Cryptocurrency trading simply cannot be done without a wallet, this should be well known to you if you’re not a complete beginner in this field. You should also be aware of the fact that there are several different types of wallets you can use and loads of different and very interesting options. It’s not easy to learn everything about each of them, so this is where we come in – we are here to point you in the right direction. This time, we have something really special on the agenda. Our Ledger Nano S review will tell you everything you need to know about one of the most popular hardware wallets in the world at the moment. Read on to discover the secret behind this product’s success.
Like we said, Ledger Nano S is a cryptocurrency hardware wallet, which means it is meant to be used as a way to store larger amounts of bitcoins and other virtual currencies. It also means you will expect it to last a long time and to be resistant to pretty much everything it can encounter. We are happy to say that the materials from which this wallet is crafted (a combination of metal and plastic) do the job perfectly – the device is extremely resistant, and its USB port is always well protected by the metal casing.
Another very distinctive feature is the great OLED screen on the device. This means you are in complete control of every transaction because you can always check everything before making the transfer. The hardware wallet also comes with a cable which is used to connect it to your computer, and you will need to download the Ledger App when setting up everything for the first time. But this is just the beginning of our Ledger Nano S review. Stay tuned for more important information.
The fact that this device is so well made is only one of its many advantages. The number of Ledger Nano S supported coins is also very impressive because you can use pretty much all the most popular cryptocurrencies of today. Of course, Bitcoin is available, but the good news is that Ethereum is supported, too. Two major forks of both of these cryptocurrencies – Bitcoin Cash and Ethereum Classic – can be used too, just like Litecoin, Dash, ZCash and Ripple. The list of Ledger Nano S supported coins doesn’t stop there: Stratis, Dogecoin, Komodo and a couple more options are also at your disposal.
Since we’re enumerating things this hardware wallet supports, we will also mention that it will require Google Chrome to work, plus that it will run on Windows 7, Mac 10.8 (and their newer versions) and Linux. Furthermore, you can also use software wallets like Mycelium, MyEtherWallet, Electrum and a bunch of others to run this. As you can see, no matter which way you slice it, you will always have loads of options when using this product. But we’re not done with our Ledger Nano S review yet, not by a long shot. Keep reading!
All these great features are worth absolutely nothing it the security aspect cannot match their level of quality. Fortunately, that is not the case with this cryptocurrency hardware wallet. Ledger Nano S has several layers of security to make sure your funds are safe at all times. We already said that the way the device is crafted makes it very resistant, but here we will take a look at the software side of things.
The way this thing works is that it keeps your private key protected from any external influence. So, you won’t actually keep your cryptocurrencies on it, but simply execute transactions through it. It’s pretty much how every hardware wallet works. When you turn the device on for the first time, you will be asked to choose a 4-digit PIN. You will need to input this every time you want to send something, but if you fail to do that correctly after three attempts Ledger Nano S will wipe itself clean. In addition to that, the device will also provide you with a unique list of 24 words which can be used to back everything up if you lose the wallet. Finally, you also have the option of adding your own text to this list of words, making the whole thing even more impenetrable. But how does this device compare to its main competitor? We’ll discuss that next in our Ledger Nano S review.
Given everything we have said, a Ledger Nano S vs Trezor comparison cannot be avoided, so let’s get started. The first thing you notice when you compare the two is the fact that Ledger’s product is significantly slimmer, which makes it easier to carry around. However, the two buttons you have on each device are much easier to use on Trezor, precisely because of the design. They both have screens integrated onto them, which are then used to show you your recovery words, so there is very little to choose between them in terms of security. Additionally, both of them use 2FA (two factor authentication). Also, in both cases the interface is very user friendly, and you should have absolutely no problems using any of the devices. All in all, we can’t say that there is much separating the two in terms of security and performance. If it weren’t for the prices, this Ledger Nano S vs Trezor duel would be a draw because both devices really are of the highest possible quality. However, Trezor costs 89 EUR, which is where it falls just short against its competitor. The next part of our Ledger Nano S review will discuss everything related to acquiring this hardware, so it’s is vital that you don’t go away. We are now getting to its main advantage over the competition.
By now you have probably asked yourself at least once how to buy this device. Well, there are two options. The first and most logical move is to buy Ledger Nano S on the company’s website. The price there is 79 EUR, which covers the costs of shipping, but does not include VAT. However, at the moment this article is being written, the company has announced that they are out of stock and that they are now taking pre-orders. Shipping is scheduled to resume on March 19, 2018, and this is a significant drawback, especially if you take our Ledger Nano S vs Trezor comparison from the last paragraph.
If you want the device sooner, however, you can look for Legder Nano S on Amazon. The thing is that you won’t get such a good deal there because the price on Amazon is about double the price on Ledger’s website. If you’re wondering, the same goes for Trezor, too. Nevertheless, given all its features, and especially because of the fact that you also get a great OLED display with it, Ledger Nano S provides excellent value, no matter how you decide to buy it. It is simply that good. Compared to other hardware wallets that come with a screen on them, like Trezor for example, this product is still slightly more affordable, even with its new price tag. Therefore, if you’re in the market for a device like this, Ledger Nano S is a product you simply cannot afford to overlook.
To conclude, it’s not a big surprise that the company producing this cryptocurrency hardware wallet has run out of stock. Ledger Nano S is something every trader should consider. The number of supported coins is very impressive, as is the number of software wallets you can sync with it. It is very sturdy and should be able to easily withstand any accident, but that’s just the beginning of the wallet’s security features. It is important to note that this product also comes with a great OLED screen, which allows you to double-check every transaction. It is this very feature that makes the value rise sky-high because the price is lower than what other elite wallets of this kind can offer. And this certainly is an elite product. If you don’t want to make a pre-order on Ledger’s website, you can buy it on Amazon, but expect a significantly higher price there. Ledger Nano S will set you back 79 EUR if you order it from its manufacturer, but this price rises to at least 140 USD on Amazon. So, see how badly you need it and then make your choice, but no matter how you get it we firmly believe you will be satisfied.
And that’s pretty much it for this Ledger Nano S review. Hopefully, we have shown you why this wallet is worthy of your time and money, but if you need more options, just take a look around our website. We have more articles like this one all over the place, and with our help you will be able to learn everything about the cryptocurrency market. Enjoy!
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