Ledger Nano S Review

The Ledger Nano S is a popular hardware wallet designed to provide secure storage and usage of cryptocurrencies, especially Ethereum (ETH) and ERC-20 tokens.

Overview

The Ledger Nano S is a USB device that allows you to store your Ethereum private keys offline while still being able to sign transactions. This prevents your keys from being compromised by malware on your computer.

Some key features of the Ledger Nano S for Ethereum include:

  • Supports ETH and 100+ ERC-20 tokens
  • Compatible with MyEtherWallet, MyCrypto, MetaMask and other Ethereum software wallets
  • OLED display lets you manually verify transactions on the device
  • Built-in integrity check ensures malware cannot compromise the device
  • Backup your wallet with the 24-word recovery seed
  • Optional passphrase for extra security

The Nano S uses a secure chip to generate and store your private keys, preventing them from ever being exposed to your computer or the internet. This allows you to securely sign transactions with the keys without risk.

Setup and Usage

Setting up the Ledger Nano S is straightforward:

  1. Connect device via USB and set a PIN code
  2. Write down the 24-word recovery seed and store securely (for backup)
  3. Install the Ethereum app on the device
  4. Connect Nano S to MyEtherWallet, MyCrypto or MetaMask
  5. Access your ETH address and send / receive funds

Whenever sending funds, you can double check the transaction details on the Nano S OLED display before approving with the buttons.

The recovery seed allows you to restore your wallet on any compatible device. The optional passphrase adds an extra word to the seed, preventing unauthorized access if just the recovery phrase is found.

Security

As a hardware wallet, the Ledger Nano S provides excellent security for Ethereum and tokens:

  • Keys generated and stored on secure chip, never exposed
  • PIN code prevents physical access
  • Recovery seed allows restoration on compatible devices
  • Integrity check ensures authenticity of device

No funds have ever been lost due to a vulnerability in the Ledger Nano S itself. However users should store recovery seeds properly and be aware of phishing risks that target all hardware wallets.

Ethereum and Token Support

The Ledger Nano S has excellent support for the Ethereum ecosystem:

  • Native integration for ETH in Ledger Live
  • Support for 100+ ERC-20 tokens including stablecoins like USDC
  • Connect with MyEtherWallet / MyCrypto for full Ethereum transaction capabilities
  • Use with MetaMask to integrate hardware security into decentralized apps

Contract data size is limited to 100 KB, but an update is in development to remove this constraint.

Reviews

The Ledger Nano S is very highly regarded among Ethereum users:

  • Simple and intuitive to set up and use
  • Very portable and durable design with metal casing
  • Great ecosystem integration with MyEtherWallet, MyCrypto, MetaMask etc
  • OLED display provides an extra security check on all transactions
  • Excellent value hardware wallet starting at around $50

In summary, for Ethereum holders who want added security and convenience, the Ledger Nano S is an excellent choice.

Comparison to Trezor

The Trezor One is the other most popular hardware wallet. The Nano S and Trezor One have similar security, support for 100+ tokens, and overall functionality. However, at the time of this writing, key advantages of the Ledger Nano S are:

  • Lower price point
  • Slightly better ecosystem integrations
  • OLED display for transaction verification

So the Ledger Nano S represents better value specifically for Ethereum users.

Conclusion

For Ethereum holders looking to secure their funds while maintaining usability, the Ledger Nano S offers an easy-to-use and highly secure solution. With extensive token support, software wallet integration, and manual transaction verification via the display, it’s a robust product for a low cost. The Ledger Nano S earns strong recommendations as a hardware wallet tailored for Ethereum.

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