Ledger Review: Would You Like To Purchase A Ledger To Store Crypto In Hardware Wallet?

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Ledger Nano S is the one of most popular cryptocurrency hardware wallet (more than 1.4 Million units sold). The Nano S is the most secure and affordable option to store cryptocurrencies. This review will help you decide whether or not the Ledger Nano S is the right hardware wallet for you, looking into elements like security, design, mobility and supported coins. This year, Ledger released a new model called the Ledger Nano X.

In any case, the Nano S isn’t out of date and in our conclusion is still holding solid. It is still a great choice for casual cryptocurrency traders who don’t exchange a parcel of altcoins, or those need to store their cryptocurrencies in different gadgets for security. The Ledger Nano S retails for USD$59.

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Ledger Nano S
Ledger Nano S

Key features of the Ledger Nano S

  • Top of line security to keep your cryptocurrencies safe and secure from hackers.
  • Affordable pricing suitable for beginners who want a cheap and reliable hardware wallet.
  • Unique staking features to EARN cryptocurrency whilst keeping them secure.

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Staking and earning

Ledger Live allows for staking Tezos ($XTZ), Tron ($TRX), Cosmos ($ATOM) and Algorand ($ALGO). Users can lock up their cryptocurrencies and in return they get interest. This feature expands Ledger into more than just a secure place to store your cryptocurrency, it can even help you grow your digital assets.

Staking your advanced resources can be tired straightforward steps. First, solidify your resources by logging onto Record Live, choosing the relevant account for the resource you want to stake and press “earn rewards”. A popup window will show up. There you may be permitted to choose the sum in your wallet you want to freeze. Secondly, vote for your validator(s) who will be making the squares on your arrange and the cryptocurrency earned by making these pieces will be redistributed to voters. Lastly, claim your rewards by clicking “Claim” in your significant account. Rewards are claimable each 24 hours.

Swapping

Record has discharged a Record Swap include which permits clients to trade their cryptocurrencies through their accomplice Changelly. How this works is you send your cryptocurrency from your gadget to Changelly, who will send you back the swapped cryptocurrencies. To utilize this highlight you’ll requireRecord gadgetRecord Live, the app for the crypto you need to swap and receive, and at long last the trade app.

Lending

Ledger is working with Compound ($COMP) to allow users to lend DAI, USDT and USDC through Compound’s decentralised finance (DeFi) protocol. The purpose of doing is is that the lender could earn an Annual Percentage Rate.

There are various benefits when using Ledger to lend:

Control: You have control and proof that the crypto you lend and generated interest belong to you. This is because this feature is done through Compound, and when you lend on the platform you get “cTokens” in return. cTokens represent proof of your ownership of the cryptocurrencies lent and the interest generated. These cTokens are stored by you until you want your lent assets and interest back, and in which case all you need to do is to send the cTokens back to the smart contract.

Security: cTokens are stored on your ledger hardware wallets.

Convenience: Compound’s lending features are available directly through Ledger Live.

Lending crypto using Compound and Ledger Live is done in 3 simple steps. Firstly, on Ledger Live’s Manager, install the application for the cryptocurrency you want to lend and create an account. Secondly, enable your account to authorise Compound’s smart contract to interact with your account. Finally, select the amount of cryptocurrencies you want to lend and issue a transaction to Compound, verify and approve the transaction on your device.

Security features

Ledger Nano S Security Features
Ledger Nano S features 2 hardware chips: ST31H320 & STM32F042

One of the key reasons to buy Ledger hardware wallets is the firms reputation for security. Cryptocurrencies hardware wallets are like bank accounts – they contain full access to funds and need banking grade security. Ledger Nano S contains two hardware chips:

  • Secure Element:  ST31H320 (secure) is independently certified CC EAL5+ and stores the private key and signs transactions
  • Operating system:  STM32F042 chip is responsible for Ledger’s BOLOS proprietary Operating System.

Secure components are partitioned pieces of equipment (moment layer of security) with their claim capacity and restricted usefulness that cannot be breached by programmers.

Even if your computer is hacked or compromised, the Ledger will still keep your cryptocurrencies secure. Devices like the Trezor One and Trezor Model T have chosen not have secure elements and only have a single layer of security.

The Nano X and Nano S are also the only cryptocurrency hardware wallets on the market to received CSPN (First Level Security Certificate) certification issued by the ANSSI (National Agency for Information Systems Security). The certification scheme evaluates multiple aspects of a device’s security including firewall, identification, authentication and embedded software by putting it through multiple attack scenarios.

Similar to the Nano X, users can also protect their funds using a PIN code and passphrase. The PIN code is to generally unlock your device to use it. Whilst you can also set up wallets protected by a passphrase in addition to your primary PIN code.

So say you are threatened to unlock your device, you can give them the PIN code to access wallets with fewer funds. Meanwhile, the bulk of your crypto assets are contained in passphrase protected wallets.

With firmware version 1.6., the security of the Nano S has been further enhanced.

  • Randomised order of digits and symbols for PIN code entry. So other people can no longer guess your PIN code by counting how many times you click the buttons.
  • The device’s operating system chip will be updated by its secure element. Ledger says this will increase the security of the update process and improve user experience.
  • Added screen jitter and partial screen aversion. This update was Ledger’s response to comments that hackers may be able to recover confidential information displayed on the device’s OLED screen by measuring its power consumption. Below are two pictures showing the power consumption of the device before and after the firmware update.
Before the firmware update
Before the firmware update. The power consumption is in a predictable pattern.
After the firmware update. The power consumption is in an unpredictable pattern and the PIN code display is inverted.

Using the device after the update, we find that being unable to enter PIN code digits in order anymore may be prove slightly inconvenient. However with cryptocurrencies, security always comes up top over convenience. And with the added partial screen inversion, we see that Ledger’s bounty program is not just a PR stunt. Ledger actually looked into submissions and made the security improvements even when the suggested hack was only hypothetical.

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Ledger hack?

In July 2020, Ledger confirmed they suffered a data breach whereby an unauthorised third party accessed Ledger’s e-commerce and marketing database. As a result, around 1mil email addresses were exposed. Further, 9,500 customers’ had further information exposed such as their first and last names, postal address, phone number and ordered products.

Ledger had reported the matter to authorities and are working with Orange Cyberdefense to investigate.

Furthermore to the information breach, clients have been announcing getting phishing emails and writings by inquiring them to download a modern adaptation of the Record programIn the event that clients tap on the connect within the e-mail, they will be diverted to a fake cloned adaptation of the Record locationMoreoveron the off chance that clients download the “update”, which is in truth a malware, it would inquire clients for their Ledger’s recuperation express. The entered recuperation express is at that point utilized by the aggressor to recuperate the user’s wallet and send the user’s cryptocurrencies to the attacker’s wallet. For a full explainer on how the phishing assault works see the report from Kraken.

phishing-email
Phishing email sent from info@ledgersupport.io address (Image credit: Kraken)

Therefore this incident was a “data breach” rather than a “hack”. More importantly, this breach had no link or impact on the Ledger hardware wallets or the Ledger Live app. Cryptocurrencies stored on the Ledger devices have never been at risk.

Even before the firmware update the Nano S scored full marks on security, and we note that the hack does not affect the Ledger device itself, so our scores remain unchanged.

5/5 Security Rating

Multi Currency Support

Supported Coins on Ledger Nano S

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Ledger has one of the most diverse support for different cryptocurrencies such as NEO, Vechain and Monero. With their open policy to development from project teams, the Ledger Nano S supports 1100+ different assets. Many of these assets like Vechain or NEO are not found on competitors like the Trezor Model T or KeepKey, making Ledger the only hardware wallet available for many coins.

One of the main weaknesses of the Nano S was that it was only possible to fit 2-3 apps on the device. However the NEW Firmware Version 1.6 released on 13 November 2019, users can now install 5-11 apps (depending on the type of app installed). This will certainly answer the prayers of a lot of average cryptocurrency holders who generally hold around 5-10 different coins.

If you still need more apps, one way around this limitation is to uninstall apps that are not being used and reinstall them in the future. Uninstalling apps will not delete coins – all account information will be retained. The newly released Ledger Nano X fixes this problem by increasing the internal memory to 2 MB.

Ledger’s firmware upgrade specifically tended to a noteworthy shortcoming within the Nano S. While it still can’t beat the Nano X in terms of multi cash back, the overhaul will certainly be great sufficient for your ordinary cryptocurrency dealer. For this reason, we donate our thumbs up and bumped the score up from 4/5 to 4.5/5 for multi cash bolster.

 

 

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