they make three wrong attempts at it, the device bricks — which means it factory resets. Finally, your Ledger device has advanced security features such as a second pin code which shows a different set of accounts.
After doing Ledger vs Coinbase comparison, it's evident that Ledger has somewhat better security features than Coinbase. The Number of Supported Crypto section can tell you just how many & which cryptocurrencies you can conveniently hold in a single cryptocurrency wallet at the same time.
The Ledger Nano S is a completely safe hardware wallet. It looks like a USB flash drive. It is also one of the best crypto hardware wallets. Although it supports most of the cryptocurrencies available, many assets need users to download a third-party software, and application wallet space is limited.
You can sell Bitcoin for cash on exchanges or through Ledger Live and move it to your bank account. You can then withdraw the resulting cash. You'll be able to cash out your Bitcoin only into a bank account that you have already used to buy cryptocurrency.
This wallet gives you full control over your bitcoins. This means no third party can freeze or lose your funds. You are however still responsible for securing and backing up your wallet.
But if someone wants in, they will find a way in. So, to answer your question directly: the safest way to store your crypto is on a Ledger device. But you need to be sure to do it correctly, with a backup device and to keep your recovery phrase in a VERY SAFE place!
Staking crypto is a way to passively make money from your assets - like getting interest payments from a traditional bank. For crypto owners, staking is a way of being rewarded for participating in the network. Ledger lets you safely stake different coins directly through Ledger Live.
As long as you have your recovery phrase, your crypto assets remain safe. If your device is lost, stolen, or no longer working, you can restore your funds through your recovery phrase on any hardware or software wallet that supports 24-word recovery phrases.
You can only send crypto assets that are supported in Ledger Live. Check that the right app is installed on your device. Ex: install the Bitcoin app to send Bitcoin.
The Nano S Plus offers a much larger hard drive than the Nano S, which can only hold 3 crypto wallets at a time. If you are just holding, say, Bitcoin and Ethereum, then that won't matter to you, but its worth considering if you plan on acquiring more coins. The Nano S Plus can hold over 100 wallets at a time.
As long as you have your recovery phrase, you will always be able to regain access to your crypto assets. You can restore any Ledger device from your recovery phrase to recover the wallet configuration and access your funds.
Ledger wallets support more crypto coins and tokens than Trezor wallets. Ledger wallets — in conjunction with Ledger Live — make it easier to manage NFTs. Ledger wallets offer more features for their price points. The Ledger Nano X is Bluetooth enabled and compatible with iOS.
The short answer: Yes. As with most other assets, you'll be liable to pay fiat taxes based on financial gains you made on buying, selling or HODling crypto. And while no authority can tax your crypto while it's still crypto – the gains you've made over time can be assessed and taxed once you've off-ramped into fiat.
Do you pay taxes on Ledger transactions? You may have taxable Ledger transactions. If you trade or sell crypto using Ledger Live, then any gains you make are likely subject to Capital Gains Tax.
First, many cryptocurrency exchanges report transactions that are made on their platforms directly to the IRS. If you use an exchange that provides you with a form 1099-K or form 1099-B, there is no doubt that the IRS knows that you have reportable cryptocurrency transactions.
Only public data is transported by Bluetooth; critical data such as private keys and recovery phrase never leave the device. Even if the Bluetooth connection would be hacked, the security of the Ledger Nano X relies on the Secure Element (SE) which will request your consent for any action.
Enter an incorrect PIN code three times in a row. After three incorrect PIN code entries, Ledger hardware wallets reset to factory settings, erasing the private keys from their secure storage. After the reset, restore the device from your Recovery phrase. Choose a new PIN code during the restoration process.
Do I have to update my Ledger Nano if I am not using it? We recommend regularly updating your devices to benefit from the optimal security level and user experience offered by our products.
What exactly can gas be used on? Anytime you send or receive crypto, you will pay a gas fee. The same goes for making crypto trades (swaps) and running any kind of processes that require smart contracts, such as minting NFTs.
Nano S and Nano X are crypto hardware wallets offering cold, offline storage. Built by Ledger, a well-known French manufacturer, these wallets keep cryptocurrency secure and support over 1,800 coins and tokens.
A ledger balance is computed by a bank at the end of each business day and includes all withdrawals and deposits to calculate the total amount of money in a bank account. The ledger balance is the opening balance in the bank account the next morning and remains the same all day.
You would send your amount of crypto securely through the Ledger sell to Coinify, after which they'll send the promised amount of fiat money (US dollar, Euro etc) to the bank account you've indicated.
Can anybody Withdraw Money from the Ledger Balance? No, one can take out only what is available. Some items like debit cards that are used as “charge cards” are not immediately reflected, and hence one can only withdraw and spend the amount available in their bank account.
Coinbase Wallet has similar security features to Ledger, with Ledger being more secure because it doesn't connect to the internet. One of the most secure ways to keep and manage your cryptocurrencies is by connecting your Ledger device to Coinbase Wallet so that you enjoy the security features of both wallets.
Update your Ledger Nano S Plus to benefit from the optimal security level and user experience offered by our products. Updating your device has no impact on your crypto assets or the functionality of your device.
If Ledger the wallet company goes out of business your crypto will still remain in your wallet. You will still be able to access your crypto using your Ledger device until such time as the Ledger Live app is working or the device needs a compatibility upgrade.
It is never safe to use any used hardware wallet, be it Ledger or any other types of hardware wallet. Even if you try and do a hard reset, you don't know if it's been tampered with and hackers would have access to it. Always buy a brand new hardware wallet directly from the parent company or their authorised dealers.
The Ledger Live app communicates the intent (via bluetooth or physical connection) to your offline device. You'll see the details of what you're signing on the Nano's Trusted Display.
Ledger hardware wallets are the only wallets in the entire crypto industry that use a Secure Element chip. It protects you and your private keys against attacks like laser attacks, electromagnetic tampering, and power glitches. So no matter who has your device – your private keys cannot be compromised.
Introduction: My name is Arline Emard IV, I am a cheerful, gorgeous, colorful, joyous, excited, super, inquisitive person who loves writing and wants to share my knowledge and understanding with you.
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