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This rating describes our personal assessment of the user-friendliness of the product. How easy is the onboarding process? How modern is the user interface and is it easy to use? Are all the important functions quick and easy to find? We ask ourselves all these questions in order to give a personal rating from 1 to 10 points.
For products or services in the crypto space, trust and security should be the biggest factors in the selection process. Since we could not seriously evaluate the technical security of a platform or product, we analyze publicly available factors such as security features, location, regulation, certifications, audits, team/company, general reputation and, of course, track record.
Crypto doesn't have to be cryptic. Especially for beginners, the first contact with the crypto world can be overwhelming. With this rating, we give our assessment of how easy it is for beginners to find their way around: from the onboarding process to using the most important functions.
Customer support is an important factor for many users. A long wait or no response at all in the event of problems can be frustrating, especially when it comes to sensitive topics such as finances. With this rating, we give our assessment of the quality of customer support. In order to provide as balanced an assessment as possible, we also include user opinions from other platforms in our evaluation.
Some exchanges and brokers are regulated by financial supervisory authorities in certain countries/states. This often entails strict financial regulatory requirements and compliance requirements to which the company must adhere. Regulatory clarity can contribute to greater transparency and thus also greater trustworthiness.
Do you have ideas or suggestions for changes? Then we look forward to your feedback! We make every effort to keep all metrics and information as up-to-date as possible. However, if you discover an error or outdated information, we would be delighted to hear from you.
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A wallet that is “open source” makes its software code public (e.g. on Github). Either the entire program code or at least significant parts of it are publicly accessible. This has the advantage that many parties can review the code and security gaps or other vulnerabilities are discovered and improved more quickly.
The so-called "private key" is a unique sequence of numbers and characters and the private key that gives you direct access to and control over your cryptocurrencies. The private key is used to sign transactions. In simple terms, it can be seen as a digital fingerprint that proves that you are the owner of the cryptocurrencies. If you store your cryptocurrencies on so-called "custodial wallets" (e.g. crypto exchanges), you are not the owner of your private keys.
The anonymity of “non-custodial wallets” is generally relatively high. However, there are differences between providers when it comes to collecting and storing user data. There can also be differences in the ordering process for hardware wallets as to which user data is stored and for what period of time
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The so-called “secure element” is a chip (microprocessor) that stores your private key and is separated from the rest of the hardware. This special chip gives the hardware wallet significantly more protection against local, physical attacks. Depending on the chip, a different level of security can be offered. Some chips can be compromised with less effort, while with others this is only possible with special equipment and is extremely complex.
The overall rating is the average of our individual ratings. Our ratings do not constitute investment advice, but merely our personal opinion. You are welcome to use them as rough indicators and additional perspective. In the dynamic and fast-growing crypto sector, parameters can often change from one day to the next, so we cannot guarantee that the rating data is up to date. Therefore, please never use our ratings as an isolated basis for decision-making and not as a substitute for your own research.
Some wallets offer an integrated trading function within the wallet to buy and sell cryptocurrencies directly. This functionality is usually made possible by a connection to the web interface of an exchange. The integrated trading function in wallets offers enormous advantages: cryptocurrencies can be bought in the same place where they are to be stored. The manual transfer of cryptocurrencies from an exchange to your own wallet is therefore no longer necessary, which can save time and money.
Multisignature wallets or multisig wallets are wallets that require at least two private keys to sign a transaction. This additional process makes it possible to greatly increase security against unwanted access, for example through personal threats. This security mechanism is particularly useful when storing particularly high assets.
If the hardware wallet or the device with the corresponding software wallet is lost or damaged, there is no need to panic. As long as you have your private key or recovery seed (also called “seed phrase”) in your possession, you can restore your wallet at any time. The recovery seed is a combination of 12-24 words and is the most common backup method for wallets. Important: Keep your recovery words and private keys secret and never share them with other people!
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The Ledger Nano S was the first successful hardware wallet on the market and continues to be a market leader. As a classic wallet, it provides high security and an excellent price-performance ratio, making it perfect for beginners on a tight budget. In recent times, Ledger the company started rolling out features that might be controversial e.g. the storing / recovering of a user's crypto seeds. While this might not be a concern for beginners, more advanced users started to migrate to Trezor. With that said, if you are a beginner who prefers design and an easy user interface on a budget the Ledger Nano S is your top choice. If you, however, pay much importance to security you might want to consider opting in for the Trezor wallet instead.
Ledger Nano S
Overview
Quick Facts
The Ledger Nano S is the most popular hardware wallet on the market, the price-performance ratio makes it one of the top choices for many beginners.
Informations
Pro's & Con's
- High security and excellent price-performance ratio.
- Ideal for beginners with a limited budget.
- Supports a wide range of cryptocurrencies.
- User-friendly and straightforward setup.
- Limited app storage compared to newer models.
- No Bluetooth connectivity, making it less convenient for mobile use.
- Upgraded models like Nano S Plus and Nano X offer better features.
- Small screen size can be less convenient for frequent use.
Ledger Nano S
Hardware
Offer and features of
Ledger Nano S
Functionality
Unique Features
- Ledger Live App
- Up to 100 apps
Platforms
Our
Ledger Nano S
Review
Test Result
Conclusion
The Ledger Nano S was the first successful hardware wallet on the market and continues to be a market leader. As a classic wallet, it provides high security and an excellent price-performance ratio, making it perfect for beginners on a tight budget. In recent times, Ledger the company started rolling out features that might be controversial e.g. the storing / recovering of a user's crypto seeds. While this might not be a concern for beginners, more advanced users started to migrate to Trezor. With that said, if you are a beginner who prefers design and an easy user interface on a budget the Ledger Nano S is your top choice. If you, however, pay much importance to security you might want to consider opting in for the Trezor wallet instead.
Customer Reviews
/ 5 average rating from -- reviews
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Share your experience! Your review can help others make informed decisions. Let us know what worked well and what could be improved. Your feedback is valuable and will contribute to our community’s knowledge.
Ledger Nano S
User Reviews
The Ledger Nano S is widely praised for its ease of use and compact, keychain-like design. Users highlight that setting up the wallet is straightforward and that using the two physical buttons to authorize transactions is easy to understand. However, some users complain that the device's display is small and that navigating the menus can therefore be tedious at times.
The Ledger Nano S is praised for its support of a wide range of cryptocurrencies. Its integration with the Ledger Live software, which allows users to manage their crypto assets and make transactions, is also viewed positively. However, some users criticize that the device has limited storage capacity, which means it can only install a limited number of crypto apps at once.
The Ledger Nano S is widely acclaimed for its extensive cryptocurrency support, capable of storing over 1,000 different digital assets. Users can securely hold a diversified crypto portfolio, including major currencies like Bitcoin, Ethereum, XRP, Bitcoin Cash, and Litecoin, as well as a range of altcoins and tokens. This versatility is highly valued by users. However, the device's limited storage may prevent some from installing all the crypto apps they desire, which can be inconvenient.
The Ledger Nano S is well regarded for its high security standards. When compare to a software wallet, a hardware wallet always provides a additional layer of security. In recent times however, Ledger the company decided to roll out additional features such as the recovery of your private keys. While this might be useful for beginners, it represents a major issue for many privacy advocates and advanced users. This essentially means that Ledger will have a backup of your seeds. While those will be encrypted, it still represents a major breach of trust amongst many users. Most users with that switched to a Trezor instead.
Users' opinions on the Ledger Nano S's beginner-friendliness are mixed. Some users find the wallet easy to use and suitable for crypto newbies, while others feel it requires a learning curve, especially for those who have never used a hardware wallet before. However, the guides and resources provided are generally considered helpful.
Experiences with Ledger support are mixed. Some users report helpful and timely responses, while others criticize longer wait times and inadequate solutions. Generally, users would like to see more specialized support, in particular for more complex issues.
In sum, the Ledger Nano S received a lot of positive reviews, specially around design and its user-friendliness when navigating the ledger device. The range of cryptocurrencies could be increased for more advanced users tho. The customer support is great for simple issues, but gets criticized for delays and unresolved issues on more advanced problems. While its a great device, privacy advocates started to speak out about the eroded trust since the introduction of the Ledger's recovery feature. In sum, this is a great wallet for beginners, but it is wise to consider taking a look at Trezor devices, mainly due to the recovery feature that was introduced which is a critical breach of trust that many individuals in the industry had with Ledger.
About
Ledger Nano S
Ledger Nano S
About the author
At Exchange Flow, Ethan is recognized as the resident crypto expert. With 10+years of experience navigating the waters of global crypto exchanges, Ethan is a trusted voice in the ever-evolving world of digital currencies. He tests and scrutinizes exchanges so you don’t have to, offering reviews and articles that newbies and seasoned traders alike find invaluable. When he’s not coding, Ethan likes to travel and play retro games. He uses his crypto earnings to fund his trip around the globe.
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