Ledger Nano S Wallet 2021: The ultimate test
10 Stars
What are the advantages and disadvantages of the wallet in the Ledger Nano S Wallet test?
How good value is the model?
We answer all questions about the Ledger Nano S Wallet, as well as our comparison with other wallets, in this test article.
What is the Ledger Nano S Wallet?
The Ledger Nano S Wallet is one of the most popular hardware wallets. To date, over 1.4 million units of the hardware wallet have been sold. The number of Ledger Nano S Wallet cryptocurrencies accepted on the stick is enormous.
But what makes the wallet so special in the Ledger Nano S Wallet test? What advantages does the wallet have over other providers? How good value is the model in the Ledger Nano S Wallet review?
How to set up the Ledger Nano S Wallet
How does the Ledger Nano S Wallet set up work? In principle, the set-up process is relatively simple. However, it makes sense to read through the steps in advance.
You buy the Ledger Nano S on Ledger's official website for 59 euros. According to our Ledger Nano S Wallet experience, shipping is free. In addition to the wallet itself, you also get a ring to attach the stick to your lanyard.
Also included is a paper that is intended for writing down the master seed and a USB cable. The Ledger company has undoubtedly included everything you need for comfortable handling.
Plug the wallet into the USB cable provided and insert it into the USB input. The screen of the Ledger Nano S Wallet now displays "Welcome". It then instructs you to press both buttons on the Wallet at the same time to start.
Now the wallet asks in English if you want to configure the wallet as a new device. You now click on the button above the confirmation hook.
Now it is time to create a PIN. To do this, use the two buttons to set the desired PIN and then press both simultaneously to confirm the PIN. Then the PIN must be entered again. Once you've done that, it's on to the most important step of the Ledger Nano S Wallet set up.
Once the PIN has been created, the next step is the Master Seed. What is the Master Seed? It is a set of words that you need to restore your own wallet. The advantage is that this form of wallet is currently the most secure option. It is essential to write down the 24 words and keep them safe.
The best way to do this is to use the enclosed slip of paper, which is intended for the Master Seed. The 24 words appear on the screen and you write them down in the correct order.
Once you have done this, it is time to confirm the Master Seed. The screen will then show the number of the word that needs to be searched for. To do this, use the two buttons to select the correct word that you have written down correctly on paper at the correct number.
Once you have confirmed the Master Seed, the set-up is complete. Caution: Be sure to keep the Master Seed safe and away from third parties. The 24 phrases are the key to your wallet. If you lose the hardware wallet or it breaks, the wallet can be restored and the cryptocurrencies are not lost.
Then install the desired wallet app on your own PC or laptop. You can choose from various apps that are intended for different cryptocurrencies. The apps can be used as Google Chrome browser extensions. In our case, we download the Ledger Nano S Wallet Bitcoin.
Click on the "Bitcoin" option and synchronise the wallet. You have already completed the hardware wallet setup online. The functions are relatively self-explanatory. You can now send or receive bitcoins without any problems. The transaction must be confirmed by pressing both buttons on the wallet stick.
Ledger Nano S Wallet Advantages & Disadvantages
Pros
Cons
Trezor Wallet Coins & Currencies
Bitcoin (BTC) | LINK Chainlink (LINK) | IOTA (MIOTA) | Lisk (LSK) |
|---|
What is the number of accepted Ledger Nano S Wallet currencies?
The wallet currently offers storage for over 1,100 Ledger Nano S Wallet cryptocurrencies. This is a clear advantage for people who specialise in AltCoins, for example. For example, if you want to buy and hold ten Ledger Nano S Wallet cryptocurrencies, the wallet is very suitable for this.
Ledger Nano S Wallet Price & Fees
What are the Ledger Nano S Wallet fees? What types of Ledger Nano S Wallet transaction fees are there? Because it is a hardware wallet, the situation is of course different here.
Currently, the Ledger Nano S Wallet is available for 59 euros. That seems expensive when you compare the wallet to the most popular crypto exchanges, most of which are free for storing cryptocurrencies. In fact, of course, the hardware wallet has completely different possibilities and options that you could not enjoy with online-only wallets.
Compared to other hardware wallets from the Ledger company, the Nano S version is relatively cheap. The company's own competitor Nano X costs around 119 euros and is more than twice as expensive as the Nano S Wallet. With the competitor product, more than 1100 Ledger Nano S Wallet cryptocurrencies can also be stored. However, Nano X offers the option of connecting to the hardware wallet via encrypted Bluetooth and smartphone.
A moderate purchase price in an industry comparison
If you compare the price of the Ledger Nano S with other hardware wallets, it quickly becomes clear that it is a very inexpensive offer. In the Ledger Nano S review, however, it is noticeable that there are cheaper models. For example, the "disposable wallet" Opendime, which undoubtedly stands out with its unique way of creating the private address. It is already available for around 36 euros.
However, wallets intended for longer-term use are often more expensive than the Ledger Nano S. In the Ledger Nano S Wallet Review, the price aspect is therefore definitely a plus. Competing products, such as the Trezor Hardware Wallet, can currently be bought for 97 euros.
Ledger Nano S Wallet fees during use
What are the Ledger Nano S Wallet fees for using the Ledger software? The use of the software is undoubtedly free of charge. At the same time, it should be emphasised that it is a software that provides a detailed insight into one's crypto holdings in the Ledger Nano S Wallet Review and even graphically conveys the course of one's holdings by means of diagrams.Regular Ledger Nano S Wallet transaction fees
Of course, you still have to pay Ledger Nano S Wallet transaction fees if you send amounts in cryptocurrencies. This works, for example, via the partner wallet Blockchain. In the Ledger Nano S Review, for example, you can send your own Ledger Nano S Wallet using the Blockchain Lockbox.
In the Ledger Nano S Wallet test, the wallet must be plugged in according to our Ledger Nano S Wallet experience. Then you can send Ledger Nano S Wallet currencies to other addresses.
This naturally incurs regular Ledger Nano S Wallet transaction fees. However, these go neither to Blockchain.com nor to Ledger, but to the miners in the various blockchains. Given that Ledger accepts a total of 1,100 Ledger Nano S Wallet currencies, a breakdown of the actual costs would be too complex.
Factors in Ledger Nano S Wallet transaction fees
Of course, a wide variety of factors come into play when it comes to transactions on the blockchain. Whether it's the Bitcoin, Ethereum or other blockchain, the following influences make the biggest difference to transactions:
1 Current number of miners available
2 Number of current transactions in process
3 Amount of Ledger Nano S Wallet transaction fees (if any, depending on the cryptocurrency).
Particularly with Bitcoin transactions, there have been strong price fluctuations in the past. So it could happen that in 2017 you have to pay sometimes horrendous Ledger Nano S Wallet transaction fees. This was due to a sudden explosion in demand and a relatively small number of miners in the Bitcoin blockchain at the time.
For Bitcoin transactions, the amount of Ledger Nano S Wallet transaction fees depends on the amount of data the transaction has. The higher the transaction, the higher the number of bytes that make up the transaction.
fees | Price |
|---|---|
Regular BTC network fee | variable |
The performance of the Ledger Nano S Wallet is very good. Overall, the Ledger Nano S Wallet proves to be very useful in the practical test.
Why should I buy a Ledger Nano S used? Why we definitely do not recommend buying used hardware wallets:
One of the safest ways to store crypto assets is on a hardware wallet like the Ledger Nano S. However, there have been more and more stories lately of people buying a used or "new" hardware wallet on eBay and then losing all their crypto assets.
For this purpose, you get a so-called "recovery phrase" when you first set it up, which consists of 24 words. Anyone who is in possession of these 24 words can restore the keys stored on the hardware wallet without being in possession of the wallet.
In the cases of fraud known so far, reported by Reddit users for example, the "recovery phrase" was already set up and the enclosed slip of paper with the 24 words was filled in. Of course, those who have not used a hardware wallet before do not necessarily know that this is not how it has to be.
The sellers of the hardware wallets do not have to do anything other than wait until the buyers have transferred their cryptocurrencies to the hardware wallets and can then set up a new wallet using the recovery phrase and thus gain access to the assets. They then only have to withdraw the funds.
So if you want to be on the safe side, you should definitely order a new hardware wallet from the manufacturer. You can buy the Ledger Nano S here, for example.
Ledger Nano S Wallet Features & Extras
The number of functions in the Ledger Nano S test is relatively large. It is not without reason that Ledger is one of the best-known hardware wallets that enjoy enormous popularity. However, the most important functions that are most relevant according to our Ledger Nano S Wallet experience should be known.
Strong customer service for questions and problems
Especially with large sums of money, customers often want to be on the safe side and ask for details in person. This is a clear advantage with Ledger, because the customer service here has a wide range of offerings.
With many crypto wallets, employees can only be reached via an email form on the official website. At Ledger, the following channels can be used to get answers and suggested solutions:
Via social media
Live chat
Contact form
Without a doubt, this is a clear plus point in the Ledger Nano S Wallet test.
Utility Apps at Ledger
Without a doubt, so-called utility apps are no longer a rarity among wallet providers. At the same time, most companies do not offer them. What are we really talking about here? Utility apps are basically just apps that are intended to be practical aids for your own Ledger Wallet.
They work on a decentralised basis. Especially people who already have advanced knowledge of the crypto world can use utility apps in the Ledger Live software to their advantage. The utility apps include "Ledger Hello".
Steady addition of new Ledger Nano S cryptocurrencies
It is also worth noting that the company is clearly not content to accept around 1100 Ledger Nano S Wallet Coins and Tokens.
Clear overview thanks to Ledger Live
Before the crypto assets can be managed, the app for the respective cryptocurrency must first be installed on the ledger.
Each cryptocurrency has its own app. It is important to know that there is only room for about 4 apps on the ledger at the same time. For security reasons, the storage space on the Ledger Nano S is severely limited.
However, this does not mean that only 4 currencies can be managed on the ledger; in principle, an infinite amount of credit can be stored on the ledger, but no more than 4 apps can be installed at the same time. There is no need to be afraid of this, because removing a crypto app (e.g. Ripple) does not delete the credit, but only the display in the Ledger Live interface. As soon as you reinstall the app, the credits will be there again.
If you want to know how your Ledger Nano S Wallet cryptocurrencies are doing, you don't have to use any third-party services or perform any calculations. The Ledger Live programme gives you a clear overview of your own crypto holdings on your desktop PC. For example, you have a chart available that shows the current value of your own Ledger Nano S Wallet cryptocurrencies.
As soon as the app for the respective cryptocurrency has been installed, the corresponding credit can also be managed with the software. All you have to do is create a new account for the cryptocurrency under Accounts and then send or receive funds via Send or Receive Fund.
Transactions can be carried out easily through Ledger Live. If the laptop on which the programme is installed is stolen, this is of course not a security problem. Transactions can only be carried out when the Ledger Nano S-Stick is plugged into the PC.
To confirm a transaction, both buttons on the hardware wallet must be pressed in the Ledger Nano S Review. Already when setting up the Ledger Nano S Wallet, it is noticeable that the two buttons on the wallet distinguish the stick from the competition in many ways.
Is the Ledger Nano S Wallet secure?
There is no doubt that the Ledger Nano S Wallet is a very secure hardware wallet.
It uses the latest security systems and undoubtedly works very well. Because it is a Hierarchical-Deterministic Wallet, the security level in the Ledger Nano S Wallet test is particularly high.
We did find isolated reports that it is possible to compromise the Ledger Nano S Wallet - however, these statements are not valid enough and point to serious mistakes on the part of the owners to be able to speak of the Ledger Nano Wallet being insecure.
Where to buy Ledger Nano S Wallet?
It is highly recommended to order the Ledger Nano S Wallet from Ledger's official website. Under no circumstances should you buy the hardware wallet from third parties via sites like eBay and the like.
At a price of 59 euros, this is undoubtedly a sensible option for the long term and one that you should not compromise on.
Ledger Nano S Amazon offers trustworthy?
It is also possible to buy the Ledger Nano S via Amazon, but here you should pay more attention to whether the dealer is actually the official Ledger store and not a middleman or other operator.
Similar to buying a Ledger on Ebay, unverified purchases run the risk of receiving hardware that is not suitable for storing valuable cryptocurrencies and that has malware!
Ledger Nano S Wallet Test Conclusion - Our Experience and Evaluation
The Ledger Nano S Wallet is one of the best hardware wallets around. The price of 59 euros is very moderate considering the popularity of the wallet.
Overall, it is therefore without a doubt a wallet that can be recommended all round. If you want to safely store larger sums of cryptocurrencies for the long term, the Ledger Nano S Wallet is very suitable.
Our conclusion on the Ledger Nano S Wallet: It is one of the best wallets currently available on the market. If you are prepared to pay money for the wallet, you can buy the Ledger Nano S with a clear conscience, as it is one of the most secure wallets that can also store almost all known cryptocurrencies.
FAQ
The Ledger Nano S Wallet is a hardware wallet. It can be purchased directly via the website.
In order to be able to purchase cryptocurrencies, you go to an exchange of your choice. On Kryptoszene.de you can find all the information about the best-known crypto exchanges.
Hardware wallets are among the most secure methods of storing your coins. Nevertheless, you should always make sure that no third-party software gets into the wallet.
Hardware wallets are sometimes more complicated to use than online wallets or mobile wallets, for example. However, the Ledger Nano S Wallet is convincing in terms of user-friendliness.
