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Ledger Nano S - Best Budget Hardware Wallet

Emily
Emily
November 18, 2021
1 min

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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.
Website:
Link
Country:
Worldwide
Transaction Fees:
0%
Currencies Available:
10+
Emily

Emily

Senior Researcher

Emily bought her first Bitcoin in 2011 and hasn't looked back yet. Emily leads the Evening Star crypto research team and has a wealth of knowledge about Bitcoin and the up-and-coming altcoins dominating the market.
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