Ledger Nano S Plus Review: Security, Coins, Price & more (2023)

Ledger Nano S Plus Review 2023

(96%, Review by Malte)

Ledger launched its latest hardware wallet, the Ledger Nano S Plus, in April 2022. This model is located between the Nano S and Nano X models in terms of price and functionality. The Ledger Nano S Plus makes the iconic bestseller Ledger Nano S DeFi and NFT friendly and ready for Web3.

Everything you need to know about the new model can be found in this test report.

First Impression

Buy Ledger Nano S Plus online

The Hardware Wallet is best ordered directly from the manufacturer in the online store. This is currently available there at a price of 119,00 € (click here to check the current price).

Important note for buying hardware wallets.

Hardware Wallets should preferably be ordered directly from the manufacturer or official resellers if possible. Dubious stores or private sellers on platforms like ebay or amazon could manipulate the devices for their own purposes or trick the buyer. This way, the thieves can steal all the coins from your hardware wallet at a later time. Unfortunately, there have already been such cases in the past.

What’s in the box?

In addition to the hardware wallet, the scope of delivery includes a USB-C to USB-A cable for connecting to the computer, an introductory brochure, 3 pieces of paper for making notes on the backup and a lanyard.

Ledger Nano S Plus

The device itself measures 62.39 x 17.40 x 8.24mm and weighs just 21 grams. The outer shell is brushed stainless steel and the inner part is plastic. The new certified safety chip ST33K1M5 (CC EAL5+) is installed. The display is a 128×64 pixel display. The Hardware Wallet is operated via two buttons on the top of the Hardware Wallet.

Setting up the Ledger Nano S Plus

Important note about setup.

Never use a hardware wallet that is already set up. You must choose your own PIN code or password and do the backup yourself. This is not given by anyone!

Setting up the Ledger Nano S Plus is straightforward. As with the predecessor models, you first go to www.ledger.com/start and are then guided through the following three steps.

Start setup

Set up as a new device

To do this, you connect the hardware wallet to the computer on which you have installed the Ledger Live software. Then navigate to “Set up as new device” on the hardware wallet and confirm the selection by pressing both buttons. If you want to import an already existing Recovery Seed instead, this is also possible.

Select PIN code

To protect the device, a PIN code is now set so that only authorized persons can access the device. This can be between 4 and 8 characters long.

Recovery Seed note

The 24-word recovery phrase is now displayed word by word on the Ledger Nano S Plus screen. This issue only takes place once and represents the backup of the hardware wallet and thus all associated cryptocurrencies. Optionally, it is possible to check the recovery seed by entering the 24 words. This is generally recommended, as it eliminates the possibility of incorrectly noting the recovery seed.

Important note about hardware wallet backup (Recovery Seed)

Your Recovery Seed is the backup key to all your cryptocurrencies and apps. The Recovery Seed (backup) can only be viewed once. Never make a digital copy of the Recovery Seed and never upload it online. Keep the Recovery Seed in a safe place, ideally also safe from fire and water. Special backup products, for example Billfodl are suitable for this.

No one but yourself can be held liable for any financial losses caused by improper handling of sensitive data.

The device is thus successfully set up. Now apps can be installed and accounts can be added to Ledger Live.

Ledger Nano S Plus Handling

In everyday life, you can communicate with the wallet via a PC with the Ledger Live app or via a smartphone. However, the connection is only made via cable, as the hardware wallet has no Bluetooth connectivity compared to the Ledger Nano X.

The Ledger hardware wallet securely stores the private keys and enables access to your cryptocurrencies. The corresponding apps on the Ledger Nano S Plus are required for this access. These can be installed via Ledger Live, for example, the Bitcoin app can be installed to manage Bitcoin accounts. There is space for around 100 apps. However, apps can be uninstalled and reinstalled at any time if necessary. The private keys remain secure on the device and backed up on the recovery slip.

Once the appropriate app for the cryptocurrency is installed, accounts can be added. In this regard, most cryptocurrencies are integrated with Ledger Live, while others rely on third-party applications. The supported wallets of a cryptocurrency can be found in this list: Supported Crypto Assets

Ledger Nano X — Add accounts

Watch this video on YouTube

When you play this YouTube video, data is transmitted to Google.

Manage NFTs in Ledger Live

With the Ledger Nano S Plus and the latest Ledger Live version, NFTs can now be conveniently managed. The prerequisite is the installed Ethereum (ETH) or Polygon (MATIC) app. If you now open a corresponding account, the NFTs appear and can be displayed directly in Ledger Live.

Display within Ledger Live NFTs

Supported cryptocurrencies and devices

The Ledger Nano S Plus is compatible with the following platforms:

Windows
Linux
Mac
Android
Chrome OS

Furthermore, over 5500+ crypto assets are supported, including the following:

Bitcoin
Tezos
Monero
Ethereum
Litecoin
Dogecoin
Zcash
Dash
Stratis
Ripple
Komodo
Bitcoin Cash
Ethereum Classic
ERC-20 Tokens
PoSW
ARK
Expanse
PivX
Vertcoin
Viacoin
NEO
Bitcoin Gold
Stellar
Hcash
DigiByte
Qtum
IOTA
Bitcoin Private
ZenCash
Nano
Nimiq
Peercoin
Woleet
Zcoin
Tron
Wanchain
Vechain
Ontology
Kowala
Icon
Particl
Rootstock
Hycon
Waves
Rise
FIC Network
Pirl
EOS
Akroma
Stealth
POA network
Lisk
Musicoin
Factom
Gamecredits
MIX
ethergem

The constantly updated list of all supported crypto assets can be found here www.ledger.com/supported-crypto-assets.

It also supports numerous third-party tools and websites. Among them are the following:

Mycelium
Rainbow.me
BTC direct
Mercuryo
Metamask
MyEtherWallet
Bitstamp
SSH Agent
FIDO/U2F
Password Generator
OTP

Documentation and Support

Ledger offers an extensive support area, which is now also available in different languages. In addition, support is available through various channels such as Twitter, Reddit, Instagram or email. However, due to the large number of inquiries, there are often long waiting times.

Security aspects of the Ledger Nano S Plus

Like any hardware wallet, this model also ensures that the private keys are generated securely on the device and do not leave it. This provides a very high level of security compared to software wallets.

In general, the security of the Nano S Plus can be compared with the Nano X. Both use the same components, except that the Nano X also has a battery and Bluetooth for better mobile compatibility. Bluetooth connectivity in particular theoretically offers the possibility of other attack vectors, which is why this model can score points here.

The Ledger Nano X has received the CSPN certificate (first level security certificate) issued by ANSSI (National Agency for Information Systems Security). Since the same components were installed, this is transferable to the Ledger Nano S Plus. The certification report can be viewed online here.

FAQ 2

Ask your own question

How many coins can be stored on Ledger hardware wallets?

Ledger hardware wallets (Ledger Nano S Plus, Ledger Nano X or Ledger STAX) support over 5,000 different cryptocurrencies. Among them are all the well-known coins like Bitcoin, Ethereum or Ripple. A complete overview can be found here:

Ledger supported cryptocurrencies.

In principle, as many supported coins/cryptocurrencies can be stored on the Ledger Nano S as you like. The hardware wallet only stores the private keys that ensure access to the coins. To manage the coins, the corresponding app must be installed on the device.

However, you can only install a certain number of apps at a time on the Ledger Nano S or Nano X. This is because the memory of the Ledger Nano S and Nano X is limited. However, it is not a problem to switch apps by un- and install, so the coins are not lost.

It is not yet known how many apps the Ledger STAX can store simultaneously.

comment or share

What does NYKNYC mean?

If you’re in the crypto space, you’ve probably come across the acronym NYKNYC. This stands for “Not your keys, not your coins” and is a basic and important rule for dealing with cryptocurrencies. But what does it mean and what can you learn from it as a cryptocurrencies user?

The phrase “Not your keys, not your coins” refers to the fact that you must have the private keys for your cryptocurrencies. The person who holds the private keys decides how the crypto assets associated with them are spent. This means that if you do not own them yourself, you trust a third party not to transfer them against your will. This is the case, for example, when storing cryptocurrencies on an online exchange. Here, the private keys are held by the operator of the exchange.

However, possession of the keys also means that you yourself are responsible for its security. Therefore, there are hardware walletthat ensure secure generation and storage of private keys.

A more widespread manufacturer is Ledger. Their devices, like those of all other manufacturers, store the private keys without ever revealing them to the computer or smartphone. This means that even a hacker with access to the PC would not have access to the valuable cryptocurrencies. Ledger uses only the highest quality security chips, known as Secure Elements, to withstand even the most sophisticated physical attacks on Ledger hardware wallet.

To the Ledger Hardware Wallets