February 2, 2023

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Forex | Stocks | Commodities | Crypto

Ledger Nano S Review

2 min read

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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: 

  • Polkadot (DOT)
  • Flow (FLOW)
  • Tether USD (TRC20) (USDT)
  • Bitcoin (BTC)
  • IOTA (MIOTA)
  • Cosmos (ATOM)
  • Dogecoin (DOGE)
  • Algorand (ALGO)
  • Chainlink (LINK)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Binance Coin (BNB)
  • Stellar (XLM)
  • Cardano (ADA)
  • Monero (XMR)
  • Tron (TRX)
  • Dash (DASH)
  • Neo (NEO)
  • USD Coin (USDC)
  • Compound (COMP)
  • Dai Stablecoin (DAI)
  • Aave (ERC20) (LEND)

Price

The Ledger Nano S on Amazon is $59 / £54.50 with free delivery. OR via the Ledger online store.

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%. 

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