Ledger Nano S Wallet Review: Features and How-to-Use Guide

Ledger Nano S is a product of the company Ledger and its idea is based on the BOLOS platform and a Secure Element. This hardware device is highly rated because of its ability to isolate and keep your key pairs plus other vital crypto information away from every potentially vulnerable computer.

01.Ledger Nano S Features & Fees

Ledger Nano S is one of the preferred cryptocurrency wallets when it comes to security. The developers wanted to assemble a safe device for smooth connection between the user and the blockchain world. In order that to be accomplished, ended up in a product, which stores your data in a tamper-proof and eavesdropping-proof Secure Element. What is more, the access is private and securely done through a screen. There you have all available options, controlled just by the device away from harmful intentions.

One more important note, every hardware wallet runs with a certain software application. Compatible with Ledger Nano S are Ledger Wallet Ethereum, Copay, Ledger Wallet Bitcoin, Ledger Wallet Ripple, Mycelium, Electrum, MEW, BitGo and GreenBits.

Built-In Exchange: Faast

Even hardware wallets can offer inbuilt exchange service. For Ledger Nano S this convenient addition to features is called Faast. The process is a bit different from the one which software wallets use. I have summarized the process for you:

• Step 1 – Enable the browser support on your up to date Ledger device. Make sure you have some balance in the wallet. Otherwise, the exchange option will not be activated.
• Step 2 – Adjust the hardware option from the Faast portfolio page. Select Ledger from the hardware supported potions.
• Step 3 – Click on “Add all Cryptocurrencies” and follow the instructions (the should be both for ETH and BTC). When things are identified, click “confirm”.
• Step 4 – Click “swap” on the loaded page, where you can also check the balance of your holdings thanks to the pie charts.
• Step 5 – Adjust the amount you wish to swap using the slide bar. Then click “add assets” and select the asset you need. Press “save”, and the transaction starts.

Transaction Fees

Every transaction is accompanied by a fee, which determines to a great extent the speed of processing the data. Usually, the network depends on the work done by the miners. They are the ones creating every new block. For all their efforts, fees are the reconciliation price.

With Ledger Nano S wallet, you can choose the amount of the fees for each step you take. This way you determine your place in the queue of pending transactions. Usually, higher fees are always prioritized. In case of setting lower ones, you will wait a while. A convenient feature of this hardware wallet is the live aspect, estimating three types of fees high, standard and low. Basically, the size of your transaction determines the fee. Therefore, more outputs and inputs are considered expensive data to push through the network. Use this information wisely.

Create an Address

When Ledger Nano S supports your coin and has the corresponding app, add an account (e.g. BTC for Bitcoin account) from the icon to the left. Choose the currency from the drop-down menu or just type it in. After clicking “continue”, Ledger Live starts scanning the blockchain for existing accounts. Then, you have several options- “Select existing accounts” (already with blockchain transactions), “Add new account” (your previous account must have at least one asset transfer) and “Accounts already in portfolio”. After clicking “continue” the selected accounts will be added to Portfolio. When done, close the menu.

Send and Receive Assets

The receiving part is happening automatically, without any confirmations. The only condition is to provide the correct address. To send though, you need several actions – “Send” to the top left, then pick the account you want to send from and enter the recipient address. Then type an amount and make a decision on the network fee. To remind you, higher fees mean faster data processing. The press “Continue”.

Specific Functions

Ledger Nano S wallet supports one very interesting function called “Plausible deniability”. It is a preventive measure, in case you are forced to reveal the PIN of the Ledger device. With this specific function, you will have particularly 2 PINs. One code gains access to your main wallet, where the intruders will end up stealing a small amount of crypto. The second PIN is linked to a specific passphrase (which must be set earlier) opening a hidden account, containing all of your coins and tokens (it is usually rarely used).

Possible Issues and How to Avoid Them

Let me start by explaining what the procedure is when you have connection issues. In order to fix that for your Ledger Blue and Ledger Nano S, start by changing the chosen application. Other fixes might be turning the VPN off, do the same with the anti-virus, change the USB cable or port. The connection can be fixed after a PC restart or simply try the wallet on another computer.

There is one more issue with this kind of devices and it is related to the screen. If it doesn’t respond, do the following procedure: launch the downloaded manager, press and hold the left button for minimum 5 seconds, plug in the Ledger Nano S and should see “Bootloader” on the display. Then the manager will be active, and you are ready to use the wallet.

Ledger Nano S on Social Media

To follow Ledger’s updates and ongoing deeds, follow them on several social media channels. They are genuinely active and want you to walk hand in hand with the Ledger Nano S and their other products. Click on the links below and become part of the community.