![]() Users must download Ledger Live to their computer or mobile device and choose the option to set up a new device. ![]() The Ledger Nano S is fairly simple to set up and use. The main difference in security between Ledger and competitors, such as Trezor, is that Ledger’s firmware isn’t open-source, meaning users can’t independently audit the firmware’s security. Ledger has removed more than 170 phishing websites and communicates regularly with customers regarding personal security. The breach didn’t expose crypto wallets to danger but made users’ names, addresses, and phone numbers public. In 2020, the company’s customer data was accessed via the Shopify database. The hardware wallet requires a minimum four-digit pin code and users get a 24-word recovery phrase to store in a safe, offline place. ![]() For instance, to purchase altcoin, users must physically push both buttons on the device simultaneously, making it uncrackable by a cyber-criminal. At the user level, there are additional security measures as well. Ledger devices undergo an independent audit from the French National Agency for the Security of Information Systems (ANSSI). Moreover, Ledger is the only hardware wallet manufacturer using Secure Element chips and a proprietary operating system (OS) called Blockchain Open Ledger Operating System (BOLOS). The company exceeds industry standards for security, including tamper-resistant Common Criteria (CC) EAL5+ certified Secure Element (SE) chips on Nano devices and your private keys stay on the secure chip. Security is the top reason people buy a Ledger wallet. Only purchase devices through verified resellers or Ledger directly. Ledger also offers a pack of three devices for savings of up to 21%. Packages may also come with sheets to write down your 24-word recovery phrase and a neck strap. Inside the box is the Ledger Nano S device along with a micro USB-B cable. Shipping times vary depending on where you purchase the device, but typically, you’ll receive it in less than two weeks. Ledger also partners with several resellers, and you may find the device cheaper elsewhere.įor instance, the Ledger Nano S on Amazon is $59 with free delivery, whereas it’s $46.99 at Walmart (as of January 2022). Otherwise, shipping costs may be more than $19. The company occasionally offers free shipping to the U.S. The Ledger Nano S hardware wallet is $59 on the Ledger website. Investors use the hardware to store popular cryptocurrencies, such as: Although users can’t store fiat currencies on the Ledger Nano S, stablecoins are supported. The Ledger Nano S supports about 107 cryptocurrencies and more than 1,000 tokens. Not as mobile-friendly as other wallets: The Ledger Nano S isn’t equipped with Bluetooth, so it requires a USB cable to connect to a computer or Android device.It features two physical buttons instead of a touchscreen. The display is small and isn’t a touchscreen: The device screen is less than an inch tall, as the whole device is only 17.4 mm tall (0.685 inches).Limited storage space for crypto apps: Most cryptocurrencies require a crypto application, and the Nano S only holds up to six apps, depending on the size.It supports more than 1,100 coins and tokens: Investors can store popular and lesser-known coins and tokens on the Ledger Nano S device.They’re never removed from the device or accessible via the web. The private keys never leave the device: Unlike hot wallets through cryptocurrency exchanges, Nano S users hold their private keys.An affordable cold wallet: At $59, the Ledger Nano S is less expensive than several other hardware wallets, making it a good low-cost, highly secure option.Investors can store more than 1,100 cryptocurrencies and tokens on the Ledger Nano S, with 23 cryptocurrencies supported directly by Ledger and the rest supported by installed third-party applications. It gives investors control over their private keys and is backed by the largest name in the industry. The Ledger Nano S hardware cryptocurrency wallet provides high-level security via a secure chip and a proprietary operating system. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. Consult with a qualified professional before making any financial decisions. Investing in cryptocurrencies, Decentralized Finance (DeFi), and other Initial Coin Offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.
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