Ledger’s latest hardware wallet, Ledger Nano S Plus was launched in April 2022. In terms of functionality and price, this model falls between the Nano S and Nano X models. Ledger Nano Plus is the new bestseller Ledger Nano S DeFi and NFT-friendly and ready to go for Web3. This review contains all the information you need about this new model.
Ledger Nano S Plus Overview
Ledger Nano Plus is a hardware wallet that securely stores your cryptocurrency offline. It also supports non-fungible tokens (NFT). This is the long-awaited upgrade to the brand’s cryptocurrency wallet for beginners, aimed at those who want their digital assets to be secure.
Let’s back up a bit. There are two types: cold wallets and hot wallets. Hot wallets can be accessed online and on your smartphone via the internet. Cold wallets are not accessible via the internet. They are usually physical devices that allow you to store cryptocurrencies securely offline. Self-custody allows you to have full control over your cryptocurrency assets with cold wallets. This means you can access the wallet from your computer and have full control of it.
The Ledger Nano S Plus is the predecessor to this model. It was launched in 2016 and quickly became a favorite among hardware wallets. The company sold over 4.5 million units. The Nano S was not available when most of today’s popular cryptocurrencies were launched, so NFTs were not a common option at that time.
Now, fast forward to the present. The new Nano S Plus seems like it has caught up to the times. The market has expanded to include wallets that can be used by everyone, from beginners to institutional-grade investors, as crypto continues to move into the mainstream.
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Trading with financial instruments carries high level of risks that is not suitable for all investors. Before making any investment decisions, you should seek advice from independent financial advisor to ensure you understand the risks involved.
The Nano S Plus will compete in today’s market with a variety of hardware wallets, as well as all the hot wallet solutions that are offered by software providers and exchanges.
Recent events have rekindled the debate about the benefits of self custody, such as the freezing bank accounts linked to the Canadian trucker protests and the imposition of sanctions on Russian accounts. These stories serve as a stark reminder that money doesn’t matter if it isn’t accessible.
Ledger Nano S Plus
You can order the Ledger Nano Plus directly from the manufacturer via the online shop. The current price is 119,00 EUR.
You can also order directly from an official reseller.
Ledger Nano S Plus Unboxed
Ledger Nano Plus measures just 21 grams and is only 62.39×17.40x 8.24mm in size. The outer shell is made of brushed stainless steel while the inner is made from plastic. Installed is the new certified safety chip ST33K1M5 CC EAL5+. The display measures 128×64 pixels. Two buttons are located on top of the hardware wallet to operate the hardware wallet.
Design
Ledger has a point to make about the Nano S’ awkward design. But let’s get to the pros. The Nano S Plus, reminiscent of a USB stick, has a fit-into-the-palm-of-your-hand footprint, allowing it to fit into small pockets and other tiny compartments inside your favorite laptop bag.
Nano S Plus features an onyx rectangular prism with a 128×64-pixel display. The panel is noticeably larger than its predecessor. Two buttons are located above the prism that allow users to navigate the OS of the hardware wallet. Here’s the fun part. The Nano S Plus comes in a brushed stainless-steel case. This can be rotated around to conceal the USB-C port. The only thing I dislike about the Nano S Plus case is the hole in the top that encourages users to attach it to keychains or other objects.
The Nano S Plus should not be left out on keychains or swinging from bookbags. It should be kept safe, in a locked drawer, or anywhere else you like to store your treasures.
The Nano S comes in only one color, unlike the Nano S Plus which is available in many colors (i.e. The Nano S Plus comes in only black (with a case made of silver) and does not come in a variety of colors, unlike the Nano S, which is available in a variety of colors.
How to set up Ledger S Plus Nano
Before this trial, one of my concerns about cold storage was how difficult and intimidating it would be for me to get up to speed. This device proved that this fear was unfounded.
The process of setting up the hardware wallet took only 30 minutes. The process was easy to follow, and felt seamless.
First, download and install Ledger Live’s app from the company’s site or mobile app store. You can download it in both a desktop (Windows, Mac), and a mobile (Android, iOS) version.
After installing the app, connect the thumb drive with the included cable to your computer. The Type-C socket on the Ledger is connected to the other end by a standard USB connector. A USB-to-Type C converter is useful for connecting to a smartphone.
You will need to grab a pen, a safe place and some paper to record important information.
Next, you will need to enter the PIN code. This is typically four to eight characters long. It works in the same way as an unlock code for a smartphone. It is required to activate the hardware wallet and verify every transaction. This is why it should be the first thing that you write down. It is important to not take a picture of it or create a digital copy. This opens up the possibility for hackers to steal crypto (provided that they can access your physical Ledger).
The Secret Recovery Phrase is next. It’s 24 randomly generated words. Also known as a seed phrase. This is the second thing that you will need to write down. Make sure to get all 24 words right. You will be asked to confirm your seed phrase using the app. Choose the right one from the 4 options. Continue this process for each of the 24 words.
If the device is damaged or lost, the seed phrase will be your last resort. It’s therefore important to keep this information safe and secure. You can retrieve your funds if you damage or lose your hardware ledger by buying a new Ledger device. Then, import your account by entering the 24 seeds phrases. However, if you lose the seed phrase, your funds are gone for good.
Once everything is set up, the software will run a security check to verify that the hardware has not been compromised. This is more common with second-hand hardware wallets which are generally not recommended.
How to Use Ledger Nano S Plus
Two things are required to manage your assets using the Ledger nano S Plus:
- To connect to the wallet, a computer or a phone
- The Ledger Live app
To use the Ledger Nano Plus, you must connect it to a tablet or laptop. For more advanced cold wallets (and more expensive), it is possible to use the Ledger Nano S Plus without a device.
Although the sample device I tested did not have a lot of coins, Ledger claims that the wallet will be able to store over 5,500 cryptocurrencies once it goes on sale in April 2022.
BOLOS, the Blockchain Open Ledger Operating System (Ledger) is an operating system that can be used by Ledger. Ledger Live allows you to download many additional applications via Discover, the Ledger app store.
Nano S Plus now has 1.5 megabytes of storage, which is plenty of space to store 100 applications.
Ledger Nano S Plus Pricing
Although the Nano S Plus costs $79 less than the $150 Nano X, it will still shock you as much as the $150 Nano X. The Nano S Plus is still a very expensive device for a simple USB stick-esque device.
Ledger Nano Plus S has 1.5MB storage, 100 crypto apps support, and is CC EAL5+ certified. This simply means that the Nano S Plus has passed Common Criteria security testing. Secure Element chips are high-end security solutions to protect sensitive data such as passwords, SIM cards, and credit cards. The Nano S Plus’ chip is certified by CC EAL5+.
The new hardware wallet can be purchased on Ledger’s website. While you can buy the Nano S Plus on Amazon, Ledger recommends that you purchase it from its official website because you are guaranteed an original, untampered hardware wallet.
Selling and buying crypto
Hardware wallets can only be used to deposit fiat currencies and are not able to keep them. Although they are less convenient than hot exchanges and wallets, this does not mean that they are less secure.
With a few third-party apps like Banxa and Coinify, the Ledger allows you to buy and sell cryptocurrency directly from your device. These applications act as intermediaries between crypto and fiat worlds and allow you to use dollars, euros, pounds and pesos. To invest in cryptocurrency.
These on-ramps convert fiat currency into crypto, which is crucial for making crypto more accessible to everyday citizens. However, providers often require extensive identification checks and charge excessive fees. They may not serve certain states or regions. I spent a whole morning searching for an on-ramp that would allow me to make a transaction.
Ledger is not responsible for the lack of on-ramps, but it highlights a critical obstacle that the crypto industry must overcome. This missing piece is what scares novice users. I recommend that you use exchanges to purchase and sell, and keep the Ledger as storage.
Ledger Nano S Plus Security
You may be wondering why you should have a physical wallet instead of an online one. The Ledger Nano S Plus also keeps your recovery phrase, which is the key to your crypto, offline. Metamask stores your seed phrase digitally online, unlike hardware wallets. It’s encrypted, but it’s still possible to access your seed phrase online. What if a skilled hacker finds a way to break the Chrome extension and uncover your seed phrase, taking all your crypto? It’s impossible to get it back.
The Nano S Plus would require thieves to open your door and get your recovery phrase (which they’ve placed in a safe) before they could steal your digital assets.
Avoiding Malware
Nano S Plus’s most notable security feature is its requirement that you double-check your “receive address” (alphanumeric strings that indicate where your crypto should be sent). To send Dogecoin using your Coinbase Wallet to Nano S Plus you will need to obtain the receive address from Ledger Live. This is so that Coinbase Wallet can inform the blockchain where to send your DOGE. Ledger Live will display the Dogecoin receive address on your desktop and allow you to copy it. You will be asked to verify the address on your Nano S Plus screen. You can click “Accept”, on the hardware wallet, if they match, and you can continue.
This may make you wonder why it is so important. Clipper is a terrifying malware. Clipper is a malicious malware that can automatically swap crypto wallet addresses with hacker’s addresses. You may believe you have copied and pasted your wallet address but in fact, you have entered the hacker’s address. It’s too late once you click “Send”. You have been duped into sending your funds to a cybercriminal!
It is commendable that Ledger Live asks users to verify whether the receiving address displayed on their desktop UI matches the one on the hardware wallet panel. This keeps you alert and makes it easier to spot foreign addresses.
How Ledger Nano S Plus stops self-sabotage
Crypto investors can be their worst enemies, as we mentioned at the beginning. It is more likely that you will sabotage your digital assets than a hacker. Let’s imagine that you are at work and decide to check the market’s performance. You feel like your jaw is dropping as Bitcoin’s price drops. In a panicked moment, you want to sell, but you don’t have the money. Your Nano S Plus is safe at home.
Hardware wallets are not designed to be used for day trading. This makes them attractive to investors who require long-term storage, but don’t want self-sabotage.
How to add accounts
You will need to install the Ledger Live application to be able to keep a particular cryptocurrency in your wallet. These apps give you access to the cryptocurrency blockchain. Let’s suppose you want bitcoin stored on your Ledger. Here are the steps to do it:
- Click on “Manager”, on the left menu bar of the Ledger Live App on your smartphone or computer.
- Your PIN code will unlock your Ledger.
- The App Catalog will display all the cryptocurrencies that you can store in your wallet. Click on the desired one and click on Install.
- Next, click on “Add account” to receive that cryptocurrency.
- A window appears on your Ledger Live App and a sign to the Ledger’s screen allowing you to “Open app for the selected cryptocurrency.” To proceed, push both buttons simultaneously.
- You can then name your account in a matter of seconds.
Comparing the Nano S Plus to other variants
Ledger Nano S Plus vs. Nano X
Both the Ledger Nano S Plus Plus and Ledger Nano X share many of the same capabilities. Both can support the same amount of digital assets and run the same number of apps simultaneously. They can also be used to manage NFTs and cryptocurrencies.
The main difference between the two devices is the fact that the Nano X can be used with both iOS and Bluetooth, while the Nano S Plus cannot. The Nano X can also be used without a mobile device or computer, and it is Bluetooth enabled.
The Nano X’s additional battery life, Bluetooth compatibility and convenience are all added costs.
Nano S Plus vs. Nano S
The Nano S Plus is a significant upgrade to the Ledger Nano S, and it costs only US$20 more.
Nano S Plus allows you to manage NFTs using native support, and can hold the private keys for significantly more types of digital assets than the Nano S.
Verdict
The Ledger Nano S Plus hardware wallet is among the most advanced and feature-rich on the market. It is affordable and can securely store most digital assets, including NFTs and cryptos.
The main problem with this device is the inability to stake more than a few cryptos that your keys are stored on via LedgerLive.
Storing your crypto keys is one of the most risky aspects of investing in this asset class. Before you decide which crypto wallet is right for you, do your research on all available options.
Hardware wallets are the best way to store crypto. This is especially true if you plan on investing regularly or keeping it for the long-term.
