If you are trying to decide on the best hardware wallet for cryptocurrency, we suggest you check out Ledger Nano S. Since this hardware wallet came into the market, it has become very popular. We read the reviews from active users, and everyone has good things to say about the hardware wallet.
In this review, we will be examining the features of ledger nano s, their pros, and cons. Also, we will discuss the price range for this amazing hardware wallet.
Why We Chose Ledger Nano S
One of the main reasons why we have pitched our tent with this hardware crypto wallet is that it offers the best features at such an affordable price. We can also confirm that the company behind this hardware wallet has not compromised quality for the price value.
Over the years, the number of users has risen to over one million. Which is a strong indication that so many other people are using the product satisfactorily.
Why You Need a Hardware Wallet
Over time hardware wallets have become more functional and safer. So it is a great idea to diversify your assets by using them.
With hardware wallets, you have a high level of certainty that you are the only one with access to your crypto tokens. Also, you can take proactive measures to keep your access codes safe.
Hardware wallets can hardly be compromised, except you make a mistake in revealing the access codes. Compared to software wallets, you have no worries about remote hacking.
Also, you do not need to have any special skills or training before you can use all the features of this product to keep your tokens safe.
On average, the ledger nano s hardware wallet will cost you about $60. So, we think it is reasonably priced.
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The developers released the ledger nano s cold storage wallet as far back as 2019. It marked the introduction of a more reliable cold storage option to replace the previous ledger version. They claim this new version offers beginners an opportunity to start trading or holding their crypto assets without worries about breaches.
What’s in the Box?
We must confess, the packaging of the ledger nano s is excellent. It comes in a white box with a photo of the device printed on the box. You will need to tear off a few seals to view the content inside the box.
Our unboxing experience was exciting. We got it all on video. In the box, we found one of these items;
- The ledger nano s hardware wallet
- A keyring
- USB cable
- Three recovery sheets
It is the complete set. We think it is brilliant to add a keyring because it helps you to secure the device whenever you need to be out on the move. You can attach it to a key holder, which reduces the chances of losing the device in a cluttered environment. These days, you can use air tags to locate your keyring using GPS., so it is a great advantage.
Also, the USB cable is for connection to computers. You can use it to access your assets stored in the hardware wallet at any time. However, you will need to enter the security codes after you confirm that the computer has connected to the hardware wallet.
In addition, the three recovery sheets are your backup sheets. You need them to store information that can help you regain access to the device when necessary.
Storing Your Crypto Assets
It was amazing to discover that we could store up to twelve different cryptocurrencies on this cold storage hardware. It is that unique. The brand has built its reputation around these cryptocurrencies, and so far, many users like their products.
Some of the popular cryptocurrencies you can store in this hardware wallet are:
- Monero, etc.
We like the fact that this brand has stood out from the rest because it can be used to store a wide range of crypto. Many other brands do not support up to five cryptos, which can limit your investment plans.
If you would like to view the complete list of cryptocurrencies you can store on the cold wallet, please visit their website.
Ledger Nano S Features
There are so many benefits of using this cold storage for crypto. We observed these advantages in real-time while reviewing the product. Here are the top features of this product that should make you consider using this product:
- Affordability: This is one of the most affordable cold storage wallets for cryptocurrency. In addition to that, you can find offers and discounts on this product at different times during the year. The company always takes advantage of several opportunities to give back to its growing number of users.
- Store Your Entire Crypto Portfolio: This is a convenient solution for crypto traders who perform multiple transactions and have vast assets. You can enjoy the convenience of having all your crypto stored in one location, and it is safe.
- Secure Cold Storage for Crypto: We can vouch that this product is secure. Its security features are enhanced to ensure your assets remain safe. The creators used the best encryption systems available online to protect your tokens stored in it. Also, it allows you to store your private keys and transaction codes separately, which is more secure.
- Access PIN and Passcode Required: All owners of this hardware storage must create unique PIN codes and passwords before they can access the data stored in the hardware wallet.
- Quick Data Recovery: This is another innovative feature that we like. If you forget your access codes or if you suspect a breach, you can act quickly to recover your data. This is possible because the system allows you to create a seed phrase. It is a secret phrase that allows you to bypass security codes to recover your data when necessary.
Are There Risks While Using Ledger Nano S?
We know that no system can be entirely foolproof. However, we are impressed with the security systems implemented on this device. Overall, it will be extremely difficult for anyone to breach your cold storage device to access your tokens. All you need to do is a study and understand how to use the security protocols already installed in the system.
We would strongly advise that you should never store your access codes or seed phrase on any device or computer that has internet connectivity. That is the whole essence of having a hardware wallet. No access to the internet increases the security of your crypto tokens stored in the device.
We should also note that since they released the ledger nano s, there has been no report about hacking or loss of tokens.
We did observe some drawbacks with the device. We think the internal memory allocated to the ledger nano s is too small. Consequently, people who plan to store a large quantity of cryptocurrency may experience some limitations. We observed that it is possible to store as much as five crypto on the device. It is quite a small number for regular traders.
However, we realized that it is a great option for people who want to focus on a few of the top-rated cryptocurrencies on the market. They can select their top five crypto and start investing using the ledger nano s hardware wallet to store their tokens.
Also, using the ledger nano s will encourage you to divide your assets across different cold storage devices. This increases the security because your assets are not in one place alone.
How to Manage Space on the Ledger Nano S
We have added some tips that can help you manage the internal storage space on the device.
- Delete Wallet Apps: After you have transferred your assets via the wallet apps, delete to save space. You can delete these apps by selecting the options on that app and choosing delete. Removing these apps will not cause the transaction you completed to reverse, so no worries. But you may need to reinstall the apps when you need to perform a transaction with that particular crypto asset.
- Declutter the Internal Memory: Also, you can do regular checks to find redundant files in the internal memory that you can remove. This will help to create more space for other essential storage purposes.
- Use a Second Device: You can get two cold storage devices to avoid cramming all your wallet apps and tokens into one device.
Who Can Use Ledger Nano S?
We recommend this cold storage device to new investors who plan to start small. It is always best to start small while studying the market to understand how the investment process works. Also, experienced traders who need a dedicated hardware wallet for particular assets should use this device.
Overall, it is a great option for everyone who wants to have peace of mind while investing and trading cryptocurrencies.
The ledger nano s works perfectly. It is also reliable. We like its features and the convenience it brings by allowing you to store different cryptocurrencies in one place.
The only drawback we observed, regarding the low internal memory, is also an advantage if you view it from another perspective. Not everyone wants to trade with all the crypto available on the market.
Moreover, there are certain tips you can use to manage your internal memory allowance. Overall, we recommend this hardware wallet to all the new and experienced crypto traders who need reliable and safe storage for their assets.