Ledger Wallet Details

Wallet name: The Ledger Nano S or the Ledger Blue
Coins accepted: 30 cryptocurrencies or 24 cryptocurrencies
Linked Exchange: n/a
Countries: All supported except the following due to local regulations on cryptographic devices – (Afghanistan, Belarus, Bosnia and Herzegovina, Burma, Burundi, Central African Republic, Cuba, Democratic Republic of Congo, Egypt, Eritrea, Guinea, Guinea Bissau, Haiti, Iraq, Iran, Ivory Coast, Lebanon, Liberia, Libya, Mali, Moldova, Montenegro, Morocco, North Korea, Macedonia, Serbia, Somalia, Sudan, Syria, Tunisia, Ukraine, Venezuela, Yemen, Zimbabwe)
Languages: English US/UK
Mobile compatibility: Ledger Wallet app available on Windows, iOS, Linux and Android
Wallet Rating: 4/5
Wallet Type: Hardware

What is the Ledger Wallet?

Ledger was established back in 2014 by a group of experts with extensive experience in cryptocurrencies and embedded security. The eight professionals involved in Ledger from the ground up were inspired by the idea of developing highly secure solutions for blockchain applications.

Ledger’s two slick hardware wallets have already proven exceptionally popular alternatives to traditional crypto wallets among large-scale cryptocurrency investors looking to buy Bitcoin and other high-value crypto coins and store them with unrivalled protection.

The Ledger Blue was designed as a high-end multicurrency hardware wallet that looks something like a mini tablet device. Its touchscreen and user-friendly, capable of being held in the palm of your hand while you connect to a smartphone or desktop computer via USB.

Meanwhile the Ledger Nano S boasts over a million devices already sold globally. The Nano S features a small screen for validating the transfer of multiple cryptocurrencies and can also be connected to desktop computers via USB.

The Ledger Wallet features

Choice of coins

The latest arrival to the Ledger wallet portfolio, the Nano S, boasts support for up to 30 different cryptocurrencies, from Bitcoin and Bitcoin Cash through to Ethereum and Ripple XRP. The Ledger Blue touchscreen device also supports 24 cryptocurrencies, with the ability to manage a maximum of 11 crypto assets at the same time.

Mobile & Desktop

At the start of 2018, the Ledger wallet announced the release of a new app designed to work on all Windows, iOS and Android mobile devices alongside its desktop edition.

Operating systems

The Ledger wallet is designed to operate effectively and securely on all leading operating systems, including Windows 10 and macOS High Sierra.

The Ledger Wallet fees

At the time of writing, Ledger wallet fees are only incurred when buying either of the hardware wallets outright. The Ledger Nano S is available from Ledger for £89.99 and the Ledger Blue costs £249.99.

In addition, users of either Ledger hardware wallet will incur transaction fees when transferring cryptocurrency assets. For instance, when sending Bitcoin to another user or address, you’ll be required to pay a transaction fee. This can be one of three levels, based on the priority of your transaction. If you need the transaction confirmed quickly, choose the highest and most expensive level to ensure Bitcoin miners confirm the switch on the blockchain as soon as possible.

Security

The Ledger Nano S is the only hardware wallet offering secure chip technology using a custom operating system. This kind of chip is normally used to protect credit or debit card information, as well as sensitive biometric data on individuals’ passports.

The Ledger Wallet customer support

The company of Ledger is now headquartered in Paris and Vierzon (France) and San Francisco (US). Its Customer Care department is available for contact Monday-to-Friday, from 9am to 5pm CET.

Pros and Cons of the Ledger Wallet

Pros

–  Affordable technology
–  Ideal for crypto investors looking to buy multiple coins
–  Supports multiple cryptocurrencies
–  More secure than software and paper wallets
–  Funded by some of the world’s leading investors

Cons

–  Little support for passphrases
–  Still relatively unknown to most crypto investors
–  Only available on official Ledger site and Amazon

Guide to Setting Up a Ledger Wallet

–  Buy your Ledger Nano S via the official website or Amazon.
–  Update the device’s firmware to the latest version.

–  Connect your Nano S to your computer and create a new wallet, set up a pin code between 4 and 8 characters.
–  Take note of your recovery phrase/recovery seed – needed if you ever forget your initial pin code or, worse still, lose your Ledger device.
–  Confirm your Nano S device – it should now be configured and ready for use.

Is the Ledger Wallet a scam?

Ledger is a legitimate, growing company, founded with a mission to disrupt the cryptocurrency space by developing security and infrastructure solutions for digital assets as well as applications underpinned by blockchain technology. Ledger hardware wallets are a more secure, reputable choice than software and paper crypto wallets.

A better alternative to the Ledger Wallet

Hardware wallets are generally considered a more secure, lasting alternative to software and paper wallets for storing large volumes of cryptocurrency. However, physically owning and storing Bitcoin can seem like a nuisance for beginners to cryptocurrency investing.

The leading alternative to buying Bitcoin physically is to invest in the value of cryptocurrencies, trading on the likelihood of their price rising or falling. eToro is the world’s leading social trading community that brokers investments in leading cryptocurrencies such as Bitcoin via contracts for difference (CFDs). If you sign up to eToro, you can place ‘Buy’ trades if you feel the price on a cryptocurrency will rise in the coming days, or a ‘Sell’ order if you believe its price will fall. You can then close your order and take a profit if the price moves the way you expect or close it for a loss if the price moves against you.

If you don’t want the fuss of setting up a crypto wallet, eToro could be the ideal alternative to profiting from the rise (or fall) of cryptocurrencies.

Conclusion

Are you serious about protecting your cryptocurrency investments? If you have significant sums of fiat currency invested in Bitcoin, the Ledger wallet is the best possible solution to guarding against the rising number of phishing, malware and hacking attempts to steal your hard-earned funds.

Ledger Wallet FAQs

Why are hardware crypto wallets more secure?

Hardware wallets offer a more secure alternative to using encrypted private keys on your computer or mobile device, as well as paper wallets. That’s because a hardware wallet is designed to offer 100% isolation between cryptographic keys and those with the ability and knowledge to hack desktop computers and mobile devices. Hardware wallets negate the chance of being affected by intelligent malware that can decrypt your private keys over time and steal your cryptocurrency. Hardware wallets are 100% portable and are backed-up by a paper wallet, ensuring swift and simple recovery in the event of a loss.

Are Ledger wallets the most secure hardware wallet?

The Ledger wallet is considered the most secure hardware wallet for crypto coins as they are built upon the same “secure elements” as smartphone SIM cards and the technology that underpins chips and PIN payments. With extensive experience in the digital security sector, Ledger’s wallets guard against physical attacks and improve the overall protection of any private keys.

What’s the difference between a software wallet and a hardware wallet?

If you own a software-based cryptocurrency wallet, your private keys are required to be saved on plain text format on your computer whenever a transaction is signed. This means that, should your computer ever be compromised by a cyber-criminal, hackers will be able to retrieve private keys without the need for decryption, placing your Bitcoin and other valuable altcoins at risk.

How many Ledger wallets are available?

At the time of writing, there are two primary forms of Ledger wallet, with the Ledger Blue and the Ledger Nano S proving increasingly popular among cryptocurrency investors. The Ledger Blue is a handheld hardware wallet with a large touchscreen interface that supports up to 24 cryptocurrencies. Meanwhile the Ledger Nano S is the latest addition, with its secure chip ensuring optimal security. It supports more than 30 cryptocurrencies and is guarded by a PIN code of the kind that’s used to protect debit cards and passports.

How do you transfer Bitcoin to a hardware wallet like Ledger?

It’s not possible to buy Bitcoin using a Ledger wallet. Instead, you can only transfer Bitcoin from an online wallet to your hardware wallet. If, for instance, you opt to move your Bitcoin from a Coinbase wallet to your Ledger Nano S, you’ll be required to:

1.   Open your Bitcoin Chrome application
2.  Connect your Nano S
3.  Enter your PIN code
4.  Hit the ‘Receive’ button
5.  Note the address displayed on your device and copy it
6.  Paste this address in your Coinbase wallet
7.  The transaction from your Coinbase wallet to your Nano S is tracked and synchronised via the blockchain

Is the Ledger Nano S regarded as the best hardware wallet available?

The Ledger Nano S is the newest hardware wallet from Ledger and is certainly a leading contender to be the best on the market. It supports more cryptocurrencies than ever and its two-button design makes it easy for transactions to be controlled.