It’s no secret that hardware wallets are remarkably more secure than software or app wallets. However, some people avoid them because they can be a bit pricey. One of the more cost-effective wallets on the market is the Ledger Nano S Plus. It provides the security crypto users desire at a price point that even beginning crypto investors can afford. In this Ledger review, we will introduce you to the Ledger Nano S Plus Plus and the benefits it can bring crypto enthusiasts.
Basics of the Ledger Nano S Plus
The Ledger Nano S Plus is one of the premier hardware wallets from Ledger, one of the industry’s most trusted crypto security companies. Since 2014, the company has worked to provide secure solutions for blockchain applications.
The Nano wallet comes in two styles. The most popular option is the Ledger Nano S Plus. The wallet is small – about the size of a thumb drive. It is also a robust device, allowing you to manage over 100 assets and over 1,500 tokens. Other tokens can be managed by installing additional software. There’s also the Nano X, which offers bluetooth functionality.
Most people choose the Ledger Nano wallet due to its security. It has a Certified Secure Element with a CC EAL5+ certification. It is also independently certified by ANSSI. Furthermore, your wallet is protected by a 24-word recovery phrase for backups and a pin code.
Which Coins Are Supported?
For the next part of our Ledger review, let’s talk about which cryptocurrencies are supported. The bulk of cryptos supported by the Nano S will come through the Ledger wallet app. Ledger Live will allow you to manage 100 of the most popular cryptos and over 1,500 tokens. Here’s a brief list of some of the coins supported on the Nano Plus:
- Bitcoin Cash
- XRP (Ripple)
You can find a complete list of supported coins over at Ledger’s website. However, if Ledger Live does not support your currency, there are alternatives. The Nano Plus lets you install over 100 apps depending on the size of the apps. This will allow you to install other wallet apps for your crypto. Again, the website will tell you which cryptos and which wallet apps are supported.
Most of your crypto management will be done through the Ledger Live app. You can download the app onto your desktop or Android device and use it to send and receive crypto from your Nano S.
Setting Up the Nano Plus
One reason that many people avoid hardware wallets is that they are not technically inclined. The Ledger Nano wallet is simple to set up and only takes a few minutes.
First, start by installing the Ledger Live App on your computer or Android device. Once the app is installed, follow the following steps to set up your device:
1. Connect your device to the USB cable provided and connect to your PC or Android device.
2. Launch the Ledger Live App and click Get Started.
3. Select initialize as new device and select Ledger Nano S Plus.
4. Select the button next to the USB port on the Ledger device and follow all of the instructions.
5. Press both buttons on the device to Set Up as New Device.
6. Press both buttons again to set up your pin code. You’ll use the left and right buttons to select your pin code for each digit. When you’ve entered a digit, select both buttons again to accept that digit.
7. Enter your pin a second time to confirm.
8. Write down your 24-word recovery phrase.
9. Enter your recovery phrase to confirm.
10. Your device is now ready.
Afterward, you will complete the security checklist on Ledger Live and set up a password for the app. Once done, your device is now set up, and you can begin managing your crypto with the Ledger Nano S Plus.
Advantages of Using Ledger Nano S Plus
The primary advantage of using a Ledger hardware wallet is that your Bitcoin or other crypto is protection. For starters, the Ledger Nano S Plus contains a Secure Element, which is a secure chip with a CC EAL5+ certification. This will help protect your device from various external attacks when it is connected to your computer.
Whenever your device is not connected to your computer, the wallet is offline. That means you cannot send or receive crypto to the device. Next, if your device is stolen, thieves will only be able to guess at your pin three times before the device goes into a timed lockout.
Next, your wallet isn’t susceptible to failure or hacking the same way a software wallet is. You don’t have to worry about your hard drive crashing or someone finding out your seed words or key phrase through the use of key loggers or other advanced hacking techniques.
Finally, the wallet is fairly inexpensive. Retailing around $79, it is an affordable alternative for those looking for a hardware wallet. You can also look for a Ledger Nano offer code at various sites to further reduce your costs.
Drawbacks of Using Ledger Nano S Plus
The first drawback to using a hardware wallet is you have to pay for it. The majority of software wallets out there are free to use. The Nano S retails typically around $79. While not a massive expense, some newer users may find paying for a wallet a bit cost-prohibitive.
Next, you have to go through extra steps to send or receive crypto. You have to connect your device, log into the Ledger Manager, and then you have to conduct your transactions. While the steps are not complicated, it is not as quick and convenient as using a software wallet. Ledger X has Bluetooth capabilities, allowing you to manage your wallet on the go.
Next, some cryptos and tokens require installing and connecting separate software applications to allow the coins to work. Many software wallets are a single install and can support multiple cryptos without issue.
Lastly, if you want to use the Ledger Nano S Plus on an iPhone, you’re out of luck. It is only compatible with PC and Android. However, the Ledger X does work with iOS.
Nano S Is A Great Entry-Level Hardware Wallet
If you’ve learned one thing in our Ledger review, it’s that the Nano S is a remarkably powerful device. It comes with default support for 27 coins and over 1,500 tokens. You can expand support through apps. It provides outstanding security and is as close as you can get to a cold storage wallet.
With that said, we’d be remiss in our Ledger Nano review not to point out that the Ledger X is a superior product. The Ledger X offers a larger screen, storing up to 100 apps, and an 8-hour standby battery. However, the most significant improvement is that the Ledger X is compatible with iOS and is Bluetooth capable. With that said, the Ledger X is nearly double the price, retailing at $149.
If Bluetooth and iOS compatibility are not a concern, then the Nano S Plus is the smarter choice. It has the same encryption as the Ledger X at half the price. For most crypto investors, the Nano S will provide all the protection you need at a price you can afford.