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Ledger Nano S Review: 7 Things You Need To Know Before You Buy (2020)
In this article, I will go into depth of the Ledger Nano S Review: 7 things you need to know before you buy it. The Ledger Nano S was the first (but definitely not the last) hardware wallet I ever bought, and the experience actually led me to create this website as I started learning more and more about crypto security.
It was the second hardware wallet that came on the scene after the Trezor One device and implemented a new security structure and a new form factor to try and compete directly with the only trusted hardware wallet at the time.
When the Ledger Nano S started picking up momentum, it was because they started adding altcoin support at a rapid pace. This was exponential as Trezor only supported native apps for Bitcoin, Litecoin and Dogecoin by the time that Ledger had over 20 native apps for alt coin support with hundreds of new coins that were already in development.
This was a HUGE deal at the time, and only picked up steam as the 2017 bull run started and people began accumulating a wide array of altcoins for speculative investment. Today, the other competitors have caught up pretty well for the same level of support, but the Ledger Nano S still has an edge for certain coins that are supported, and that is a HUGE reason that I use this device on a semi-weekly basis to this day. There has been lots of progress and development on the device itself, the massive altcoin support, and the introduction of Ledger Live. Lets check it out below!
WHAT IS A HARDWARE WALLET AND WHY DO I NEED ONE?
For those who are new to the cryptocurrency landscape, you may have heard that you need a hardware wallet. But, why? Well, when you receive your first bitcoin, whether it be in a mobile, desktop, or web wallet, you have the public key (your bitcoin address) and the private key (the secret key required to control (send/receive) your bitcoin. your PRIVATE KEY is the MOST important piece of this process, because without the private key, you do not own or have control of the coins in your wallet.
When you have your private keys connected to a “Hot Wallet” or a wallet that is directly connected to the internet, you run the risk of them being hacked or compromised. This is where hardware wallets come in. These are known as “Cold Wallets” or “Cold Storage” and has your private keys stored securely offline, so they are impervious to attack or compromise.
When becoming your own bank, this is a vital part of properly managing and securing your cryptocurrency. Hot wallets are good for everyday spending and ease of use (much like a fiat wallet you keep in your back pocket), but it is NOT ideal for longer term storage.
The Ledger Nano S is a very compact, sleek, and secure device that allows you to store over 1,100 cryptocurrencies at the time of this writing. This is crucial as more altcoins gain acceptance and you need a wide portfolio to protect longer term. Ledger takes their security very seriously and for good reason. There have been a number of exchange hacks and reports of people losing or having their wallets hacked by nefarious individuals throughout history. This is why having this device is so crucial.
Ledger Nano S is a device that is upgraded frequently with new features and firmware upgrades to ensure that it has the latest security protections and new assets being added every single month. Not to mention, it is currently the cheapest among the 3 best-known hardware wallet companies, starting at only $59 USD!
LEDGER NANO S REVIEW: HOW IS THE SECURITY?
The Ledger Nano S has an A-grade security setup which sets it apart from the competition. It uses a secure element which holds and stores the private keys in a separate and secure environment from the rest of the operating system. This ensures that if for any reason the rest of the device is somehow compromised, you precious private keys are safe.
It also supports the standards BIP-39 protocol that requires you to setup a recovery seed phrase of 24 words during the initial setup, that allows you to restore your coins to any other wallet in the event you have broken, lost, or somehow cannot gain access to the device itself, so you have a fail safe.
(PRO-TIP: If you lose, rip, tear, get wet, or otherwise destroy your recovery seed, you are in serious trouble. I would recommend obtaining a CryptoSteel device as a metal backup for your recovery phrase that protects you against a fire, flood, earthquake, or your brand new puppy. This is STRONGLY recommended if there is ANY amount of cryptocurrency you would be financially damaged by losing. This is a literal metal vault for your backup system)
Additionally, they have a proprietary operating system known as BOLOS (Blockchain Open Ledger Operating System) that allows developers certain access to develop applications and a framework for them to add support for a wide spectrum of coins and stacks for scaling up. It is built with security in mind and to work comprehensively with the secure element by ensuring there is a smooth delivery of sensitive data when making a transaction using the Ledger Nano S.
In my opinion, this is one of the most secure devices out there, as it has built in several security checks for every action taken on the device, and if those checks have not been successfully executed, it will not move on to the next phase, making it even more secure. To me, this extra attention of securing my private keys provides me peace of mind even with an entry level device.
WHAT MAKES THE LEDGER NANO S DIFFERENT THAN TREZOR OR KEEPKEY?
I get this question a lot, as I use all three of these devices on a regular basis. Not only is this device the smallest of the bunch, it is the only one that has a built in screen protector in the form of a polished aluminum cover for ensuring the OLED display avoid scuffs and scratches during transit. The smaller form factor is an advantage and a disadvantage. The disadvantage to me if not being able to see the full address in one place when verifying a transaction.
It does end up scrolling to reveal the full address, but that can be difficult if you are trying to verify letter for letter for confirmation. The advantage would be it’s very discreet and transportable. It slips easily into your pocket, or your keychain if you’re so inclined. But, the largest notable difference is the specific coin support you can’t get anywhere else on a hardware wallet.
As a HUGE advocate for privacy coins, I tend to favor these and accumulate them for personal investment and also private transactions, and as a result, I need a secure place to store them. To their credit, the other hardware wallets are working towards supporting these coins, but Ledger already has support for 2 of my favorite coins, Monero (XMR) and Zcash (ZEC).
Ledger also supports Zcoin (XZC) and a few others as well. These are support by Ledger Live (which I will go over in a minute), which is the native dashboard for managing native applications for these coins which is very convenient.
Additionally, this is the only hardware wallet (currently) that supports Tezos (XTZ), which has a very bright future in my opinion. Tezos is a POS coin that has a new unique blockchain consensus that rivals Ethereum on a number of levels, and I personally believe will be a top 10 coin very very soon.
Not only that, when using Tezos you can “Stake” your coins while holding your private keys while ON the Ledger Nano S. This is HUGE, and is a main reason I use Ledger Nano S, since I like to participate in this process personally. No other hardware wallet has even announces plans for this kind of native support for this at the moment, which gives Ledger a massive edge over the other two in my opinion.
LEDGER NANO S DESIGN
I will keep this section short and sweet, as I addressed above, this is a sleek and compact device, which make its very stable and durable. It has a small OLED screen and 2 physical buttons. This is used for navigating apps, verifying your pin to access to the device, confirming a transaction, and generating the recovery seed words upon first time setup.
When entering in your PIN on the device, the right button will function as the “Up” arrow, and the left button the “Down” arrow for scrolling through your selections, then pressing both at the same time will confirm your selection, so it’s pretty intuitive. It has a one port which is micro USB that connects to a cable to a standards USB port that can be used on a MAC or PC.
CLICK HERE TO BUY THE LEDGER NANO S
LEDGER LIVE – IS THE UPDATE WORTH IT?
This was a MASSIVE upgrade from the chrome apps they were utilizing before. This new desktop app is very clean and seamless. They also have a new mobile app designed for use for the next generation product the Ledger Nano X (We will go over that in a future review) for wireless management. However, the desktop app is very clean and easy to navigate. The first thing once you connect and authenticate your device is a dashboard if you had already have an existing device, showing you your balances and charts on a single screen.
You can see your accounts on the left hand side, and you also see the “Ledger Manager” which is where you add and remove apps. When you perform any firmware upgrades, it requires you to delete the apps on your device (don’t worry your coins are safe) and you re-install them after it is done.
When you first plug in and install the app on your desktop, it will ask you if you want to setup a new device or if you have a device that is already setup and then have you authenticate with the PIN. It will then check for any updates or firmware upgrades that are necessary for you to view your account. Once you have access, it’s pretty easy to manage everything overall, and they have even introduced a way to “Buy Crypto” from such partners as “Coinmama” where you can purchase directly with a debit or credit card, and “Coinbase“, which you can do they same and also use your bank account directly via ACH.
There is also a pricing history dashboard built right in, thanks to an integration with “Kraken” and “Bitfinex“. This allows you to see trends and historical data, which may help you decide at-a-glance what you would like to do for managing your next transaction. Once you install an App, you can create multiple accounts and label them if need be, for managing and organizing your portfolio. The only one complaint I have with it, is if you do use a 3rd party wallet, like “MyEtherWallet“, you have to leave the app and manage your funds on a 3rd party site. Overall, all the native apps work beautifully, and they are adding new coins and assets all the time.
CONCLUSION – BOTTOMLINE
PROS:
-Very easy to setup if you have never used a hardware wallet before, you just need to download the desktop app from Ledger’s website and follow the prompts once you connect it for the first time.
-It’s the cheapest hardware wallet as of this writing at $59.00 USD. If you are just getting started and you only need a few coins to hold at once, this is easily the best intro wallet to keep your private keys stored offline.
-It has the widest range of native apps and newest coins being added all the time and being supported. You can click HERE to view their roadmap to see if your favorite coin is currently in development of being added to the platform.
-It is currently the only hardware wallet that natively supports Tezos (XTZ) and Monero (XMR) if you’re a fan of those coins and other privacy coins in general.
CONS:
-The screen is small and if you’re verifying your transaction address using the small screen, you have to wait for it to scroll, and then verify quickly the characters match before you can authorize the transaction. This is not ideal for a quick at a glance process to ensure the address you’re sending to on the app, matches what shows on your device (VERY IMPORTANT).
– You can really only hold 3 or 4 apps on the device at once. I originally only kept 3 apps on the device, as those were the only coins I needed to add at the time. However, when I went to add a 4th, it told me I needed to remove an existing app to make room. The RAM or space is on the device is very limited, so it’s good if you have only 2-3 coins you want to manage at once.
-They require you go through the process of removing and uninstalling all apps and then going in and reinstalling them for EVERY firmware update. This is tedious and really obnoxious for the serious hardware wallet user. I understand you need to have backups and be careful with every upgrade but c’mon, this is the only device I have this issue with.
As you can see, overall this a is a very solid entry level wallet with top notch security. I recommend if you are a brand new hardware wallet user and you are just dipping your toe into this large pond, this is your best bet. It has a clean, easy to follow interface and you can get started at the cheapest price of only $59.00 to start.
If you do not plan on holding MANY different coins at once on the same wallet, this is the wallet for you. Now, you can use 3rd party wallets to integrate it with, but that’s an entirely different learning curve. If you want to hold 3-5 coins to start and get it done simply and effortlessly, this is where I personally started and I recommend you start.
PURCHASE LEDGER NANO S FROM LEDGER’S OFFICIAL SITE
What do you think? Is there a better wallet you recommend for people getting started? Let me know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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SecuX W20 Review (2020) | Cross-Platform Hardware Wallet
In this review, we are going to deep-dive into the new hardware wallet by SecuX! Does the SecuX W20 a better user experience than the Ledger Nano X? Does It work with Bluetooth? How secure is this relatively new wallet? Does it provide a better hardware wallet experience than the main competitors? We are going to answer all of these questions and more in this in-depth review, so stay tuned!
Now, let’s get into the second of 3 reviews of the SecuX hardware wallets. You can find the review of the SecuX W10 device HERE. Starting from this one, (their mid-level device) all the way to their flagship device the SecuX V20. Let’s get right to it!
SecuX W20 – First Impression
After unboxing and looking at the SecuX W20 device, I was pleasantly surprised that the overall quality and screen size was much larger than other mid-tier devices in this price range, such as the Ledger Nano X and the Trezor Model T. Now, those devices are classic and original devices, but they are tiny and made of a somewhat flimsy, plastic form-factor.
This device is also plastic, but it feels different. Kind of like a sturdier or more robust quality of more dense plastic that feels solid, yet lightweight when you hold it. The device has only one MicroUSB port and one button for activating the device and for 2FA.
The device has the same form factor as the SecuX W10, but with one key difference. This device can connected by bluetooth! That means it has wireless support and can be managed with full functionality by the SecuX app for iOS and Android. It also has a USB cable, so it can be managed online with a web wallet as well, hence, why it’s considered a “Cross-Platform” device.
The unique and notable coins that are natively supported on these devices is Groestlcoin (GRS) and Ripple (XRP). Not many hardware wallets support these coins natively, however, almost all hardware wallets support an array of ERC-20 tokens and your main-stream coins, like BTC and ETH.
Features & Price
This device comes in at an entry price of $129 and is a USB connected device that does connect to a web application that allows you to fully manage the device. With a 2.8 inch color touch screen, you can use to manage and authorize transactions.
The picture below showcases the key features of this device, is the “Cross-Platform Support”, which means it can be managed via desktop, laptop, and mobile. Now, as I mentioned this device CAN conduct transactions via the mobile app, but also the Secux V20 can too, as they are both bluetooth enabled.
This truly is one of the first multiple platform devices that you can manage on the big desktop screen, as well as wirelessly on the go. It has a 600mAH battery which can be charged from an empty battery within 30 minutes on a single charge. The device usually lasts all-day on a full charge so you can easily take it on the go and never have to worry about running out of battery when you need it most.
Security
The SecuX W20 is placed with a CC EAL 5+ (Same As Ledger Nano X) Certified Security Element (SE) which always ensures that stored private keys, as well as the device PIN code, are perfectly protected against any form of attack. Other significant security features include:
- Pre-installed tamper-resistant firmware as well as an upgrade system
- Physical confirmation for every transaction
- A one-time password or custom PIN code for controlling device access or the wallet apps
- Anti-tamper packaging
- Randomized digital keyboard for preventing consequences of keystrokes
Also, the wallet complies with the BIP32, BIP39 and BIP44 standards which allow the user to generate passwords of 12, 18 and 24 words for funds recovery.Coins Supported
This is usually the most important factor when considering the hardware that you choose. This entry level wallet from SecuX has support for the following coins as of this writing: BTC, ETH, XRP, BCH, GRS and LTC. It also supports all ERC-20 tokens as well.
Luckily, they update the firmware frequently and they plan on adding more coins as well in the near future. If you are new to “HODLing” and you do not need any specific coins outside of these top market cap coins and ERC-20 Ethereum-based tokens to start, then this is a good option.
Secux W20 – Conclusion
Overall, this is a robust, and very secure wallet. For the price point, features and capabilities, the only thing that is comparable is the Ledger Nano X, which is also a bluetooth and wireless crypto wallet using the same security chip.
With the Ledger Nano X, it comes in a little more expensive at $119, and it also allows you to hold 100 apps (or different cryptocurrencies simultaneously), but it comes in a cheap and somewhat flimsy plastic enclosure that has a very tiny screen. Personally, I prefer a larger display and I’ve used almost all (if not all) hardware wallets out there, and confirming the address you’re sending to is MUCH easier to do on a large, bright, full color display. Additionally, they have QR code support, which makes it easier when sending funds from a mobile wallet directly to your hardware wallet.
The one thing I did NOT like about the SecuX W20 is the lack of coin support with only 6 coins supported natively, and a handful of more coins to be supported in the future. If you plan on only “HODLing” the top 5 market-cap coins and perhaps a few ERC-20 tokens, I would probably say this is a better option and has a much cleaner and larger display for managing and verifying transactions.
With my discount, (Code: BITCOINLOCKUP), it will take the price to around $116 and free shipping. When compared to other entry level wallets, you can’t beat the sturdiness and large screen (which is more important than you think), when managing your assets offline.
What do you think? Is this a new contender for entry level hardware wallets? Let us know what you think down below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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Hot Wallets Vs. Cold Wallets – Which One Should I Use?
In this article, I am going to dive into hot wallets vs. cold wallets – which one should I use? This is an interesting topic, and in fact, it was one of the first topics I started researching when I first discovered cryptocurrency and ultimately inspired me to create this website. As you can see, I have a bias towards cold storage wallets, but what exactly is the difference? I am going to discuss below what the pros and cons of a hot wallets vs cold wallets are and in what scenario you would need to use both. As cryptocurrency payments become ubiquitous, it’s important for your own safety and best security practices in managing your wallets and private keys on an on-going basis. Let’s begin.
WHAT IS A HOT WALLET?
In short, a “hot wallet” is a digital wallet for your cryptocurrency that is connected or is easily connected to the internet. This provides a lot of convenience for making day to day purchases as most active hot wallets are either on your smart phone or also on a desktop wallet on your computer for easy access for making online purchases. I always use the comparison of using your hot wallet like you would for a wallet in your back pocket that holds your credit cards, ID, and fiat. By a general rule of thumb, you should never hold more money on your hot wallet than you would normally keep in your leather physical wallet on a regular basis. Most people never keep any more than a couple hundred dollars in there at any given time, which is smart. The same applies to a hot wallet.
These wallets are designed for your average day to day spending. This could be at your local merchant down the street, or even if you’re browsing online at and trying to purchase gift cards at a site like bitrefill.com. This is done typically by scanning the screen’s QR code with your smartphone via your own wallet to make a quick transaction and simple transaction or even buy something off Amazon (like millions do everyday), but by using Purse.io, which is a platform that is built on top of amazon but accepts multiple cryptocurrencies as payment, and at a steep discount. Click this link to get some free BTC if you want to get started. Most purchase discounts range anywhere from 15-33% off anything at Amazon through this site.
These are just a few examples of how/when you would use your hot wallet for a simple transaction. You can also pre-load Bitcoin (BTC) and Bitcoin Cash (BCH) on Bitpay’s visa debit card. I will link my video review of this from Youtube HERE.
WHAT IS A COLD WALLET?
A “cold wallet” is also a digital (or sometimes physical, in the form of a hardware wallet) wallet that is kept completely offline. Why? Because any funds that are kept offline cannot be hacked or tampered with. You can think of this as virtual bank vault, that is very secure, hard to access, and is designed to store your larger amounts of crypto and primarily your longer term holdings. There are many advantages to having these wallets, and even safer to implement Multi-Sig wallets. It is also recommended to diversify your holdings between multiple hardware wallets when you start to accumulate a vast sum of crypto.
I have a soft spot specifically for hardware wallets as I’ve actually designed and built one for a prominent cryptocurrency company (although due to an NDA, I cannot discuss it yet). But the reason I think it’s important is because using and owning this kind of device is like putting up a nice big middle finger to the big banks and over-reaching governments that tend to control our money supply and bank accounts whenever they see fit. No “authority” should have that kind of power. Hardware wallets are symbolic of sovereignty and self-reliance. That is why literally “becoming your own bank” is so important. One of my favorite quotes in this space is “Whoever controls the people’s means of exchange, controls the people”. This is scary, but very true. When you use cryptocurrency, you are taking personal control and responsibility of your finances, and that is SO empowering. Just writing about it send chills down my spine, but I digress.
If you are new to hardware wallets, I recommend getting a Keepkey device for beginners. Why? I have been testing their closed beta of their new platform and it is by far the easiest and most user friendly hardware wallet platform I have used (and I’ve used almost every one of them). I think I could teach my grandma how to use it, and that’s saying something. The current platform works fine, but the future platform is very exciting and if you are brand new, you will be pleasantly surprised. I will be writing a review on this platform shortly and I will update this post with a link as soon as I do, so stay tuned.
WHY WOULD I NEED EITHER ONE?
As you can see from the examples of use cases listed above, it is important to protect your cryptocurrency and make it useful and convenient when you need it. But it’s even more important to protect it and secure it when it’s required. As the user adoption begins to snow ball, it’s crucial for everyone to understand that they will need both a hot and cold wallet for their various uses. You can even make transactions online with your hardware wallet connected via USB for even more protection. Most hardware wallets never expose their private keys to the internet when making the transactions by design. This is super helpful because you want to ensure that from every point in a given transaction, you do not want your private keys to be exposed in transit and potentially have your keys copied by a 3rd party before it reaches the intended destination.
Having said that, most digital wallets on your smart phone are typically secure enough for day to day spending and you shouldn’t be too concerned, so long as you have a trusted wallet for your phone. The top 3 I use on a regular basis is Bitpay, Jaxx, and Blockchain. These are all non-custodial wallets and have security features built in and can have 2FA or (two-factor authentication) enabled to confirm each transaction and will include Touch ID and Face ID, if you enable it.
I already recommended my top hardware wallet for beginners in the previous section, but any of the wallets that I offer through this website, are all trusted and good to use, it just depends on your needs and wants out of a secure air-gapped device.
Please sound off below! What hot and cold wallets do you like? Do you have any other wallets you can recommend not listed above? Let me know in the comments!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
