Hardware Wallets
Ledger Nano S Plus Review – A Secure Hardware Wallet for Beginners
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Among hardware wallet manufacturers, Ledger remains one of the most popular. The company boasts a lineup of these devices, with the Ledger Nano S Plus acting as the entry model below the ‘Nano X' and the premium ‘Stax'.
Regarding quality, functionality, and security, this product is comparable to Trezor's Model One but has a slicker design. This review will analyze the design, functionality, and, most importantly, the security of the Nano S Plus
What is the Ledger Nano S Plus?
The Ledger Nano S Plus was released in 2016 as the original Nano S, and has since sold over 1.5 million of these devices. This device is extremely compact, and it can easily fit in your pocket, which makes it perfect for traveling.
The first thing you'll notice is that the device has an inscription which reads ‘vires in numeris’, this is Latin for ‘strength in numbers’. This is in reference to the cryptographic security contained in the device.
This device is an advanced option to keep security accessible for anyone with cryptocurrency, offering multiple security features and an intuitive-to-use interface.
The Ledger Nano S Plus supports over 1,000 cryptocurrencies; this includes major tokens like Bitcoin, Bitcoin Cash, Binance, Dash, Ethereum, EOS, Litecoin, Monero, Ripple, and many more.
Ledger Nano S Plus: First Impression
Nano S Plus comes in a simple package, and the box contains the device itself, 1 micro-USB cable, Lanyard for wearing a device around the neck, one keychain, and key ring, and a recovery sheet for writing down the seed phrase.
Like most of the Ledger lineup, an understated advantage of this device is how it does not stand out. From a distance, most people would assume it is a simple USB stick.
Operating the Ledger Nano S
If you are a beginner and/or non-technical, there is no need to worry. The instructions provided in the package are simple and guide you on how you can set up the Ledger Nano S Plus.
What you should always remember is to write down the recovery seed on the provided recovery sheet and save it in a safe place. It is recommended that wherever you save it, you choose to save two backups of the recovery seed. Many opt to both write this on paper, along with using a device such as Cryptosteel, storing each in a secure location. For those who are unaware, the recovery seed is what you need to access your funds in the scenario where the device is either damaged or lost – it is your final safeguard against losing access to your assets.
Again, the entire process is simple: you connect the Nano S to your computer, access the Ledger website, and then install Ledger Live. From there you click on ‘Initialize a new Ledger device’, and you are on your way.
Ledger Nano S Plus: Security Features
Ledger takes security seriously. They offer the CC EAL5+ Security. What this means:
CC: Stands for common criteria for Information Technology Security Evaluation. This is based on an international standard (ISO/IEC 15408) for computer security certification. When it comes to a particular product, it must meet the base standards of the common criteria.
EAL: The Evaluation Assurance Level is a category ranking assigned to an IT product or system after a Common Criteria security evaluation. The five levels of EAL are:
- EAL1 — functionally tested
- EAL2 — structurally tested
- EAL3 — methodically tested and checked
- EAL4 — methodically designed, tested, and reviewed
- EAL5 — semi-formally designed and tested
Ledger ensures that all of their hardware wallets including the Nano S Plus are fully-certified on the market certified by ANSSI, the French cybersecurity agency.
Another security element is the device does not arrive with pre-installed software– that’s installed during the set-up process. It is PIN-protected and allows you to label your device and customize the home screen to make it unique to you. You will install Ledger Live software during the sign-up process.
Summary
The Ledger Nano S Plus is a great way to jump into the world of cryptocurrency without splurging for the higher-priced Ledger Nano X or even its competitor, the Trezor Model T. The safety of this device and the fact that it resembles a simple USB stick make this device a popular favorite for members of the cryptocurrency community. Nonetheless, we recommend that sophisticated cryptocurrency investors consider the Ledger Nano X due to the additional features offered in this premium product.
