Ledger Nano S is a cold storage or hardware wallet to store and make transactions in cryptocurrencies like Bitcoin, Ethereum, and other altcoins. It’s powered by USB connectivity. It’s the most secure way to store crypto assets because it’s not connected to the internet unlike digital wallets, that’s why it calls cold storage, it’s almost impossible to hack.
Ledger looks just like a USB, but it’s definitely much more than a USB, it’s your own bank for crypto assets, where only you are responsible for its safety. You should be very responsible and serious about setting up and using this device. All responsibility for the safety of your assets is no longer on the bank or on any other intermediary, but only on you. Your personal bank of cryptoassets is only at your disposal.
How to set-up Ledger
- Download Ledger Live App from the official website https://www.ledger.com/ledger-live. You can install it on your desktop or your phone. When you create an account in Ledger Live use a very strong password.
- Connect your device and click on the App “Get Started” then “Initialize a new device”, choose your device, it can be Nano S, Nano X, and Ledger Blue.
- Click on your Ledger Device right button until you see “Set up a new device” and create a pin-code.
- Then you will be offered to save your recovery phrase with 24 words. It’s very important to write it down and save it in a secure place and do not share with anybody, you must be a sole holder, even if you lose your Ledger you always can recover it with the phrase. If you share your recovery phrase with someone, it’s like you’ve given a safe deposit box key or access to your bank account.
- Pair the device. Tip: to navigate on your cold storage device, use the left and right buttons on the top, press both to “apply”.
How to add crypto to your device
- Open Ledger Live interface and Install necessary Applications in the Manager tab. Necessary means, if you own Bitcoin then just Application for Bitcoin, if Ethereum too, then plus for Ethereum too, no need to install them all if you don’t have this crypto.
- Ledger Live is just a web interface for your Nano Device for your convenience to use. So whenever you need to take any actions in Ledger Live, your device must be connected to your laptop/tablet/phone.
Send or Receive your crypto assets from exchanges to your device
- Log-in to Ledger live => click on Receive => Verify with your pin => Copy the address. Paste it on the website of an exchange trading platform in the section – Send, because you are going to send it from there to your cold storage. Before you send all your funds from one place to another, I would recommend testing it with a small amount and then send the rest. In the case of crypto, there is no option to cancel a transaction. Some trading platforms may hold your crypto for 48 hrs before to finish the transaction, in case you will need to cancel it. But in general, if you send it from one address to another directly, there is no way to cancel it.
- To Send from your Ledger device, connect it to your desktop or phone where you have installed Ledger Live. Click on Send => Choose which crypto you want to send if you have several different => Paste an address where you want to send it => Enter amount => Confirm transaction with your device, you will see on its small screen information about the transaction and whether you want to accept it, press both buttons on the top to Approve.
Updates: Ledger Live releases new updates from time to time, if you see it, you should just press Install. Keep it updated, because the developers always seeking for any possible weak points and improve it.
Always buy Nano Ledger from verified seller or the manufacturer, because they install the chips and if you buy it from a suspicious source, your chip may have malicious software to steal your assets.