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Ledger Nano S Review + How-to-store crypto guide

HOW-TO GUIDE: How to keep your cryptocurrencies safe (XRP, BTC, LTC, ETH, TRX...)?


 

Affordable hardware wallet with screen ($59 | 59 EUR). Buy Ledger Nano S

Protect your crypto assets (XRP, BTC, LTC, TRX...)

HOW TO STORE YOUR CRYPTOCURRENCY?

You can buy and sell cryptocurrencies on a wide range of cryptocurrency exchanges. But it is essential that you set up a safe and secure wallet to store your crypto. There are a number of wallets available (web, mobile, desktop and hardware wallets) - the most secure ones are hardware wallets.

Protect your crypto assets with the most popular multi currency hardware wallet on the market - Ledger Nano.

There are two main versions of Ledger Nano hardware wallet:

  1. Ledger Nano S ($59 USD | 59 EUR). Read Review
  2. Ledger Nano X ($119 EUR; enhanced with additional features); Read Review

 

Hardware wallet is the safest option (recommended)

Ledger Nano S hardware wallet achieves maximum security by storing your private key and signing your Bitcoin/Litecoin/Ripple transactions offline (cold storage).

Why Buy Ledger Nano?

Over 1,400,000 Ledger Nano S sold worldwide

Ledger Nano S is the most secure cryptocurrency hardware wallet today

The Ledger Nano S is built around a secure chip, ensuring optimal security

IMPORTANT
Make sure you buy the Ledger Nano S from the official website www.ledger.com to avoid any kind of scam or fake product and to make sure you receive an authentic Ledger product. Never buy a Ledger Nano S or any other hardware wallet from eBay.

Ledger Nano S

The Ledger Nano S looks like a flash drive (USB). It has an OLED screen and it comes with a USB cable compatible with the USB ports of your computer.

 

Contents of the Box (Ledger nano s)

Check the contents of the box and make sure that it contains all of the following items:

  • Ledger Nano S
  • USB / micro USB cable
  • Strap string
  • "Welcome Guide" including 3 sheets: Getting started, Did you notice, Recovery sheet

 

OVERVIEW

The Ledger Nano S has no on/off button: just connect it to a computer to turn it on, and disconnect it to turn it off. The Ledger Nano S is not equipped with a battery.

Once you have made sure you got all the accessories in the box, you must configure the hardware wallet before you can use it.

 

CONFIGURE AND INITIALIZE LEDGER NANO S FOR THE FIRST TIME

System requirements:

  • USB
  • computer (Windows 7+, macOS 10.8+, Linux)
  • internet connection
  • Google Chrome (browser)

Check the device is not preconfigured:

  • Make sure your Ledger device was not preconfigured with a PIN code that you did not choose yourself. The device should display Welcome and Press both buttons to begin when you turn it on for the first time
  • Ledger never provides a PIN code in any way, shape or form. Always choose the PIN code yourself.
  • If a PIN code is given to you or if the device requires a PIN code you did not choose: it is not safe for you to use the device. Please contact Ledger Support for assistance.

STEP 1

Connect the Ledger Nano S to your computer using the supplied USB cable.

STEP 2

Press both buttons simultaneously as instructed on the Ledger Nano S screen.

You can then choose to initialize a new seed, a 24-word recovery phrase.

Then select "Configure as new device?" by pressing the right button located above the validation icon

STEP 3

  • Choose a PIN code between 4 and 8 digits long.
  • This code will be requested each time you start your Ledger Nano S.
  • An 8-digit PIN code provides an optimum level of security.
  • Depending on the firmware version installed on the Ledger Nano S, the number of digits requested may vary: - if version 1.1 or 1.2 is installed, you need to choose a 4-digit PIN code; - if version 1.3 or higher is installed, you may select a 4-, 5-, 6-, 7- or 8-digit PIN code.

STEP 4 ( 24-word recovery phrase: your only backup )

The 24 words will now be displayed one by one on the Ledger Nano S screen.
Be careful, these 24 words will be displayed only once on the screen during the initialization process.

Make sure you keep safe your 24-word recovery phrase. Ledger does not keep any backup of your 24 words

  1. Take the blank Recovery sheet supplied in the box.
  2. On the Recovery sheet, write down the first word (Word #1) and verify that you have copied it correctly in position 1.
  3. Move to the second word (Word #2) by pressing the right button and verify that you have written it correctly in position 2 on the Recovery sheet.
  4. Repeat the process until the twenty-fourth word (Word #24).
  5. Validate the 24 words by simultaneously pressing both buttons. The message Confirm your recovery phrase will be displayed on the Ledger Nano S in order to confirm your 24 words. Select each required word by navigating with the left or right button and validate the word by pressing both buttons.
  6. When your Ledger Nano S displays Your device is now ready, it has been initialized and is ready for use

Important
Ledger Nano S doesn’t store your digital currencies on the device itself. It tracks them on the blockchain, which serves as a digital ledger to record transactions. The Nano S holds and protects the private data (e.g. private keys) needed to access and manage your digital currencies.

 

Installing an Application on Your Hardware Wallet (Ledger Live app)

After the configuration, you need to install an application to manage different digital currencies on your Ledger Nano S.


  1. Go to https://www.ledger.com/pages/ledger-live
  2. Download the Ledger Live application
  3. Double-click the Ledger Live executable file you downloaded
  4. If a warning displays, click Yes to allow the installation of Ledger Live
  5. Once the installation completes, click Finish

The first time you use the Ledger Live application, it will help you set up your Ledger device and configure a few important settings so you can quickly take your first steps with the application.

Ledger Live app will help you to:

  1. Send and receive crypto assets.
  2. Check the total balance of your crypto assets with real-time rates, wherever you are.
  3. Install apps on your Ledger device.

 

SUPPORTED COINS

The Ledger Nano S supports over 1000 cryptocurrencies. The main coins can be sent / received via the Ledger Live software interface.

Top supported coins:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Zcash (ZEX)
  • Dash (DASH)
  • Tron (TRX)
  • Cardano (ADA)*

* Cardano (ADA) will be added in Q2 2019

Note that your Nano S can hold about 5 applications at the same time, but you can deal with many more applications - as many as stated on the Ledger Manager - by removing and installing the ones you need to manage. Removing an application won't make you lose your coins: you will be able to see your balance and transact as soon as the coin application has been installed again.

PAYMENT BENEFITS

  • Free shipping
  • Easy Return
  • Secured Payments
  • Customer Support

 

How to use and transfer XRP with Ledger Nano?

Before you start check these pre-requirements:

  1. Every XRP wallet address needs to have a minimun of 20 XRP reserve. Simply send a minimum of 20 XRP to open your account. These 20 XRP will remain locked as enforced by the XRP protocol.
  2. Ledger Live is ready to use.
  3. The latest firmware is installed on your Ledger device.

Install the XRP app (Ledger Live)

  1. Open the Manager in Ledger Live.
  2. Connect and unlock your device.
  3. If asked, allow the manager on your device.
  4. Find XRP in the app catalog.
  5. Click the Install button of the app:
  • An installation window appears
  • Your device will display "Processing..."
  • The app installation is confirmed

IMPORTANT NOTE:
- To enter a Destination tag when sending to an exchange (for example Binance or Bitstamp), click on advanced options and enter the Destination Tag given by the exchange.
- When receiving XRP to your Ledger Nano S you don't need to specify a Destination Tag

Add your accounts to Portfolio

Add accounts to your Portfolio in the Ledger Live application for the crypto assets managed by your Ledger device. Your accounts will then appear in the Accounts list and their estimated value will be added to your total balance.

Before you begin

  1. Ledger Live is ready to use.
  2. Check which crypto assets are supported in Ledger Live.
  3. Make sure the required crypto asset app is installed on your device. Example: to add Bitcoin accounts, make sure that the Bitcoin app is installed.

Instructions

  1. On the left panel, click the  icon to add accounts.
  2. Type or click the drop-down list to choose the crypto asset of the account to add. Click Continue
  3. Connect and unlock your device, open the app of the selected crypto asset. Click Continue. Ledger Live will look for existing accounts in the blockchain. These are then displayed one by one.
  4. In the Accounts step, different sections can appear:
  • In the Select existing accounts section accounts are shown that already have blockchain transactions. Add a checkmark to the account(s) to add and choose a name for them.
  • In the Add new account section you can add to a new account by adding a checkmark. This is not possible when your last created account of that crypto asset has not received a transaction yet.
  • The Accounts already in portfolio section lists the accounts that are already in Portfolio and thus can not be added.
  1. Click Continue. Your account(s) will be added to Portfolio.
  2. Click Add more to continue adding accounts. Otherwise, close the Add accounts window

HOW TO receive crypto assets?

You can receive crypto assets by generating a receive address in the Ledger Live application. For optimal security, use your Ledger device to verify the generated address before sharing it with the sender of the transaction.

  1. Click Receive on the left panel, or from the top of an account detail page.
  2. Type or use the drop-down list to choose the account to receive crypto assets in.
  3. Click Next.
  4. Connect and unlock your device. Then open the crypto asset app as instructed.
  5. Read the on-screen instructions and click on Verify to generate a receive address on your device.
  6. Verify that the address shown on your screen is the same as the address shown in Ledger Live. If the addresses are the same, press the right button on your device to confirm.
  7. Click Copy to copy the address and share it with the sender of the transaction. Carefully check that the address does not change after you copy and paste it.  

HOW TO Send crypto assets?

You can send crypto assets from your accounts in the Ledger Live application to a recipient address by using your Ledger device.

SECURITY TIP:
Always send a small amount first. Then verify that the transaction was properly received by the recipient address before proceeding to send larger amounts.

Before you begin

  • Get the Ledger device that manages the account to debit.
  • Check that the right app is installed on your device. 
    Ex: install the Ripple (XRP) app to send XRP.

Enter transaction details

  1. Click Send on the left panel.
  2. Type or use the drop-down list to select the account to debit.
  3. Enter the Recipient address. For optimal security, make sure always to double-check addresses that you copy and paste.
  4. Enter the Amount of the crypto asset to send, or itscountervalue*. 
  5. Choose the Network fees from the drop-down list. A higher fee leads to a faster processing of the transaction. Learn more...
  6. Click Continue.

Verify and sign

  1. Connect and unlock your Ledger device.
  2. Open the crypto asset app as instructed.
  3. Click Continue.
  4. Carefully verify all transaction details on your device.
  5. Press the right button to confirm and sign the transaction if everything is correct. The transaction is then signed and sent to the network for confirmation. 
  6. Click View operation details to track the transaction until it gets confirmed.

 

My Ledger Nano S Rating:

CONCLUSION

Cryptocurrencies hacks have become common and people who trusted the exchange might lost their cryptocurrencies.

I recommend buying the Ledger Nano S because it is a very secure hardware wallet product with an affordable price tag and it's very easy to use it.

 

Ask a question / User reviews

If you got a question or an opinion for this product please use the form below.

 

Did you know...?

It is important to know that your crypto is safest when you own your private keys i.e. you keep them on the hardware wallet! Secure your crypto and buy Ledger Nano S

1) It is estimated that there was over $1.5 billion stolen from exchanges

2) QuadrigaCX, Canadian crypto exchange can't access $180 million customer funds as their CEO died traveling in India & no one knows his computer's passwords. So, Canadian crypto exchange QuadrigaCX now owes its customers $190 million and cannot access most of the funds.

3) CEO of major crypto exchange Kraken warns: "Do Not Store Crypto on Any Exchange". If you don't own your private keys your crypto is not 100% safe.

4) "But still using a hardware wallet is IMO the gold standard, particularly for long-term storage of large amounts", David Schwartz, Chief Technology Officer at Ripple

5) Andreas M. Antonopoulos; "I'll go on the record and say the Hardware Wallets are better than software and paper wallets for all except a handful of opsec/infosec experts. Security isn't about absolutes. It's all relative and complexity/operator skill are of the utmost importance."

Contact Ledger support:

To access the full documentation and Ledger Support, please visit support.ledgerwallet.com

LEDGER NANO X REVIEW
Ledger Nano X is a state of the art hardware wallet with large screen ($119 | 119 EUR). Read Review |  Buy Ledger Nano X

 

Links - Exchanges and cryptocurrency cards

1) Where to buy XRP (list of exchanges)

2) Binance

3) Coinbase - the easiest and fastest way to buy crypto with your credit / debit card

4) Wirex card

If you’re looking to keep your cryptocurrencies safe, you would need a hardware wallet and the Ledger Nano S is one of the best on the market.

 


DISCLAIMER:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering.

Find this post helpful? Your tip is appreciated:

XRP Tip Bot allows Reddit and Twitter users to send Ripple XRP to each other through reddit comments or Tweets.
How to send a tip using XRP TipBot? You can login with your Twitter or Reddit account.

 

OR send a tip to any of the following addresses:

BTC: 192FZKTXCMxefj1q3bCggBfhv5vZzW4wZt
ETH: 0xc8fB85C03D4Dd1d45E181645273103E0541785b8
XRP: rCoinaUERUrXb1aA7dJu8qRcmvPNiKS3d   Destination Tag: 1687730800

* Note: Depositing Ripple (XRP) requires both a deposit address and a Destination Tag.