Ledger Nano S is one of the more popular hardware wallets supporting cryptocurrency. There are over 1.4 million units sold. The Nano S is known to be secure and an affordable option for storing crypto assets. Nano S is the older model where Ledger hardware wallets are concerned. In 2019, Ledger released Nano X as well. However, the latest release did not really make Nano S obsolete. Instead, it just gave it a cheaper price tag.
Secure Element Chip
Limited App Capacity
What Coins Are Supported by Ledger Nano S?
Nano S is a multi-currency wallet in the truest sense. The hardware wallet supports more than 1000+ coins. This includes all major coins and ERC-20 tokens. Some of the more popular options are
Binance Coin (BNB)
A glaring weakness of the Nano S was the lack of space. Only 2 – 3 apps could be downloaded on the device. Separate apps are required to hold different crypto coins.
Step-by-step Guide for Setting up Ledger Nano S
This detailed guide will help you set up and configure your Ledger Nano S device.
Open the box and check all the buttons to get comfortable. The device is pretty simple and not very intuitive. There are four main components to the Ledger Nano S –
Screen – it’s small and contains every important piece of information from seeds, addresses, to menus and amounts.
Left button – helps you navigate to the left and upwards in a list
Right button – helps you navigate to the right and downwards in a list
Swivel cover – Your device is protected by a sleek cover
You can Enter or Confirm by tapping both buttons at the same time.
Even if your device is brand new, you should update the firmware. This is an important step that should be done whenever Ledger releases a new update. These updates help in fixing bugs, patches, and security improvements.
Connect your Ledger Nano S to the computer and follow the prompts on the wallet screen. If you have never used Ledger before, click on create a new wallet.
You would need to set a pin code, which will allow you to unlock the Ledger device each time you use it. This needs to be between 4 and 8 characters. You would want to be more creative than “0000” here.
Make sure you memorize the pin code or write it somewhere safe if you are in the habit of forgetting things. Entering the pin code incorrectly would reset the device.
The Ledger Nano S device will prompt you with a recovery phrase or recovery seed. Write this down. This is what you will have to enter if you ever forget your pin code. There will be 24 words shown on the screen in a specific order. Make sure you write the recovery phrase in the exact same order.
There will be a recovery sheet in the box with your device and USB cord. You can use this or just write down the phrase on any scrap of paper.
There is a common scam on eBay where people are selling pre-activated devices with filled recovery sheets. Do not use this device. It is recommended that you purchase your Nano S from the official site.
Tap 'Continue' on the Ledger once you have written down the recovery phrase. You will need to answer a few quiz questions to ensure that you wrote the recovery phrase in the correct order.
Once you confirm the phrase, you are good to go. Your wallet is all set up and configured to start using.
How Is the Ledger Nano S Design?
Ledger Nano S has an improved display UI after the new update. You can see the full cryptocurrency address without scrolling. The hardware buttons are handy in accessing the menu. However, it can be tedious to enter recovery phrases with just 2 buttons. All in all the design is one of the better ones in this price range.
Why Is Ledger Nano S Better than Nano X?
Ledger Nano S is the predecessor to Nano X and great for people who want something cheap. The device is perfect if you rarely send transactions and are more of a HODLer.
For the occasional transactions where you need to link your device to an Android phone, you can always use a wired connection. However, you would have to purchase the cable separately.
One of the best features in Nano S is that it has a two-factor authentication according to the FIDO Universal Second Factor (U2F) standard. Also, Ledger has claimed to continue providing support for the Nano S device since both models have separate features.
Nano S remains a popular choice among novice traders who like to keep things simple and the price on the low side.
Who should use Ledger Nano S?
Ledger Nano S is perfect for crypto investors who:
own multiple coins
want an inexpensive wallet
think of security as a priority