After extensively researching whether I should make the switch over to a hardware wallet, I eventually decided to take the plunge a couple of weeks ago and I bought a 'Ledger Nano S' for about ~£70 from Amazon. I'm now storing some of my most promising and (currently) lucrative ERC-20 compatible tokens on my Ledger and it's a lovely feeling to know that they're completely secure. Having fallen victim to what I believe was a phishing-scam when I first invested into an ICO (losing a £100 initial investment that at one point reached a value upwards of £1500), I'm now taking my security incredibly seriously.

This Review shall seek to give you an overview of how the Ledger Nano S is different to simply storing your funds in a Software Wallet, and then evaluate the Pros & Cons of the Ledger Nano S itself!

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Hardware vs. Software Wallets

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The majority of Crypto Enthusiasts will store their Cryptocurrencies in a Software Wallet, often downloaded onto a desktop/laptop and linked with a Password that will enable the individual to access their funds on a site like https://www.myetherwallet.com/.

Incredibly convenient, this method means that you can access your Cryptocurrencies with a single mouse-click and then you're just a few key presses on your keyboard away. Along with the fact that Software wallets are usually completely free, most individuals don't even bother to look any further. However, the 'Ease of Access' ability comes with the downside that these Wallets can be vulnerable to being hacked and having your Cryptocurrencies stolen! Hackers/Scammers have a variety of options and just need to get hold of your Wallet's key & password and can then (with no warning) quietly steal all your prized Crypto possessions. Every week or so I receive E-mails with supposedly links to 'Free ETH', and I know first-hand just how easy it is to log into a phishing site that's pretending to be MyEtherWallet (MEW). Cryptocurrencies are secure in how they work, but I couldn't stress more that irresponsible storage of your funds makes storing Cryptocurrencies the complete opposite.

Hardware Wallets (like the Ledger Nano S) are different. Your private keys are held physically on your device that only you will have access to; meaning that your coins are ALWAYS held offline and that they are virtually impossible to access remotely. To steal funds from a Ledger Nano S, the individual would have to either intercept a device and bug it before the device is even purchased or steal the device, and then torture the individual for their secret pin. Not very likely!

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Supported Coins & Tokens

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Every single day, more and more Cryptocurrencies become available to Buy & Sell, so a very relevant question would be; what does the Ledger Nano S support?

As of July 2018, the Ledger has 'Official Support' for 25 different cryptocurrencies; Bitcoin, Ethereum, Ripple, Litecoin & Bitcoin Cash being the most obvious. You're also able to link your Ledger Nano S to wallets such as MEW or NEON to store all your Ethereum (ERC-20) & NEO tokens on your Ledger also! It just requires you to toggle the 'Browser Support' setting before accessing your funds (which is conveniently, very easily done).

View all of the Supported Coins & Tokens here.

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Advantages of the Ledger Nano S

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• Added Security - storing funds in a Ledger is like storing 'Fiat' in a Safe
• Your Cryptocurrencies are ALWAYS stored Offline
• Secret Pin Function - YOU decide on your pin on Start-Up
• 24 Word Recovery Phrase - shown on your Ledger Screen on Start-Up
• Regular Firmware Updates
• Sleek & Durable (Physical) Design
• Effectively Hack-Resistant

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Disadvantages of the Ledger Nano S

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• Costs ~£70 [Tip: ALWAYS buy from Official Vendors, e.g. Amazon]
• Slightly More Inconvenient & Less User-Friendly

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Conclusion - 'Should you buy the Ledger Nano S?'

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My honest opinion is that if you're holding anything more than £250 worth of Cryptocurrencies, you should hold it in a Hardware Wallet. I simultaneously use a Software Wallet (MEW) that contains a quite a few 'Airdropped' Tokens and those of lower values that I don't really care too much about, and then my Ledger holds my main investments. I really like my new setup, and especially love my Ledger Nano S.

The Price you pay for your Ledger is always going to be less than the Price you pay for a phishing scam or having your Key & Password hacked - something that you should always keep in mind!

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I hope you've found this Review Useful, and would appreciate Feedback if you have!