Ledger Nano S Review (2020): Bitcoin Wallet on a Budget?

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Ledger Nano S is the most popular cryptocurrency hardware wallet (more than 1.4 Million units sold). The Nano S is the most secure and affordable option to store cryptocurrencies. This review will help you decide if the Ledger Nano S is the right hardware wallet for you, looking into elements like security, design, mobility and supported coins. This year, Ledger released a new model called the Ledger Nano X.

However, the Nano S is not obsolete and in our opinion is still holding strong. It is still a good choice for casual cryptocurrency traders who do not trade a lot of altcoins, or those want to store their cryptocurrencies in multiple devices for security. The Ledger Nano S retails for USD$59, or you can save 27% when you buy a family pack of 3 for USD$129.

CLICK BELOW TO BUY!

Ledger Nano S
Ledger Nano S

Key features of the Ledger Nano S

  • Top of the line security to keep your cryptocurrencies safe and secure from hackers.
  • Affordable price- suitable for beginners who want a cheap and reliable hardware wallet.
  • Unique staking features so you can EARN cryptocurrency whilst keeping them secure. Learn more about staking here.

Security features

Ledger Nano S Security Features
Ledger Nano S features 2 hardware chips: ST31H320 & STM32F042

One of the key reasons to buy Ledger hardware wallets is the firms reputation for security. Cryptocurrencies hardware wallets are like bank accounts – they contain full access to funds and need banking grade security. Ledger Nano S contains two hardware chips:

  • Secure ElementST31H320 (secure) is independently certified CC EAL5+ and stores the private key and signs transactions
  • Operating systemSTM32F042 chip is responsible for Ledger’s BOLOS proprietary Operating System.

Secure elements are separate pieces of hardware (second layer of security) with their own storage and limited functionality that cannot be breached by hackers.

Even if your computer is hacked or compromised, the Ledger will still keep your cryptocurrencies secure. Devices like the Trezor One and Trezor Model T have chosen not have secure elements and only have a single layer of security.

The Nano X and Nano S are also the only cryptocurrency hardware wallets on the market to received CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security). The certification scheme evaluates multiple aspects of a device’s security including firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.

Similar to the Nano X, users can also protect their funds using a PIN code and passphrase. The PIN code is to generally unlock your device to use it. Whilst you can also set up wallets protected by a passphrase in addition to your primary PIN code.

So say you are threatened to unlock your device, you can give them the PIN code to access wallets with fewer funds. Meanwhile, the bulk of your crypto assets are contained in passphrase protected wallets.

With firmware version 1.6., the security of the Nano S has been further enhanced.

  • Randomised order of digits and symbols for PIN code entry. So other people can no longer guess your PIN code by counting how many times you click the buttons.
  • The device’s operating system chip will be updated by its secure element. Ledger says this will increase the security of the update process and improve user experience.
  • Added screen jitter and partial screen aversion. This update was Ledger’s response to comments that hackers may be able to recover confidential information displayed on the device’s OLED screen by measuring its power consumption. Below are two pictures showing the power consumption of the device before and after the firmware update.
Before the firmware update
Before the firmware update. The power consumption is in a predictable pattern.
After the firmware update. The power consumption is in an unpredictable pattern and the PIN code display is inverted.

Using the device after the update, we find that being unable to enter PIN code digits in order anymore may be prove slightly inconvenient. However with cryptocurrencies, security always comes up top over convenience. And with the added partial screen inversion, we see that Ledger’s bounty program is not just a PR stunt. Ledger actually looked into submissions and made the security improvements even when the suggested hack was only hypothetical.

Even before the firmware update the Nano S scored full marks on security. The updates show that this score was well deserved.

5/5 Security Rating

Multi Currency Support

Supported Coins on Ledger Nano S
Supported Coins on the Ledger Nano S

Ledger has one of the most diverse support for different cryptocurrencies such as NEO, Vechain and Monero. With their open policy to development from project teams, the Ledger Nano S supports 1100+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey, making Ledger the only hardware wallet available for many coins.

One of the initial weaknesses of the Nano S was that it was only possible to fit 2-3 apps on the device. However the NEW Firmware Version 1.6 released on 13 November 2019, users can now install 5-11 apps (depending on the type of app installed). This will certainly answer the prayers of a lot of average cryptocurrency holders who generally hold around 5-10 different coins.

If you still need more apps, one way around this limitation is to uninstall apps that are not being used and reinstall them in the future. Uninstalling apps will not delete coins – all account information will be retained. The newly released Ledger Nano X fixes this problem by increasing the internal memory to 2 MB.

Ledger’s firmware update directly addressed a significant weakness in the Nano S. Whilst it still can’t beat the Nano X in terms of multi currency support, the update will certainly be good enough for your typical cryptocurrency trader. For this reason, we give our thumbs up and bumped the score up from 4/5 to 4.5/5 for multi currency support.

4.5/5 Multi Currency Support

Hardware Design

Ledger Nano S Screen
Ledger Nano S compared with Nano X

Ledger Nano S has two hardware buttons – located on the top of the device. These two buttons allows us to access menus (hold both buttons), make selections (press both buttons), and even input recovery phrases (use buttons to scroll). We found that entering PINs and recovery phrases to be tedious with only 2 buttons – perhaps a touchscreen or additional buttons could of helped.

With the new update 1.6, the Ledger Nano S has an improved display UI where the full cryptocurrency address is shown without scrolling. This allows for easier verification of the target destination. The Nano S uses a USB micro-B interface for charging and connecting to the PC.

3.5/5 for Hardware Design
4/5 of Ease of Use

Why use a Hardware Wallet

With traditional currencies, you, the user, are the most important person. If you have ever lost your bank card, you can always go to the bank with some sort of identification and request for access back to your account.

Cryptocurrencies, however, don’t care about the physical person but rather the private key associated with the wallet. The private key is used to verify the account and transactions. Anyone who has access to this key can send funds and that is why you must keep it safe. Another thing is that cryptocurrency transactions cannot be reversed.

Hardware wallets can protect you against these things. They add an extra layer of security by storing the private key on the device itself. The only way to hack it would be to have physical access to the hardware wallet or with the backup phrase.

Ledger Nano S worth it in 2020?

Name:
Ledger Nano X
Brand:
Ledger
Type:
Hardware
Price:
$119
Release Date:
2019
Security Certification:
CC EAL 5+
Review Rating:
4.6 Star Rating
Name:
Ledger Nano S
Brand:
Ledger
Type:
Hardware
Price:
$59
Release Date:
2016
Security Certification:
CC EAL 5+
Review Rating:
4 Star Rating
Name:
Trezor One
Brand:
Trezor
Type:
Hardware
Price:
$78
Release Date:
2014
Security Certification:
-
Review Rating:
3.7 Star Rating
Name:
Enjin Wallet
Brand:
Enjin
Type:
Software
Price:
Free
Release Date:
2020
Security Certification:
ORU
Review Rating:
4.5 Star Rating

The Ledger Nano S is the most affordable hardware wallet at only USD$59. Even though it’s the least expensive device, it has top of the line security with a CC EAL5+ secure element (military grade security). This device is great for any cryptocurrency HODLer who doesn’t to hold many different assets.

With the latest firmware update Ledger is showing users that the device is still relevant even with the newer Nano X. The enhanced security and most importantly, added apps means that Ledger still expects customers to seriously consider the Nano S a device worth getting even in 2020.

Reviewed on 16th May 2019 by Michael Gu
Updated on 23rd April 2020 by Michael Gu on staking features and updated review summary
Updated on 13th May 2020 by Angela Wang on latest discounts.
Updated on 18th May 2020 by Angela Wang to reflect the latest prices.

The Ledger Nano S retails for USD$59, or you can save 27% when you buy a family pack of 3 for USD$129.

CLICK BELOW TO BUY!

Learn how to properly setup your Ledger Nano S with our guide.

Product Specifications (Technical Specifications)

Ledger Nano S Product Specifications:

Processors ST31H320 (secure) + STM32F042.
Compatibility 64-bits desktop computer (Windows 8+, macOS 10.8+, Linux) excluding ARM Processors. Also compatible with smartphones (iOS 9+ or Android 7+) via OTG cable.

Connector
USB micro-B
Security Certification CC EAL5+
Size Size: 56.95mm x 17.4mm x 9.1mm
Weight: 16.2g
Supported Assets1100+ Supported assets
REVIEW OVERVIEW
Security rating
Multi currency support
Hardware design
Ease of use
Previous articleTrezor Model T Review: Is It Worth Buying?
Next articleLedger Nano S Guide: how to properly setup your device
I’ve been involved in the Bitcoin and Blockchain space since 2012. Something I notice right away is that accurate factual information is hard to come by in this space. More often than not, we find extremely biased information that exploit the complexity of blockchain to obscure facts. The objective of this site is simple – to provide independent insights into the blockchain space.

15 COMMENTS

  1. Hello BoxMining,

    If I get a second Ledger NanoS to leave with my wife in case mine gets lost, do I set up the second device the same way as the first one?

    And my BTC/ETH is on both wallets and I can transact from either one? Will they sync automatically and track my balances? Pl advise.

    Enjoy your shows – thx!

    Ravi
    10/12/1955

  2. Hello sir, Today I come to you because you made this video and I decided to buy the Ledger because you inspired me to dos so and get one as a Hard wallet. It looks like you really know allot about this particular wallet and I really need your help.

    Today I come seeking some much needed help and maybe you can shed some light into my dilemma. I have a Ledger nano s, It had transactions on it totaling over 3k in BTC and it suddenly didn’t show any of the transactions, all of them disappeared. I went to their website and cleared the cache, reinstalled the application on my mac I followed every scenario possible to resolve the situation but all my ledger showed was a 0 balance. VERY DISTURBING. Finally it worked all my transactions showed on my ledger and I thought problem resolved “NOT”. 2 days latter I go back to deposit more BTC on my Ledger and it shows a 0 balance again. NOW I’M FRUSTRATED. So I decided to retrace all the steps i did before and after all of that it still showed a 0 balance so i decided to send myself a 1 transaction to see if it would show up on my Ledger. It does but that’s the only transaction it shows. I have tried to reinstall the application again, cleared the cache wrote emails to LEDGER for 3 consecutive days and I’m still waiting for a response. I need to get the Ledger to recognize all my previous transactions and permanently remove my money /BTC to another device since I can’t trust the Ledger. I implore you to please help. Do you know how to help me solve this dilemma or of anyone that can?

    PS

    I enjoy all your videos and and always learn something new. Maybe this particular situation will serve as a learning experience.

    Thanks in advance

    • I’m just sending this note to the file because I have been reading many complaints tonight. Many people are having problems with the App Manager. It seems it isn’t properly communicating with the device. Example: I can upload and down load applications but can’t get the to be recognized by the App Manager once installed. The systems keeps asking for a password to unlock my device. I swept the whole device by failing 3 times with the password. Then I set up a new password and 24 word phrase. I have seven sheets with 7 24 word phrases. I am about to do it again and see if initializing the Bitcoin wallet app fist will help. The if necessary I’ll try activating the FIDO 2FA. That is a 2 factor Authenticating app that works inside to Nano S to add another layer of security. It has to be activated out side the App Manager. I thought this may be the issue, but at this point I’m guessing at every angle I can to make it work.

      Good luck with your challenges.

  3. It might be important for new uses to know the receiving address will change with every transaction,however coins sent to the old address will still be received safely.

    Watch your you tubes regularly,thank you for advice,very helpful for beginners .Cheers Mark

    • You can use ADA with ledger but you have to use a 3rd party interface to access the coins. I use an add on for firefox called Yoroi and connect my ledger to access my coins from Yoroi.

  4. i do not understand .do i need physical money to buy a bit coin or just set up an account and mine for the bitcoin.
    how to own one?if i pay some agent the physical money to buy cryptocurrency the agent keeps the money?
    do not know how it works for first time buyer.

  5. 1. I’ve sent LTC to my ledger BTC address.
    2. The same address was created in LTC network.
    3. How can I access this coins using private key from my BTC wallet?

    Can anyone help please. Ledger support team has not been helpful seemed silent.

  6. Very Helpful setting up Ledger wallet ,would enjoy knowing more about purchasing Ripple XRP specifically . Ii do not have prior experience in purchasing Crypto currencies .

  7. recently I have seen many complaints about the Ledger Nano s App manager failing to work with the downloaded apps. In my own experience I have been fighting to get my new unit to operate at all. I had to reset the password to clear out the system to do a new install/Configuration.

    I noticed you first added a small amount of Bitcoin to your Bitcoin account and THEN went to ass the App manager, and then you added new apps for other coins. Is there a spcific reason you initialized the bitcoin wallet app with some Bitcoin first? If so please explain in some detail.

    I’m going to go back and reset everything again and first add some Bitcoin IF the unit will initialize and open the transfer window. None of the programs will open.

    One other question, does the FIDO 2fa have to be initialized for the NANO S to function properly? The FIDO 2fa is different from the 2 factor authentacator offered in the Ledger web site. It can be found in the Apps listed in the apps available for the NANO s. My unit came with it installed.

    Thank you

  8. I am trying to update my Ledger Wallet to 1.4.1. When I try to do so the instructions on the web site say to select OSU. I don’t know if this means Operation System Update or something else. I see no selection like this on my wallet. Does anyone know how to update the Wallet from 1.3.1 that is loaded on it? I’m frustrated.

  9. Thank you for your tutorial video on setting up the Ledger Nano S, however I am not certain I got it all. I am a super beginner, working on Coinbase and Poloniex websites where my wallets are held. How do I get my wallets from those sites to my Nano S? Thank you

  10. Thank you for your tutorial video on setting up the Ledger Nano S, however I am not certain I got it all. I am a super beginner, working on Coinbase and Poloniex websites where my wallets are held. How do I get my wallets from those sites to my Nano S? Thank you

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