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Ledger Nano S Plus, an upgraded wallet version launched in June 2022, is a hardware wallet that allows for seamless connection to your mobile device for the effective and secure storage of cryptocurrencies offline. Besides cold storage, the wallet is equipped with several features to meet the needs of investors.
Investors can store up to 100 different crypto assets on the Nano S Plus, while the Ledger Live app supports over 5,000 different currencies. This wallet is unique due to its advanced security features that comprise a secure element chip and a PIN code.
Pros Explained
- Secure, offline storage: The Nano S Plus provides cold storage to mitigate security breaches that are common when using hot storage. Just like air-gapped cold storage, the device stores private keys on the secure chip, so they’re never exposed.
- Supports 5,500+ digital assets: When combined, the Nano S Plus and the Ledger Live app support over 5,500 cryptocurrencies, giving investors plenty of options.
- Smaller and cheaper: Compared to the Nano X, the S Plus has smaller dimensions (62.39 x 17.40 x 8.24mm) and weighs less (21g). The S Plus is also cheaper, selling at $79 (while Nano sells at $149).
Cons Explained
- No Bluetooth mobile connection: The S Plus cannot connect wirelessly to Bluetooth devices or Chromebooks. This leaves investors with no other option than to rely on USB-type A or C cables.
- Doesn’t support iOS devices: S Plus supports only Android devices. This could be a turnoff for investors who use iOS devices.
Supported Cryptocurrencies
The Ledger Nano S Plus supports over 5,500 digital assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), Stellar (XLM), and Cardano (ADA). This hardware wallet also accommodates specific classes of crypto assets, including:
- ERC20
- ERC721
- TRC20
- TRC10
- BEP2
- SOL
The Ledger Live mobile app lets investors manage more than 5,500 cryptocurrencies. While several tokens can be stored in your hardware wallet, they aren’t supported on the Ledger Live app. These assets include:
- EOS (EOS)
- Monero (XMR)
- VeChain (VET)
Price
A major factor that influences the decision of investors to purchase the Nano S Plus is its price. The S Plus costs $79 and comes with a micro USB-B cable. But you’ll need to buy an On The Go (OTG) kit for $17.99 to connect your Nano S Plus to an Android smartphone. Investors are advised to research and compare prices, using verified resellers.
Security
The Ledger Nano S Plus has industry-standard security. Ledger uses certified Secure Element (SE) chips which are tamper-resistant and often likened to hardened microcontrollers. The chips are certified using the Common Criteria (CC) EAL5+ process. Moreover, the French National Agency for the Security of Information Systems (ANSSI) independently audited and verified Ledger devices.
Ledger devices use a proprietary operating system (OS) called the Blockchain Open Ledger Operating System (BOLOS). According to Ledger, its hardware wallets are the only devices on the market that use a Secure Element chip together with a custom operating system. Additionally, the framework isolates crypto apps, reducing cyber risks.
Additionally, Ledger provides its users with the following personal security measures:
- A four-digit minimum PIN code
- A requirement that users push both physical device buttons at once to purchase altcoin
- A 24-word recovery phrase that only shows up on your device, not the apps
Setup and Use
The process of setting up the Nano S Plus hardware wallet is pretty easy for both experienced and inexperienced investors. The hardware wallet comes with a USB device and has two buttons and a display screen for easy clicks and navigation.
The Ledger Live app has a setup guide with suggestions for extra security which anyone can follow to set up their devices with ease.
In addition to the Ledger Academy, which offers articles, videos, and tutorials for blockchain and crypto users, the website provides an informative guide on setup, crypto transfers, and other wallet features.
User Satisfaction
Generally, Ledger overwhelmingly receives high ratings for user satisfaction. Typically, complaints stem from the lack of Bluetooth or security protocols. In short, slightly less convenience is the price paid for top-notch security. Others also expressed concerns about the amount of storage on the device. But the size and limitations are noted on the Ledger website, and users wanting more storage may prefer the Bluetooth-enabled Nano X.
If there’s a problem with a Ledger device after purchase, users must complete an online return form within 14 days of receiving the hardware wallet. The company offers a robust help center, chat support, and multiple social media channels where you can reach out for help.
The Competition
Ledger Nano S Plus vs. X
The Ledger Nano S Plus and Nano X have the same security standards and support the same kinds of crypto assets. The major edge Nano X has over S Plus is the availability of Bluetooth connectivity to connect to the internet and access cryptocurrencies from anywhere in the world, as well as a higher storage capacity to support 100 crypto apps.
| Ledger Nano S Plus | Ledger Nano X | |
|---|---|---|
| Type of Wallet | Cold | Cold |
| Currencies | Over 5,500 | Over 5,500 |
| Purchase Cost | $79 | $149 |
| Incorporated Exchange | Yes | Yes |
| Device Size | 62.39mm x 17.40mm x 8.24mm; 21 grams | 72 mm x 18.6 mm x 11.75 mm; 34 grams |
| Mobile App | Android | Android and iOS |
Ledger Nano S Plus vs. Trezor One
Both Nano S Plus and Trezor One are hardware wallets that facilitate the effective storage of crypto assets offline. The differences between these wallets are the supported crypto assets, the shape, and nature of the software.
While the Ledger Nano S Plus supports a wide range of crypto assets, has a flash drive-like shape with a metal strip, and isn’t open-source, Trezor supports a smaller range of assets, is open-source, and is made of plastic.
| Ledger Nano S Plus | Trezor One | |
|---|---|---|
| Type of Wallet | Cold | Cold |
| Currencies | Over 5,500 | 1,000+ |
| Purchase Cost | $79 | $69 |
| Incorporated Exchange | Yes | Yes |
| Device Size | 62.39mm x 17.40mm x 8.24mm; 21 grams | 60mm x 30mm x 6mm; 12 grams |
| Mobile App | Android | N/A |
Final Verdict
The Nano S Plus hardware wallet is tremendously useful for storing crypto assets offline, away from the internet. It’s particularly useful for new and occasional investors. For active investors, however, a Bluetooth-enabled device may be preferred for smooth access to the internet.
Even though the wallet supports a wide range of crypto assets, its storage capacity is a concern among investors. To access more crypto apps, investors will have to rely on third-party applications.
Methodology
We evaluated the Ledger Nano S Plus by looking at the number of supported currencies and crypto software applications, the overall cost, and ease of use. Furthermore, we examined the security of Ledger devices and the company, looking for potential safety concerns for users who misplace their device or connect it to the internet via a USB cable.
