Ledger Nano S - Best Budget Hardware Wallet

Why Ledger Nano S: Ledger Nano S is inexpensive but still packs the security and privacy benefits of a hardware wallet making it a good choice for investors on a budget.

Overview

Ledger Nano S is a first-generation hardware wallet and the precursor for the newer and more versatile Ledger Nano X. Both are developed by the French technology company, Ledger, support Bitcoin, and 1000+ cryptocurrencies, and are designed to encrypt and store your digital assets offline.

Like the Ledger Nano X, Nano S is a USB-like device that connects to the computer or smartphone using a USB cable. It too is backed up by a 24-word seed phrase that can be used to recover private keys on a different Ledger Nano S wallet.

Unlike the Nano S wallet, however, Ledger Nano S is not Bluetooth enabled. It also doesn’t come with a USB type C cable, making it incompatible with most modern smartphones. One may also consider Ledger Nano S easier to use and thus more beginner-friendly.

Pros

• It is cheaper than most equally powerful hardware wallets ($59)
• Ledger Nano S has access to the Ledger Live software, which boosts its convenience.
• Requires multi-factor authentication for logins and outbound transfers.

Cons

• Not compatible with most advanced smartphones due to lack of Bluetooth and USB Type C cable.
• Limited storage capacity compared to the Ledger Nano X.