Ledger Nano S Review – Must Read Before Buying

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In the rapidly evolving world of cryptocurrency, securing digital assets has become a top priority for investors—both new and experienced. As cold storage solutions gain popularity, the Ledger Nano S stands out as one of the most recognized and trusted hardware wallets on the market. This in-depth review explores the device’s features, security framework, usability, and recent challenges, helping you determine whether it's the right fit for your crypto journey.

About Ledger: A Leader in Crypto Security

Ledger, the company behind the Ledger Nano S, was founded in 2014 by a team of eight experts in cybersecurity, blockchain technology, and entrepreneurship. Headquartered in Paris with additional offices in Vierzon and San Francisco, Ledger has grown into a global leader in digital asset security, serving over 3 million customers across 165 countries.

The company specializes in securing not just cryptocurrencies but also digital identities, IoT devices, and two-factor authentication systems. Its flagship products—hardware wallets like the Ledger Nano S and Nano X—have become synonymous with trust and reliability in the crypto space.

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Key Features of the Ledger Nano S

The Ledger Nano S is designed to offer robust security without compromising accessibility. It functions as a cold wallet, meaning your private keys are stored offline at all times, protecting them from online threats such as hacking or malware.

Compact and Durable Design

Measuring about the size of a USB stick, the Nano S features a sleek plastic body encased in a stainless steel shell for added durability. It’s lightweight and portable, making it easy to carry in a pocket or wallet. Available in multiple colors—including black, transparent, pink, blue, green, and yellow—you can personalize your device to suit your style.

Seamless Integration with Ledger Live

To manage your assets efficiently, Ledger provides the Ledger Live app—a desktop and mobile application compatible with Windows, macOS, Linux, iOS, and Android (7.0+). This intuitive platform allows users to:

Through partnerships with leading crypto services, Ledger Live supports over 1,800 cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Binance Coin (BNB), Ripple (XRP), and many others. While most major coins are fully integrated, some—like NEO and MIOTA—are supported but not yet manageable within the app.

Security Architecture: Built to Protect

Security is where the Ledger Nano S truly excels. It employs a dual-chip architecture combining two ultra-secure elements:

  1. ST31H320 (Secure Element) – Developed by STMicroelectronics for banking and ID applications, this chip protects sensitive data even against advanced physical attacks.
  2. STM32F042 (Microcontroller) – Handles transaction signing and ensures that private keys never leave the secure environment.

Access to the device is protected by a user-defined 4- to 8-digit PIN, which can be changed anytime. Notably, there has never been a reported case of a Ledger Nano S being hacked remotely—an impressive record that underscores its resilience.

BOLOS: An Open-Source Operating System

At the heart of Ledger’s security model is BOLOS (Blockchain Open Ledger Operating System)—a proprietary, open-source OS introduced in 2015. BOLOS isolates each app in its own memory space, preventing malicious software from accessing other parts of the system. It also enables developers to create custom apps and users to install third-party tools while maintaining full control over their private keys.

This advanced security framework earned Ledger certification from ANSSI, France’s national cybersecurity agency—one of the few hardware wallets to achieve such recognition.

Setting Up Your Ledger Nano S

Getting started with the Ledger Nano S is straightforward:

  1. Download and install Ledger Live on your computer.
  2. Connect the device via USB Micro-B cable.
  3. Follow the on-screen instructions to set up your PIN and back up your 24-word recovery phrase—a critical step for recovering funds if the device is lost or damaged.

Once configured, you can begin installing cryptocurrency apps through Ledger Live. However, due to limited onboard memory, only 4–5 apps can be active at any time—a significant limitation for users managing diverse portfolios.

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Managing Crypto Transactions

After installing the desired apps (e.g., Bitcoin, Ethereum), you can generate public addresses to receive funds—even when the device is offline. To send crypto:

  1. Connect the device and unlock it with your PIN.
  2. Use Ledger Live to initiate a transfer.
  3. Confirm the recipient address on the device’s screen using the two physical buttons.

While this process ensures security, the small monochrome display can make verifying long wallet addresses cumbersome. Additionally, navigating menus with only three buttons may feel slow compared to more modern interfaces.

Despite these quirks, built-in integrations allow users to swap tokens, buy crypto with fiat, and even earn interest—all within the Ledger Live ecosystem.

Addressing Past Security Incidents

In July 2020, Ledger suffered a data breach due to a vulnerability in a third-party API used for e-commerce and marketing. Hackers accessed a database containing names, email addresses, phone numbers, and shipping details of over 270,000 customers. The data was later leaked on RaidForums, leading to an uptick in phishing attempts, ransom threats, and even reports of physical intimidation.

Importantly, no funds were compromised, as private keys remained protected within the devices. In response, Ledger took immediate action:

These measures have helped restore trust, and sales continued growing post-breach—over 3 million units sold as of recent reports.

Frequently Asked Questions (FAQ)

Q: Is the Ledger Nano S still worth buying in 2025?
A: Yes. Despite its age, it remains one of the most affordable secure hardware wallets with strong support for major cryptocurrencies.

Q: Can I store NFTs on the Ledger Nano S?
A: Indirectly. While it doesn’t display NFTs visually, it can securely store the private keys for wallets holding NFTs on Ethereum or other blockchains.

Q: How does Ledger compare to software wallets?
A: Hardware wallets like the Nano S are far more secure because they keep private keys offline—unlike software wallets vulnerable to online attacks.

Q: What happens if I lose my Ledger device?
A: As long as you have your 24-word recovery phrase, you can restore access to your funds on another Ledger or compatible wallet.

Q: Is there a way to increase app storage on the Nano S?
A: No. The 4–5 app limit is fixed due to hardware constraints. For more flexibility, consider upgrading to the Ledger Nano X.

Q: Are there alternatives better than Ledger Nano S?
A: The Ledger Nano X offers Bluetooth connectivity and supports more apps simultaneously. Other options include Trezor and BitBox02—but Ledger maintains an edge in certification and ecosystem integration.

Final Verdict: A Solid Entry-Level Choice

Priced at just $59, the Ledger Nano S delivers exceptional value for users seeking reliable cold storage. Its military-grade security chips, ANSSI certification, and integration with Ledger Live make it a top contender in the hardware wallet space.

However, limitations like restricted app capacity and a basic interface may frustrate advanced traders. Still, for beginners or those holding core assets like BTC and ETH, it remains one of the safest and most accessible entry points into secure crypto ownership.

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While no system is immune to external threats—as shown by the 2020 data leak—Ledger’s proactive response demonstrates commitment to user safety. As long as best practices are followed (like safeguarding your seed phrase), the Ledger Nano S continues to be a smart choice for protecting your digital wealth.