Ledger Nano S hardware wallet review, setup and model features

Ledger Nano S hardware wallet

Today we will present you with an overview of the most popular and community-recognized Ledger Wallet Nano S model, its popularity is ensured by several factors:

• Impeccable reliability - the wallet has never been hacked.
• Low price - Trezor's competitor is not so different in price, but still a little more expensive.
• Support for many cryptocurrencies - we will present the full list below.

Let’s make a small remark: when hardware wallets first appeared, we at the editorial office of Mining-Cryptocurrency.ru were somewhat wary of them and were in no hurry to change the usual ways of storing our cryptocurrency assets.

But now, after testing for a significant period of time, hardware wallets have already proven their reliability and convenience. Therefore, we decided to share with you information about this method of storing cryptocurrency and show the nuances of launching and setting up the Ledger Nano S wallet. The gadget for review was provided by Walletz.ru, the official reseller of Ledger in the Russian Federation.

Design Features

What does the Ledger Nano X box look like after opening the package from the courier's hands?

Today there are several cryptocurrency wallets, so when choosing, you need to compare. If we look at the Nano X, it looks like a fairly standard USB drive that is designed for storing file documents - this can easily be considered an advantage, since the wallet becomes more secure and convenient. Outsiders may confuse it with a regular flash drive, which increases the security of storing cryptocurrency.

Opening the box

The Ledger Nano X comes with:

• 1 hardware wallet
• 1 USB cable
• 1 Ledger sticker
• 3 sheets for the recovery phrase
• 1 device keychain

Ledger Nano X Kit

If we compare it with other Bitcoin wallets, then its main task is to guarantee the safety and reliable protection of the stored cryptocurrency.

Kit again

The developers took care of ease of use. Confirmation is the light weight, much less than the previous model - only 34 grams. The dimensions are also small - 7.2 cm in length by 1.86 cm in width and 1.175 cm in height. The display resolution of the Ledger Nano X has twice as many pixels as the Nano S: 128x64 versus 128x32. The larger display makes it easy to check transaction details and receiving addresses. This also increases the overall ease of use of the device. Thanks to these dimensions, the device is a little more noticeable than a memory card or any other storage device.

Ledger Nano X itself

Matte stainless steel and durable plastic are used to produce the case. The wallet is also equipped with a 100 mAh battery. The Ledger Nano X is equipped with a battery that can last for several hours or several months in standby mode when fully charged. This allows the device to operate autonomously. However, the battery cannot be replaced if it breaks.

To use the new hardware wallet, you need an active USB port and minimum OS requirements: Windows 8 and 64-bit system, MacOS from 10.8 or 64-bit Linux.

Note. When connecting a hardware wallet, avoid USB hubs and extension cables. For stable operation, the manufacturer recommends using only the original cable.

Compared to the Ledger Nano S, the Nano X has the advantage of being simpler and more intuitive to use. This will be noted by both beginners and more experienced holders of wallets of this type. These qualities are provided by 2 buttons located on the front side. The obvious advantage is the large screen.

Instructions and stickers

Now let's talk about the configuration of the standard set. The box comes with a high quality cable to recharge the built-in battery. The kit also includes instructions with the basic rules for using the device, 3 recovery sheets for storing the recovery seed phrase. The manufacturer includes in the basic kit a strap for the cryptocurrency storage device itself. Stickers are included as a nice addition. But many note that the kit lacks an additional cord, which is provided in the Nano S model.

Sheets for wallet recovery phrases and the Ledger itself

We can safely say that the design of the new product is noticeably improved than that of previous models. It combines attractive elegance and a more complex design solution. A Bitcoin wallet fits into any professional environment. It also provides a more "premium" feel than its predecessor.

Features of the Nano S model

Ledger Nano S is compatible with 64-bit desktop OSes, excluding ARM . And also with smartphones running Android 7+. You will need an OTG kit to connect the hardware safe to your desktop or smartphone.

Attractive aspects of the hardware safe from the French company Ledger.

• Reliability and safety. The device is equipped with an electronic chip similar to those used in the manufacture of credit cards. Ledger wallet has its own OS installed and firmware integrity is checked. All cryptocurrency transactions are performed directly on the device and must be confirmed using a PIN code you create. Your private keys are generated during the activation process and cannot be accessed by Ledger employees or other unauthorized persons.
• Convenience. The ledger nano s hardware wallet is quite easy to use. A working device with a display and 2 buttons, plus the Ledger Live program from the manufacturer’s official website, that’s all you need to work with virtual assets.
• An opportunity to start over. In case of failure, the ledger cold wallet is not difficult to recover using a secret phrase.
• Online wallet compatibility. The device can be integrated with other wallets (Electrum, Bitgo, MEV) for secure transfers.

The device has the following options:

• Multicurrency.
• Built-in display.
• Integration with software from the Ledger manufacturer.
• Two-factor authentication.
• Easy to restore.

The Ledger company highlights four main points in wallet security:

• Secure module based on ST31/STM32.
• Malware protection.
• PIN code.
• Confidentiality.

List of supported cryptocurrencies

Using the manufacturer's Ledger Manager application, you can create and manage wallets for the following currencies:

• Bitcoin
• Ethereum
• Litecoin
• Dogecoin
• Zcash
• Dash
• Stratis
• Ripple
• Bitcoin Cash
• Bitcoin Gold
• Komodo
• Ethereum Classic
• Posw
• PIVX
• ARK
• NEO
• Qtum
• Ubiq
• Sealthcoin
• Viacoin
• Vertcoin
• Expense

Equipment

• Ledger Nano S wallet.
• USB cable.
• Instructions.
• Recovery sheet.
• Keychain with a strap for wearing around the neck.

Basic characteristics

• Dimensions - 98x18x9 mm.​​​​​
• Weight - 16.2 g.
• Connector: USB type Micro-B.
• Chips - ST31H320 (protected) + STM32F042.
• Certification level - CC EAL5+.
• Compatibility - Windows, OS X, Linux.
• Material: Brushed stainless steel and plastic.

Functionality and supported applications

The Ledger Nano S cold wallet has a number of very useful features:

• First of all, it is multi-currency: you can store 25 different crypto coins on this wallet.
• Using a compact multifunctional case with an OLED screen, savings are managed, it displays information on all transactions and confirms them.
• Storage security is implemented through cryptographic encryption methods, which are performed by a built-in, on-board chip, isolated from prying eyes.
• The 2FA function makes the use of your accounts and wallet secure on various third-party resources (exchanges, exchangers).
• The device has integrated access to the Etherdelta exchange: you can make the necessary payments or exchanges directly from your wallet without intermediaries.
• The storage has a backup mode (BIP39/BIP44), which will not allow you to lose control of your savings, even if the device is physically lost.
• The device has a compact, folding case with a USB connection.
• There is support for additional applications (FIDO U2F, GPG, SSH) and compatibility with other versions of storage (Ledger-Wallet-Bitcoin, Ledger-Wallet-Ethereum, Ledger-Wallet-Ripple, Copay, Electrum, Mycelium, My-Ether-Wallet, Green -Bits, BitGo).

Getting started with Ledger Nano S

When you install for the first time, you must set a PIN code to protect your device from unwanted intrusion. You'll soon receive an initial password that you can use to create your private keys. Write down this initial password and keep it somewhere safe, NOT on your computer, as it will be enough to gain access to all your Bitcoins.

The Ledger Nano S has 2 buttons that are used to control it. The first installation is quite simple and will not take more than 3 minutes. Most of this time will be spent recording the initial password.

You'll use the device screen to create your initial password. If a hacker has access to your computer screen, they could copy the initial password. This is why the initial password appears on the device screen and not on the computer.

What currencies does the wallet support?

Ledger Nano S is a multi-currency storage facility that supports 1,100 digital assets (as of February 2022). You can use it to store all ERC-20 tokens. Here is a partial list of cryptocurrencies that you can use the Ledger Nano S for:

• Bitcoin (BTC);
• Bitcoin Cash (BCH);
• Bitcoin Gold (BTG);
• Ethereum (ETH);
• Ethereum Classic (ETC);
• Litecoin (LTC);
• Dogecoin (DOGE);
• Zcash (ZEC);
• Ripple (XRP);
• Dash (DASH);
• Stratis (STRAT);
• Komodo (KMD);
• Ark (ARK);
• Expanse (EXP);
• Ubiq (UBQ);
• Vertcoin (VTC);
• Viacoin (VIA);
• Neo (NEO);
• Stealthcoin (XST);
• Stellar (XLM);
• Hcash (HSR);
• Digibyte (DGB);
• Qtum (QTUM);
• PivX (PIVX);
• PosW (POSW);

Some of the latest additions were Bitcoin Private (BTCP), ZenCash (ZEN), Woleet, Nano, Nimiq, Zcoin (XZC), Tron (TRX), Proof of Authority (POA), Rootstock (RSK), Kowala (kUSD), VeChain ( VET/VTHO), ICON (ICX), Particl (PART), Ontology (ONT), Wanchain (WAN).

Google Chrome app

Once the initial setup is done, you only need to install the application to interact with the device (for example, send or receive bitcoins). Applications must be installed only from the manufacturer’s website https://www.ledgerwallet.com/apps

To use the application's capabilities, you will need to install an extension for the Chrome browser, which has all the necessary functionality:

• General information about the account;
• Sending bitcoins from a hardware wallet;
• Generation of Bitcoin addresses for receiving Bitcoins;
• Account settings (exchange rate, language, etc.).

The Russian language in the Ledger Live application is enabled as follows:

1. Click on the gear and go to settings.
2. Go to the last tab “Experimental features”.
3. Turn on the Translation testing item.
4. Go to the “General” tab.
5. Select Russian language in the “Display language” item.

Instructions: how to transfer cryptocurrency

To receive money, select a coin from the list, or install a new wallet. Add an account and synchronize with your portfolio, check the matches of the addresses on your computer and on the Ledger screen and click “Verify” , do not forget about the right button on the flash drive. After this, the receiving address will become available and you can accept incoming transactions.

The first page of Ledger Live displays your wallet balance. The fiat equivalent can be changed in the settings options. After connecting the device, select Send in the Live application.

The icon in the column where you need to enter the recipient's address activates the webcam, if you have one, to scan the sending QR code. This will greatly simplify the process of transferring funds.

In the Hints , information is available on ways to change the transaction fee. We confirm the transfer with a button on the ledger nano s device. The mini wallet screen will display the amount and transfer address. Done, the transaction has taken place, you can check the data in the blockchain explorer of the transferred cryptocurrency.

To integrate with MyEtherWallet, log into the MEW website, select “Open with Ledger”, and select Ledger(ETH) in the Select HD derivation path window that pops up.

Then click “ Unblock ” and access to MEW will be open. Now the ledger will protect the keys from hacking.

We update the ledger:

• Install the latest version of Ledger Live.
• Remove all wallets; this will not affect the safety of your coins.
• Open the manager.
• Connect and unlock the ledger.
• Allow the manager on your device.
• Click on the blue "Update" button, it appears if a firmware update is available.
• Click Continue.
• The ledger update, firmware number and ID in a loop will be displayed on the device's mini display.
• Check that the ID in Ledger Live matches the ID on the flash drive.
• Right-click to confirm the update and enter the pin code, a reboot should occur.
• Enter your PIN to confirm. Your device will reboot.
• When the message “Update” appears on the wallet screen, turn off the device and press and hold the left button.
• Connect to your PC again.
• Release the button once the bootloader is displayed.

The update process will continue automatically, please wait for a message in Ledger Live. When the update is complete, enter the pin code and confirm by pressing both buttons. Done, you can reinstall wallets.

How to update the firmware?

Developers are not sitting idly by. They finalize their project, optimize its operation, increase security, and so on. They offer free software updates to everyone who bought the device.

A special Ledger Manager utility has been developed for this; its installation also requires Google Chrome. After installation and startup, connect the Nano S, enter the PIN code and select “Firmware” in the application:

You can find out about the release of new firmware versions through the official website. To avoid unforeseen situations, make a backup copy, i.e. get ready to recover your wallet.

Do not disconnect the device until the welcome window appears; updating the firmware takes a few minutes.

Access DeFi from the Ledger Live app

Cryptocurrency hardware wallet company Ledger has announced that its users can now interact with DeFi protocols directly from the LedgerLive mobile app.

To reduce reliance on wallets such as Ethereum wallet MetaMask and MyEtherWallet, the Paris-based hardware wallet company has integrated the open-source WalletConnect protocol, which connects crypto wallets to decentralized applications.

This means Ledger customers will be able to access the open-source WalletConnect protocol directly from the company's mobile app and will be able to interact with DeFi protocols from cold storage.

Decentralized exchanges such as Uniswap and 1inch, marketplaces such as OpenSea and Rarible, and portfolio managers Totle and Zapper are among the dApps supported. Decentralized lending protocols including Aave and Compound are also supported.

Comparison of Ledger Nano S and Trezor

Here is a comparison table of Ledger with its closest competitor Trezor:

Prices taken from the website of the official reseller in Russia, the company https://walletz.ru. As you can see, both hardware wallets cost about the same, but according to the Ledger developers, their device is better protected from hacking.

More about security

As you have already noticed, the new Ledger Wallet Nano S is equipped with a display and control buttons. This allows you to take advantage of an additional authentication factor directly from the device. Those. allows you to set and enter security data without going through your computer, thereby providing protection against phishing. This was the main improvement in terms of security compared to the previous version.

Wherein:

• Device data is erased if you enter the wrong PIN code three times in a row. Because the code is entered directly from the device, the developers eliminated the need to reboot the Ledger Nano S after each unsuccessful attempt to enter the pin. However, in order to avoid permanent data loss, it is possible to restore the wallet using a mnemonic phrase.
• The mnemonic phrase for recovery is 24 words in the correct order. The phrase is generated directly on the device (and not in an application on the computer, as in previous versions), shown on the device and must be written down in a secluded place or on a card.

To use a mnemonic phrase during recovery, you will have to enter all 24 words on the device using two buttons on the case. In order to simplify the task, the manufacturer has provided the ability for the user to select a word from a list of options after entering the first 3-4 letters.

According to the developers, the hardware wallet application data is stored on a secure element inside the device (model: ST31H320). At the same time, a significant part of the code (primarily software for wallets) is publicly available on GitHub.

Gradually, the company plans to open more and more information about the code, leaving hidden only parts with partner software related to the functioning of the hardware (processor initialization, memory, etc.).

How to work with a wallet

The device is equipped with a screen and only two buttons for control, so it is easy to use:

• Connect the flash drive to the PC using the cable included in the kit;
• Press both buttons at the same time;
• Agree to the new settings;
• Create a unique PIN code consisting of a set of numbers6 from 4 to 8.

Generate a recovery phrase directly on the device in case of loss (24 words).

It is better to write down the control seed phrase somewhere in the correct order or take a photo.

If the PIN code is entered incorrectly three times, the data from the wallet is erased.

After entering all the codes and phrases, the verification will begin: the device will request individual words from the seed phrase in random order. If you come across an incorrect word, you need to skip it by pressing one button, if it is correct, confirm it with two. Be very careful during this procedure! The next stage is installing programs.

Reviews about the wallet

The local wallet ledger nano s, judging by the reviews on the forums, is popular among cryptocurrency owners. Of course, if you bought a wallet based on an ad and received a fake Chinese ledger, then you have problems. But the original ledger is a good wallet. It is inexpensive, reliable and supports a sufficient number of altcoins.

What else does a trader and miner need? Perhaps more coins to store in the ledger and a higher exchange rate on the exchanges. But if you have already managed to accumulate, albeit not very large, cryptocurrency capital, then there is no better storage option than hardware safes. Do not forget that phishers will not disdain even a small amount if it is in bad shape.

There are five golden rules, the observance of which guarantees the safety of money in a hardware safe:

• Never share your recovery mnemonic phrase with others.
• Never store your recovery phrase on your computer or smartphone.
• Keep your recovery sheet safe so you don't accidentally lose or destroy it.
• Trust only the data that you can see on the screen of your hardware wallet. Check your payment information on your device.
• Always be wary of the information displayed on your computer or smartphone screen.

Physical wallets allow you to control your assets. But running your own crypto bank requires discipline. Using a hardware wallet does not make you completely invulnerable to physical threats or human error. You should always use common sense and remember basic safety rules.

Can cryptocurrency be stolen?

Savings cannot be taken lightly, even if they are in cryptocurrency. You need to pay attention to security even more than if the money was traditionally lying somewhere in a volume of Bulgakov.

scammers who want to profit from such an attractive asset not to attach importance to this. Phishing sites, malware, hacking tools of varying degrees of effectiveness and many other tools are designed to steal your assets, which should become very expensive over time.

Video review of the Ledger Nano X crypto wallet:

Most often, money is stolen through duplicate sites. This method is known as phishing. Such sites do not require large expenses from scammers, but bring in from several tens of thousands to several million dollars a week.