by 
Product Name: Ledger Nano S
Summary
The ledger team has stopped production of Ledger Nano S and released a new refined model called Ledger Nano S Plus for $79. It offers all the existing features of Ledger Nano S + more colors and some extra features.
Pros
- Budget-friendly
- Multi crypto wallet
Cons
The product is about to be discontinued. You should better buy Ledger Nano S plus , which is the new version by the Ledger team.
- Where should I store bitcoins for maximum safety?
- Is a hardware wallet like the Ledger Nano S worth buying?
- Is Ledger Nano S Safe?
- How does Ledger Nano S work?
- Why can’t I leave my bitcoins on an exchange?
December 2022 update: Ledger Nano S Plus has replaced Ledger Nano S. Alternatively you can order a Ledger Nano X. Read a detailed Ledger Nano X review here.
These are just some of the many questions that we all go through when deciding to purchase a hardware wallet. Last year, I was also facing the same dilemma, and I wasn’t sure if I should be investing close to $69 to buy the Ledger Nano S.
This detailed and extensive review is designed so you can answer the very important question: “Should I buy the Ledger Nano S?”
But before anything else…
The backstory of how I evolved as a Bitcoin wallet user:
I always liked Bitcoin as a piece of technology, but I never intended to invest in or purchase any bitcoins. However, later on, after I discovered a few Bitcoin exchanges and became even more interested in technology, I finally decided to buy my first bitcoins. Initially, I stored them on exchanges.
But later, I learned that this is risky as there is no guarantee that they will still be there when I want to use them.
At that time, I started using the MyCelium mobile wallet to store these bitcoins. However, we all know how easy it is to hack a mobile phone. Being from the information technology field and having a keen interest in information security, I knew it was not wise to trust my mobile phone for holding large amounts of Bitcoin and other cryptocurrencies.
That is when I discovered paper wallets, which sounded like the best option for holding Bitcoin for a long period of time, but it still seemed a little too inconvenient.
After spending countless nights learning about different types of crypto wallets and which methods would keep my Bitcoin most secure, I discovered a simple hardware wallet: The Ledger Nano S.
Based on my research, this sounded like a solid wallet, but I didn’t want to believe in another’s words until I saw it being valuable myself. By that time, I held 2 bitcoins (each worth of $1200 at the time), and my investment on that Bitcoin had already doubled, so spending $59 was no problem at all.
I was like, “What the heck… Let me order this. In the worst-case scenario, I will be sharing a review and telling the world not to waste their money.” But oh boy, I was so far away from that worst-case scenario…
One fine day, I received my Ledger Nano S.
That same day, I transferred all of my bitcoins onto this newly purchased wallet.
It was very easy.
Within an hour, I was able to secure all of my bitcoins on my brand new Ledger Nano S.
- “Hey, Harsh! Should I buy Ledger Nano S?”
My answer is: Definitely.
Go ahead and order it right now.
While this wallet gives you complete security, it also gives you something even more priceless: Peace of mind.
Page Contents
Surprising Things About The Ledger Nano S
So what’s so special about the Ledger Nano S?
Aren’t all hardware wallets secure in an offline environment?
Well, here’s the difference:
- You can use the Ledger Nano S to store ETH, ETC, Dash, Ripple, Stratis, ZCash, Litecoin, NEO, Bitcoin Gold, Bitcoin Cash, Viacoin and a few other alt currencies (including BTC). You can see a complete list here.
- Because it’s an HD wallet, you control many accounts for all supported cryptocurrencies. This means that all cryptos stored here will be secure with the same backup key. So let’s say you are storing Bitcoin for your friends or family, you can label those account for them and keep them safe as if they were your own.
- Ledger supports all ERC tokens when used with MyEtherWallet. I have already tested this.
- Ledger is compatible with Windows, Mac, Linux, and Chrome OS. It can also connect to your Android device using an OTG cable.
- To receive Bitcoin, your Ledger Nano S doesn’t need to be connected to a computer. You can receive Bitcoin even if your Ledger is offline.
Fine points based on our reader’s questions:
- You can store unlimited coins.
- When you update your wallet, you don’t need to transfer coins to anywhere. After updating and restoring, all the coins will reappear automatically.
- Ledger Nano S works with Windows, Linux, Mac, Android phone.
The simple act of being able to store other cryptocurrencies on this wallet has, for me, made the whole purchase completely worthwhile.
They keep adding in support for newer cryptos for their customers, including the new Bitcoin Cash. This shows that they really do put their customer’s interests first and are not just looking to sell you things.
How About The Security Of The Ledger Nano S?
Now, let’s talk about the security of the Ledger Nano S and why it is so trustworthy. Note: For even more security options, check out its more sophisticated counterpart- Ledger Blue.
How Does The Ledger Nano S Ensure Security?
Your computer and mobile can be hacked easily. When hackers can hack multi-million dollar servers (essentially big computers), then our smaller systems should also be seen as equally vulnerable.
The Ledger has a separate chip and screen to mitigate the potential security flaw of certain apps taking random screenshots of mobile and laptop screens.
When dealing with any Bitcoin wallet, one important thing we all need to do is note down the seed key/recovery phrase. When this recovery phrase is shown on a mobile or computer screen, it becomes susceptible to hacking.
When you are using the Ledger Nano S, the seed word is displayed on the OLED screen which only you can see. And it’s no exaggeration to say that this security feature alone makes your Bitcoin holdings secure.
Moreover, most of the work like checking Bitcoin balances and account management happens through a desktop app while your Ledger Nano S is still connected to the computer via a USB cable.
When you are sending Bitcoins to someone, you need to allow the transaction by tapping certain buttons on your Ledger. So even if your computer is hacked, a hacker won’t be able to transfer those bitcoins because they don’t have physical access to your Ledger Nano S.
More Security Features:
- Your Bitcoin private key is stored in a secured section of the device itself. It doesn’t ever leave the device, and hence, there’s no way for a hacker to get to it.
- The Ledger Nano S is HD wallet. This means that every time you receive funds, you get a new receiving address. This enhances your privacy to a great extent.
- You can also sign a message using the Ledger Nano S to prove your ownership of the address. You may use this feature in the future when you advance in your Bitcoin and cryptocurrency usage.
There are more advantages of using Ledger Nano S that you will discover as you become more comfortable with the device.
If you are deciding between whether or not to buy, recognize that it’s going to enhance the way you interact with cryptos by a large degree.
I highly suggest you get one now.
A few more important things to know before ordering the Ledger Nano S:
- Due to high demand, delivery is not instant. That’s why you should order it ASAP to get ahead in the queue.
- Order Ledger only from the official site over here.
- Ledger offers the Ledger Nano S and the Ledger Nano X, and both are great. Ledger Nano X comes with more memory and offers Bluetooth connectivity features, which works well on mobile phones. If pricing is not an issue, I would always recommend buying the modern version which is Ledger Nano X. However, if you wanna do budget shopping, then Ledger Nano S does the job well.
If possible, you should order two. You can use one as a backup in case you travel a lot. This will also allow you to have even more security when dealing with cryptos.
How Does Ledger Nano S work?
Here is a short video series that will help you learn everything about the Ledger Nano S from scratch. Just watch them and you will know about how to take backups of seed words, connecting to your Android device, sending/receiving coins, etc.
I have been using Ledger the Nano S for the past 4 years, and I can confidently recommend this. Most of my friends are already using this wallet, and they are using it for just one purpose:
Keeping their Bitcoin secure.
If possible, you should order two. You can use one as a backup in case you travel a lot. This will also allow you to have even more security when dealing with cryptos.
FAQs About The Ledger Nano S
Q. What will happen if you lose your Ledger Nano S?
A: You can order a new one and restore your funds using your seed key. You can also restore your seed on any other popular Bitcoin wallet like MyCelium, GreenBits, Electrum, and CoPay.
Q. If Ledger supports a new cryptocurrency token (Ex: Monero), do I need to order a new Ledger?
A. No, you can store newly supported cryptocurrencies on your existing Ledger. This part is easy, and you can learn this from watching the above video playlist.
Q. How many cryptocurrencies do the Ledger Nano S support?
A. Ledger supports BTC, BitcoinCash, ETH, ETC, LTC, Dash, Stratis, Komodo, Ripple, and zCash. They keep adding support for new cryptocurrencies every few months.
Update: Now there more than 700 cryptocurrencies/tokens right now supported by Ledger Nano S.
Q. Will the recovery phrase recover all of the additional cryptocurrencies?
A. Yes. A single recovery phrase supports all cryptocurrencies. You can restore any cryptocurrencies (that you are using on your Ledger device) using the same recovery phrase.
Q. What if you forget the Ledger Nano S pin code?
A. You can reset your Ledger Nano S to its factory settings by entering the wrong pin 3 times. You will then need to restore your wallet using the 24-word backup key.
Q. Ledger Nano S or Ledger Nano X: Which one should I buy?
A. Ledger Nano X is the modern version of the Ledger Nano S, and it is costlier. Both versions are portable and work well to store multi cryptocurrencies. I would any day recommend you to buy Ledger Nano X over Ledger Nano S, as it offers more memory, and let you connect with phone via Bluetooth feature. However, if your purpose is only to store 1-2 coins like Bitcoin, Ethereum, Ledger Nano S works just fine and is cheaper. You can also order both devices and use the same seed key to configure both of them. This way, one device can be used as a backup device.
Ledger Nano S Review: Is It Worth It?
Obviously, you can tell that I’m a huge fan of this little device. It has completely changed the game for me as I no longer have to worry about my coins becoming hacked or stolen.
Unlike a normal wallet that stores cash, even if someone steals this wallet, they won’t be able to get the funds because they won’t know my pin or seed key. This makes it truly secure.
All in all, if you’re looking for the best hardware wallet, there’s nothing better than the Ledger Nano S.
Do you own a Ledger Nano S? Are you satisfied with your experience? What’s your review? Share your experience with me in the comments below!
Know someone who could benefit from a Ledger device? Share this post with them!
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About Harsh Agrawal :
An award-winning blogger with a track record of 15+ years. He has a background in both finance and technology and holds bachelors degree in Information technology and engineering.
An international speaker and author who believes in the future of blockchain and the applications of the crypto world.
Join us via email and social channels to get the latest updates straight to your inbox.
Expertise:
Harsh has 15+ years of experience in Fintech and 7+ years in Blockchain and Bitcoin. He has also moderated the panel of Blockchain experts and attended international blockchain events like BTCMiami, Mainnet Messari, and Token2049.
Since Ledger supply is delayed and if some one is not planning for this investment.
Do you suggest to use another smart phone, which is always kept in locker and away from internet connection. Like bitcoin saved in MYcelium on this smart phone .
This can be kept in locker for
Please suggest.
Hi Rahul,
Till the time your Ledger arrives, you can store your Bitcoins & altcoins is a multi-currency wallet where you control your private keys.
Here are few tested suggestions.
Exodus
Jaxx
Coinomi
MyEtherWallet for Ethereum & ERC 20 tokens.
How does ledger nano s. work, in case i have lost the ledger.
I have to purchase new ledger and enter the 24 seed key.
Does it means seed key are stored in ledger servers some where? and it get restored when some one enter seeds key.
Nope, you need not buy a new Ledger in case you have lost it.
You can use that same seed key and configure your same wallet in any other non-hosted wallet such as Jaxx and Coinomi.
No seed keys are not stored in servers, they are stored & backed up with you when you initially set up your Ledger Nano.
No seed keys are not stored in servers, they are stored & backed up with you when you initially set up your Ledger Nano.
Where are they backed up then? I thought they were only on the nano s…
When you set up your LEdger Nano S it will give you seed words that you are supposed to write and keep back of…
See our Ledger video tutorials first to understand the process-
is the private key change each time when you setup the nano s as a new device?
yeah, it generates new private keys for each public address which are all connected to the root seed words or key because it is an HD wallet.
You just need to secure your seed nothing else is needed.
In a previous blog had user Raja questions below. I have the same questions. Do you got here answer to?
By the step:
Please select the address you would like to interact with.
What do i need to do there? There are so many addresses but i cant find myetherwallet address that i use normally.
Are all those addresses installed on my Ledger nano s and available for me?
Normally you have to create a new wallet on myetherwallet and insert a private key or keystore fill. Where do i do that when? I want to create a new wallet with ledger nano s and where do i put in my private key?
It would be really nice of you if you can help me out with this. No one on the facebook, youtube or google explaine this important step.
Thanks a lot in advance
Harsh- shipping to India is 58 Euro which is the price of Ledger Nano S
Can you suggest where we can buy it without exorbitant delivery charges?
Yeah I was thinking the same… Easiest is ship to US or Paris (It’s a France based company and if someone’s coming from there, ask them to get it… Avoid UPS anywhere (In the US) that’s the best bet… Amazon.in shows a price of INR 9800… Might as well get a trezor by shelling out another 2K…
what happens if you send currently unsupported alt coin to the ledger (such as stellar lumens)? Is it undoable or will it disappear or something else? Thank you!
Not doable. You can send like stellar to Bitcoin address but you will lose your stellar temporarily and it will never reach on a Ledger addrss.
Hello,
I have question about security:
1. You don’t use private key, right? you use 24 word code. Is that correct?
2.Where is 24 word key store? Is store at your data server, right?
3. Can I move my nano s wallet to cold storage?
@Jung
1. Yes you use the seed words (12 or 24 any)
2. No, they are not stored on the server. They are stored by you on a paper.
3. Nano S is itself a Cold storage. Couldn’t quite understand what you are asking.
Hi,
Does Ledger nano s work with Mac OS? If yes, will it come with Type C connector?
Yes, it works with Mac OS. No, you need to buy the Type C separately, I have done the same and it works flawlessly.
Dear Mr.SUDHIR KHATWANI :
Thank you so much for your help. As you can tell, I am new to this industry! 😉
Hey Harsh,
Great blog. I had a few wallets like bitcoin, Etherum, Dash and ripple on my ledger but I want to add a few more of the new ones that have been supported recently. When I go to download them it says insufficient space. Is there anything I can do?
Thanks, Mike
@Mike
You can delete any installed coin app using Ledger manager app (You won’t lose your coins, it will come back when you install particular wallet app). After deleting, you can install other app. Will do a detailed video on it soon.
If I have BTC, ETH, LTC, and BTG on the Ledger and suppose I lose it and want to restore on other mobile wallets like Mycelium that supports only BTC, what will happen with the other coins? Will I lose them?
You can have max 4 apps on your Ledger. To use other coins you need to install new apps by deleting the old ones. you will not lose anything by deleting the apps.
I have a Ledger Nano S. Due to accidentally click ” download Bitcoin software ” at the Ledger Manager screen and I stopped it after few seconds, my Bitcoin Wallet refused to display ‘ review account of Bitcoin ‘ Tried again, this press the Bitcoin setting & pressed ‘ yes’, does this wiped out my Bitcoin ?
How to restore back my Bitcoin with the ‘view account’ ?
Hoping that anyone can advise,
Cheers
Dave
This video of CoinSutra on restoring your Ledger should help you-
Hello,
I just bought Ledger Nano S. I transfer Ethereum from Luno wallet to Ledger Nano S Eth Wallet using hex address but until now which is 24hours i still not yet receive Eth. Any problem regarding that issue i’m worried my eth will dissapear.
Not very sure can you check with Luno or else show me the tx id?
Hi SUDHIR KHATWANI,
Thanks for your reply.
The problem is that I already have transferred some Bitcoin to the Bitcoin wallet. Now, I cannot view the Bitcoin. If I re-install the Bitcoin software, will this wiped out the Bitcoin?
Thanks
Dave
No, as long as you have the seed words of your Ledger you will not lose anything.
Do you know how many coins can the Ledger Nano S store at the same time? I have heard that it can only store up to 4 different types of coins. On their website it lists all the coins you can store, however, it is not clear if you can have all of them at the same time.
Thanks
Ledger supports more than 20 coins as of now.
4 coins mean that at a time you can have 4 apps on the device.
If you wish to store other 16 coins remove other four apps from the device and put new apps. This doesn’t mean that you will lose your funds on the old 4 apps, the funds will be there always which you can see after installing the relevant app.
Note: Keep your seed phrase safe and have back-up.
Thank you very much!
Is it safe to store the ledger at below zero temperatures?
Why would you do that? Honestly no idea you need to shoot a mail to Ledger team for this query.
Nice review. However I have to say I regret buying this device. Perhaps it’s the best one around, I haven’t bought any other types to compare.
I have had difficulty in two functions:
Most importantly I am currently unable to send BTC to my exchange. I work through all the steps until I am asked to confirm on my device, then I get an error message saying Sending failed, an error occurred, please try again later. I have tried contact support but goodness knows when I will hear back from them. A displayed note says that a response could take up to two weeks because of the “unprecedented demand”. I guess I won’t be able to trade my Bitcoin anytime soon. Now let’s see, at the time of writing Bitcoin has moved more than 100% in two weeks!
The second problem is that getting a wallet to open on my computer when plugging in and initiating the device takes numerous manual attempts. It just feels so buggy.
Harsh I’m wondering if you have ever tried moving coin FROM the Nano S?
@MarquisMarkie
I see your issue and this could be because of the system. Can you try using Ledger on a different system and let me know if you still face the issue. I started using Ledger last year and since then it has become my go-to wallet. Since they now support 20+ coins and I feel safest when my coins are with me on Ledger rather than an exchange. You should try finding a solution to the problem. Sometimes we miss out on obvious problem which is natural.
I think his question was if you have tried cashing out from the ledger nano by sending coins back to an exchange. I tried the same with BTC and it says “Sending failed, an error occurred, please try again later”. Do you have a solution for this?
There is no solution to it as of now. Ledger’s infrastructure is under tremendous pressure due to the recent surge in interest of so many users. You need to try it another sometime to see if your transaction goes through.
Otherwise, restore your ledger wallet for sometime in another trusted wallet like Exodus.
Here’s an article about sending bitcoins from a Ledger:
https://ledger.zendesk.com/hc/en-us/articles/115005470065-How-to-send-bitcoins-from-a-Ledger
The following might be helpful:
5. The Bitcoin Chrome application displays “Sending failed: an error occurred”
It means that:
– You do not use the right application on your Ledger Nano S or Blue. If you did not install it from the Ledger Manager refer to this guide.
– Synchronisation failed. Reset the Chrome application by clicking on Settings > Tools > Reset application data and try again.
– Servers or the blockchain network are temporarily overloaded. Try again later.
– The (amount + fees) exceed your total balance.
– There is an unconfirmed transaction in your wallet. You need to wait until this transaction is confirmed or rejected, Ledger can not take action in this process.
– You did not confirm the transaction. When you try to make a transaction, the Nano S displays the message “Confirm transaction” with a cross on the left and a check icon (✓) on the right. After verifying that the receiving address is correct, you can press on the check icon button.
I just bought the Ledger but did not transfer my BTC and ETH to it from paper wallets yet.
I’d like to test how the recovery works before doing the final transfer.
I tried to do a test recovery of TEST BTC from a TEST Bitcoin app on
Ledger (you’ll find it when enabling view of developers apps on the Ledger Manager) to Test Mycelium app and it failed – no funds were displayed. Similar thing with Copay test wallet (you can create a test sub-wallet on Copay).
Have you done such a recovery tests on other wallets like Mycelium or Copay?
If yes, have you done it with real BTC or TEST BTC?
Thanks
addition to my previous comment
If you want to test the wallets with TEST BTC, you can get them for free here:
https://kuttler.eu/en/bitcoin/btc/faucet/
This is a great review! Not sure if you have answered this question, but here it goes:
I know that in case something goes wrong with the device, you can restore your wallet in many ways, an one of them is by restoring it on a second ledger nano S with your 24 words.
So that is about “restoring”, but what about doing one or more backups? If I “restore” my original ledger nano S on a second ledger nano S, would the first one still be usable? Can they be used in parallel? In other words, can I have multiple clones of the same ledger nano S? That way you could have them in different locations so that if something goes wrong with the first one, you can immediately use the second one without having to go through the restore process.
Thanks
To answer you we have written this post do check it out.
Hey, great article and excellent information. I am thinking of getting one for myself as well, but I had just one concern. What if government starts to crackdown on people using cryptocurrencies in the future. Can they request the extended public address from ledger, and then they can see all the transactions for every individual? If ledger stores all the information of giving out to each user, then isn’t it a major concern?
Blockchain store it, not your ledger.
Yeah, ledger does show Transaction history..
Hi Guys I am looking at the Ledger Nano s wallet. if I have bitcoin stored in there can you cash it out directly to a bank account or does it have to go via one of the online platforms
You need to go to an online platform. We don’t help in cashing out but yeah we can tell where you can cash out.
Hi Harsh,
Great article…..since Ledger is starting to carry so many coins and only 4 can be on the nano s at any given time, how do you go about removing the apps that have funds on them? once you have done that and want to go back to the previously removed app, are the funds still there?……have you tried it with success? thank you!
Yes, I have tried, It works if you have not reset your Ledger.
Hi
Great help here.
I have a question about my ledger nano, I can easily transfer litecoin from my exchange to store on my wallet, but how does the wallet/app, know today’s price and adjust accordingly, up or down so that I can see today’s value on screen when I connect it back up ??
When you connect back the device sinks itself with web services they use to give you the latest price.
Is it possible a authorized reseller to open a ledger box, hook it up and get all 24 words. Put everything back in the box and seal it up looking
like factory seal, and sell it to me. Can it be hacked? Just curious, thanks
Not possible there are quite a huge number of PnCs which won’t be feasible for anyone.
Can yo please let me know about the transaction fees on Ledger Nano S? Like if i send BTC to my Ledger Nano S will they charge anything? or if I transfer BTC from my Ledger to Zebpay, how much i will be charged? and does the transaction fees vary.
Transaction fee varies depending upon the load on the Bitcoin’s blockchain.
Yes, you will be charged a miner fee whatever transaction you make.
Approximately how much it should be? And I don’t see the currency in INR
So I opened and installed my nano s ledger. I sent two transactions of 25 ripple each to the ripple wallet one right after the other. I watched the wallet give me a balance of 25 for a minute or so then it disappeared. Then I refreshed it and i now have 50 but their is only one transaction in last operations of +25. When I look at the transaction it says an account root node was created and an account root node was modified “balance reduced by 25.00001”
Can you explain?
Hey man, I am afraid XRP has a “fee” of around 20XRP just for using the wallet. This “fee” is not posible to get back, although it is only the first time you use an xrp wallet. Maybe with time this fee gets lower and you can claim back the difference.
Maybe you want to enlighten yourself with XRP fees from here-https://coinsutra.com/20-xrp-ripple-fee-reserve/
Sudhir i have a question please,
if you can give me some clarity on that i would really appreciate it, because i m not sure if i understand it right.
1) If i buy BTC or any other currency, its normally done on the exchange( Coinbase, Blockchain,etc ) can i buy BTC and ETH on Blockchain only or different currencies i have to buy from different exchanges ?
2) So from Exchane(s) i have to transfer it to any web wallet like Myetherwallet ( for eth ) and after from there i send it to Ledger.
3) And for BTC if i buy it on Blockchain or Coinbase i have to send it to online BTC wallet and after transfer to Ledger ?
Am I right ? Please give me clarity on these basic things ,
Thank you 🙂
@Vivi
Let me answer your queries:
1) You should buy BTC/ETH from any exchange that let you buy from your country.
2) You should then transfer BTC or ETH to one of the popular exchanges listed here. My Current favs are Binance & Bittrex. Binance offers mobile app and makes it easier for us to use it.
3) Since Ledger supports 20+ crypros and if they support the one that you have for example Ripple, Dash or others, you should transfer it to Ledger Nano S.
Hello Harsh,
Thanks for your answer,
Seems like i dont get something important about this crypto things…can you please help me to understand it step by step ? I would raally appreciate your detailed explanation ( if possible ) 🙂
1) I buy crypto on exchange available in my country ( currently blockchain & coinbase not available here ) so i need to use brokarage ?
2) Once i invested thru brokarage( if thats the case ) i have to transfer coins to popular exchanges that you listed ?
3) Once i transfer it to any of these exchanges…whats next ? ( I trade money for coins ? ) and after i need to transfer these coins to safe storage ?
4) If i have my Ledger nano , how then these coins go from these exchanges you mentioned above to my Ledger ?
5) In case blockchain & coinbase available in my country, do i still need to transfer coins to the popular exchanges that you mentioned ( list ) and why ?
Please help me to understand that !:))
Thanks a lot !!!
@Vivi
1. You buy the crypto (bitcoin, ether, etc) on an exchange available in your country. There is no brokerage involved, just you and the exchange. Make sure the exchange that you plan to use can receive and send money. You send money to the exchange. Once the money has arrived on the exchange, then you can buy the coins there.
2. After you buy the coins, you need to decide what to do with them. Do you want to keep the coins ? If yes, then you send the coins to your Ledger Nano, and just keep them there. If you want to do trading with the coins, then send the coins to the exchange that you want to do the trading on. If it’s the same exchange as the one you bought the coins, no need to send anything, just trade away.
3. Once you are done trading, and if you want to cash out the coins, transfer the coins to the exchange that you bought your coins from (if it’s not the same exchange). Sell your coins there and you’ll get cash back. If you want to save the coins instead of cashing them out, you need to send the coins to your Ledger Nano.
4. You just send the coins from the exchanges to your Ledger Nano. Your Ledger Nano should give you an address where you can send your coins to.
5. You transfer to the popular exchanges only if you want to trade your coins and the exchange where you bought your coins does not trade the particular coin you are interested in trading. If you don’t want to trade, then there is no need to transfer them to these exchanges.
When I say trade, I mean exchanging between different coins. For example selling bitcoin to buy ether, selling ether to buy ripple, etc.
Hopefully I can clarify your questions.
Hi, I have a plan to buy Ledger Nano S, but I have question about the seed key for this device. Is possible if Ledger Nano seller (like eBay seller) stole our seed key before they sell the products? So, they can easily stole our asset in future? Many thanks for answer…
@Kutoinangun
This is unlikely to happen as you start setting up Ledger from scratch as shown in the above tutorial.
@Kutowinangun
Just reset the Ledger Nano S before setting it up. It would clear everything that is currently in the Ledger Nano S. Any previous seed key will be gone. You’ll start with a new seed key.
Hi Guys, 2 questions here. 1.Can I see the number of coins i have in my ledger s from the ledger screen?
2. I already have a MEW before i purchased the ledger s, i connected and accessed my new ledger to MEW using the ‘ledger wallet tab’ and have sent some coins/tokens over. My earlier MEW has my Ether stored, how to I send them over too as its not showing with my ledger s. I get access to my earlier MEW through using my ‘private keys’. Does that mean that I now have 2 MEW accounts?
@Danny
1) No, you cant see your balance from Ledger screen. However you can configure Ledger Nano S with your Android phone and check the balance on it.
2) Yes, now you have two MEW account. i) Using your private key ii) Using Ledger.
Hi, I have my bitcoin in the mobile Jaxx wallet and my ethereum in the paper myEtherWallet.
What is the simplest and cheapest way to transfer these two currencies into my ledger nano s wallet?
I have set up a segwit bitcoin address and an ethereum address in my ledger nano s wallet. Just not sure how to go about sending my funds to these.
Just go to send section in Jaxx and put your Ledger nano’s receiving address to get your BTC on it.
Sweep your paper wallet in Jaxx for Ethereum and from there you need to resend it to Ledger Nano’s ETH wallet no other direct way as Ledger doesn’t support direct sweep as of now.
Is there any limit for a particular currency? For example, can we store unlimited ethereum in it or is there a limit for it?
@Uzair
Unlimited
I heard that it had a limit of some 2 GB. Does it affect the storage of particular coin?
@Uzair
Your coins are not stored in the Ledger Nano. Your coins are stored on the blockchain which is on the Internet. Your Ledger Nano stores the private key used to access those coins from the blockchain. The storage that is in the Ledger Nano is used to store the Wallet applications. That’s why you are limited to just 4 Wallet applications at a time. These applications are just that, application/program. These programs don’t store coins. These programs are used to access your coins that are in the blockchain. That’s why when you delete these programs, the coins still exists because the coins are on the Internet (not on the Ledger Nano).