Want to learn more about the most secure way to store cryptocurrency? On this page, we’ll explain everything you need to know about the Ledger Nano S.
Table of Contents
What is the Ledger Nano S?
The Ledger Nano S is an hardware wallet that stortes cryptocurrency offline and supports multiple coins. This wallet allows you to store and send Bitcoin, Ethereum and various altcoins. The Ledger Nano S includes robust security techniques for storing your cryptocurrencies.
It can be connected to any computer (USB) and features a secure OLED display to double check and confirm each transaction with a single push of the hardware buttons.
Secured Backup Phrase
For extra security, you install the Ledger Nano S with 24 different words that you should keep safe at all times. If you break or lose your device, you can simply buy a new one and install it with the same 24 words to get access to your cryptocurrencies again.
The safest thing to do is to keep these words scattered in several places. Consider fire hazards, theft and cybercrime. Simply write it on a sheet of paper or store it on an USB drive. It is advisable to keep a third copy in a fireproof safe or at another location. In case of fire, you are still assured of access to your cryptocurrency.
"The Ledger Nano S is an offline cryptocurrency wallet that supports multiple coins. With this hardware wallet, you can store and send Bitcoin, Ethereum and various Altcoins."
How to use the Ledger Nano S?
Dutch Ledger Nano S Manual
You now own a Ledger Nano S and now you want to put cryptocurrencies on it.
What steps do you take and how can you make sure your crypto coins are stored safely?
After following the steps in this guide, you will be sure that your coins are stored properly and you will know exactly how to do this.
Always buy your Ledger Nano S from an official retailer so you can be sure the wallet is new. A hardware wallet is in a unsealed plastic wrapping. Never buy a second-hand version because you don’t know what might have happened to it and therefore you have no guarantee that your cryptos are safe.
What will you find in the packaging of the Ledger Nano S?
The hardware wallet comes in a small, white box with clear plastic around it. This package contains the following items:
- Ledger Nano S
- Micro-USB cable
- A cord so you can wear the ledger
- A keychain and a key ring
- A cardboard card on which you can write down the 24 repair words
What are the components of the hardware wallet?
The hardware wallet comes in a small, white box with clear plastic around it. This package contains the following items:
- Ledger Nano S
- Micro-USB cable
- A cord so you can wear the ledger
- A keychain and a key ring
- A cardboard card on which you can write down the 24 repair words
Specifications Ledger Nano S
- Size: 98mm x 18mm x 9mm
- Weight: 16.2 grams
- Support: Windows (7+), Mac (10.8+), Linux or Chrome OS. Google Chrome is required and one USB port to plug in the ledger.
- Ledger Nano S
- Connection: USB Type Micro-B
- Chips: ST31H320 + STM32F042
- Material: Stainless steel and plastic
Controls Ledger Nano S
On your Ledger Nano S, you have two buttons on the top of the device. The left button navigates you to the left in the menu and the right button navigates you to the right.
You can answer a question by answering with X = no and ✓ = yes.
These questions will appear on the Ledger’s Oled screen. By pressing both buttons at the same time you confirm your choice. Because choices are made and confirmed by means of physical buttons, the wallet is doubly protected against malware.
How to prepare the Ledgern Nano S for use?
- Connect your Ledger Nano S to your computer or laptop with the USB cable.
- As soon as you connect the hardware wallet the Oled screen pops up, press both navigation buttons at the same time to get started. From now on you can always use these two buttons simultaneously to start or confirm an action.
- Once you get the question “Configure a new device?” you can confirm it by pressing the right navigation button.
- Choose your PIN number. You can change the numbers with the navigation buttons and then confirm by pressing both buttons at the same time.
- The most important point is to write down your recovery sentence – Recovery Seed on the sheet that says ‘Recovery Sheet’. This sentence consists of 24 unique, random words. These words provide access to your wallet and cryptocurrencies as a last resort if you lose it or it is stolen.
- Now confirm your recovery sentence by selecting the correct words as proof that you have registered the correct words.
Your hardware wallet is now ready for use.
How to store my Bitcoin(s) on the Ledger Nano S Wallet?
- Download the Ledger Wallet Bitcoin.
- To access your Bitcoin wallet connect the Ledger Nano S to the Computer.
- When looking at your wallet on the computer you will see ‘Receive’. Click on it to see your public key (Bitcoin account), this is where you can send the Bitcoin(s). Copy this address.
- Login to the exchange you want to send the bitcoin(s) from, in this example this is a slightly larger exchange Binance, and go to ‘Withdrawals’.
- Go to Bitcoin- BTC receiving address, paste the copied Bitcoin address here and then press send.
Note: The address must be correct. Teach yourself to check the first and last few characters with every transaction. Once sent, a transaction cannot be reversed.
- Next, your coins will appear in your own Bitcoin wallet. The transaction speed of Bitcoin depends on the amount of transactions that need to be processed simultaneously by the network. So it can take a while for your coins to appear in your wallet.
Once your Bitcoin is received on your hardware wallet, the Ledger Nano S can be disconnected and the process is successful.
How do I put Ethereum and ERC-20 tokens on my hardware wallet?
- Using your Ledger Nano S, log in to your myetherwallet through your internet browser.
- Copy your public key (wallet address) from your ‘Myetherwallet’ and paste it at the exchange as a withdrawal address.
Note: The address must be correct. Teach yourself to check the first and last few characters of every transaction. Once sent, a transaction cannot be reversed. - Send your Ether or ERC-20 tokens to your MyEtherWallet.
- You will see the sent Ether automatically added to the balance in your Ethereum wallet.
For the ERC-20 tokens you first need to load them: Find the token in your MyEtherWallet and load the balance. If the token is not there, you can use Etherscan (blue link in the wallet) to look for this token and load it into your wallet.
You will now see your balance. This balance is now protected by your hardware wallet.
How to make a payment through my hardware wallet?
We are dealing with a Bitcoin payment here. For payments with other coins and tokens, follow the same steps only use a different wallet or desktop application that you want to make the payment with.
- Connect the Ledger Nano S to your computer.
- Enter your PIN number.
- Find and open the Bitcoin application on your Ledger Nano S.
- Make sure that the Ledger Bitcoin Wallet Chrome application is open on your computer.
- Ppress “Send” a screen will pop up.
- Fill out the amount of coins, the recipient’s wallet address and the amount of the transaction fee.
- Click on ‘Send’.
- Confirm the transaction manually with your Ledger Nano S. After the confirmation the transaction will be processed by the blockchain and the payment is settled.
- Now you can disconnect your hardware wallet.
How to set up 2-step authentication - 2FA for Ledger Nano S
You can also use the Ledger Nano S for 2-step verification. This is possible because the hardware wallet supports FIDO Universal 2-step verification (U2F). This second factor verification is a good way to make your login process more secure, for example with services like Dropbox and Google.
Typically, you log in using your username and password. This is the first step of security. The second step you perform with your hardware wallet as explained in the following steps.
- Open Ledger Manager, install the FIDO application on your hardware wallet.
- Pair the Ledger Nano S with your computer and enter your PIN.
- From the menu, go to the FIDO U2F application and click with both buttons to open the application.
- To set up the FIDO U2F, follow the instructions for the service you want to use.
I forgot my PIN, what can I do?
If you have forgotten your PIN, this is easily solved by resetting your hardware wallet.
Do this in the following way:
- Connect the hardware wallet to the computer & use a wrong PIN three times.
- Because you use a wrong pincode the Ledger Nano S will reset itself and the welcome screen will appear.
- Continue, when you get the question “configure as a new device?” answer it with X.
- Confirm the question “Restore configuration?” with V.
- Choose a new pincode.
- Confirm your new pin code.
- You can access your previous wallet again by using the recovery sentence you wrote down in your Recovery Sheet (provided card).
- You select the correct number of words here, this is ’24 words’.
- Furthermore you follow the instructions that are shown on the screen until you get the following message:
- ‘Your device is now ready’.
What should I do if I lose my Recovery Sheet with my recovery phrase?
It is extremely important to store your recovery sheet properly and to make sure that only you have access to your recovery phrase.
With this recovery sentence, anyone can access your coins regardless of whether you know the PIN. This recovery sentence is also the only way to access your cryptocurrencies in case of theft or loss of your Ledger Nano S.
If you do lose your recovery sheet, make sure you secure your cryptocurrencies as soon as possible.
Do this by transferring them to a temporary wallet. When you have done this you can reset your hardware wallet in the same way as described in the previous chapter.
After resetting your wallet you can reconfigure it as described in the chapter “How to prepare the hardware wallet for use“.
Once you’re done with this you can transfer the coins from your temporary wallet back to your Ledger Nano S.
What can I do if I lose my hardware wallet?
When preparing your hardware wallet, you saved the 24 security words in the included Recovery Sheet.
If you lose your Ledger Nano S it is necessary to buy a new hardware wallet. You do not configure this as a new wallet but as an existing one. You choose the option “Restore configuration” and then follow the instructions.
After this is successfully done you will have access to your old wallet again and thus to your coins and tokens.
Tips for storing your Ledger Nano S
- Preferably store your Ledger Nano S + Recovery Sheet in a fireproof safe and store it in a secure environment. If you do not have a safe store a copy of your Recovery Sheet at another address as well.
- Make a second copy of your Recovery Sheet so you can put it in another safe place. Do not mention that it is your Recovery Sheet but write a random word or save it under another name (for example, a USB stick). You do not want others to know immediately what the words are for.
- Create a manual for someone you trust to access the hardware wallet in case something happens with you. Make sure that this person understands it.
Don'ts for storing your Ledger Nano S
- Never save your PIN or recovery sense online (Dropbox, Google drive). In the unlikely event you get a virus on your computer, your PIN could be stolen….
- Getting scammed. A good option is to create a hidden wallet. If someone threatens or blackmails you to get your PIN, you can give them the wrong PIN. You then give the code of the wallet where only a few coins are on it and not your entire fortune. This way your cryptocurrencies are safe even for malicious people on your hidden wallet.
- How to create one can be seen here.
