Minimalist and simple design
Supports NFT and 5500 cryptocurrencies
Buying cryptocurrencies directly from the wallet is tedious
Sole responsibility for the safe storage of the cold room
Introducing the Nano Ledger
Ledger Nano S Plus is a hardware wallet designed to securely store your cryptocurrency offline, including non-fungible tokens (NFTs). This is a long-awaited update to the brand's beginner-friendly crypto wallet for those who want to protect their digital assets on their own.
To back up a bit, there are two types of wallets: hot wallets and cold wallets. Active wallets are connected to the Internet and are usually available online or on your smartphone. Cold wallets cannot be accessed over the internet, and in most cases are physical devices where cryptocurrencies can be safely stored offline. Cold wallets allow you to have full control over your cryptocurrencies through self-custody. This means that you own the keys to the wallet and manage access to it, unlike a wallet on an exchange, where the company holds your keys.
The Ledger Nano S Plus' predecessor, the Nano S, casts a long shadow. Launched in 2016, it was a bestseller among hardware portfolios as the company sold over 4,5 million devices. However, the most popular cryptocurrencies today did not exist when the Nano S hit the market, and few people were interested in NFTs back then.
Fast forward to the present: the new Nano S Plus seems to have caught up with its time. As cryptocurrencies have become even more mainstream, the market has grown to include new wallets for users of all levels, from beginners to institutional level investors.
In today's market, the Nano S Plus will not only compete with a myriad of other hardware wallets, but also with all self-custodial active wallet solutions offered by exchanges and software providers.
Contents of the Nano Ledger box
The new Ledger comes in a matte black case with a silver plated sleeve. When you open it, you will find:
The Ledger Nano S Plus Hardware
A USB cable to connect the Ledger to the computer (USB on one end, Type-C on the other)
A bright orange box with three notebooks for the recovery passphrase (also known as seed phrase)
A pastel mauve box with instructions for use
A keychain with the Ledger logo
Ledger Nano S Plus and its accessories (Krisztian Sandor/CoinDesk)
The hardware wallet looks like a sleek and stylish USB flash drive covered in a characteristic brushed metal wing. The rounded, matte case sports a small 128 x 64-pixel monochrome display, which is perfectly sufficient for work.
The device has two buttons on the side for navigation. They're easy to use and accurate, but they feel crooked and clunky, which spoils the premium feel. In its upper part is the type C plug to connect the wallet to the computer.
The USB cable that comes in the box stays securely in the device and the cord-like textile cover keeps the cable untangled.
Overall, I loved the simple design, less is more. I can see how keeping it simple would help beginners and new owners avoid confusion when navigating the wallet and its buttons.
How to set up the Ledger Nano S Plus
One of my concerns about using cold storage prior to this test was how complicated and intimidating it would be to get up to speed. That fear turned out to be unfounded, at least with this device.
Setting up the hardware wallet was pretty simple and took less than 30 minutes. The instructions for each step of the process were clear to follow and the whole experience felt pretty seamless.
Ledger Nano S Plus setup (Krisztian Sandor/CoinDesk)
First, you need to download and install the Ledger app, called Ledger Live, from the company's website or a mobile app store. It is available in desktop version (Windows, Mac) and mobile version (Android, iOS).
Once you have installed the application, connect the USB key to the computer with the provided cable. The Ledger has a Type C plug and the other end of the cable is a standard USB plug. (A USB to Type-C converter would be helpful for connecting to a smartphone.)
At this point, you'll want to grab a pen and a safe place to write down important information.
The next step is to set the PIN code, which consists of four to eight digits. It works the same way as a phone unlock code. You'll need it every time you activate the hardware wallet and validate every transaction, so it's the first thing you'll need to write down on paper. DO NOT take a photo or make any digital copies of it; this creates a way for hackers to steal your crypto (provided they find and gain access to your physical Ledger device).
Next is the Secret Recovery Phrase: 24 randomly generated words, also known as the Seed Phrase. This is the second thing you will need to write and make sure you have understood all 24 words. The application will ask you to confirm the initial phrase by choosing the correct one among 4 options. Repeat for all 24 words.
The seed phrase is your last resort if something happens to your device, so it's important to store this information in a safe and private place. If you lose or damage your hardware ledger, you can recover your funds by purchasing a new Ledger device and importing your account by entering the initial 24 phrases. Lose the seed phrase, however, and your funds are gone forever.
When everything is configured, the software runs a security check on the hardware to see if it has been compromised or not. This is usually a problem with second-hand hardware wallets, which are generally not recommended.
How to use Ledger Nano S Plus
To manage your assets with the Ledger Nano S Plus, you need two things:
A computer or smartphone to connect to the wallet
The Ledger Live App
Ledger Live desktop app (Krisztian Sandor/CoinDesk)
The Ledger Nano S Plus must always be connected to a device such as a laptop or tablet to be used. The more advanced (and expensive) cold wallets can work on their own for the most part, using a device to manage the wallet won't be a problem, and has the advantage of using a larger screen than the Ledger.
The sample device I tested had a limited selection of coins, but Ledger says the wallet will support more than 5500 different cryptocurrencies when it goes on sale on April 5, 2022.
The Ledger has an operating system called BOLOS (Blockchain Open Ledger Operating System). You can download many additional apps from Ledger's app store, Discover, through Ledger Live.
The storage of Nano S Plus has been upgraded to 1,5 megabytes, providing plenty of room for its purpose, more than enough to install 100 apps.
How to add an account to your wallet
If you want to keep a specific cryptocurrency in the wallet, you need to download and install its app on the Ledger Live app. These apps give you access to the blockchain of your chosen currency. Let's say you want to keep bitcoins in your ledger. That is how:
Click "Admin" on the left menu bar of the Ledger Live app on your computer or smartphone.
Unlock your Ledger with your PIN.
The app catalog will appear showing all the possible cryptocurrencies that you can store in the wallet. Select the one you want to store and click install.
Then click "Add Account" for that cryptocurrency.
A window will appear in your Ledger Live app and a banner will appear on the Ledger screen to "Open App" for the chosen cryptocurrency. Press both side buttons at the same time to continue.
After a few seconds, you can name the account and you're good to go.
How to add a new account to Ledger Nano S Plus (Krisztian Sandor/CoinDesk)
Most of the largest cryptocurrencies and their blockchains are supported by the Ledger Live app. This becomes more complicated when delving into lesser-known coins, as they often require third-party wallets. If you are interested in them, it is best to check on the Ledger website how you can store them.
How to move your crypto into cold storage
Moving assets from an exchange to cold storage is the most important function you will use a hardware wallet for.
Here are the steps you will need to follow to achieve this with the Ledger Nano S Plus:
Plug in the device and open the Ledger Live app.
Select "Receive" in the menu on the left and copy the address to your screen.
Login to your exchange account and select withdraw funds (this varies by exchange).
Paste the wallet address you copied from Ledger Live and set the number of tokens to withdraw.
This was my first time moving digital assets from an exchange to cold storage, and the whole process was much quicker and easier than expected. Even making sure I got the correct address was less daunting than I thought.
As a test, I withdrew 10 MATIC from my trade account to the Ledger Nano S Plus device. The tokens (minus the 0.1 MATIC transfer fee) appeared on the Ledger Live app within five minutes.
Processing time and fees depend on the blockchain you are using for the transfer.
How to buy and sell crypto
Hardware wallets are a blockchain-only solution, so you cannot deposit or hold fiat currencies in them. This certainly makes them less convenient than hot wallets or exchanges, but remember that what you lose in convenience, you gain in security.
The Ledger allows you to buy and sell crypto directly on the device with some third-party apps like Banxa, Coinify, and Moonpay. They act as intermediaries between the fiat and crypto worlds and allow you to use your dollars (or euros, pounds, pesos, etc.) to invest in cryptocurrencies.
The Ledger Live app offers fiat-crypto on-ramps to buy crypto right in your wallet. (Krisztian Sandor/CoinDesk)
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